What If I Encounter An OTC Transaction Fraud? Six Ways to Ensure Trading Security

3 min readMar 25, 2019

A few days ago, there was a “stunning” OTC transaction fraud. Party B bought the USDT with a value of 500 CNY from Party A, choosing the WeChat transfer method. However, Party B paid only 0.1 CNY and clicked on “Confirm Payment”, and Party A did not check the payment in 12 hours. As the currency will be released automatically 12 hours after confirming the payment, then Party A appealed to the customer service.

When the platform asked Party B to take out the payment evidence, Party B cheated the platform with a fake screenshot. 58COIN compared the evidence provided by the two parties and viewed the unchangeable billing records via live video, and finally confirmed the deception of Party B, and recovered Party A’s loss.

On 58COIN, OTC transactions are carried out in such a way that the buyer, or seller publishes an advertisement and then waits for other traders to trade. The buyer needs to pay first and then clicks “Confirm Payment”, after the seller receives the money and clicks “Confirm Release”, then a transaction is completed. If the seller does not receive the payment, he can appeal to the platform; if the seller receives the payment and does not release the currency, the system will automatically release the currency after 12 hours by default.

In this process, although there is plenty of time to check and confirm, you need to develop several good habits in OTC transactions:

1. Pay Close Attention to the Order Information After Placing an Order.

Whenever there is a “taker” application, 58COIN will send by SMS to the “maker”, therefore, you will not miss the order information if you pay attention to the messages sent by 58COIN.

2. Trade with Regular Merchants and Traders who Have Passed Advanced Verification

In OTC trading, the number of transactions and advanced verification are the sign of a merchant’s reputation. Trade with makers who have high reputation will ensure trading security.

3. Release the Currency after Receiving the Payment

4. Appeal to the Platform in Time

5. Save Fund Transfer Information

6. Add the Remark Code

In a transaction, the platform randomly generates a remark code. This code is very important to the buyer. This code can both serve as an identification code and the transfer evidence in an appeal.

Remark: Processing After 12 Hours

What if the buyer does not pay, the seller automatically releases the currency? Please don’t worry, please contact the platform to inform the situation, 58COIN will investigate the case in no time and ask the buyer to provide the payment evidence. If the evidence is unclear, then we may impose a mandatory freeze on the transaction.

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58COIN is the world’s leading digital trading platform. E-mail: 58coinservices@gmail.com; Telegram: https://t.me/official58