By Shelly Melancon (Switzerland)
OTCBTC Review
With practically more than 1000 altcoins presently listed on market lists, cryptocurrencies and blockchain technology, overall have grabbed the globe by storm. There’s no denying that many countries and authorities have focused their attention on this fresh technology to monitor and regulate what seems to be a chaotic market. Customers must now pass through KYC procedures, and cryptocurrency exchanges must cope with regulatory concerns. If you’ve stayed in the industry for quite the while, you’ll recognize that these procedures may be time-consuming. Because existing exchanges are sluggish, limited to specific currencies, and put to intense inspection, crypto trading that is referred to as atop the counter has emerged. Outside of an exchange, sellers and buyers may negotiate pricing. Although there are dangers associated with OTC trading, such as dealing with fraudsters, it may help remove many obstacles to purchasing and trading cryptocurrencies.
OTCBTC is an exchange platform that allows anybody to participate in the business and is committed to addressing all of the problems associated with crypto trading. Many of these points may be familiar to you as a trader in crypto, such as the ability to purchase cryptos in various currencies. Consider OTCBTC to be a cryptocurrency version of Aliexpress. The interaction between traders (sellers and buyers) speeds up the process. Through an app, OTCBTC enables both online and mobile use. As a result, regardless of where you are, you may be guaranteed to complete required transactions. The exchange platform is simple to navigate. OTCBTC could be called the hybrid of an atop the counter and an exchange service. The finest of the two worlds is available to users. Buyers may either search for those who may purchase their asset atop the counter with pricing or rating criteria or purchase money in the ‘exchange’ area. Sellers may choose to sell them immediately on a crypto exchange channel or put their coins up for sale atop the counter .
OTCBTC has its coin, OTB, which debuted with the cryptocurrency exchange. The token for OTB is an Ethereum-based ERC20 token that is presently utilised in paying for fees and enabling users to participate in the OTCBTC ecosystem. When customers utilize OTB, the trading charge is 0.05 percent. In May of 2018, OTCBTC introduced a fresh product called OTF, a crypto equivalent of an ETF that combines the top 10 cryptocurrencies into a single set. OTF allows bitcoin newcomers to make consistent investments in the business. OTCBTC is a blockchain business headquartered in Taiwan that provides atop the counter trading in fiat currencies and digital assets and cryptocurrency exchange. Using the tabs at the top of the website’s navigation bar, you may quickly move between the exchange and OTC markets. China has outlawed initial coin offerings (ICOs) and limited the activities of local cryptocurrency exchanges, while other nations, including Taiwan, have no formal legal standing for these platforms. Of course, since exchanges are unregulated, there is a danger of counterparty risk. Furthermore, a large number of these exchanges are compromised. Forex brokers, on the other hand, may be a superior option. A list of properly licensed brokers by the relevant government authorities and cryptocurrency trading may be found in different resources.
| Exchange Platform | OTCBTC |
| Website | otcbtc.com |
| Variety crypto | 50+ |
| Account Required | Yes |
| Verification | Compulsory |
| Levels of Verification | 2 |
| Trading Platform | Online-based |
| Payment Method | Bank account, Debit/Credit card, ACH transfer, Crypto Conversion |
| Customer Support | Email, Chat box, Twitter, Phone |
What is OTCBTC, and how does it work?
OTCBTC is a blockchain-based atop the counter and crypto exchange platform. The business is dedicated to increasing blockchain asset liquidity and attracting more individuals to the sector. atop the counter is an abbreviation for “atop the counter.” To put it another way, OTC is a cryptocurrency version of eBay. Individuals from all around the world may use the OTCBTC platform to conduct direct crypto trading. Buyers may select a suitable vendor to conduct the transaction straight online based on their requirements, while sellers can make a selling offer on the site and explain the payment method and exchange rate. In addition, OTCBTC serves as a middleman between traders, ensuring a secure and easy trading environment via stringent KYC processes and a fair scoring system.
OTCBTC is a Taiwanese cryptocurrency exchange and one of the most well-known Taiwanese platforms, with listings in various cryptocurrency exchange lists. The Taiwanese government has indicated support for cryptocurrencies and cryptocurrency-related businesses. For example, Taiwanese lawmaker Jason Hsu said in 2017 that Taiwan’s stance on Initial Coin Offerings (ICOs) might be described as three policies. The Taiwanese government does not support initial coin offerings (ICOs), does not ban them, and does not have any responsibility. To develop Taiwan as an Asian crypto-hub nation, the Taiwan government will shortly declare an even more favorable stance toward ICOs and cryptocurrencies in general. OTCBTC will most likely not be the sole Taiwanese cryptocurrency exchange on our Cryptocurrency Exchange List for a long time. US investors are allowed to trade on the OTCBTC, but they must always do their research. OTCBTC offers its customers another cryptocurrency trading option: atop the counter or off-exchange trading. This is a great feature that adds to the exchange’s offerings.
Support on the Go
OTCBTC has also just developed a mobile application for its trading platform. This implies that you may trade and manage your portfolio at this exchange from anywhere you are as long as you have a mobile data connection. OTCBTC’s trading platform seems quite professional, yet its interface is basic and easy to use. Trading View provides charting, and crypto investors have access to a variety of technical analysis tools. Trading applications for iOS and Android are also available for individuals who like to trade on the move.
Customer support is available 24 hours a day, seven days a week via the OTCBTC chatbot. It is a significant feature that may be seen on the right side of the page. To contact OTCBTC, you must first provide your name and an email address to which OTCBTC may reply. You may also log in to the communication feature using your Facebook or Google account. Of course, if you want to trade crypto as discreetly as possible, you may opt-out of that option. More importantly, OTCBTC prioritizes customer service and has a solid reputation for promptly responding to client issues.
Trading View
Distinct exchanges have different trading perspectives, and there is no one-size-fits-all approach. It would be helpful if you choose for yourself the particular trading perspective that would be most suitable and ideal for you. The book for orders, or even a part of that order book, a price graph of the particular cryptocurrency, and an order list are all typically
common views. They usually bought and sold boxes as well. Before deciding on an exchange, look at the trading perspective to see if it seems appropriate to you.
Trading Fees This Taiwanese cryptocurrency exchange does not differentiate between takers and makers regarding trading fees. Instead, their pricing structure is a “flat fee model.” Their flat charge is 0.10 percent, which is lower than the worldwide average. Because we can’t compare the charge to any domestic competitors, the domestic industry average is 0.10 percent. OTCBTC costs a 0.1 percent fee for each transaction, which is a fantastic deal, and it also comes with a 50 percent OTB discount by default. Currently, the OTB discount is only accessible for ETH trading pairings. Deposits on the OTCBTC are also free of charge.
Fees for withdrawals
When you withdraw BTC from this exchange, you will be charged a withdrawal fee of 0.001 BTC. This price is similarly comparable to the worldwide industry standard. Withdrawals in Bitcoin are charged at 0.001 BTC, while withdrawals in Ether are levied at 0.03 ETH. The full information may be found in the Fees section of the OTCBTC website. This isn’t a significant drawback since virtually every exchange charges a fee for deposits. Despite this, we must highlight the extra cost of trading on the OTCBTC.
Methods of Deposit
This exchange does not accept fiat currency deposits. Unfortunately, this implies that new cryptocurrency investors (those who have never held a cryptocurrency before) will not trade here. Instead, to buy your first cryptocurrency, you’ll need to use an entry-level exchange, which accepts fiat money deposits.
Tokens
The current price of OTCBTC Token is $0.01307838, with a trading capacity of $13,451. In the past 24 hours, the price of OTB has increased by 8.6%. There are about seventy million coins in circulation, with a maximum of 199 million coins in circulation. If you want to purchase or sell the OTCBTC Token, the most active exchange right now is Mercatox. OTCBTC is another blockchain Cryptocurrency Exchange platform and OTC dedicated to increasing the liquidity of blockchain assets and attracting new participants to the sector. It isn’t easy to forecast the OTB exchange rate. However, we’ve created a technical analysis that will reveal the findings of 25 key indicators. Cryptocurrencies may be bought on exchanges in general. However, not all cryptocurrencies are accessible for purchase there. According to market capitalization, OTB is the 1901st most valuable cryptocurrency. That says much about its popularity. However, if you’re interested in reading comments or ratings from visitors to our website, we recommend that you do so.
Portfolios
Every financial service firm distinguishes itself by offering a wide variety of trading options. Traders will acquire a wealth of information and expertise resulting from this, enabling them to make better trading decisions. In addition, the availability of such customized options has a major effect on the trading experience of the client. OTCBTC, like the other major exchanges, is not far behind in terms of portfolios. The exchange allows users to spread their assets across several portfolios. Depending on your investing plan, risk management objectives, and profit goals, you may split your money into several portfolios. This feature is intended for experienced traders since it may be harmful to newcomers and regular investors. These technologies allow users to leverage their money and spend it how they see appropriate. In addition, portfolios may help with risk management and make trading more enjoyable.
Available currencies
OTCBTC is quickly becoming Asia’s biggest atop the counter exchange platforms. It is also in charge of the Exchange Market. To hold users’ money, the team created a hierarchical wallet. OTCBTC allows users to exchange fiat currencies for BTC, LTC, ETH, EOS, QTUM, NEO, ZEC, with many more cryptocurrencies. Aside from English, the platform is also available in native and simple Chinese. Trading on the OTC market is free, while trading on the Exchange platform costs 0.1 percent of the total traded. In accordance with the terms and conditions, all tax problems that a user encounters are resolved according to Taiwanese legislation. OTCBTC, despite its newness, has a large number of currencies listed, like Ethereum, Bitcoin, Ripple, Bitcoin Cash, Litecoin, Stellar, USDT, EOS, OmiseGo, Zcash, QTUM, and many more, including DEW, IOStoken, UnlimitedIP, and many more. The trading is mostly done in ETH. However, there is also a BTC Market. BTC/ETH, BCH/ETH, and ZEC/ETH are the most frequently traded pairings. The bitcoin platform of OTCBTC does not accept “traditional” money. However, you may deposit money using Chinese yuan, US dollars, and various other currencies using the same company’s OTC platform. Alipay, Bank transfer, Paypal, Wechat are all supported. OTCBTC typically doesn’t allow for leveraged trading. This choice is uncommon in exchange platforms not located in Japan. Thus it’s not a significant problem. However, if you require leverage, virtually all forex firms that provide cryptocurrency trading do so. While several cryptocurrencies are available on OTCBTC, trade volumes for many of them, especially the exotic ones, are shockingly low. However, these brokers sell Bitcoin with other cryptocurrencies as Contract For Difference (CFD). On OTCBTC, you can learn more about this kind of trading.
Privacy and Security
While this may not seem like a big deal, we’ve seen exchanges be hacked or just shut down, leaving clients’ money on the table. Yi-Ting Cheng, the CEO of the cryptocurrency exchange, will run for mayor of Taipei this year. The trade gains greater credibility as a result of this. You’ll agree that the majority of cryptocurrency exchanges are anonymous. You may withdraw up to 1 BTC each day by just joining up with your email address. For small and frequent dealers, this is a significant sum. Users may secure their identities without having to worry about completing KYCs or disclosing sensitive information.
The platform follows the OWASP Top 10 security requirements. Cold wallets hold all of the traders’ financial assets. One feature that distinguishes the OTCBTC exchange is its level of security. The system needs the user to generate a multi-level verification 2FA code during the registration process. In addition to the 2FA code, each withdrawal will need email confirmation. Consequently, every login from a new IP address is recorded, and the trader is alerted. Personal data, incoming and outgoing payments, paperwork, and money storage are all covered by the OTCBTC security policy. As you can see, security is very important to the business. Ninety-eight percent of bitcoins are kept in cold wallets, offline and out of reach of computer systems, and the site has the highest SSL security level and Cloudflare security services. According to OTCBTC, there is no risk of a user’s funds being stolen from outside or within the exchange.
To safeguard the security of users’ money, the following steps are taken:
- First, the system is built on a microservices architecture and is secured using the most sophisticated SSL standard and Cloudflare protection.
- Make use of an IP Whitelist.
- A special key is needed every time a platform user signs in.
- The user must provide authorization data limited to his knowledge alone for each action on OTCBTC.
- For each deposit or withdrawal, AML/KYC verification phone and email confirmations are sent.
- Creating a two-factor authentication system (2FA)
- Ninety percent of a user’s money is stored in a multi-signature cold wallet.
Customer Service
Unlike other exchanges, which use automated replies and take days to react, OTCBTC has a 24/7 live support team that responds in less than 5 minutes. In addition, you may contact their online customer service staff through their website or mobile app.
Pros
- A large number of coins are available.
- Fees are low.
- OTC trading is now accessible via an advanced platform and mobile applications.
- Fees for withdrawals are low.
Cons
- There are no fiat currencies.
- There will be no leverage trading.
- Pairs containing unusual coins have low volumes.
Conclusion
OTCBTC also accepts direct purchases in the following currencies: CNY, JPY, and HKD. In addition, top cryptos such as BTC, EOS, QTUM, ZEC, together with a slew of others are available for purchase. These features combine to enable OTCBTC become a trustworthy and safe cryptocurrency exchange for quick purchases and trades.
In September 2017, OTCBTC began as an atop the counter marketplace. The crypto exchange was established by a group of Taiwanese teams fascinated by blockchain technology in January 2018. OTCBTC seems to be one of several crypto-exchanges aimed mostly towards Chinese traders (as the website is available in Chinese, and the OTC platform works with Chinese Yuans). Fortunately, the website also includes an English version, which enabled us to write our review.
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