Understanding Bitcoin Over-the-Counter (OTC)
Bitcoin OTC (Over-The-Counter) exchanges allow natural persons to trade Bitcoins with other users without relying on centralized exchanges as coincibase. It has gained popularity in recent years, especially among enthusiasts and traders who prefer anonymous and direct access to the market.
How to start using Bitcoin OTC: A step -by -step guide
- Choose a trading platform : There are several available Bitcoin OTC platforms such as Binance, Kraken and Bitmex. Each platform has its own taxes, commissions and features.
- Set up an account : Create an account on the chosen platform, providing basic information such as your name, E -Email address and password.
- Bitcoins warehouse : Finance the account with bitcoin by different methods, such as wire transfer, bank transfer or online payment services such as Paypal.
- Find a commercial partner : Looking for other users who want to trade Bitcoins and find someone willing to buy from you.
- Negotiates prices
: Use the platform messenger system to negotiate prices with your commercial partner.
What does the ranking/rating system mean?
Bitcoin OTC rating/rating system is a way to evaluate the reliability, security and confidence of users who trace these platforms. The most used rating systems include:
* Trustpilot : A website that allows users to evaluate and review companies, including trading platforms.
* Google reviews : A platform in which users can leave reviews for certain companies or services.
* Benchmarks : A system that assigns evaluations based on user feedback, security measures and other factors.
How to do/report exchanges?
Bitcoin OTC exchanges work in a similar way to centralized exchanges. Here is an overview of the process:
- Commercial proposal : A user submit a commercial proposal with the proposed price.
- Matchmaking : The platform fits the trader with potential buyers based on the historian and their commercial preferences.
- Trade execution : Once a match is made, both parties agree to the terms of trade (price, amount and other details).
- Paying processing : The user pays for Bitcoin using a payment method accepted by the platform.
Why can’t I see any user rating when using Bitcoin OTC?
There are several reasons why you could not see users’ rating when using Bitcoin OTC:
* Private trading accounts : Some trading platforms offer private accounts, which do not display external ratings.
* Trading with low volume : If the platform works with a low volume, there may be fewer users to evaluate and review.
* Limited feedback mechanism : Exchanges could have a limited feedback mechanism in force, which makes users difficult to leave reviews.
Common problems when using Bitcoin OTC
Some common problems that users encounter when using Bitcoin OTC exchanges include:
* Lack of transparency : Some trading platforms may not reveal their taxes, commissions or other details.
* Security risks : Exchanges can be vulnerable to hacking and other security risks, especially if users trading with unknown parts.
* Difficulty supporting : Users can fight to receive help from the platform assistance team, which can lead to frustration and dissatisfaction.
Conclusion
Bitcoin OTC exchanges offer a way for individuals to directly trading Bitcoins without relying on centralized platforms. However, it is essential to be aware of the potential risks and limitations associated with these markets. By understanding how to use Bitcoin OTC exchanges and what the classification/rating system means, you can make the knowledge when you engage in transactions on these platforms.
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