Today, with the development of blockchain in general and cryptocurrencies in particular, many exchanges have been created to serve the needs of trading and exchanging around the world. One of the new trends in 2018 is the OTC trading floor, In Vietnam there are many OTC trading platform and the most famous is that Remitano , and Huobi OTC, so What is OTC?
What is OTC? What is OTC Market?
OTC stands for Over-The-Counter (Off-site transactions), in the world electronic money, this service allows traders (buyers and sellers) to be flexible and quickly exchange between cryptocurrencies and traditional currencies (USD, EUR, JPY, VND etc.).
OTC market also called a decentralized market, a market organized without relying on a fixed trading platform like an exchange market (centralized trading market).
Just where the buyers and sellers appear when they need to trade, and do not need a centralized transaction space at all.
Features of OTC market
The OTC market is operated under a competitive bidding mechanism and negotiated through the help of the media.
OTC market Usually maintained by securities companies, or exchanges. Trading and reading information is based on electronic devices such as computers, phones and the internet.
Liquidity in this market is often lower than that of centralized trading, which is more risky but can bring greater profits.
Trading on the OTC market is done in the "buy-and-sell" mode without any external forces (price limit, number of coins ...).
The role of the OTC floor?
OTC floor was born to minimize risks for cryptocurrency traders when regulators in countries in general and Vietnam in particular have not provided any specific regulations for this issue.
OTC will play an intermediary role in transactions and exchanges between cryptocurrencies and traditional currencies.
If either of the buyers / sellers fails to complete the trading requirements, the OTC will provide a guarantee to return the accounts to the parties.
This helps investors avoid the maximum risk in transactions.
However, trading is very likely to cause disputes and frauds, so it requires you to choose a reputable OTC platform with powerful features, absolute support for users.
Thus, the launch of Huobi OTC Huobi is catching up with the trend, capturing the needs of traders while the demand is increasing.
Like remitano, the OTC Huobi exchange is a platform for investors to trade directly with each other in VND through their platform.
What are the strengths of Huobi OTC?
Safe and reliable
Huobi is the largest cryptocurrency exchange in the world, since its operation up to now, there has never been any incident causing the loss of customers' assets.
Free deposit and withdrawal
For normal cases, when an investor already has cryptocurrency in their account and wants to exchange with traditional money, they must send it from a personal electronic wallet or trading account to the OTC exchange, in the school. In this case, they will take 2 out of 3 types of fees:
- Charges for loading into OTC
- Withdrawal fee (if you withdraw from an exchange account)
- Blockchain transaction fee (If you withdraw from a personal electronic wallet)
Huobi has a closed ecosystem including Huobi, Contract and OTC.
Once investors already have cryptocurrencies available on one of the three exchanges, they are free to move them to ecosystem exchanges without losing any transaction fees.
Transaction fee 0 dong
The current average fee for OTC transactions is 1%. With Huobi OTC platform, all transactions are not charged.
Customer support department 24/24:
Huobi maintains a 24-hour customer support system. All questions about regulations, terms and cases of transactions that have occurred will be received and handled promptly upon request.
Support almost all forms of payment in the world today
Houbi's OTC trading floor supports almost all payment methods in the world such as Local Bank Cards, Alipay, Wechat, Paypal, Western Union, etc.
This makes all transactions simple and more convenient than ever
Money laundering is regular, so you have to deal with a clear source of money, which Huobi's team can't check on.
Currently, cryptocurrencies have not been recognized and protected by the State of Vietnam, which means that when incidents occur in transactions, investors risk losing all their assets without being able to sue. or request processing or compensation like normal transactions.
Guide to Buy and Sell Bitcoin (BTC), Tether (USDT) on Huobi OTC
The first is that you must have a Huobi account first, You follow the instructions, click come in to register a new account.
Just fill in the Email, Password (8 characters or more, at least 1 letter in the password), Message Authentication Code, you will receive in the email.
Enter the invitation code "hw3s3"To support Blogtienao offline.
After registration is complete, you log in with the account you just registered.
And the first thing I want you to do is "My account"Let us proceed with additional information such as: Account Security, Verification of Identity and add Payment methods
Job Security is essential Because probably no one wants a beautiful day, you log into your account and see nothing ...
As you can see, like the above account Blogtienao, there are methods: Email, Phone, Verification Code, I have already turned on these security methods, so when you withdraw money, you will need to use these security methods to withdraw money.
For example, when logging in, you need to enter the code 2fa of google, buy and sell business or when changing banking information, you need to enter the transaction password ...
Verification of Identity And Payment Method
Anyone who signs up for OTC should verify their identity, the authentication process is quite easy, you just need to upload the ID card on the front and back, holding the ID card is done.
Adding a payment method is also quite simple: just enter your account number, bank name, bank branch, account holder name and confirm 2fa.
Ok all okay then, the above procedure only applies to new subscribers, if you already have a Huobi account, then just log in and add each payment method.
The verification I will not guide in detail here. However, if anyone is unclear, you can see the following article:
Because Huobi is a common ecosystem, an account at the trading platform can login on OTC or Fiat for buy and sell Bitcoin and vice versa.
So you can register, verify the link instructions above then just log in via OTC to trade is.
After all the pressure has been stabilized, the doctors take the next step, see the picture below:
In the picture already briefly introduced, I just said a few more things, you see the "Buy" side?
And on the other side, too, You can Sell BTC, ETH, USDT, EOS, HT, HUSD.
Based on the two pictures above, we can draw a conclusion, at the time I am writing: If you want to sell the BTC you are having in VND, then you have a lot of people want to buy (Figure 2).
And if you want buy Bitcoin (BTC) then only 2 sellers (picture 1). It's BTC alone, with USDT is different, hover over there to see the number Buy and sell USDT Very crowded, in very high quantities.
For example, the current price is 23.220 - 23.259, only 39 dong, very low!
Well, I want you to know more clearly what the note I wrote in picture 1, the filter market, you can also buy and sell with other countries, for example, you can choose the Chinese market, Hay Taiwan, or Hong Kong.
The trading is the same as in Vietnam, except that you need more payment methods in those countries. This means that if you have an Alipay or Wepay account, you can trade Bitcoin through Huobi's OTC with your Chinese counterparts.
Before buying and selling, I want you to check the "My Floor Resources“. To know what you have, and with a few simple steps, you can transfer money from an exchange account to an OTC account at no cost, very convenient.
If you trade wins on the exchange, and want to close the VND, just switch over to OTC, don't lose a penny, and sell the VND at a close price. It's numb, isn't it ???
Above is the USDT address on Huobi OTC, whoever loves me, please deposit me a few hundred k to make me less sad when I'm swinging :)).
Buy Bitcoin Or Buy USDT
Blogtienao $ 4590.592 available for testing and writing instructions for the good brothers !!!! So let's go back Buy USDT area Let me continue this article.
Job Buy USDT or BUY Bitcoin The same, I for example USDT for easy visualization.
When you return there, you just need to choose the reputable USDT seller, the price you like, usually the best price will be on the top. And then click the button Buy USDT, it will display the following
In the picture, I am going to buy VND 5.000.000 at the price of 23.259 of the seller khaiminhcrypto (40 | 100%).
According to the picture, your khaiminhcrypto sells for a minimum of VND 2.000.000 and a maximum of 806.420.737, which means that you only buy in the price segment, more than she does not have goods for you.
The index next to her nick means she has 40 transactions and is 100% successful. After filling in all, click "Create an Order"Stop
It will display as shown above, we just need to notice something, it's the chat box on the right, button “I Payed" amount of money , and time left for payment, Payment reference code, looks vague but very understandable.
This means that in the remaining 19 minutes, you will have to send an amount of 5.000.000 to Vietcombank account 0271000622133 - Le Duc Tung, with transaction note number “547086”.
This payment code will help you when you realize that there are transactions on Huobi OTC. And when you are done paying, just Click the button "I Paid" and chat with her on the chat box, for the rest of the transaction time.
If she does not answer, then call through her phone number, or telegram, as long as the trading hours.
And if you exceed the trading hours after payment is completed and you still have not received USDT
Easy, you help me, urgent contact with Huobi team, Huobi will help you.
When the seller is selling USDT, he or she will have at least enough USDT to deposit, so Huobi can intervene to get USDT back for you. So you do not worry
When you have completed the transfer of USDT for you, it will display a notice of completion of the transaction.
You guys check it out surplus is to see the USDT you bought. You can withdraw, or transfer to the floor for trading without any transaction fees. Very convenient !!!
(Note: you must have internetbanking to transact in order to be able to complete the transaction in 20 minutes, you will not have any trouble)
Sell Bitcoin Or Sell USDT
The sale of BTC, USDT is almost the same as the buy order, you have to sell USDT, choose the person you want to sell, enter the quantity, and enter the trading password as shown above, then click Create Order.
When you sell $ 4590, that means Huobi has determined you have deposited $ 4590, and created the application, you wait for the other party to transfer you, after the transfer is complete, they will press transfer money, and the window My side will display this picture:
Just click "Confirm Payment and Release", and the result will be as shown below
You enter the transaction password, stick mark me to confirm… and click Confirm Through, you have successfully sold the USDT you have. It's easy, isn't it !!!
Before proceeding with the transaction, you can check the person's reputation by clicking on that person's username.
This kucoin nick has had 466 successful orders, 93 successful orders in 30 days, has authenticated emails, real names, including high-level authentication. Very Prestige!
In addition, we have prepared a video tutorial on Huobi OTC Application, you can watch here
So, Blogtienao gave very detailed and detailed instructions, explained what is needed and sufficient for you to make transactions on the OTC platform. This will be of great help to you if you want to Bitcoin Investments or Altcoin with the lowest cost to save the maximum budget. Perhaps there are other questions, you can inbox by texting the Blogtienao Fanpage or comment below this article so our team knows and helps you. Hope you guys like this article, this article is quite long, it takes an afternoon to write, so please click 5 stars, share this article for those who need to encourage our team.
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