OTCBTC Review by professional crypto currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this OTCBTC Review.
Taiwan-based OTCBTC is a blockchain company that offers OTC (over-the-counter) trading in fiat currencies and digital assets, as well as a crypto exchange. You can easily switch between the exchange and OTC market using the tabs on top of the navigation bar on the website, In this OTCBTC review, we will focus on the crypto-exchange platform.
A plethora of coins available
Although recently launched, OTCBTC has listed wide range of coins, including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Stellar, EOS, USDT, OmiseGo, QTUM, Zcash, as well as many exotic ones, such as IOStoken, DEW, UnlimitedIP and others. Trading is done mainly against ETH, but BTC Market is also available.
By the time of writing this, the most actively traded pairs are BTC/ETH, BCH/ETH and ZEC/ETH.
OTCBTC charges 0.1% commission per trade, which is a great offer, and besides, 50% OTB discount is available by default. OTB discount is currently only available for ETH trading pairs only.
Aditionally, deposits in OTCBTC are free of charge.
Advanced platform, mobile apps
The trading platform developed by OTCBTC seems really professional, yet its interface is simple and user friendly. Charting is powered by Trading View, and there are many technical analysis indicators available to crypto investors.
Besides, there are also trading apps for iOS and Android available to those who prefer to trade on the go.
OTC trading also available
As we mentioned in the beginning, OTCBTC provides its clients with yet another option to trade in cryptocurrencies: Over-The-Counter (OTC) or off-exchange trading. This is a nice option that complements the offering of this exchange.
This isn’t a major disadvantage, as almost all exchanges charge fees on deposits. Nonetheless, we have to mention this additional cost of trading at OTCBTC. Withdrawals in Bitcoin are charged with 0.001 BTC, those in Ether – with 0.03 ETH. You can find the complete information in the Fees section of OTCBTC’s website.
No fiat currencies
OTCBTC’s cryptocurrency platform does not support “traditional” money. Yet, if you wish to deposit in US dollars, Chinese yuan, and several others, you can do this on the OTC platform, provided by the same company. It supports bank transfer, Alipay, Wechat, and Paypal.
No trading on leverage
OTCBTC does not facilitate trading on leverage. This option is indeed rarely available at exchanges outside of Japan, so it’s not a major flaw. Nonetheless, if you need some leverage, almost all forex brokers who offer trading in cryptocurrencies provide such.
That being said,these brokers in fact offer Bitcoin and other altcoins in the form of Contracts For Difference (or CFDs). You can find more details on this type of trading here.
Low volumes on pairs with exotic coins
While we mentioned that there are a lot of altcoins offered on OTCBTC, not surprisingly the trading volumes of many of them, mostly exotic ones, are very low.
Initially, OTCBTC started out as a OTC platform in September 2017. In January 2018, the Taiwanese team launched the crypto exchange. by a group of Taiwanese team fascinating blockchain science. It seems that OTCBTC is one of the many crypto-exchanges that targets mainly Chinese traders (as the website is available in Chinese, and the OTC platform works with Chinese Yuans). Luckily, it also has an English version of the website, which allowed us to make this review.
China banned ICOs and restricted the activity of local cryptocurrency exchanges, while in most countries, Taiwan included, these platforms have no official legal status. Of course, the unregulated status of crypto exchanges creates a potential for counter-party risk. Besides, many of these exchanges get hacked. That being said, forex brokers might be a better alternative. Below you can find a list of brokers that are duly licensed by the respective government agencies and offer trading in cryptocurrencies.
OTCBTC Review Conclusion
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