1. Overview
The OTC (Over-the-Counter) function of Matrixport provides users with large-scale digital asset trading services, with a minimum transaction amount of USD 50,000 per trade. This function supports both individual and institutional users.
This guide provides a detailed explanation of the OTC activation process, adding a bank account, and the buy and sell procedures to help you efficiently use Matrixport’s OTC services.
2. Individual User Guide
2.1 OTC Function Activation Process
Step 1: Navigate to the OTC Activation Page
Open the Matrixport APP and log into your account.
Tap [Wallet] in the bottom navigation bar.
Select [OTC].
3. Choose function of [OTC].
If the user has already passed Matrixport APP’s KYC verification, they will be directed to [OTC Activation Preparation].
If the user has not yet passed KYC verification, they should select [OTC - Individual], then tap [Activate].
Step 2: Prepare Required Documents
Before activating the OTC function, prepare the following:
Valid Passport or ID Card: Clear front and back photos.
Proof of Address (within the last 3 months): Such as a bank statement or utility bill displaying your name and address.
Bank Account Information: Including bank name, SWIFT code, bank address, account name, and account number.
Step 3: Fill in Personal Information
Personal Details:
Full Name (Chinese/English): Must match your ID document.
ID Type: Choose between ID card or passport.
ID Number: Enter your ID number.
Date of Birth: Select your date of birth.
Nationality: Choose your nationality.
Phone Number: Enter your primary mobile number.
Email: Enter your primary email address.
Residential Address: Provide your full residential address.
Wealth and Trading Activity Information:
Purpose of Opening Account: e.g., “Investment Management.”
Estimated Trade Order Size: Input the estimated amount per trade (in USD).
Total Net Worth: Enter your total assets (in USD).
Sources of Wealth (Multiple Choices Available):
Salary Income
Trading and Investment Profits
Business Ownership
Gifts and Inheritance
Other (Specify)
Sources of Funds (Multiple Choices Available):
Personal Savings
Crypto Mining
Investment Returns
Business Dividends
Loans
Other (Specify)
Types of Digital Assets: Choose the digital assets you plan to trade, such as Bitcoin, Ethereum, etc.
Step 4: Provide Bank Account Information
You must enter real bank account details. Once approved, the system will automatically bind the bank account for buy and sell operations.
Bank Account Details:
Bank Name: Enter the full bank name (e.g., “China Merchants Bank”).
SWIFT Code: Input the bank’s SWIFT code (e.g., “MSBCHKHDXXX”).
Bank Address: If the same as the residential address, check [Same as Residential Address]; otherwise, enter the full address.
Postal Code (Optional): Enter the bank’s postal code.
Account Name: Enter the account holder’s name (must match your identity information).
Account Number: Input your bank account number.
Intermediary Bank Information (if applicable): Include intermediary bank name and SWIFT code.
Bank Statement Upload:
Tap [Upload Bank Statement] and select a clear bank statement from the last 3 months (PDF, JPEG, PNG; max size 10MB).
Important Notes:
The bank account name must match your Matrixport identity.
Ensure the uploaded bank statement is clear and complete, displaying your name, bank account details, and bank name.
Step 5: Upload Required Documents
Upload the following files according to the instructions:
Proof of Address: Such as a bank statement, phone bill, or utility bill showing your name and address.
Supported Formats: PDF, JPEG, PNG
File Size: Max 10MB
Ensure the document is clear, glare-free, and unobstructed.
Step 6: Complete Facial Recognition
Users will be directed to a facial recognition page where they must upload their ID and complete facial verification.
Step 7: Agree to Terms and Statements
Review and agree to the following:
OTC Trading Risk Agreement (Mandatory)
Activation Declaration (Mandatory)
Privacy Policy (Mandatory)
Non-Solicitation Statement (Mandatory)
Promotional Statement (Optional) (Users can opt out of direct promotions).
Step 8: Submit Application
Review all details and tap [Submit].
You can check the application status in the [OTC] section.
2.2 Adding a Bank Account
Users can add additional bank accounts for buy/sell operations.
Steps to Add a Bank Account:
Open the Matrixport APP and log in.
Go to [Wallet] > [Fiat].
Tap [Add Bank Account].
Enter bank details and upload a bank statement.
2. Click [Submit] to start the verification process.
2.3 Buying Cryptocurrency
Step 1: Navigate to the Buy Crypto Page
Open the Matrixport APP and log in.
Tap [OTC] and select [Buy Crypto].
Step 2: Enter Transaction Details
Select Cryptocurrency: Choose from available options like USDC.
Enter Payment Amount (in USD).
The system will automatically display:
Current Exchange Rate
Estimated Crypto Amount to Receive
Step 3: Select Payment Bank Account
Choose from your linked bank accounts for the payment.
Step 4: View Transfer Details
The system will generate transfer details, including:
Recipient Bank Account Information: Bank name, account holder name, account number, SWIFT code, etc.
Transfer Remark Code: This must be entered when making the transfer.
Important Notes:
You must use the selected bank account to make the transfer.
There may be fees charged by intermediary banks.
Expected processing time: 0-3 business days.
Step 5: Complete Bank Transfer
Use the provided recipient bank details to initiate a transfer from your bank account.
Ensure the Transfer Remark Code is correctly entered to prevent delays.
Step 6: Wait for Funds to Arrive
After completing the transfer, funds will arrive within 0-3 business days.
You can check the order status in [OTC Transaction History].
2.4 Selling Cryptocurrency
Step 1: Navigate to the Sell Crypto Page
Open the Matrixport APP and log in.
Tap [OTC] and select [Sell Crypto].
Step 2: Enter Transaction Details
Select Cryptocurrency (e.g., USDT).
Enter the Amount to Sell.
The system will automatically display:
Current Exchange Rate
Estimated Amount to be Credited to Your Bank Account
Step 3: Select Receiving Bank Account
Choose a linked bank account to receive the funds.
Step 4: Confirm the Order
Review transaction details, including amount to be sold, estimated received amount, and exchange rate.
Read and agree to risk disclaimers.
Step 5: Submit the Order
Tap [Submit] to place the sell order.
Step 6: Wait for Funds to Arrive
The funds will be credited to your bank account within 0-3 business days.
You can check the order status in [OTC Transaction History].
3. Institutional User Guide
3.1 OTC Function Activation Process
Step 1: Navigate to the OTC Activation Page
Open the Matrixport APP and log into your account.
Tap [Wallet] in the bottom navigation bar.
Select [OTC].
3. Choose function of [OTC].
If the user has already passed Matrixport APP’s KYC verification, they will be directed to [OTC Activation Preparation].
If the user has not yet passed KYC verification, they should select [OTC - institution], then tap [Confirm].
Step 3: Navigate to OTC Trading Intro Page, and click [Apply Now] to start the application process.
Step 3: Navigate to Risk Awareness Quiz, click [Start Quiz] to start.
Step 3: After answering all the questions, click [Submit] and check the quiz results, click [Finish].
Step 4: Navigate to OTC Activation Preparation Page.
Step 5: Use the eKYC link to proceed the registration, we recommend to operate via website.
Step 6: Log into Matrixport eKYC Platform
Open a browser and go to https://kycplatform.matrixport.com/.
If you do not have an eKYC Web account, register first, then click [Login].
If you already have an account, enter your credentials to log in.
Step 7: Navigate to the OTC Activation Page
After logging in, select the business line: OTC-SG-Individual-Fly Wing.
Step 8: Enter Personal Information
Basic Information:
Full Name (Chinese/English)
ID Type: Choose ID card or passport.
ID Number
Date of Birth
Nationality
Email Address
Phone Number
Residential Address
Matrixport APP UID (Mandatory if using APP for OTC transactions)
Wealth and Trading Activity Information:
Purpose of Opening Account
Estimated Trade Order Size
Total Net Worth
Sources of Wealth
Sources of Funds
Step 9: Provide Bank Account Information
Follow the same process as in the APP activation section to enter and upload bank account details and bank statements.
Step 10: Customer Verification
Users can select one of the following methods:
Certified True Copy (CTC) Mode:
No facial recognition required, but proof of address must be certified.
Non-CTC Mode:
Facial recognition required, but proof of address does not need certification.
Step 11: Agree to Terms and Submit Application
Agree to the OTC Trading Risk Agreement and Activation Declaration.
Click [Submit] to complete the application.
4. Transaction History & Management
4.1 View Transaction History
In the APP, tap [OTC] > [Transaction History].
View details of all buy/sell orders and their statuses.
4.3 Order Status Explanation
Pending Transfer: Order created, awaiting your bank transfer or crypto deposit.
Processing: Order is being processed.
Completed: Order successfully completed, and funds are credited.
Canceled: Order has been canceled (details can be found in order remarks).
5. Important Notes
5.1 Transaction Limits
Minimum Limit: USD 50,000 per trade.
Maximum Limit: No upper limit.
5.2 Document Requirements
Clarity: All documents must be clear and legible.
Formats: Supported formats: PDF, JPEG, PNG.
Size: Each file must be under 10MB.
Translations: Non-English documents must be certified translations.
5.3 Bank Account Requirements
Name Matching: The bank account holder’s name must match your Matrixport identity.
Transfer Remarks: Ensure you enter the provided remark code when making a transfer.
Fees: Intermediary bank fees may apply, affecting the actual credited amount.
5.4 Review Processing Time
Individual Users: Typically 3-5 business days.
Institutional Users: May take longer due to document verification complexity.
6. Frequently Asked Questions (FAQs)
Q1: Why was my OTC activation request rejected?
Possible reasons:
Invalid or incomplete documents.
Incorrect or inconsistent information.
Failure to provide all required documents.
Solution:
Double-check and update your submitted information.
Ensure all documents are clear, accurate, and complete.
If unsure, contact Matrixport customer support.
Q2: How do I add a new bank account?
Follow the steps in [2.2 Adding a Bank Account].
Submit your new bank account details and upload the required documents.
Await approval.
Q3: What is the minimum transaction amount for buying/selling crypto?
USD 50,000 per trade.
Q4: What if my transferred funds haven't arrived?
Allow 0-3 business days for processing.
Verify that you entered the correct transfer remark code.
If delayed beyond the expected timeframe, contact customer support.
7. Contact Customer Support
If you need assistance, contact Matrixport customer support via:
Email: [email protected]
APP Live Chat: Go to [My] > [Help & Support] > [Contact Support].