1. Overview
The OTC (Over-the-Counter) function 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 functions, including adding a bank account, and the buy/sell procedures to help you efficiently use OTC services.
For OTC Account Opening Guidelines, please refer:
2. Adding a Bank Account
Users can add additional bank accounts for buy/sell operations.
Steps to Add a Bank Account:
Open our APP and log in.
Go to [OTC] > [OTC Trading page].
Tap [Choose Bank Account].
Tap [Add Bank Account].
Fill in the detailed Bank Account Information.
Please input the necessary bank information, to ensure following safe and accurate wire transfer:
- Bank Location
- Bank Name
- Swift Code
- Bank Account Name (Must match your KYC name)
- Bank Account Number
- Bank Account Type (Multi/Single currency availability)
- Intermediary Bank Name, Swift Code (Optional)
- Beneficiary Address
- Upload proof of Bank Account
- Remittance Information (If your bank requires this information for wire transfer, please fill in as requested)
After Submit, please wait for the verification and approval, we will email you the final result.
3. Buying Cryptocurrency
Step 1: Navigate to the Buy Crypto Page
Open our 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].
4. Selling Cryptocurrency
Step 1: Navigate to the Sell Crypto Page
Open our 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].
5. Transaction History & Management
5.1 View Transaction History
In the APP, tap [OTC] > [Transaction History].
View details of all buy/sell orders and their statuses.
5.2 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).
6. Important Notes
6.1 Transaction Limits
Minimum Limit: USD 50,000 per trade.
Maximum Limit: No upper limit.
6.2 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.
6.3 Bank Account Requirements
Name Matching: The bank account holder’s name must match your identity on our platform.
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.
7. 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 our 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.
8. Contact Customer Support
If you need assistance, contact our customer support via:
Email: otc@bit.com
APP Live Chat: Go to [My] > [Help & Support] > [Contact Support].