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 process, to help you efficiently use our 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:
1. Open our Web and log in.
2. Go to [Wallet] > [OTC].
3. Click the current Bank Account at [Choose Bank Account].
4. Click the [Add Bank Account].
5. Navigate to Bank Management Page.
6. Click the [Add Bank Account].
7. Provide Bank Account Details and upload the bank statement.
8. Click the [Add] to submit the process, and wait for the verification process.
3. Buying Cryptocurrency
Step 1: Navigate to the OTC Page
Open our Web and log in.
Click [OTC] and select [OTC Buy Coins].
Step 2: Enter Transaction Details
Select Cryptocurrency: Choose from available options like USDC or USDT.
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: Submit and confirm the order details
click the [Submit], and Navigate to Order Confirmation page
2. Confirm the details are correct and Click [Confirm] to check the Submit result.
3. Click the [Transfer Info] to view the transfer indications.
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 Records].
4. Selling Cryptocurrency
Step 1: Navigate to the OTC Page
Open our Web and log in.
Click [OTC] and select [OTC Sell Coins].
Step 2: Enter Transaction Details
Select Cryptocurrency: Choose from available options like USDC or USDT.
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: Submit and confirm the order details
click the [Submit], and Navigate to Order Confirmation page
2. Confirm the details are correct and Click [Confirm] to check the Submit result.
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 Records].
5. Transaction History & Management
5.1 View Transaction History
In the WEB, click [OTC] > [Transaction Records].
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.
6.4 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].