OTC (over-the-counter exchange)
- What is OTC?
- How to perform the OTC trading on HitBTC?
- Common errors and how to fix them
- Indicative price
- List of available currencies
What is OTC?
Over-the-counter trading (“OTC”) is a way to exchange crypto with a third party without trading on the exchange platform. In traditional trading, OTC desks are used to execute large trades for buyers, which need significant liquidity. OTC trading allows you to execute high-volume trades with minimal price slippage. It routes large orders via the trading desk, which directly facilitates your deal. This reduces the impact of large trades on the market price of a coin or token.
How to perform the OTC trading on HitBTC?
Open the OTC page on the HitBTC platform.
Select Sell currency
Select Buy currency
Specify the Sell amount
Next, click "Request for Quote" ("RFQ"). Your RFQ is submitted to our automated trading desk, which provides you with an instant quote. The qoute is valid for 30 seconds.
If you do not confirm the quote within 30 second, you will need to request it again.
If your quote expires and you click “Resend RFQ” again, you will see the updated quote on the same screen. The quote will also be available for 30 seconds.
If you click "Confirm", you will be redirected to the successful transaction screen view:
The screen above indicates that your transaction is executed. If you click OK, you will go back to the OTC trading initial screen with the default selection options.
If you click the link above the button, you will be redirected to the OTC transaction details page.
We do not guarantee the timing of OTC execution but in 99% of cases the funds are credited within 10 seconds after clicking the “Confirm” button.
Possible Errors and how to fix them
If OTC desk can not provide an RFQ for your request, you will see an error:
This error can happen for two reasons:
1. The entered amount is less than a minimum limit for an OTC transaction;
2. The precision specified is too high – higher than the lot size specified by the OTC desk.
If there is a transfer error after you received a qoute from the OTC desk, you will see the following error - please see below. Such errors generally happen due to market conditions.
You can hit “Try Again” button to submit a new RFQ.
You will see the indicative price on the OTC initial screen, if the system is not able to complete a transaction with the parameters you indicated. There could be two reasons for that:
1. You are not currently logged in
2. You have insufficient balance.
The indicative price does not expire in 30 seconds. There is no guarantee that the exchange will happen at this price after you log in or change the OTC parameters.
Please visit the OTC page to see the list of assets available at the moment.
The current minimum transaction amount is approximately 10 USDT. The maximum transaction amount is not fixed.