Singapore-based cryptocurrency exchange Phemex has launched its Over-the-Counter (OTC) Trading service for the benefit of its customers. The OTC Trading service is a highlight of Phemex’s continued response to customers’ needs and will allow customers in supported countries to conveniently and safely sell or purchase crypto via wire transfer.
The Phemex OTC Trading offering is offered in partnership with Legend Trading, a regulatory compliant and licensed Money Services Business (MSB). Through Legend Trading’s infrastructure, Phemex customers will be able to have unbridled access to many of the exchange’s supported cryptocurrencies whilst still being able to make purchases through other existing credit card options through our various payment gateways.
In a bid to serve more customers across various economic classes, the concept of Over-the-Counter trading which originally applied to securities trading is now gaining massive traction in the digital currency ecosystem. While joining the host of trading platforms out there in the support of OTC Trading offerings, the Phemex exchange will adhere strictly to extant monetary regulations and will implement a compulsory Know Your Customer (KYC) process as well as other anti-money laundering checks through its partner vendor prior to activating the service. The activation and trading process can be conducted entirely on the Phemex platform in a seamless manner without ever needing to access the vendor’s site.
How to Use the Phemex OTC Trading Service
The Phemex OTC trading service is designed to be as easy as using the platform. But before getting started, users must first enable their OTC accounts by following defined steps as detailed by the exchange.
- Log into the exchange and select the Buy Crypto option in the header of the page
- From the displayed menu, click on OTC Trading
- In the OTC Trading page, click the slider button next to “OTC Account Status” on the left side of the page
- Agree to the Disclaimer and the Term and Conditions by checking the necessary boxes, then click on continue
- Then click on the “Individual” Icon
- Fill out the necessary information (identity information, banking information) with as much detail as possible and click on continue after uploading all required documents.
The review for the OTC trading service will be carried out by Legend Trading and it is worth noting that besides the unavailability of the service in certain jurisdictions, users who already have an email registered with Legend Trading will have to register with a new email address.
Once the account has been approved, users can carry out a variety of activities on their OTC accounts including;
- Buying cryptocurrencies
- Selling Cryptocurrencies
- Making deposits through wire transfer, and;
- Making direct withdrawals into the customer’s registered bank accounts.
The minimum quoted amount that can be used to buy any coin is $500, and selling any supported digital token too also requires a similar minimum amount. More details on how to use the Phemex OTC Trading service can be found here.
Beating the Competition
The digital currency ecosystem is wide, fast-growing, and filled with innovative products that are being rolled out by the core stakeholders in the space such as exchanges. In Singapore, Phemex is getting ahead of the pack with the launch of the OTC Trading service as other notable exchanges are yet to catch the trend. The goal for Phemex however, is to continually bring unrivaled innovative products and services to its users.