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OTCBTC Review - is it scam or safe?

OTCBTC Review - is otcbtc.com scam or good cryptocurrency exchange?

RATING: 3 / 0 REVIEWS OTCBTC

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type

Leverage

Trading fee

Withdrawal fee

Standard

N/A

0.10%

0.001 ETH

 

Taiwan-based OTCBTC is a blockchain company that offers OTC (over-the-counter) trading in fiat currencies and digital assets, as well as a crypto exchange. You can easily switch between the exchange and OTC market using the tabs on top of the navigation bar on the website.

 

In this review, we will focus on the crypto-exchange platform.

 

 

OTCBTC Advantages

 

A plethora of coins available

Although recently launched, OTCBTC has listed wide range of coins, including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Stellar, EOS, USDT, OmiseGo, QTUM, Zcash, as well as many exotic ones, such as IOStoken, DEW, UnlimitedIP and others. Trading is done mainly against ETH, but BTC Market is also available.

 

By the time of writing this, the most actively traded pairs are BTC/ETH, BCH/ETH and ZEC/ETH.

 

Low fees

OTCBTC charges 0.1% commission per trade, which is a great offer, and besides, 50% OTB discount is available by default. OTB discount is currently only available for ETH trading pairs only.

 

Aditionally, deposits in OTCBTC are free of charge.

 

Advanced platform, mobile apps

The trading platform developed by OTCBTC seems really professional, yet its interface is simple and user friendly. Charting is powered by Trading View, and there are many technical analysis indicators available to crypto investors. Here is a preview:

 

 

OTCBTC’s web trading platform. Click on the image to zoom in.

 

Besides, there are also trading apps for iOS and Android available to those who prefer to trade on the go.

 

OTC trading also available

As we mentioned in the beginning, OTCBTC provides its clients with yet another option to trade in cryptocurrencies: Over-The-Counter (OTC) or off-exchange trading. This is a nice option that complements the offering of this exchange.

 

Withdrawal fees

This isn’t a major disadvantage, as almost all exchanges charge fees on deposits. Nonetheless, we have to mention this additional cost of trading at OTCBTC. Withdrawals in Bitcoin are charged with 0.001 BTC, those in Ether – with 0.03 ETH. You can find the complete information in the Fees section of OTCBTC’s website.

 

OTCBTC Disadvantages

 

No fiat currencies

OTCBTC’s cryptocurrency platform does not support “traditional” money. Yet, if you wish to deposit in US dollars, Chinese yuan, and several others, you can do this on the OTC platform, provided by the same company. It supports bank transfer, Alipay, Wechat, and Paypal.

 

No trading on leverage

OTCBTC does not facilitate trading on leverage. This option is indeed rarely available at exchanges outside of Japan, so it’s not a major flaw. Nonetheless, if you need some leverage, almost all forex brokers who offer trading in cryptocurrencies provide such.

 



>>BTC trading with leverage<<

 



That being said,these brokers in fact offer Bitcoin and other altcoins in the form of Contracts For Difference (or CFDs). You can find more details on this type of trading here.

 

Low volumes on pairs with exotic coins

While we mentioned that there are a lot of altcoins offered on OTCBTC, not surprisingly the trading volumes of many of them, mostly exotic ones, are very low.

 

 

Conclusion

 

Initially, OTCBTC started out as a OTC platform in September 2017. In January 2018, the Taiwanese team launched the crypto exchange. by a group of Taiwanese team fascinating blockchain science. It seems that OTCBTC is one of the many crypto-exchanges that targets mainly Chinese traders (as the website is available in Chinese, and the OTC platform works with Chinese Yuans). Luckily, it also has an English version of the website, which allowed us to make this review.

 

China banned ICOs and restricted the activity of local cryptocurrency exchanges, while in most countries, Taiwan included, these platforms have no official legal status. Of course, the unregulated status of crypto exchanges creates a potential for counter-party risk. Besides, many of these exchanges get hacked. That being said, forex brokers might be a better alternative. Below you can find a list of brokers that are duly licensed by the respective government agencies and offer trading in cryptocurrencies.

 

 

>>Tightly regulated Bitcoin FX brokers<< 

 

 

Here is, once again, our recap of this exchange:

 

Pros

Cons

Low trading fees

No fiat currencies

Many altcoins offered

Withdrawal fees

Advanced trading platform

No margin trading

Deposits free of charge

Low volumes on pairs with exotic coins

 

 

 

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Traders` reviews for OTCBTC

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