OTC transaction can also be called P2P transaction or Escrow transaction. That is to simply say, it is person-to-person Bitcoin transaction.
Ready to work¶
- The default user name is noname- headed, so it is difficult to distinguish. Therefore, user should reset owner name and avatar on Personal Information.
- Advertising function requires KYC5, so please make identity authentication well in advance.
- Please top up advertising deposit. ( Left menu-Settings-My deposit-OTC AD Pledge).
- Description: The requirement of Escrow transaction on OTC for VIP is different with ordinary user.
- my - My Ads - Create Ads
- The advertisement type is set to be online and currently is not support to cash transaction. You can choose to buy or sell Bitcoin on Bitpie. Advertising Settings — The purchase is that others sell Bitcoin to you and the sale is that you sell Bitcoin to others.
- The limit is the minimum or maximum amount to others for buying or selling from you.
- You should set a price that can be a floating or fixed price.
- Floating price: According to the prices of selected Exchange, you can set the premium, so the price is changing.Fixed price: you manually set a fixed price ( it can be modified).
- The method of Payment can choose Alipay, WeChat and Bank Card.
- On Advertising Information, you fill in some of your contacts, or give yourself an advertisement to attract more people to trade with you.
- The default is to make transactions with over KYC2 users, which can effectively protect the funds safe of advertising party.
- You can choose to trade with users who paid deposit or not.
- After filling into the ad information, the Settings will be activated. You click the bottom button to Advertisement Establishment, and then establish it successfully.
- Left menu – Advertising Offline Switch (My advertisement-Advertising offline switch) after Settings online, other users can see your advertisement.
- Note: The VIP users’ adverting operation of OTC Escrow transaction is different with ordinary users.
Ready to work¶
- In order to effectively protect the funds security of advertising party, the level of the ordering party should be at least KYC2.
- After paying deposit, you can trade with all advertising parties. If not paid, you can only trade with the advertising party without the deposit.
Place an order¶
Let us give an example to show how Ordering party makes a transaction with Advertising party through OTC.
- Under the OTC order list, ordering party can find favourable sellers who public a fair price and then click the chat button to communicate with them. For example, whether there is Bitcoin or whether the transaction can be completed online. If no problem, the buyer can click Ordering to confirm the purchase amount and then buy it.
- After placing this order successful, buyers will see information—waiting to receive (waiting seller’s decision whether to receive this order). If seller does not reply for a long time, you can cancel this order and find others to replace new order. Meanwhile, seller can receive or reject the order.
- After that seller receivers the order, the two parties will see an information– waiting to confirm transaction. That is to say, seller will send Bitcoin to Escrow address because OTC trading is on Blockchain, and then wait miners put this trading into Online Blockchain. The dealing time is uncertain, like a few minutes, a little longer time. Therefore, two parties should be patient to wait.
- After confirming transaction, Bitcoin has been escrowed successfully. Now, seller can provide the received money information. It is suggested that seller uses bank card to pay a larger amount . According to the payment method seller provides, buyer should check first and then pay it. In comments or notes, you can fill in order number, which conveniently make transaction between each other. After paid, the buyer should click Paid Well and then wait to your Bitcoin.
- After receiving the paid money and checking it well, seller should click to Releasing Bitcoin in OTC Escrow and then send bitcoin to buyer.
- This order is complete.
- While making OTC transaction, you must wait Bitcoin escrowed well and then begin to Fait operation. That is to say, you must wait ‘the transaction has been confirmed’ and then buyer pays money.
- It is better for advertising party to place an order with the ordering party who already paid deposit so that improve order success rate.
- Whether it is ordering party or advertising party, the two parties should keep online as soon as possible after creating order. Please don’t turn your phone into silent mode. When the transaction is confirmed, there is a message on Bitpie, so you should always check whether the order has been confirmed.
- Whatever how many times you make a transaction with counterparty, you must make escrow transaction on OTC. You can’t make private transaction due to the familiar relationship. Hereby declaring: If there is any loss, Bitpie won’t undertake any responsibility.
- If there is a dispute on the escrow transaction, you could apply for arbitration. If it is private transactions dispatched from Bitpie platform, Bitpie has the right not to respond.
The process of Arbitration application¶
If there is a dispute on the escrow transaction, for example buyers don’t pay, buyers and sellers take a long time not to reply, sellers don’t release Bitcoin after receiving money or other reasons, you can apply for arbitration. After applying for arbitration, the relevant staffs of arbitration, in the form of a small secretary, will inform two parties how to operate it quickly. Meanwhile, the two parties can also continue to trade during this time. Buyer can pay money to seller normally and Seller will confirm it firstly and then release Bitcoin to buyer. Anyway, even if the application for arbitration is made, you can also continue to trade.