1. Introduction of OTC Trading
Fiat money trading in Bixin, also known as over-the-counter (OTC) trading, simply refers to buy or sell digital currency with fiat money in platforms. It has lowest trading fee that paid by advertisers and needs C3 verification. When investors have disagreement or dispute with their counter-parties, they can click [Apply for arbitration] to initiate a complaint and then the customer service will handle. Bixin supports both merchant trading and individual limit order trading.
2. Risk Management of OTC Trading
As an established brand for 7 years, Bixin provides wallet service and fiat currency trading platform with leading security infrastructure in the industry. Bixin has always been putting security first and ensuring quality of investors and advertisers by increasing trading threshold. Besides, to reduce risk and ensure maximum security for your fund, Bixin combines triple identity authentication with T+ OTC rules, so that even new users can get started quickly.
I. Strict identity authentication
Bixin adopts triple identity authentication — identity card, bank card and live face recognition. Usually criminals will buy a complete set of identity cards and bank cards to complete KYC on other platforms, but Bixin disallows these criminal acts by introducing live face recognition. Only users with C3 certification can trade fiat currency in Bixin, which ensures asset security by the greatest extent.
II. T+ OTC rules
For digital assets that are bought through fiat currency trading by account with registration period more than 30 days, they are not allowed to withdrawal, transfer and Red Packet within 2 days;
For digital assets that are bought through fiat money trading by account with registration period less than 30 days, they are not allowed to withdrawal, transfer and Red Packet within 7 days.
III. Individual limit order
The rules of individual limit order for fiat money trading are as follows:
— Users who have been registered for more than 6 months (180 days) and made 10 or more fiat money transactions (completed transactions) can post their orders
— Support two limit order model
a. Fixed price limit order, means investors can post buy or sell limit order with fixed price, which is convenient for users to post orders quickly.
b. Floating price limit order, means users can post buy or sell limit order with market price (0 premium), which is convenient for users to buy or sell cryptos quickly.
Common users are subject to periods of limit order, with only 30 minutes, 1 hour, 2 hours options.
Common users are charged 0.05% trading fee of the total amount after the order has been placed. (Only charged to the party placing the order)
III. Individual limit order
The rules of individual limit order for fiat money trading are as follows:
— Users who have been registered for more than 6 months (180 days) and made 10 or more fiat money transactions (completed transactions) can post their orders
— Support two limit order model
a. Fixed price limit order, means investors can post buy or sell limit order with fixed price, which is convenient for users to post orders quickly.
b. Floating price limit order, means users can post buy or sell limit order with market price (0 premium), which is convenient for users to buy or sell cryptos quickly.
Common users are subject to periods of limit order, with only 30 minutes, 1 hour, 2 hours options.
Common users are charged 0.05% trading fee of the total amount after the order has been placed. (Only charged to the party placing the order)
