Over the Counter Exchange Software
What
is an OTC cryptocurrency Exchange script?
An
Over the Counter (OTC) cryptocurrency exchange script is a
centralized
exchange, where the user can only trade with the administrator of
the exchange and will have to pay the price that the exchange's
administrator determines. The OTC exchange completely works in
contrast to how a Peer to Peer (P2P) exchange operates, where the
users determine the price of the cryptocurrencies they want to buy or
sell and the order is matched with compatible requests.
How
does the OTC Exchange script work?
A
user would sign up for an account on the OTC
exchange, To begin the trade they would have to deposit fiat
currency into the administrator's account. This process is manual and
offline, Once the account is verified and approved, they can start
deposit the money to the bank account mentioned on the deposit page,
the user would then have to submit their proof of transaction with
the transaction ID, so the administrator can track and validate the
transaction. Only then the user can start trading with the amount
available in their wallet.
As
an administrator, you can set the price for cryptocurrencies in the
admin panel for both buying and selling. The user would buy or sell
at the rates set buy you. The balance is deducted or increases
respectively after a successful transaction. There are different
cryptocurrency pairs that are available for trade. The administrator
has the option to set all these conveniently in the admin panel.
What
is the importance of having an Over the Counter exchange using this
OTC exchange Script?
Over
the counter exchange gives more control over High volume trade, as an
owner of the platform, you can choose to allow only High volume
traders on your platform or make it available to anyone who wants to
trade from one trusted source. Also, by starting an OTC exchange, you
can provide customers with reduced transaction cost based on Volume
and since the cryptocurrencies are sold or bought by one entity( the
administrator), the trading happens quicker and securely.
What
are some of the upcoming features of the OTC exchange script?
We're
constantly adding new features and improving the user experience on
the OTC exchange script. We're working on asset token trading and a
couple of other features and enhancements on the OTC exchange script.
How
to Buy and Sell on the Over the Counter (OTC) exchange?
Before
you purchase a Cryptocurrency on the Over the Counter (OTC) exchange,
you would need to deposit fiat currency in the Fiat currency Wallet.
Whenever an amount is deposited, it would be sent to the site's admin
wallet and the amount will reflect in the user account's fiat wallet.
BUYING
On the OTC exchange
STEP
1 : As a user
logins to their account, and navigates to their fiat wallet they will
find the option to deposit the fiat amount.
STEP
2 : Now they can
enter the amount to deposit, choose to add a Card from which the
amount will be topped up to their account's fiat wallet.
STEP
3 : Once they have
entered a Valid Credit Card with sufficient funds, the amount would
be deposited from their bank to the exchange admin's master wallet
and the deposited amount will reflect in the user's fiat wallet.
STEP
4 : Now the
deposited fund is available to purchase cryptocurrencies. They will
have to enter the number of Cryptocurrencies that they want to
purchase and the price is displayed for it.
STEP
5 : The user can
choose to purchase the cryptocurrencies with either the available
balance or use a credit card again to purchase. Once you have
purchased, it will be available in the user's respective
cryptocurrency wallet.
SELLING
on OTC Exchange
When
a user sells their cryptocurrency, they would get fiat currency for
it in the OTC exchange. The price of it is determined through the
Cryptocompare's API and as the admin, you have the option to add a
percentage above it individually for Buying and Selling of these
cryptocurrencies.
STEP
1: The user's
Cryptocurrencies are available under their respective cryptocurrency
wallet. They will have to navigate to the cryptocurrency wallet and
there the Option to sell would be available.
STEP
2: Once they have
opted to sell, they can now enter how many units of cryptocurrencies
they would like to sell and hit the "Sell" button. They
would receive the fiat amount for it, which in turn would be sent to
their bank account of the user's choice (Shown while they are selling
the cryptocurrency)
STEP
3 : In the backend,
as soon as a user sells, the amount that has to be sent to the user
for selling transaction, is displayed on the Payment processor's
dashboard (STRIPE), after verifying the details and with sufficient
balance, the administrator can deposit the amount to their account
right from Stripe's dashboard seamlessly.
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