What is KuCoin?
KuCoin is a cryptocurrency exchange, launched in September 2017. KuCoin now has more than 8 million users from over 200 countries and locations from all around the world. The exchange has one of the world’s impressive trading pair selections, with more than 540 supported coins and 960+ trading pairs.
KuCoin has various trading features that provide for its users and in this article, we are going to talk about the OTC trading that KuCoin has launched for its clients and the way that it works.
First of all, it’s better to know how does it work?
What is OTC trading and how does it work?
OTC trading stands for over-the-counter trading in the world of Bitcoin and crypto.
They are private deals for buying and selling crypto. These transactions come with high security and bring privacy for both sides of the transaction because they are not conducted on regular exchanges, so there is no public order book available.
In an OTC market, the crypto assets trade directly between two parties, and on the other side, there is a person willing to buy assets at a given price. Trading on currency exchanges usually includes three parties: buyers (who set the bids), sellers (who set asks), and the exchange itself that acts as the market maker the OTC trading cuts the third party ( the exchange ), and as I mentioned before it connects the buyers and sellers directly to each other. The transaction happens when both parties agree on the price of the trade for which they are united.
Let’s see how it works;
An OTC desk stands for the over-the-counter trades with its clients. Instead of matching buyers and sellers, OTC Desk will act as a dealer for anybody that is looking for trading assets. OTC desks are usually used when a trade they are looking for is not possible on the exchanges.
The person who is looking for the trade (the act of buying or selling) acts as the market-maker by quoting the prices they tend to buy/sell something it can be a product, security, or currency. This kind of trading enables the traders to stay anonymous as they aren’t forced to share the details of the deal with the public.
The OTC market is often used by smaller companies to sell their shares when the company is too small to be listed on a formal exchange. But do not mix things together otc market is suitable for smaller companies but the Otc market itself is not small.
What is KuCoin OTC trading?
KuCoin is a global cryptocurrency exchange that supports multiple asset trading. OTC traders hold a network of crypto investors and crypto sellers.
Moreover, larger OTC organizations keep an inventory of various cryptocurrencies to keep up with their projects requirements at the time they have given.
The Kucoin OTC trading is now online. Users can have access to the otc trading desk directly from the navigation bar. Now users are enabled to KuCoin OTC trading desk will support Canadian dollars plus other coins such as BTC, USDT, and CADH. KuCoin has great popularity among traders, it offers related services to cryptos like crypto-to-crypto, fiat-to-crypto, futures trading, staking, lending, and other services.
In OTC trading there are no trading fees and the settlement is quick users just need to complete the KYC verification and set up a trading password to start the OTC trading.
Advantages of OTC desk
- Increased liquidity
- Piece protection
- Fiat support
- No limits
- Rare tokens
what is KuCoin [CAD]-OTC?
the Kucoin [CAD] is allowed to buy crypto with Canadian dollar on the simplex platform.
How to use Kucoin [CAD]-OTC?
- open kucoin app
- Click on the trade button
- now click on the Fiat section(OTC section in the previous version)
- Click on the section shown in the picture below and choose CAD
- now you can buy crypto using CAD
OTC trading should be added to exchanges and specifically, I am talking about crypto exchanges, they are incredibly useful for traders. It brings benefits for the traders for that exchanges and also the OTC market brings income for the exchange owner.
So if you want to have a popular exchange like KuCoin, if you have chosen the KuCoin clone script you can ask your cryptocurrency exchange software development company to add this feature to your exchange platform.