Using OTC can take time, and works best when there is a high degree of trust. Namely, traits of a trustworthy OTC derive from the accountability they hold themselves and the parties using their services to. Most notably, the Know-Your-Customer (KYC) form, and the amount of information they ask in this document from their customers. Being able to prove your identity, funds, and source of your funds helps to protect people in the OTC network. The KYC form is a fundamental way for OTC organizations to ensure the funds being sent and received are legitimate. This validates both having the necessary funds as well as the source of the funds.
In most cases OTC Desks will take a position and execute the transaction for you. That means you confirm the amount to buy/sell and they’ll execute the transaction immediately (like at Genesis Block). However, some OTC deals involve matching buyers with sellers. These situations make trust and execution difficult. The buyer and sellers are often separated by hundreds of miles and possibly have language barriers.
We always recommend meeting the people you’re buying and selling to (ideally in person) as a pressure gauge for trust. If the people are honest, transparent, and willing to disclose any necessary documentation. That’s normally a great sign that you are in the right place. With high value trading, it’s important to always feel comfortable with the people who’ll be sending and receiving your funds.
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