The emergence of cryptocurrency has initiated a wave of innovation in trading. There were times when people were oblivious to the concept, but now that it is rapidly becoming mainstream, there’s so much to learn about it. Most people are only aware of one traditional way to obtain, buy, or sell a cryptocurrency, but that’s just because of limited awareness. The crypto ecosystem has evolved, and there are many other alternatives to Bitcoin wallets.
Bitcoin Depot® is the fastest-growing multi-currency ATM network that instantly enables people to buy and sell Bitcoins, Litecoins, and Ethereum. The company has brought a revolution by challenging traditional methods and making way for more efficient and faster technology that credits your crypto instantly. With their newly launched Over-The-Counter (OTC) services, they are set to mitigate lags in the transaction process suffered by people who desire to buy crypto.
What is OTC?
When you enter the financial market, you have two paths to choose from: become a buyer or a seller. There are specific mediators between these two parties called Exchanges, such as the New York Stock Exchange. They help the buyer and seller negotiate and shake on a price that suits them both. Now, these trades are carried out in the open market, and that’s how you can browse through the various prices offered by these traders. Enter over-the-counter trading.
Benefits of OTC Trading
OTC eliminates a negotiator’s role or the exchange and makes the trade happen directly between the buyers and sellers. It offers an excellent deal of privacy, anonymity, zero-risk exchange. It is also preferred by businesses with high net worth individuals who like to keep their deals private.
No one other than the two involved parties are exposed to the information on the prices that happen ‘over the counter.’ “The greatest advantage of buying Bitcoin with OTC trading is that it is safe, fast, and simple. When you work with Bitcoin Depot®, you are guaranteed to retain ownership of your crypto to secure your transactions. You also have the freedom to choose the type of digital wallet you want,” shared Brandon Mintz, President & CEO of Bitcoin Depot®.
Why choose OTC for Crypto?
The primary reason why people turn towards the OTC Desk is that they want to make large transactions. It is daunting using other trading methods, including an exchange. Finding the desired rate through a third-party can be cumbersome as multiple parties offer differently-ranged prices for the same amount of BTC. This might even put you at risk of buying one chunk at a higher price and another one at a much lower cost, causing what’s called a slippage. “Slippage is when you slip away from the original market price due to the lack of sellers giving their product at the desired price,” explains Mintz.
OTC trading becomes a hero when you can just trade at one price that you and the other party agree on through a principal desk. These desks will send you a quote for your offered amount of BTC, and once you agree, the transaction takes place without any other interruptions.
Mintz shares that Bitcoin Depot® is mitigating the widely addressed cons of OTC Trading. “With our white-glove trading services, it’s simpler than ever to buy Bitcoins.” The company also provides a personalized customer care team that is always on call to assist you through your trading experience. Also, the trading isn’t limited to just Bitcoin, as it also offers Litecoin and Ethereum so that you can trade the crypto of your choice.