OTC Trades Now Available on Phemex Exchange

OTC Trades Now Available on Phemex Exchange

April 7, 2021

Key Takeaways

  • OTC trading will allow users to buy and sell crypto through wire transfers.
  • The minimum sum of any transaction will be $500.
  • Citizens o the United States will also be able to use this feature.

Phemex will partner with Legend Trading to offer over-the-counter (OTC) services to purchase crypto via wire transfer.

Phemex Launches P2P OTC Marketplace

While Phemex already offered options to purchase crypto with a credit card, users will now be able to use wire transfers to purchase their cryptocurrency of choice. The much-requested feature is brought through a partnership with Legend Trading, a regulated and legally compliant Money Service Business (MSB).



While KYC will still be necessary before any transfer, this should facilitate purchases both for retail customers entering the space and for bigger purchases for which slippage could be a factor. Through a regular purchase on an exchange, slippage can arise when the trade size is sufficient to move the asset’s price. Over-the-counter trades provide a safe option to newcomers as well as enticing rates for wealthier clients.

The minimum amount necessary for OTC trades is $500, and sellers will be offered a quote reflecting the OTC market’s current state. If sellers accept, Phemex will find a buyer. For buyers, the operation is the same, and the minimum amount is also $500.



In essence, Phemex’s OTC trading will allow P2P exchanges in a sort of marketplace of OTC deals. These options will also be opened to Phemex’s American customers who often can’t access certain exchanges’ functionalities due to strict financial regulations.

This comes a few days after Phemex released its NFT program, which collected Ethereum QR codes of participating users to create a unique NFT artwork representing the Phemex community.


The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article