July 23, 2021

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Binance Continues to BUIDL; Launches New OTC Trading Portal with Live Request for Quotation

Binance, the world’s largest cryptocurrency exchange by trade volume, has not relented in its quest of unveiling new features that make users’ trading experience on its platform worthwhile.

The exchange has once again launched an Over-the-Counter (OTC) trading portal for quick and easy trade settlements.

Announcing the development today, Binance said that its OTC portal is a live Request for Quotation (RFQ) platform, an initiative that enables buyers and sellers on the exchange to submit price quotes and bids for various cryptocurrencies. 

When an agreement is reached, the portal grants users the ability to confirm trades and receive the settlement directly into their Binance account, the exchange added.  

Commenting on the initiative, the founder and CEO of Binance, Changpeng Zhao (CZ) shared that the new OTC trading platform is designed to allow smooth trading, while also supporting large trades.

“Try iT; it’s slick. Works for large trades, no slippage, no market impact,” CZ tweeted

As per the announcement, Binance noted that the portal would initially support 25 different coins and tokens, including BTC, ETH, USDT, among others, with plans to add more in the future.   

The minimum trade amount for the OTC trading portal would be equivalent to 10,000 USDT worth of any cryptocurrency at zero fees.  However, prices of cryptocurrencies will be tagged above the market price for buyers, while selling of any token or coin on the platform will be done below the market price, the exchange behemoth added. 

Using Binance OTC Trading Portal 

Users are required to log on to the OTC trading portal using their KYC verified level 2 account and select whether to buy or sell.  On the platform, traders will be prompted to choose the cryptocurrency they want to trade and input the amount in one of the boxes to receive a price quote. Upon receiving the quote, they can then choose whether or not to accept the price quotation. 

Meanwhile, Binance had launched its OTC trading service for bulk crypto orders last year.  At the time of the launch, Binance made the service available to users who have traded at least 10 BTC, giving them access to trade over 150 cryptocurrencies. 

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Original Article
Author: Lele Jima