OTC Trading and How My Money Credit overcome its disadvantages with the solution called “Social Trading Software”

What is Crypto OTC Trading?

OTC trading is a type of trade that occurs directly between two parties without the need for an exchange. Crypto OTC Trading, therefore, is a process whereby two parties come together to buy and sell digital assets like Bitcoin, Ethereum, or any other cryptocurrency outside of traditional exchanges. This method of trading is preferred by many high-net-worth individuals, institutional investors, and cryptocurrency funds.

One of the primary reasons why OTC trading has become so popular is because of its ability to handle large trades. Traditional exchanges, like Coinbase or Binance, have a limit on the amount of cryptocurrency that can be traded per transaction, meaning that high-volume trades are difficult to execute. In contrast, OTC trading allows for large-volume trades to take place without disrupting the market.

How does Crypto OTC Trading work?

OTC Trading is a private transaction and it’s done at many levels, from individuals to organizations:

• At the individual level, the transactions can be negotiated by word of mouth and trustworthiness of the transacting parties.
• At the institutional level, the transaction will be more complex, as a network of many crypto buyers/sellers is maintained. OTC Traders will regularly update the buying/selling situation, and the transaction will be performed when there’s a suitable customer.

Pros and cons of Crypto OTC Trading

Pros:

• Reducing the risks of hacking associated with cryptocurrency exchanges.
• Allows you to deal with a trusted broker.
• Acceleration of settlements for large transactions and faster access to funds compared to exchange transactions.
• A higher level of confidentiality.

Cons:

• It is required to find a reliable broker.
• A higher level of settlement risk compared to cryptocurrency exchanges.
• Counterparty risks.

How My Money Credit build Social Trading Software to solve current OTC Trading’s disadvantages

Social Trading Software is a solution developed by My Money Credit that helps make the P2P trading of digital assets pairs easy, efficient, safe and convenient. The software is built as an integrated tool for popular social media such as Telegram, Twitter and Facebook, making it easier to access and flattening the learning curve.

With Social Trading Software, sellers and buyers can trade easily with just a few simple steps, following the conditions and requirements of the transaction. Meanwhile, Social Trading Software will provide asset hosting services for both parties of the transaction, and act as a temporary intermediary to supervise both parties, ensuring security, privacy, and the delivery of assets for both. That will help get rid of settlement risks which might occur.

When initiating a transaction, the seller needs to send their assets to a stealth address that only belongs to the buyer of that transaction. Then the assets will be escrowed by the Social Trading Software. The buyer has to transfer the correct amount of funds as agreed to another designated stealth address escrowed by the Software. When the Software verify that the funds sent by each party are indeed correct, they will release the funds to the other party.

Also, the Software establishes specific rules and requires all users to abide by those rules to make sure that all transactions can happen as securely, smoothly, fairly as possible, and prevent counterparty risks.

The Software with top-level security options applied

Another important aspect that needs to be mentioned is how we protect users’ assets and privacy. As security is our utmost priority when developing Social Trading Software, My Money Credit security team with the lead of Mr. Ngoc-Son Vu, one of the most prominent figures in data protection and cybersecurity in Vietnam, will apply top-level security options, including SSL encryption, Time Locks, Secure Account Recovery and 24/7 Support into the Software, making it the most reliable trading place for all users.

Conclusion

With its advantages, OTC Trading is becoming a good service for many users whom are in need of trading a large volume of cryptocurrencies. However, there are still some limitations that might cause financial loss for the users. Because of that, Social Trading Software of My Money Credit is built with the mission of providing easy and convenient P2P trading experience, but still safe and reliable. With the development of My Money Credit’s professional team which has many years of experience in data protection and cybersecurity, Social Trading Software promises to become one of the most reliable options for users for P2P Trading.

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