Newdex OTC service

Newdex OTC Service

To simply put the OTC service in Newdex allows users to buy and sell using fiat directly. This greatly simplifies the process of buying EOS and USDT as traders will not have to interact with another third-party intermediary which may present additional challenges. Due to regulatory requirements, Newdex will be asking users who plan to use this service to undergo KYC procedures and will be accepting Chinese Yuan fiat only initially.

How to start using the Newdex OTC service

To start using this service make sure that you have a supported non-custodial EOS wallet that can log in to Newdex’s website as well as an EOS account. I recommend the use of Wombat wallet which is available as a chrome extension, android app, and iOS app. More importantly, It also allows users to easily create EOS accounts totally for free. This is a perfect match for newbies who more likely than not will be creating their first EOS account.

OTC Platform Feeless Trading

To enhance the trading experience of its users Newdex has waived off OTC trading fees since March 27, 2020. This means from this date henceforth there will be no more charges for using the OTC service offering. This will further reduce the friction when using the said service. The fast transaction times of EOS blockchain and its feeless transaction makes Newdex OTC an ideal platform for Newbies to quickly move in and out of cryptocurrencies.

Final Thoughts

The Newdex OTC service is indeed a value-adding service in the whole Newdex ecosystem. It addresses some of the pressing challenges in decentralized trading making it easier for beginners to enter cryptocurrency without much friction and risk. Moreover, the easier onboarding of new users also increases liquidity by providing easier access to newcomers in crypto tradings.

Transparency disclosure

The above article is a commissioned work for Newdex. I was tasked to write an article about its OTC service offering. Total creative freedom was given to me. All the information stated above came from my own research and based on my experience and knowledge. It has not been edited by Newdex or any of the aforementioned projects in the article.

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Anidel Silvano

Anidel Silvano

Blockchain/crypto enthusiast from the Philippines.