Bypassing Vietnam’s Crypto Blockage with OTC platforms

By Raichel | Cryptopinapple | 15 Jan 2019

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Even though the majority of the world countries is embracing blockchain as the next step in technological evolution, Some countries do not share the similar viewpoint. Instead, some countries feel that Bitcoin or crypto assets are a threat to the existing system and they have put across stricter ban or controls to curb the crypto trading. If you hail from one of those countries ‘Peer-to-peer’ (P2P) or Over The Counter (OTC) products can be of a great help.

Let’s first understand what is a ‘Peer-to-Peer’ (P2P) or Over The Counter (OTC) product?

Over The Counter (OTC) or Peer-to-Peer’ (P2P)

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To understand more about an OTC market, Let’s first understand how an Exchange works. I believe most of you have traded on trusted platforms like Huobi, Huobi Next etc. In this ecosystem, Exchanges which are in fact an organization acts as an intermediary. Sellers who want to sell crypto assets, quote their price and place their sell order in the common ledger commonly termed as the order book. Buyers look for a buying price as per his liking or he can create his own buy order with his price and can place the buy order in the same order book. Once the exchange matches buy and sell orders it processes the trades.

One of the downsides of online exchange is the time delay to execute an order. There is a high chance that another seller or buyer can place a sell or buy order outmatching yours which may delay is executing your own order. Else if you are in a hurry you may have to execute a market order which can lead to losses.

Another downside is that online exchange platforms are registered firms, they have to adhere to the law of land. For e.g In India when the banking Ban was imposed by the Reserve Bank of India(RBI), all the banks stopped banking relationship with Indian Exchanges which affected all the deposit and withdrawal of local currency.

Whereas in P2P or OTC setup, all these won’t matters. A P2P or OTC exchange allows the sellers and buyers to trade directly with each other without any third party to process trades.

In simple terms It’s like an open market, You can post your price of the asset and the way you want to be paid( Bank Transfer, WU, Paypal etc). If a buyer feels that is a good deal, he can buy the asset from you by transferring the needed currency to your account or the mode of payment you specified. Once you confirm the payment received, the assets will be released to buyers wallet.

Some of the advantages of P2P exchanges are

  1. Censorship resistance
  2. Almost Zero Fees
  3. Privacy
  4. Control over your fund

The greatest challenge a P2P exchange face are.

  1. Liquidity. ( More sell orders, no buyers)
  2. Seller Trustworthiness. ( High chance of fraud)

When you select a P2P platform, It important to make sure you check all the above-said points.

Cryptocurrency market in Vietnam is in its nascent stage, with a growing awareness among the young population about crypto assets. In recent months, there is an increase in volume in the total number of cryptocurrency transactions in the country.

The State Bank of Vietnam passed a law which banned using Bitcoin or any other cryptocurrency as a payment method. The best way to own bitcoin in Vietnam is via trusted OTC platforms like Huobi OTC, Remitano, Localbitcoins etc

Let’s have a look into one of the most trusted OTC platform — Huobi

 

Huobi OTC act as a bridge between fiats and digital assets. One can buy/sell your digital assets by posting a buy/sell advertisement on Huobi OTC and then complete transactions with the other party so as to exchange your digital assets with fiats. Huobi OTC offers an aggregated display of buying or selling info and the actual payment is transferred and completed offline.(In other words, Huobi OTC provides escrow on digital assets.

Unless other OTC platform which is one country-specific, Huobi OTC offers P2P trading in 6 countries which includes China, Vietnam, and India. All the services offered are with Zero transaction fees, High security as well as 24*7 customer service which helps to resolve any dispute if any.

Unlike most of the P2P platforms which are only web-based, Huobi OTC offers various versions to trade. It has the option of iOS, Android, Windows, and Mac platforms.

You can click here to download as per your preference.

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As a seasoned trader, I always select a strong brand when it comes to OTC trade. Unlike Exchange, there are high chances of fraud happening in OTC platform due to the nature of the business.

One of the most attractive factors about Huobi is the best rate, a seller or buyer will be getting. I have always noticed that in a local OTC platform the price difference was around 25–30% which mean a seller or buyer will have to endure heavy losses, Whereas in Huobi spread around 0.5%–1.00% which means good profit.

Another factor which makes Huobi OTC is the security. The sellers and buyers were mostly verified with the star rating which helps you to identify a genuine seller or buyer. One more factor is that if you want to post an ad for sales, you need to have the same or more amount of assets in your wallet which reduces fraud to a greater extent. Also if there is a conflict you have the option to raise the same with the customer service team, which adds more security to the entire process.

Unlike other Platforms which will charge from 1% and above, Huobi Charges 0% . for highly traded assets like BTC, ETH, USDT etc. if you are a buyer in OTC platform, after you finish acquiring asset, you will have the option to convert into any other crypto assets with the help of Huobi Global, which is one of the most traded platforms in the world. Since Huobi OTC is linked to Huobi Global, The transfer takes place smoothly with 0% charges.

Sounds Interesting, Join the Huobi OTC platform. If you don’t have a Huobi account, You can sign-up using this link here !!!

Disclaimer: This is not an invitation or an offer to buy or sell cryptocurrencies, nor is it a recommendation to buy or sell specific types of cryptocurrencies. Consider your investment objectives, level of experience, financial resources, risk appetite, and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice.

 


Raichel
Raichel

Decoding Blockchain for starters. Part of Huobi Global I Hacker Noon| The Start Up l Good Audience | Data Driven Investor etc !!!!


Cryptopinapple
Cryptopinapple

Blockchain for the starters

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