Switcheo OTC is a crypto-to-crypto over-the-counter trading platform that leverages on our existing trustless smart contracts on Ethereum and NEO, allowing users to execute peer-to-peer trades with zero counterparty risk and super low fees.
To begin, access the Switcheo OTC platform at: https://switcheo.exchange/otc.
As a good security practice, check that Switcheo's SSL certificate, "Switcheo Exchange Pte Ltd [SG]", is visible in the address bar to ensure that you are not on a malicious site.
This guide also assumes that you have already contacted and agreed to terms with another person (the "counterparty").
Have the following details of your transaction ready when using the OTC platform:
- Offer Token + Amount
- Receiving Token + Amount
- Counterparty's NEO/ETH Wallet Address
To initiate an OTC trade:
Step 1: Login
Login to Switcheo OTC platform by clicking on "Connect Wallet" at the top-right corner.
Deposit your tokens you wish to trade from your wallet balance into the contract balance.
Step 2: Enter Transaction Details
As the user who initiates the trade, you will need to indicate the tokens that you are offering and the tokens you will be receiving to make the order.
Fill in your transaction details in all the given fields:
- Token Type
- Purchase & Sale Amount
- Counterparty's Wallet Address
Your wallet address has been pre-populated for you.
Confirm your transaction details and click "Create & Sign" to proceed with the trade.
Your transaction will be displayed in the "Pending Trades" Window.
The counterparty must accept the transaction to complete the trade.
To accept an OTC trade:
As the counterparty for an OTC trade, you must first login to Switcheo OTC platform with your wallet, as shown in Step 1 above. After logging in, the transaction will be shown under the "Pending Trades" window.
If you do not see the pending trade, please hit refresh.
Under the "PAIR" column, it displays what tokens are to be exchanged for the pending OTC trade. In this case, as shown in the image above, the counterparty will be receiving 2 NEO from the user who initiated the trade, in exchange for 3 GAS.
To complete the trade, you must:
- Click "Accept" - which automatically fulfils the order
- Click "Create & Sign" if you agree to the trade to complete the transaction
The completed transaction will be shown in the order history for both the user who initiated the trade and the counterparty.
This completes the OTC trade.
Ready to begin? Trade now on Switcheo OTC!
Note: For now, the Switcheo OTC platform is available for use within individual the blockchains. (e.g. NEO & NEP-5 Tokens or ETH and ERC-20 Tokens.) More updates on this feature is coming soon!
Please note that Switcheo OTC service does not conduct KYC on behalf of users and acts only as a trustless escrow. Users must agree to conduct their own due diligence and should ensure that they can legally buy or sell the tokens that they are trading. Switcheo OTC will not be acting as a broker for OTC trades and does not conduct matching services on behalf of the user.
Traders looking for counterparties to buy or sell large quantities of digital tokens from, or wishes to trade on a currently unsupported pair (such as NEO/ETH) can contact our OTC trading desk at email@example.com. The minimum ticket size for this service is USD $5000.