Trading cryptocurrency OTC, or Over-the-Counter, is a great way to sell and buy Bitcoin and altcoins. Many platforms provide this functionality, yet transparency regarding fees has always been an issue. MXC offers the lowest fees among top platforms today.
OTC Trading for Bitcoin With MXC
Whereas a lot of people assume spot trading moves significant amounts of Bitcoin, the same can be said of OTC trading desks. These buy and sell transactions are not visible on an order book. It is a great way to engage in peer-to-peer transacting, and move either small or big amounts of volume with relative ease.
All of the major cryptocurrency exchanges provide access to OTC trading these days. Finding the right platform can be a tall order. Judging by the fees alone, MXC has the competition beat hands down. Its fees are the lowest of any top platform today, giving it another competitive edge.
To be more specific OTC trading through MXC by using the Menapay provider is subject to a fee of 0.952%. A respectable number, considering how this processor supports payment cards issued by Visa and Mastercard. Using a credit or debit card is often subject to higher fees, but with MXC, there is nothing to be worried about.
What About the Competition?
Comparing these rates to other platforms, there are some interesting findings
On the FTX platform, there is “no fee” for OTC trading, but costs are built into the price provided during the transactions. This is not transparent,as users would still have to manually figure out how much they are being charged.
OKEx, on the other hand, charges “no fees” for transactions. However, users are subject to the rates set by customers themselves, which can be either high or low. Again, there is some lack of transparency in this regard. Supported payments do not include payment cards either.
Last but not least, Huobi charges a 0.7% maker fee for all OTC trades. This is, on paper, cheaper than MCX, but it makes no mention of what rates the customers may be setting for supported assets. Again, the 0.7% does not tell the entire story, resulting in a transparency discrepancy.
MCX is one of the few exchanges with transparent OTC trading fees as of right now. Not only are its rates below 1%, customers have the option to pay with Visa and Mastercard. Other platforms do not provide this functionality at this time.
All things considered, MXC appears to beat the competition in both fees and convenience. Payment cards are the most convenient payment solution to buy anything online, including cryptocurrencies.