5 FREQUENTLY ASKED QUESTIONS ABOUT THE QUIDAX OTC DESK - PART 2
Over-The-Counter (OTC) trading is an emerging sector in Africa’s financial markets. It involves the direct buying and selling (or exchange) of digital currencies between two parties.?
With Quidax’s OTC Desk, customers can experience seamless business payments; trading more than $100,000 and getting settled in crypto or fiat, directly into their wallets or local currency bank accounts, respectively.
1. What are the fees and pricing structures associated with OTC trading?
We offer competitive pricing with transparent fee structures. Our fees vary depending on the size and complexity of the transaction. Instead of a flat fee, we typically offer a spread-based model, where the difference between the buy and sell price represents the fee. This spread is determined based on market conditions, trade size, and the asset being traded. For large volume trades, you can expect tighter spreads, ensuring you receive the best possible deal.
2. What payment methods do you accept?
We accept multiple payment methods to ensure convenience and flexibility for our clients. These include bank transfers and wire transfers in various fiat currencies (USD, EUR, GBP, NGN, etc.). We also accept cryptocurrency payments depending on the transaction type. For specific details regarding your preferred payment method, please contact our team.
3. Do I need to complete KYC/KYB before entering into business with you?
Yes, completing KYC (Know Your Customer) or KYB (Know Your Business) is a mandatory step before entering into any business relationship with us. This is required to comply with local and international anti-money laundering (AML) regulations. The process involves providing identification documents and verifying your business information if applicable. We handle all information with strict confidentiality and security.
4. Can we perform a KYC process on you as well?
Yes, absolutely! We are committed to fostering trust and transparency in all our transactions. We understand that KYC processes are not only vital for regulatory compliance but also for building strong, long-term business relationships. If you wish to perform a KYC process on us, we are happy to provide the necessary company documentation.
This mutual due diligence helps ensure both parties can conduct business with confidence and security.
5. Do I need to complete KYC for every transaction, or is it a one-time process?
KYC is generally a one-time process when you first engage with our OTC Desk. Once you've completed the KYC verification and your account is approved, you won’t need to go through the process for every transaction. However, depending on regulatory requirements or if there are significant changes in your personal or business details, we may request updated information periodically to maintain compliance with local and international laws.
Would you like to speak further with us?
Get in touch: https://www.quidax.com/otc-contact/?