Currently there is no legal Bitcoin trading platform in China, but some platforms still provide over-the-counter (OTC) services. Mainstream OTC platforms include Binance OTC, Huobi OTC and OKX OTC. Platform reputation, liquidity, handling fees and payment methods should be considered when choosing. The OTC transaction process involves issuing buy and sell orders, matching transactions, confirming payment, and releasing coins. However, you should pay attention to the risks of OTC transactions. You should choose a formal platform, protect personal information, and control the transaction amount.
Currently, domestic regulatory authorities clearly prohibit the operation of virtual currency exchanges within the country, so there is no legal Bitcoin trading platform in the country. However, there are still some platforms that circumvent regulation or use over-the-counter (OTC) transactions to provide users with Bitcoin buying and selling services.
Binance OTC: one of the world's largest digital currency exchanges, providing OTC services.
Huobi OTC: A well-known domestic digital currency exchange that also provides OTC transactions.
OKX OTC: The OTC platform under OKX Exchange has good liquidity.
Platform reputation: Check the reviews and historical records of platform users to ensure that the platform is reliable.
Liquidity: Choose a platform with good liquidity to avoid transaction delays or dropped orders.
Handling fee: Compare the handling rates of different platforms and choose the platform with lower handling fees.
Payment method: Confirm the payment method supported by the platform to ensure that transactions can be carried out conveniently.
OTC transactions are usually conducted through instant messaging tools such as WeChat or QQ.
Publish buy and sell orders: Publish transaction orders for buying and selling Bitcoin on the platform, indicating the quantity, price and payment method.
Matching transactions: If there is a suitable person matching your trading order, the platform will match the transaction.
Confirm payment: Confirm the payment method with the other party and make the payment.
Release coins: After the other party confirms receipt of payment, the platform will release the Bitcoins to your wallet.
There are risks in OTC transactions: Due to the lack of supervision, OTC platforms may have potential financial security risks.
Choose a formal platform: Try to choose a platform with good reputation and liquidity for trading.
Protect personal information: Do not disclose your personal information or payment methods to strangers.
Control transaction amount: It is recommended to control the amount of a single transaction to avoid large losses
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