What is OTC?
Over-the-counter trading (OTC) is a way to exchange crypto with a third party without trading on the exchange platform. In traditional trading, OTC desks are used to execute large trades for buyers, which need significant liquidity.
OTC trading allows you to execute high-volume trades with minimal price slippage. It routes large orders via the trading desk, which directly facilitates your deal. This reduces the impact of large trades on the market price of a coin or token.
How to OTC trade on XGo
Open the OTC page on the XGo platform.
- Select the Sell currency using the drop down list
- Select the Buy currency using the drop down list
- Enter the amount you wish to Sell
Next, click ‘Request for Quote’ (RFQ). If accepted, your RFQ is submitted to our automated trading desk, which provides you with an instant quote. The quote is valid for 30 seconds.
If you do not confirm the quote within 30 seconds, you will need to request it again.
If your quote expires and you click ‘Resend RFQ’ again, you will see the updated quote on the same screen. The quote will also be available for 30 seconds.
You will need to click confirm on this screen for the quote to be executed:
Once it has gone through you will see the below screen:
If you click ok on the above screen, you will go back to the OTC trading home screen with the default selection options.
If you click the ID link above OK, you will be taken to the OTC transaction details page which will look like this:
We do not guarantee the timing of OTC execution but in 99% of cases the funds are credited within 10 seconds after clicking the ‘Confirm’ button.
Possible Errors and how to fix them
If the OTC desk can not provide an RFQ for your request, you will see this error:
This error is usually because you have entered an amount below the minimum or above the maximum. XGo’s current minimum transaction amount is 10,000 USDT or the equivalent, the current maximum transaction limit is 1,000,000 USDT or the equivalent.
For customized OTC solutions and requests above $1,000,000 USDT, please contact us at email@example.com.
Something went wrong message
If you see a ‘Something went wrong’ error message after you have received a quote from the OTC desk, these errors generally happen due to market conditions. You will need to click the ‘Try again’ button to submit a new RFQ.
You will see the indicative price on the OTC initial screen, if the system is not able to complete a transaction with the parameters you indicated, it is likely because you have insufficient balance:
The indicative price does not expire in 30 seconds. There is no guarantee that the exchange will happen at this price after you log in or change the OTC parameters.
You can find all your OTC transactions on the Reports page: