What is OTC Escrow?
OTC Escrow is a new cryptocurrency trading service product introduced by AscendEX. Users can engage in 1-on-1 OTC trading through the OTC Escrow trading platform, allowing for convenient deposits and withdrawals anytime, anywhere, and the trading of digital assets that are not listed on the exchange. OTC Escrow complements AscendEX's existing spot trading system and greatly satisfies the trading needs of a wide range of users.
How to participate in OTC Escrow?
You can participate in AscendEX's OTC Escrow in two roles: "Escrow Agent" or "Traders."
1. Become an Escrow Agent on AscendEX
You can choose to apply as an Escrow Agent for AscendEX's OTC Escrow. As an Escrow Agent, you can initiate escrow transactions and send trade links to the target buyers and sellers, inviting them to participate in the trade. You can not only participate in trades at any time but also receive agent rewards. >>Click here to learn How to Apply for an Escrow Agent
Guide: Log in to your AscendEX account and go to the OTC Escrow page. Follow the instructions on the page to create an escrow transaction. Share the trade link with the buyer and seller, and confirm the completion of the transaction by both parties. After the transaction is completed, you can click View Escrow Service Fee to see the fees collected for the escrow transaction.
For PC Clients: Go to Products > OTC Escrow at the bottom of the official website.
2. Participate in OTC Escrow as a Trader
If you engage in OTC Escrow as a Trader, you need to use the exclusive escrow trade link created and shared by the Agent. You cannot initiate escrow transactions on your own.
Guide: Log in to your AscendEX account and go to the trading page through the exclusive escrow trade link created and shared by the Escrow Agent. Follow the instructions on the page corresponding to your role as a buyer/seller to complete the cryptocurrency transfer.
How to view escrow transaction records?
Escrow Service Fee Records: You can check the fee records at the bottom of the OTC Escrow by clicking View Escrow Service Fee.
Escrow Transaction Records: Go to the profile page for Wallet > Transaction History > Other History- OTC Transaction to view escrow transaction records.
OTC Escrow Rules
1. OTC Escrow covers tradable assets including all cryptocurrencies listed on AscendEX and numerous on-chain and publicly unavailable digital assets. In other words, users can trade cryptocurrencies unlisted on the platform through the OTC Escrow product.
2. Both buyers and sellers participating in escrow trading must have AscendEX accounts. The UID of the buyer and seller in the escrow transaction is their AscendEX account UID.
3. Users can engage in OTC Escrow as an Escrow Agent or Trader. Escrow Agents can initiate escrow transactions independently, while traders can only participate in escrow transactions through the exclusive escrow trade link created and shared by an Escrow Agent and cannot initiate escrow transactions independently.
4. When Traders participate in escrow trading to buy cryptocurrencies (as buyers), they can only use USDT as the payment currency. To buy cryptocurrencies through escrow trading, the buyer's account must ensure that their AscendEX account has sufficient USDT.
5. When Traders participate in escrow trading to sell cryptocurrencies (as sellers), they can sell any cryptocurrency, including any cryptocurrency not listed on AscendEX and numerous on-chain and publicly unavailable cryptocurrencies.
6. AscendEX does not charge any fees for buying and selling cryptocurrency through OTC Escrow.
7. Escrow Agents can set their own escrow service fee percentage to earn rewards. Among them, 25% of the escrow fee will be collected by the platform as a service fee.
