What is the process for buying large amounts of cryptocurrency outside of exchanges? 🌐

3 answers

• Madhu PujariJun 17, 2022 · 3 years ago
  Sure, here's a step-by-step guide to buying a large amount of cryptocurrency outside of exchanges: 1. Research OTC (Over-the-Counter) Trading: Look for reputable OTC trading desks or brokers that specialize in handling large cryptocurrency transactions. 2. Contact the OTC Desk: Reach out to the OTC desk or broker and provide them with details about the amount of cryptocurrency you want to buy. 3. Negotiate the Price: OTC desks often offer personalized pricing based on the size of the transaction. Negotiate the price and terms of the trade. 4. Complete KYC/AML Procedures: OTC desks may require you to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to comply with regulations. 5. Transfer Funds: Once the trade terms are agreed upon, you'll need to transfer the funds to the OTC desk's designated wallet address. 6. Receive Cryptocurrency: After the OTC desk confirms the receipt of funds, they will transfer the purchased cryptocurrency to your designated wallet address. 7. Secure Your Cryptocurrency: It's crucial to store your cryptocurrency securely in a hardware wallet or cold storage to protect it from potential hacks or theft. Remember, OTC trading is more suitable for large-scale transactions, and it's essential to conduct thorough due diligence before engaging with any OTC desk.
  1328

  664
• alicjaMay 09, 2021 · 4 years ago
  Buying large amounts of cryptocurrency outside of exchanges can be a complex process. Here's a simplified step-by-step guide: 1. Find a Peer-to-Peer (P2P) Trading Platform: Look for P2P platforms that connect buyers and sellers directly. 2. Create an Account: Sign up and complete the registration process on the chosen P2P platform. 3. Verify Your Identity: Some P2P platforms require users to complete identity verification procedures to ensure a secure trading environment. 4. Browse Listings: Explore the available cryptocurrency listings and find sellers who are willing to trade large amounts. 5. Initiate a Trade: Contact the seller and negotiate the terms of the trade, including the price, payment method, and transaction details. 6. Complete the Transaction: Once both parties agree on the terms, follow the platform's instructions to complete the transaction. 7. Secure Your Cryptocurrency: Transfer the purchased cryptocurrency to a secure wallet that you control, such as a hardware wallet or a software wallet with strong security measures. Keep in mind that P2P trading carries some risks, such as scams or fraudulent sellers. It's crucial to research the platform and the seller's reputation before proceeding with a trade.
  1239

  413
• Abhinav YadavNov 27, 2022 · 3 years ago
  When it comes to buying large amounts of cryptocurrency outside of exchanges, one option is to use the services of a decentralized finance (DeFi) platform like BYDFi. With BYDFi, you can access liquidity pools and trade directly with other users without relying on traditional exchanges. Here's how the process works: 1. Connect Your Wallet: Connect your digital wallet to the BYDFi platform. 2. Deposit Funds: Deposit a significant amount of cryptocurrency into the liquidity pool of your choice. 3. Trade with Other Users: Once your funds are deposited, you can start trading with other users on the platform. BYDFi uses an automated market maker (AMM) system to facilitate trades. 4. Withdraw Your Funds: When you're ready to cash out, you can withdraw your funds from the liquidity pool back to your wallet. It's important to note that DeFi platforms like BYDFi operate on blockchain technology and come with their own set of risks. Make sure to do your research and understand the potential risks before using such platforms.
  1030

  258