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  3. OTC Services
  4. How do I use the Phemex OTC Service?

How do I use the Phemex OTC Service?

The Phemex OTC service allows users to safely purchase or sell crypto via USD wire transfers. Before a trader can use this service, their OTC account needs to be enabled by completing the steps listed below.

NOTE: 

How do I Enable my OTC Account?

  1. Log in to Phemex.com and hover your mouse over the Buy Crypto option in the header of the page.
  2. From the drop-down menu, click on OTC Trading.
  3. In the OTC Trading page, click the slider button next to “OTC Account Status” on the left side of the page.
  4. After reviewing the disclaimer and the Terms and Conditions, check both boxes and click Continue.
  5. Click the button labeled Individual.
  6. Please fill in all the necessary Personal Information according to the form. Click Save and Continue.

NOTE: 

  • If you have already used an email address with our OTC vendor (Legend Trading) through a different exchange, you will have to enter a new or different email address to continue.
  • When selecting your country, only regions in the approved list will be valid.
  1. Please fill in your identity information and upload the necessary documents according to the form. Click Save and Continue.
  2. Please fill in your banking information and upload any necessary statements according to the form. Only a bank account under your name will be accepted. Click Save and Continue.
  3. Please answer all questions as thoroughly as possible according to the form.
  4. You are done! Your application will be reviewed as soon as possible by Legend Trading. You will either receive an approval email or instructions for next steps.

How do I sell crypto?

  1. Once your OTC Account Status has been verified and enabled, you will now see Crypto and Fiat balance modules on the right side of the main OTC Trading page. If you cannot see these modules, please wait until your OTC Account has been approved.
  2. On left-side trading module, from the Crypto/Fiat pair drop-down menu, select the cryptocurrency you wish to sell.
  3. Click the SELL button. Once you do, the entire button will be highlighted in red.
  4. In the next field, enter the amount (in crypto) that you wish to sell.

NOTE: The minimum amount is $500 USD worth of any crypto. Please check your crypto balance on the right side of the page to ensure you have enough before initiating a transaction.

    1. Click the REQUEST A QUOTE button.
    2. The pop-up window will display the details of your transaction, including a quote price valid for 11 seconds. Click the Sell button before the time expires. If the time has expired, you will have to click Cancel and click REQUEST A QUOTE again to receive a new price quote.
    3. Once the sale is completed, the next pop-up window will display a summary of your transaction. Click OK. 
  1. The right side of the OTC trading page will update your balances (sold crypto will go down, fiat balance will go up).

How do I purchase crypto?

  1. Once your OTC Account Status has been verified and enabled, you will now see Crypto and Fiat balance modules on the right side of the main OTC Trading page. If you cannot see these modules, please wait until your OTC Account has been approved.
  2. On the left-side trading module, from the Crypto/Fiat pair drop-down menu, select the cryptocurrency you wish to buy.
  3. Click the BUY button. Once you do, the entire button will be highlighted in green.
  4. In the next field, enter the amount (in crypto) that you wish to buy.

NOTE: The minimum amount is $500 USD worth of any crypto. Please check your crypto balance on the right side of the page to ensure you have enough prior to initiating a transaction.

  1. Click the REQUEST A QUOTE button.
  2. The pop-up window will display the details of your transaction, including a quote price valid for 11 seconds. Click the Buy button before the time expires. If the time has expired, you will have to click Cancel and click REQUEST A QUOTE again to receive a new price quote.
  3. Once the purchase is completed, the next pop-up window will display a summary of your transaction. Click OK. 
  4. The right side of the OTC trading page will update your balances (fiat balance will go down, purchased crypto will go up).

NOTE:  You may notice two balances for each of your crypto. The balance in black is your Phemex wallet balance. The balance in blue is your temporary Legend Trading balance. When you first purchase crypto, the balance will be displayed in blue until our vendor settles the transaction in the backend and transfers the amount to your Phemex wallet. This process will generally be completed within a business day.

How do I deposit fiat to my OTC trading Account?

  1. On the balance module side of the OTC trading page, click on Deposit next to the “Balance – Fiat” heading.
  2. The next page will provide you with step-by-step instructions for ACH and Wire transfers. Contact your bank and follow these instructions carefully.

NOTE: Make sure that your wire transfer includes a note with the reference code provided at the bottom of the page. Failure to do so may delay your transaction.

How do I withdraw fiat from my OTC trading Account?

  1. On the balance module side of the OTC trading page, click on Withdraw next to the “Balance – Fiat” heading.
  2. The next page will display your available balance along with the banking information you provided during the KYC process.
  3. Input the amount you wish to withdraw, verify the banking information, and then click the Withdraw button.
  4. Verify the amount once more in the confirmation pop-up window and click Yes, transfer it.

For any inquiries contact us at support@phemex.zendesk.com .
Follow our official Twitter account to stay updated on the latest news.
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