OTC stands for “Over-The-Counter” and describes a secure method of purchasing or selling crypto via wire transfer.
Phemex has partnered with Legend Trading, a fast, secure, and fully licensed Money Services Business (MSB). As a legally compliant vendor, Legend Trading enables Phemex users to safely purchase crypto through USD bank transfers.
Users will have to complete a mandatory Know Your Customer (KYC) process with the vendor prior to activating the service. Because of a well-implemented integration, the process is seamless and the user does not ever need to leave our website or interface.
Please read Legend Trading’s Terms and Conditions for more information.
For a full list of supported countries, please read Supported Countries/Regions for Phemex OTC Services.
Note: Although our vendor enables new users from a variety of countries to purchase crypto with USD, you must still comply with Phemex’s list of restricted countries to engage with our spot or contract trading services.
For a full user guide on how to activate and use the Phemex OTC service, please read “How do I use the Phemex OTC Service?”