FAQ about OTC Trading

Basic question

1.What is USDT?

The USDT is Ther USD which is a token based on the stable value currency USD.

2.What is P2P trading?

P2P trading, also known as fiat trading, refer to the trading of crypto through fiat (dollars, yen, etc.). It has the advantage of being able to convert quickly between crypto and fiat.

3.What’s the difference between P2P and express?

The express is that the system automatically matches the order according to the user’s condition, and the P2P is that the user selects the appropriate trading by himself.

4.How to buy/sell USDT?

Please refer to：Tutorial for Users （Web）

5. Was the quote I saw on the platform provided by CoinW?

The quotes displayed on the P2P are not provided by CoinW. CoinW is just the platform that drives trading, with quotes provided by individual users.

6.What is CoinW’s transaction fee?

Currently, CoinW OTC does not charge fees. However, some third-party payment may charge additional fees.

Preparation for trading

7. Fiat trading qualification

Bind phone number and complete identity verification

8.Can I trade without identity verification? What needs to be done before trading on the P2P?

All CoinW users are required to complete identity verification before they can use CoinW products and services. You can enter [User Center] — [Identity verification], set your binding phone, name and payment method.

9.How many payment method can my account be bound to?

Not limited, you can bind according to your needs .

10.Which bank cards can be bound to the platform?

We support most of banks at the moment.

Payment

11.How to pay the merchant?

After generating the order, confirm the payment method, click “Pay”, and use the payment software to pay according to the collection information reserved by the merchant. After the payment is completed, the app clicks “payment completed” and “confirm payment” after it is correct. After the other party confirms receipt, the system will automatically send the crypto to your Fiat balance.

12.I have paid, why haven’t I received the crypto?

Please first check whether you have received the corresponding USDT in your Fiat balance. If you confirm that you have not received it, please click the “Contact merchant” button of the order to explain the situation in time. If there is no response for a long time, please click the “Compliant” button of the order, and the platform will solve your problem as soon as possible.

13.What is “payment window”?

“payment window” is usually set by the merchant. When advertising, the merchant can set a collection/payment period, which is generally 5–60 minutes. After you have completed payment, please click Paid in time then the merchant will release the crypto.

14.Why is it still display time-out even after I have paid? Does it release or refund?

Click “paid” when the payment is sucessful. If you don’t click “paid”within the payment period, please contact the merchant or click”complaint”to explain the situation and submit the proof of payment, the platform will help to deal with.

15.I have paid and why did the merchant say he didn’t received the money?

Due to the transfer time are different between the banks, the large amount money will not be received, please communicate with the merchant first.

16.Can I use someone else’s account to pay?

Can’t. For security reason, we only allow the same name in the verification and the bank account when adding the new payment method. If the verification name is wrong, you need to contact the customer service to change it before you add the payment method.

17.I didn’t pay but I accidentally clicked “paid”. What should I do?

Please make sure that you didn’t pay. After confirming, we will apply the order to be cancelled. We do not assume any responsibility for the losses caused by your mistakes during this period.

18.How to transfer?

If you need to do spot, you can transfer the USDT sold from your Spot A/C to your Buy Account.

Collection

19.Why do I need to add the payment method?

The transaction process requires the user to collect money.

20.How to set the payment method?

Please refer to the Tutorial for Users （Web）

21.What should I do if I fill in the wrong information about the payment method or I want to change the payment method?

In the page where you bind the collection method, you can directly modify or delete your collection method, and then bind the correct collection method.

22.Can I use someone else’s collection method to pay?

At present, you are not allowed to pay with other people’s bank card/e-wallet. Please make sure to pay with your own bank card/e-wallet.

23.When I sell crypto, do I need to confirm the release of crypto?

Yes, please confirm receipt of payment, click “release coin “-” Confirm”.

24.Why did the balance show insufficient when I sold the crypto?

You need to transfer your USDT to your fiat account first to ensure that your fiat account has sufficient balance.

Transaction security

25.What is the T+1 restriction?

It takes 24 hours for a user to withdraw the crypto to another address after buying the crypto in P2P.

26.How does the platform protect traders like me?

All online transactions are protected by escrow. After the advertisement is published, the system will deduct the corresponding amount of cryptofrom the seller’s wallet in advance for escrow. In other words, if the seller absconds with the money and refuses to release the asset, the platform will pay the buyer the portion of the crypto held in custody.

If you are the seller, do not release the crypto until you have confirmed receipt of the payment from the buyer. Please note that some payment methods used by the buyer do not support immediate receipt and may be subject to withdrawal of payment.

27.What is a complaint?

When the user and the merchant have differences or disputes, they can click the appeal button to launch a complaint, after which the platform customer service will intervene.

28.Is your merchant reliable?

Our merchants have paid the deposit and passed our layers of screening, please rest assured trading, any problems please contact our online customer service for you to solve.

29. I transferred the money to the previous merchant, but the merchant did not release the currency. I contacted the merchant to say that the money was not transferred according to the regulations, which caused the asset to be frozen. What should I do?

If you do not transfer the money to the merchant according to the regulations, you will not be able to account. You can consult the merchant what is the situation, if transferred to the merchant frozen card, you need to negotiate with the merchant to deal with, if the merchant gives a solution, you are advised to wait patiently, such as in the agreed time the merchant did not deal with can consult online customer service, we will for your problem and the merchant to communicate again.

30.I’d like to report a fraud. How to get in touch?

Please send an email to otc@coinw.com. The email should include the order number, your UID and, if possible, screenshot evidence to describe the whole process in detail. We will do our best to help you solve your problem.

Others

31.Why is “No advertisement” displayed?

Merchants can set their own minimum restrictions on advertising. For example, users need to complete fiat purchase transaction and pay again 24 hours later. Real-name verification has been completed and phone number has been bound. Please check the specific merchant advertising.

You can meet these minimum requirements before trading or contact the merchant to adjust the minimum requirements of their advertising, or you can click on the P2P, select the requirements for trading.

32.Can I transact with users in other countries/regions?

You can. The range of fiat used in the transaction is determined by the country/region where the user authenticates. For example, if you and the foreign user are both located in Southeast Asia, both parties are likely to trade in Vietnamese dong and Malaysian ringgit.