ICYMI: We have all heard about crypto scams, but would you be able to spot one? After learning about countless clever cons, Dubai-based OTC trader Amin Rad shares his top tips so you don’t get ripped off. (Via CointelegraphZN)
The workings of an OTC desk
“I wanted to get into the technology business, but I didn’t know what to start with,” Rad recalls. It was around then that he heard Bitcoin and blockchain being discussed in his friend circles. “I got curious, so I independently went on to learn about this technology — blockchain and decentralization,” he explains.
Soon he found an opportunity: There was money to be made by brokering Bitcoin deals. Rad started to seek out contacts who were interested in buying or selling cryptocurrency and connecting them. “A lot of them were non-serious, and a lot of them were scammers,” he recalls, adding that filtering serious traders from time-wasters was a drain. Introducing himself as a broker and getting business through word of mouth, he also used online platforms like LocalBitcoins to find business.
Rad explains that the margins on OTC transactions were higher in the early days, with 2%–3% being common in 2016 and 2017. “Now, there are more competitors in the market,” and rates have gone down, while volume has risen. Exact percentages change constantly according to market demand, but “the golden number is half a percent” for high-volume deals, while lower-volume retail traders can expect to pay double or triple.
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