The demand for over-the-counter (OTC) crypto trading platform development has continued to skyrocket since its introduction and has seen many high net worth individuals and institutional investors drawn by its potential. The main reason for this can be attributed to an OTC desk’s simple ability to overcome major hurdles faced by crypto traders while operating through conventional crypto exchanges. An OTC platform, for example, unlike a typical crypto exchange, allows one-time bulk transactions without involving a middleman or any additional fees. There’s also access to OTC brokers who assist buyers and sellers in settling price transactions among themselves, whereas in typical crypto exchanges – all prices are market-driven and moved by a single source of liquidity. However, without the right web or mobile specific applications, most of the trading through crypto OTC desks remains opaque. They also come with more responsive and intuitive user interfaces.
The need for improved OTC desks
OTC platforms have a natural edge over regular crypto exchanges. Having said that, every crypto OTC platform is not exactly foolproof. Certain issues remain unaddressed and should be considered if you want your OTC desks to perform to their fullest potentials. It is important to remember that OTC crypto platforms are not free from malicious transactions and are limited to the knowledge of administrators who use them. These platforms usually have painstaking documentation processes which require more auditing and risk checks. More worrisome is their long response time to customer requests. They may take hours, if not days to revert back.
Building a premium OTC crypto platform
It would therefore be wise to develop an OTC crypto trading platform that has – automated features, is fast and responsive, and stresses on deep liquidity, full transparency, automated KYC verification, customization, and round-the-clock support so far as customer services are concerned. Choosing the best-in-class OTC desk developer is essential for maximizing its benefits.
Here are some of the features that top-class OTC desk developers like Ionixx Technologies focus on.
- Automation of KYC – Premium OTC desk developers replace strenuous KYC documentation and verification with automated processes for better entity management and to avoid time delays in the verification process, enabling automated identity checks, risk verification, and AML processes.
- Enable wallet management – OTC crypto traders are allowed to manage multiple crypto wallets under a single roof through the use of these desks. Customers only need to provide their public keys to understand the portfolio and accounting component of their wallet.
- Support immediate settlement – Basic OTC desks operate through manual ways of transferring funds based on payment clearance of one party. This mostly results in the delay of settlements, often even as late as 1 to 2 days to settle customer orders. Top crypto OTC exchange development companies however have non-custodial wallets, which gives traders complete control over their private and public keys, and therefore, their assets. These wallets are high-valued and secure and thus guarantee immediate settlement of even large blocks of transactions.
- Facilitate backfilling – Non-Custodial wallets are the backbone of the OTC crypto trading system. Automated premium OTC desks tie-up with liquidity providers to automatically backfill sufficient balance in their wallets and avoid a possible liquidity crunch. This ensures that the high volume of orders for individuals is immediately cleared from backfilling providers.
- Promise high-level security – Optimally-developed OTC desks comply with high-end security systems. They usually have custom security setups like two-factor authentication, database encryption, end-to-end encrypted trading, escrow services, secure hosting of wallet environments etc., to avoid malicious activities.
- Improved speed of delivery – Competent OTC desks much like the one delivered by Ionixx Technologies enable one-to-one communication, a by-product of which is an improved speed of services. OTC-specific brokers can complete high volumes of orders with ease from their wide range of customers with automated high latency.
- Coupled with cutting-edge technology – Noteworthy over-the-counter software developers use the latest microservices-based and cloud agnostic architecture for OTC desk development.
Despite OTC crypto trading gaining momentum by the day, secure, robust, and automated OTC crypto desks are hard to find. Give your clients the best OTC trading experience. Choose Ionixx. Our team of developers, designers, and subject matter experts take pride in combining cutting-edge technology with seamless UX to deliver the most efficient and cost-effective OTC crypto trading platforms you could ever think of! Visit our website https://www.ionixxtech.com/crypto-otc-development and write to us at firstname.lastname@example.org. Let our expert team of Crypto Solution Consultants take you through the crypto ride of your lifetime!