1001 local otc

From Minter Wiki
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1001 Local OTC is a chat in the Telegram messenger for buying/selling BIP. It is OTC market where transactions with real people take place and prices are determined by sellers and buyers. The security of the transaction is guaranteed by the chat administrator.

The service charges 1% commission from the seller.

Basic information

  • Address: Telegram Chat @otc1001
  • Minter coins for exchange:BIP.
  • Reception of cryptocurrency: BTC, ETH, others by agreement with the participants
  • Fiat money reception: Electronic money (YandexMoney, Qiwi, etc.), transfer to debit cards (Sberbank, Tinkoff, PrivatBank, etc.), as well as any other monetary system by agreement
  • Minimum volume: by agreement of the parties
  • Commission: only third-party money systems or guarantor services
  • Guarantor: at the request of the parties. Exchange guarantor: @alexabah (Id: 882811101)

How to buy a BIP at 1001 local otc

The process of buying coins through 1001 local otc is completely manual and requires only a smartphone and a registered Minter wallet.

Place your own ad for a deal

Ads can be placed up to 4 times a day. Offers are displayed in a strict format, as shown below:

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The points in the ad indicate

  1. Announcement type. The user can either exchange any currency for BIP (buy) or exchange BIP for any currency (sell). In this item it is specified directly what operation the user wants to make.
  2. Number of BIPs. Here the amount of BIP that the user wants to sell or buy is indicated, and it is possible to agree on any amount within this value.
  3. Form of payment. This item specifies the payment system and/or the currency in which the user wishes to make the transaction. For example, to buy BIP by paying by transfer from the bank card or with a bitcoin purchase.
  4. The price in USD for 1 BIP. The price in USD (US dollars) is mandatory, the other currencies (BTC or ruble) are optional. The user has the right to choose at what price he wants to sell or buy coins, depending on his choice depends only on how long he will wait for a potential buyer (seller).
  5. Guarantor. The guarantor is the intermediary through which the deal is conducted. The buyer sends currency to him and the seller sends coins to him. Thus, a safe transaction is carried out, when one of the participants cannot take away the funds of the other one without making the exchange. Chat has a list of guarantors with a high reputation, which can be chosen by both the seller and the buyer. It is recommended that you always make transactions through a trusted guarantor. The guarantor charges a commission for the deal, the amount of the commission is agreed in advance, as well as who will pay it.

Deal by existing ad

You have to choose the right chat room offer. To do this, you can browse through the latest chat ads or use the search form.

After that, you need to write to the user who placed the ad, a message about the intention to make a deal and to discuss with him the amount of the purchase, the type of payment and the guarantor.

Next, you need to contact the Guarantor, make sure he is ready to make a deal. After all the terms of the deal have been conducted to the Guarantor, the parties transfer the funds to the Guarantor. The Guarantor shall make sure that all the conditions are done and then transfer the respective amounts to the parties.