What is OTC and how does Mothership OTC Desk work?

Over-the-counter (OTC) trading is a transaction done directly between two parties. 

Mothership OTC Desk is a platform where people can safely buy and sell MSP for BTC or ETH, and Mothership will take the role of matching the orders and making sure all parties fulfil their part of the transaction.

How much does it cost?

Mothership OTC Desk is free to use - we do not charge any commission or trading fees. We even cover the blockchain transaction fees for all involved parties!

Do I need to do KYC?

To use our OTC Desk, you don’t have to go through the KYC process and send us your ID documents or utility bills.
As we will not be providing custodian wallet service or trading with fiat currencies, we don’t need to carry out identity verification.

Once our Exchange platform is launched in the near future, you will be required to go through full KYC procedure to use any of the associated services. 

Is this legal?

Yes, absolutely! Mothership holds all the required licences to operate the OTC Desk.

AML and MSP tokens background checking

In the light of Cryptopia security breach, we are going to apply anti-money-laundering (AML) checks to incoming funds. This allows us to guarantee that all MSP bought on our OTC Desk is eligible for the token swap.

Please note that, for now, we do not accept trading tokens originating from HitBTC or EtherDelta.

Getting started

To get started with the OTC Desk trading, please head over to the OTC Desk and fill in the form. To post an order you just have to provide us with your order details: 

  • Do you want to sell or buy MSP?
  • Do you want to trade it for ETH or BTC? 
  • The last price you are willing to accept; 
  • Will you be accepting partial or fully filled orders only (All-of-none)? 
  • The time your order expires.
  • Provide the email address you wish to use for trading communication.

Our OTC Desk will constantly check if any trade orders match. In such case, we will inform you about the potential trade through email. You will then be asked to: 

  • Provide us an address to send the funds after the trade is complete (withdrawal wallet address)
  • Transfer the relevant currencies and correct amounts to our wallet (deposit wallet address)

Once we receive all funds from the participants, we will release the funds to the counterparties thus finalising the trade.

Communication 

All OTC Desk operations are conducted via the form and PGP-signed emails.
Our CS team will be always available for any questions or support.

In practice, this means that all confidential information will be exchanged only using the form and PGP-signed emails, while you can use the chat module or email to contact our support in case you have questions or need assistance. 

Work hours

Mothership OTC Desk is open Mon-Fri 10-17h Estonian time (GMT+2, daylight saving time may apply)
Mothership Support team is available Mon-Sat 09-09:30 Estonian time (GMT+2, daylight saving time may apply)

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