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Fiat Conversion with the OTC Desk

Once users hold fiat credits, they need a way to convert them to crypto and back. One way is an OTC deal for each fiat/crypto pair, which users trade on the Quick Trade (Convert) screen at prices you control.

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The OTC Desk is under Operator Controls → Exchange → Legacy → OTC Desk. It keeps working, but liquidity pools (Exchange → Liquidity) are replacing the per-pair OTC Desk and Convert screens. See Liquidity Pools.

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OTC deals are filled from your exchange's own funds, so you need enough liquidity in both the crypto and the fiat asset.

This page covers the fiat-specific parts of setting up a deal. For everything else, see OTC Desk (Legacy).

Create the deal​

  1. Go to Operator Controls → Exchange → Legacy → OTC Desk and click Start new deal.
  2. Choose the crypto and fiat assets users can convert between, for example BTC and GBP, with the fiat currency as the asset the pair is priced in.
  3. Set the smallest and largest amount of the base asset that can be traded in one deal, for example 0.001 BTC to 1 BTC.

Set the pricing​

  • For fiat paired with a major asset such as BTC, USDT or ETH, use Dynamic pricing. The price follows a market on the exchange you pick, so you don't have to keep updating buy and sell prices by hand. Add a spread to set your margin.
  • For a pair where no external price exists, static pricing may suit you better. Consider which method fits your situation.

For more on pricing, see OTC Desk (Legacy).

When there's no market for your fiat currency​

Smaller national currencies often have no direct market on large exchanges, so no price source can be found. You can track the USD price instead and convert it with a formula.

For example, to price BTC in UAE dirham (AED):

  1. Pick the exchange to take the price from, select Track market price, and choose the BTC/USDT market. The formula becomes the exchange name and market, for example binance_btc-usdt.
  2. Open Advanced to edit the formula. If 1 AED is worth 0.27 USD, divide by 0.27: binance_btc-usdt / 0.27.
  3. Check the resulting price, with your spread applied.
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Keep an eye on the exchange rate and update the formula when it moves. Fiat rates are fairly stable and the spread gives you some buffer, but an outdated rate means users trade at the wrong price.

Next steps​

The remaining steps are the same as for any OTC deal; see OTC Desk (Legacy) for them and for editing or removing deals. To see the deal from the user's side, see Users Trading With Fiat.