How to effectively use OTC Marsbase and achieve your goal?
If you are not familiar with the basics of OTC transactions, then this post-cheat sheet will help you achieve your goal as quickly and efficiently as possible on the Marsbase platform.
We also recommend that you familiarize yourself with the materials on the topic:
If you have already read these articles and came to the Marsbase OTC platform, then most likely you are asking yourself a few questions:
What do I want to do? Buy or sell an asset / token?
For example, sell UNI. Lots of UNI. Lots of UNI.
- We can sell an asset in two ways — find buyers on Marsbase who have already created an offer to buy UNI or create our own offer to sell UNI.
- Finding current UNI buyers and submitting your Bid (i.e. your bid) is the fastest way to sell. This can be done in the OTC desk section.
- Because there is already a demand for this coin, there will be people on the desk who want to buy UNI, and you will not need to create your offer and wait until it closes. It is enough to place a buy bid in someone else’s offer.Why buy? Because you will sell to whoever wants to buy!
- Another question is how much they are willing to buy. If the size of their offer to buy UNI is smaller, then just sell them as much as you want to buy, and then open a new offer on SELL UNI additionally. To do this, press CREATE OFFER.
- If there are no buy offers, this means that there is currently no clear demand to buy, and it may be a little more difficult to sell. But it is not exactly! On our desk, you can put up for sale more than 150 coins, unlike other OTC desks, where usually no more than TOP 20 CMC.
- Sometimes, by setting “sweet” conditions for a deal, it will indeed be possible to close it quickly.
- In this case, you yourself create your own offer for sale, i.e. inviting other users to buy your asset. But you have to decide which selling method you choose.
We have prepared a guide on how to use filters andfind the desired deals on OTC Marsbase. From the video, you will understand how to navigate the platform interface.
For your convenience, a text version is provided below.
So let’s get started! How to quickly find already active buy or sell offers?
Use filters in the OTC desk section.
To sell, you need to check buy offers first.
- Open the BUY-PART and BUY-MANUAL tabs alternately
- Here you will see purchase requests from different users. PART and MANUAL are different methods of closing OTC deals. PART is a unique method invented by our platform to bring the retail investor market with small capital into OTC.
- You can use search to quickly find a suitable offer for a specific coin. In this case, for a UNI coin.
Let’s take a look at the methods.
If this is a Best bid (Manual) offer, then you can only bid for 100% of the requested asset. That is, you must have exactly or slightly more than the amount requested in this offer.
But at the same time, in the Best bid (Manual) deal, you can offer the offermaker YOUR conditions for the deal. For example, you can tell him that you are ready to buy his volume at a 3% discount. It will be enough to set a discount of 3%. If he is satisfied with your offer, he will close the deal with your bid.
For the future: we call the creator of a deal on the platform an offer maker. The creator of the bid is the bidder.
Summary: In the case of a Best bid (Manual) offer, you set the price yourself using the discount or premium tools, and compete with other users on these terms.
If this is a Part offer, then you can place a bid at the smallest possible step, which was set by the buyer.
PART means part, fraction. That is, this is a fractional trade, somewhat reminiscent of limit orders on exchanges. One major deal of a whale is divided into many small parts, allowing retail players to buy assets on OTC terms: no slippage and with a good discount.
Let’s imagine that someone is ready to buy UNI with one lot of Best bid (Manual), which you cannot cover 100% with your volume. This means that the Best bid (Manual) mode is not suitable for you. In this case, or if you do not want to compete with other users for conditions, it is better to sell using the PART method.
In PART deals, the discount / premium is determined in advance by the offer creator (buyer).
So, let’s summarize. If we want to sell, then first we check the already created buy offers. Only if there are no offers to buy, or we do not agree with the terms of the existing Part offers and do not want to compete with bids in the manual offer, then we will create our own offer.
What if we want to buy an asset?
This is a mirror image. First, we check the sell offers and place a bid. Only after that we create our own buy offer. It seems that everything is clear with this. But there is a small feature — when buying an asset, you must leave a collateral in the transaction in stablecoins or ether. That is, to fill it. Then the bidder will see that you are ready to give him stablecoins with a discount or premium, for example, for the same UNI.
But what should we do if we did not find the offers we need to buy or sell? That’s right, create your own offer and wait for a BID!