How to buy IOTA OTC at YDX


YDX OTC trading escrow service is now launched!

YDX has escrowed over +3100 BTC and has decided to create a semi-automated service. As always, there are no limits of the escrowed amount and no documentation is required.

To increase the quality of this service, a dedicated Slack team has been created at https://ydx.slack.com/

If you need an invitation to join the Slack team, you can contact @yassinnxt on the offical IOTA Slack, send a message on Bitcointalk or on Twitter with your email. Alternatively, you can message anyone else who is already a member of the team to inform me.

The OTC escrow service assisted by @ydx works as follows:

  1. You send BTC or altcoin tokens to an address provided by @ydx (via private message)
  2. @ydx executes a command to deposit the accordant amount to your balance tracked by @bookkeeper
  3. You buy/sell token (this can happen as many times as you need)
  4. You send @ydx an address to withdraw the earned BTC/tokens
  5. @ydx adjusts your balance and sends real tokens to your address
  6. Trades are taxed with 0% fee.
  7. Deposits/withdrawals are charged with 1% fee (rounded up).
  8. Min amount of a deposit/withdrawal is 10'000 microBTC/100 tokens.
  9. For instructions on how to trade once you have your tokens credited, type "HELP" in the #iota_btc channel.
  10. Provide @ydx with an extra BTC and IOTA address so you can receive your funds in case the slack cannot be reached.
  11. For each deposit, a new address must be generated. This is required so @bookkeeper can keep track of balances.
  12. For better usability, tokens and microBTC for fees are always rounded up. (1 unit for 2-100 units, 2 units for 101-200 units etc.)

Example-trade:

  -Alice contacts @ydx and says "I want to deposit 50 BTC"
  -She sends 50 BTC to an address provided by @ydx
  - Once 50 BTC are confirmed, @ydx types "GIVE 49.5 BTC TO @Alice (1% fee included)
--------------------------------------------------------------------------------------------------------
  -Alice contacts @ydx and says "I want to withdraw 200 Miota"
  -@ydx executes "TAKE 200 Miota FROM @Alice"
  -@ydx sends 198 Miota to Alice (1% fee included)
--------------------------------------------------------------------------------------------------------
  -Alice contacts @ydx and says "I want to deposit 200 Miota"
  -She sends @ydx 200 Miota
  -Once 200 Miota are confirmed he types "GIVE 198 Miota TO @Alice" (1% fee included)
----------------------------------------------------------------------------------------------------------
  -Alice contacts @ydx and says "I want to withdraw 50 BTC"
  -@ydx types "TAKE 50 BTC FROM @Alice"
  -@ydx sends 49.5 BTC to her (1% fee included)

Important: you can choose any name on slack, only the @-names are unique. Make sure that you are talking to @ydx!