Who are the people who accept and sell Us in Moments? Some should be pulled out and shot! (via CoinsRadar.net):

We will find that there are people who always post advertisements for buying and selling U in WeChat Moments. You will wonder, who will come to them? Shouldn’t we go to the exchange to buy and sell U?

Those who receive U are called "over-the-counter currency dealers", while those in the exchange are on-site currency dealers.

Today I will only talk about OTC currency dealers.

What kind of person would go to an OTC dealer?

One, novice, old man

Don’t believe it, there are many novices who know about Bitcoin USDT, but they don’t know where to buy virtual currency. There are really many such people, many know about Bitcoin, but not many can buy and sell.

Because these novices or elderly people do not know how to download and trade, it is simple and efficient to find an over-the-counter currency dealer.

Second, those who urgently need U

Many exchanges have KYC anti-fraud and anti-X policies and implement T+1 withdrawals. If you buy coins today, you can withdraw them tomorrow. This has caused headaches for many people who are working on capital markets or other projects. They don’t really recognize the “future of blockchain” and simply use U for “projects”.

Therefore, they will not reserve USDT in advance.

At this time, they will find currency dealers in their circle of friends or people they are familiar with to buy U.

Three, it’s troublesome

Buying coins on exchanges is very cumbersome now. Coin merchants need your transaction records to trace the source of your funds. Some people find it inconvenient to provide proof of transaction records, and some transaction records are not consistent with the transaction. What should I do? Sometimes there is a currency dealer in your circle of friends that you are familiar with. Just chat with him and you can trade.

Four, those who have been frozen or stuck

Those who have never had their cards frozen do not understand the risks brought by frozen cards. After being frozen by exchange currency dealers, they are more willing to trust the over-the-counter currency dealers they are familiar with.

5. Small amount transactions

If you only buy or sell a few hundred U, there is no need to go to the exchange to trade. For a few thousand dollars, just find a long-term friend or currency dealer, it's simple and efficient.

6. Trader who opens financial market

In order to avoid legal risks, some capital traders choose U as payment and receipt. However, some players like to play with RMB. For virtual currencies, there is a threshold and it is difficult to promote. Traders will find foreign currency dealers to do acceptance business specifically for members.

The member transfers RMB to the currency dealer, and the currency dealer transfers the U to the member's account.

Seven, bad guy

There are bad people among the masses. What such people do is illegal. In order to earn commissions, they help upstream electronic fraudsters use their money. Because of the exchange’s real-name, KYC and various risk controls, it is inconvenient to buy U on the exchange. I can only find a takeout restaurant.

Generally, their closing price is slightly higher than the exchange price.

After talking about the groups that need over-the-counter currency dealers, let’s talk about over-the-counter currency dealers.

Over-the-counter U merchant:

In my opinion, there are two types of people who work as over-the-counter currency dealers. One kind is a "coin dealer" who helps people make money and should be pulled out and shot. Strictly speaking, this kind of person cannot be considered a real currency dealer. It is such an insult. "Coin merchant" industry.

As mentioned before, currency dealers are not simply buying low and selling high, but an industry that requires very strict technology and resources.

The other type is serious OTC currency dealers, like me. We generally only serve our own traffic customers, offline cash transactions in the same city, and cash deposit transfer transactions outside the city. Most of these were converted from former exchange currency dealers to over-the-counter.

How to tell whether he is a real currency dealer or someone who helps others?

It's very simple, it just depends on whether he has been a currency dealer in an exchange before!

If a netizen who plays a "fund disk project" suddenly collects and sells U in the circle of friends, 99% of the time it is a TM that helps people make X money. In order to make high profits, they help people exchange black money into U.

Think about it, only those who dare to pull people to make funds will do this. Serious currency dealers will not take risks for the sake of profit. Only poor people who make funds are fearless.

He asks in the circle of friends to collect U, and you sell it from him. After you transfer U to him, he directly asks the upstream electronic fraudsters to transfer the black money to you.

This money does not go through his bank account. After your transaction is successful, he collects the profit difference from the electronic fraudster.

There is a high probability that your bank card will be frozen by the judiciary due to receipt of illegal funds.