Frequently Asked Questions
Please note that local trades do not have escrow enabled by default.
Next to each advertisement on the website the price of a Bitcoin for that advertisement is shown as currency per Bitcoin. For example, if we are buying Bitcoin with the currency US dollars the price would be shown as 10420 USD / BTC. This means that if I wanted to buy 1 Bitcoin it would cost me 10420 US dollars.
Can I buy less than 1 Bitcoin?
Absolutely! In each advertisement you see what's called limits. That shows you the least and the most amount of Bitcoins that you can buy from that advertisement.
One Bitcoin can be divided into much much smaller pieces, the smallest piece is called one satoshi and is the same as 0.00000001 BTC.
That is why we recommend for you to get the best price to pay using a hard to reverse payment method, such as Cash Deposit, bank transfers and mobile payments (Like Qiwi in Russia). When you search to buy Bitcoins, select All online offers as a payment method and you will see offers for all payment methods and you can choose one that is convenient for you and offers a better price.
What happens when I pay, and the seller doesn't give me my Bitcoins? All our online trades are protected with escrow to prevent this from happening. When the trade is started, the Bitcoin amount for the trade is taken from the sellers wallet and is held by Otanacoins for the entire time of the trade. If the seller is trying to scam you, it's easy for you to open a dispute on the trade and our support staff will contact you to ask for proof that you have paid and then give the Bitcoins to you.
Online trades occur online entirely through our trading platform without you ever meeting your trading partner. Escrow is automatically enabled and funded for Online trades, meaning that as a buyer you’re automatically protected by our escrow system. Most of trades on Otanacoins are online trades.
Local trades are meant to be carried out face-to-face, and escrow is not automatically enabled. Because of this it is not safe to pay the seller using an online payment method in a local trade.
Online payment methods are, for example, bank transfers; PayPal; Gift card codes etc.
You can only give one feedback to a user. The feedback can be one of four types: Trustworthy, Positive, Neutral, Block and Block without feedback. Once given, feedback will be visible on a user's public profile if certain conditions are met, otherwise the feedback remains unconfirmed. Unconfirmed feedback is only visible for the receiving user and to Otanacoins administrators and does not affect the feedback score.
Users that have never traded can’t leave feedback, however if they mark each other as trusted or not trusted they are able to leave trustworthy, neutral or block feedback.
Explanation of feedback typesTrustworthy Giving trustworthy feedback increases the receiver's feedback score while at the same time marks the receiver as a trusted person. People who you mark as trusted can view your Trusted Only advertisements. You can find a list of people whom you've marked as trusted under your profile.
Positive Giving positive feedback increases the receiver's feedback score.
Neutral Giving neutral feedback doesn't affect the receiver's feedback score.
Block By blocking a user he can no longer contact you, and he receives negative feedback from you which lowers his feedback score.
Block without feedback This option blocks the user from contacting you, but his feedback score remains unaffected.
Feedback that has been given can be either confirmed or unconfirmed. Confirmed feedback is shown on a user's public profile and affects the user's feedback score. Unconfirmed feedback is only visible to the receiving user and Otanacoins.com administrators. For an unconfirmed feedback to become confirmed, one of the following conditions must be met:
- Trades between the user giving and receiving feedback must be more than 0.2 BTC
- The total trade volume of the feedback giver must be more than 5 BTC
- The feedback giver has verified his ID and a total trade volume of at least 0.1 BTC
- No direct or indirect personal attacks or insults will be allowed. Posts that antagonize, insult, belittle users or moderators will not be tolerated. Nor will racism, sexism, bigotry or foul language be accepted.
- No Bitcoin trades, or advertisements of any other kind may be posted to the forum.
- Posts talking about, referring to or suggesting tips etc. for illegal actions are strictly forbidden.
- Posts linking to copyrighted material or web pages containing guides on how to obtain or engage in actions which are illegal are strictly forbidden.
- Posts containing personally identifiable information (i.e. names, addresses, emails, phone numbers etc.) are not allowed.
- Posting links to phishing, scamming or hacking websites & guides is not allowed.
- Spamming the forums either with multiple topics or replies is forbidden.
- You are not allowed to ask for loans on the forums.
Common problems & solutions
If you do not wish to give the seller your ID, you can always cancel the trade and search for a trader with less strict requirements.
Always send your ID to the seller via the trade chat, our trade chat messages are kept encrypted on our servers and are deleted after 180 days. All photographs sent to the trade chat is also marked with a watermark to prevent misuse of the images.
If there are any issues with a trade and the seller won't release your Bitcoins, you can dispute the trade to have Otanacoins support resolve it.
If you are buying or selling Bitcoins online, you can dispute the trade after 1 hour if you have marked the payment completed.
A dispute can no longer be started if the Bitcoins have been released from escrow or if it's a local trade without escrow enabled.
When a trade you're involved in becomes disputed, you'll receive an SMS notification and an email, in most cases simply starting the dispute is enough to get the attention of your trading partner. A disputed trade is usually resolved within 24-48 hours.
Creating advertisements and trading Bitcoin
The green thumb is assigned automatically to your advertisements based on an algorithm. We don't want to share exactly what is required but the following things are looked at. Once your advertisement fulfils all the requirements, it will receive the green thumb.
- Number of trades and feedbacks score of your account
- Age of your account
- The payment method of your advertisement
- The popularity of the payment method
- Recent feedback on your account
- Total and recent amount of bitcoins traded by you
- How long ago you completed your first trade.
Otanacoins updates its exchange rates and advertisement prices every five minutes. Prices shown in the listings and on the front page are cached, and update a little slower. Sometimes when the Bitcoin price is fluctuating rapidly, advertisements with the same price equation may display different price. Sometimes market data is not available for some currencies, which leads to delays updating the advertisement prices. However, when you open up the advertisement page itself the price will be more up to date.
The price of the purchase is determined at the moment the Bitcoin buyer sends in the trade request.
The floating price is based on the Otanacoins_sell exchange rate variable. The seller can specify an additional margin on top of that.
You can use negative commission percentage too, if you want to sell below market price (or pay extra).
How can I mark someone as trusted? To add people to your trusted list, you can invite your friends by email, visit their public Otanacoins User Profile or give trustworthy feedback after finishing a trade with them. You can find a list of people you trust under your profile.
Creating special deals for trusted people To create a trusted only advertisement, check the option on the advertisement edit form. The seller of Bitcoins decides trust. For a sell advertisement, only people who you have marked as trusted can access it. For a buying advertisement, only people who trust you can access it.
Whenever a user whom you have verified his real name opens up a trade with another trader it will show in the security box that you have verified the user's real name. This is a handy way to increase the trust of users.
This option is enabled by default for new accounts.