Welcome to this episode of our interview. Today, we've invited Kunlun (pseudonym), an OKX C2C merchant, to talk about how he entered the crypto community, why he chose to become an OKX C2C "Freeze and Pay" merchant, and how he uses the "Freeze and Pay" mechanism to provide security for users in his business. We hope that through this interview, you'll gain a comprehensive understanding of the value and services of OKX C2C.

To make it easier for everyone to read, we've extracted the merchant's core viewpoints.

1. User withdrawal security is always OKX C2C merchants' top priority and a collective consensus.
2. Transaction speed is equally crucial; deposits and cryptocurrency purchases must be timely, otherwise clients may suffer losses.
3. OKX was chosen because its C2C product is simple yet efficient, and it has a large user base.
4. OKX's frozen compensation mechanism is a fundamental change, not just a gimmick; it provides users with real security.
5. After the "freeze compensation" mechanism was implemented, users' willingness to place orders and the speed of transaction processing increased significantly.
6. Merchants felt OKX's "risk-sharing" attitude and were working diligently.
7. New merchants should fully understand C2C, communicate more, accumulate experience, and proceed step by step.
8. Users choosing to freeze compensation payments from merchants is more reliable.
9. The C2C market will continue to improve; merchants need to enhance their operational and technical capabilities and maintain a positive customer service attitude.

The following is the full transcript of the dialogue (after editing):

I. Entering the Circle and Starting Point: From Individual to Business

Q: When did you start paying attention to crypto? What prompted you to enter this field and start doing C2C trading? Which platform was the first one you learned about?

Kunlun: I originally worked in a traditional industry, and I started getting involved with cryptocurrencies around May 2024. At the time, some of my friends were trading cryptocurrencies, so I started with Bitcoin. Later, through buying USDT from merchants a few times, I gradually understood the operating model of C2C merchants. Initially, I was quite aggressive with futures trading, using high leverage, and lost a lot. Later, I switched to Bitcoin spot trading, and luckily, the market rebounded during the election. After breaking even, I decided to become a long-term C2C merchant, as I felt this approach was more stable.

I initially approached it with a "let's give it a try" mentality, not telling many people around me, and quietly made the decision myself. Through a year of hands-on experience and interaction with the platform's operations staff, I felt that the platform had a comprehensive compliance system and a rigorous risk control mechanism. For example, they strictly manage every aspect of merchant operations, from pre-application, daily maintenance, and quality control to customer service and product development. This made me feel that OKX was serious about doing something and wanted to make the platform a success, rather than just doing it casually or haphazardly. This also gradually made me want to expand my merchant business and do more, because the platform truly has a commitment to its principles. OKX was the first platform I learned about.

Q: When doing C2C, do you operate it yourself or have a team? What is the most important thing for C2C merchants? Have you encountered any pitfalls or had any memorable experiences during the process?

Kunlun: I have two businesses that have evolved into a studio, and the scale is gradually expanding. I think the most important thing is definitely security, especially for users. Deposits are generally not a problem, but everyone's biggest concern is the security of withdrawals. In addition, transaction speed is also very important; deposits and cryptocurrency purchases must be timely, otherwise market fluctuations may cause clients to lose money. I always hope that users can complete transactions smoothly and quickly, and even after making a profit and withdrawing funds, security remains the top priority. Regarding withdrawals, I have my own dedicated segregation method. Funds are segregated after receipt. Since November 15th of last year, I have maintained a "0" freeze.

Q: Did you start with large transactions or small orders? Besides quarantine, what other factors made it difficult for merchants to get up and running quickly?

Kunlun: I started with a minimum deposit of 30,000, and now it's 50,000. A smooth payment channel is also crucial; customers need to be able to quickly complete transactions and buy the cryptocurrency immediately upon deposit, which is very important for the service experience.

II. Why choose to become OKX

Q: Compared to when you first entered the industry, what changes have you noticed?

Kunlun: Industry standards are becoming increasingly standardized, and platform security mechanisms and risk control measures are becoming more comprehensive. Previously, many problems were solved based on personal experience; now, there are more standardized procedures. Users' trust in merchants is increasingly reliant on platform mechanisms, rather than solely on individual judgment.

For me, the most noticeable changes are the series of policies implemented by the OKX platform, such as support policies, the merchant freeze and compensation mechanism, and the various daily promotions. The connection between C2C merchants and the platform is very close; whether encountering problems in the operations group or handling customer complaints, feedback and solutions are always timely. In my year as a merchant, I've deeply felt that the platform has been actively introducing policies and is genuinely committed to its work, unlike some smaller platforms that are more casual about it.

In particular, the policy of freezing compensation may, in the short term, raise the deposit requirements and increase some barriers and operating costs, but it also forces merchants to improve their overall operation and technical service levels. In the long run, merchants can enjoy the benefits brought by the platform's policies: users have higher trust in the platform and are more willing to place orders with merchants participating in the freeze compensation policy. In fact, this is conducive to long-term stable development. Overall, these changes are more beneficial than harmful, and the platform has played a positive role in promoting industry standardization, enhancing user trust, and protecting the rights and interests of merchants.

Q: Among many platforms, why did you ultimately choose to become an OKX C2C merchant?

Kunlun: First, OKX's interface is very simple and efficient, with few but comprehensive functions, a clear layout, and high transaction efficiency. Second, after-sales response is timely; if a user or merchant makes a mistake in payment, customer service can handle it immediately, and the problem can be resolved simply by filing an appeal. For example, I once accidentally added an extra zero to my payment; after submitting an appeal, customer service quickly contacted the other party, and the customer completed the refund within two days—the whole process was smooth. Finally, the platform has high traffic and active users, which is crucial for merchants. Overall, I chose OKX because I value its product experience, service efficiency, and platform traffic.

Q: What changes have occurred in your business and social circles since becoming a C2C merchant?

Kunlun: The C2C trading model offers real-time, high liquidity, generating stable returns even with limited funds, resulting in a more stable cash flow. Previously, spot trading or cryptocurrency trading led to significant income fluctuations, but C2C offers 24/7 trading with high platform traffic, attracting many rational and active users. These users earn money through their own knowledge and hard work, rather than relying on relationships or external assistance. This fair and professional atmosphere gives me more confidence in the industry.

III. Reasons for becoming a "Frozen Compensation" Merchant

Q1: When you first saw the "freeze compensation" mechanism, was your initial reaction that it was a good thing? Was this also the reason you decided to become an OKX C2C merchant? How do you view costs and responsibilities?

Kunlun: Yes, my first reaction was that this is good news. It benefits not only the platform and users, but also the merchants themselves. The platform and merchants share the risk, making the mechanism more reliable. Because user withdrawal security is always the top priority and a collective consensus for OKX C2C merchants.

Regarding costs and responsibilities, I believe the benefits far outweigh the drawbacks. This mechanism is mutually beneficial: merchants can mitigate risks, while users gain a sense of security and trust. In the long run, if customers' transactions are not frozen or involve compensation issues, they will trust the platform more, increasing their loyalty. As trust grows, the platform's total customer base increases, naturally leading to increased customer traffic and customer base for merchants. This not only benefits merchants but also reflects the platform's sense of responsibility and long-term commitment to business.

Previously, users, especially newcomers, had significant security concerns, always fearing their funds would be frozen. Now, information spreads quickly, but it's not always accurate, making new users particularly sensitive to withdrawal security, risks, and even legal liabilities. OKX's freeze compensation mechanism represents a qualitative change, providing users with tangible protection and significantly enhancing their sense of security and trust.

Some platforms charge transaction fees or impose fines, making them reluctant to share risks with merchants. The OKX mechanism, however, involves risk-sharing between the platform and merchants, protecting merchants, enhancing user trust, and strengthening platform stability. In the long run, this benefits merchants, users, and the platform, creating a fairer and more reliable ecosystem. OKX's design reflects an attitude and responsibility—everyone works diligently; while the platform incurs increased operating costs and risks, the goal is to improve business and provide customers with sufficient security.

Q: Is there a flaw in this mechanism? Some people say it's just a gimmick, what's your opinion?

Kunlun: The "frozen compensation" is not unlimited; there are indeed limitations. However, the overall positive cycle is very clear: it increases user trust, and more users dare to deposit and withdraw funds through the platform, forming a virtuous cycle. "Frozen compensation" is not a gimmick; the platform is genuinely doing this, repeatedly promoting the policy in merchant operation groups, sharing risks with merchants, and delivering on its promises.

Q: After the mechanism was implemented, did users' willingness to place orders or transaction volume change?

Kunlun: The number of orders has increased significantly, and the speed of placing and setting orders is also faster. What used to take ten minutes can now be completed in three minutes.

IV. Suggestions for new merchants and users

Q: If a newcomer wants to become a C2C merchant, what advice would you give? And what about users?

Kunlun: For merchants, first fully understand C2C, then choose and communicate more. Ask questions in the merchant management group if you don't understand something. Your experience will grow as you process more orders. Speed and security are paramount. For users, choosing OKX, especially choosing merchants with frozen compensation, is more reliable and helps mitigate risks.

Q: As a C2C merchant, what is your biggest takeaway?

Kunlun: C2C will only get better and better, and the market will grow bigger and stronger. This is my honest opinion. Merchants need to learn more, mitigate risks, improve their operational and technical skills, and maintain a good customer service attitude. Don't rush things; everything needs to be done step by step.

Disclaimer:

This article is for informational purposes only. The views expressed are solely those of the author and do not represent the position of OKX. This article is not intended to provide (i) investment advice or recommendations; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Holding digital assets (including stablecoins and NFTs) involves high risk and may result in significant volatility. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For your specific circumstances, please consult your legal/tax/investment professional. You are solely responsible for understanding and complying with applicable local laws and regulations.