Welcome to this episode of our interview. Today, we've invited Kunlun (pseudonym), a C2C merchant on OKX, 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 core viewpoints of the merchants. User withdrawal security is always the top priority and a collective consensus for OKX C2C merchants. Transaction speed is equally crucial; deposits and purchases must be timely, otherwise customers may suffer losses. Choose OKX because its C2C product is simple yet efficient, and has high traffic. OKX's freeze-and-compensation mechanism is a qualitative change, not a gimmick; it provides users with real security. After the "Freeze and Pay" mechanism was implemented, users' willingness to place orders and the speed of transactions significantly increased. Merchants felt OKX's attitude of "sharing risks" and worked diligently. New merchants should fully understand C2C, communicate more and accumulate experience, and proceed step by step. Users choose merchants with freeze and pay, which is more reliable. The C2C market will get better and better. Merchants need to improve their operational and technical levels and maintain a good service attitude. The following is the full transcript of the conversation (edited): I. Entering the Circle and Starting Point: From Individual to Merchant Q: When did you start paying attention to crypto? What prompted you to enter this circle and start doing C2C trading? Which platform did you first learn about? Kunlun: I originally worked in a traditional industry, and I started getting involved with cryptocurrencies around May 2024. At that time, some friends around me 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. At first, I was quite aggressive with contracts, using high leverage, and lost a lot of money. Later, I switched to Bitcoin spot trading, which happened to coincide with the election and market rebound. After breaking even, I decided to become a long-term C2C merchant, feeling that this approach was more stable. I approached it with a "let's give it a try" mentality, not telling many people around me, just making the decision quietly. Through a year of practical experience and interaction with the platform's operations staff, I felt that the platform had a comprehensive compliance system and a strict risk control mechanism. For example, they strictly manage merchants from pre-application, daily maintenance, 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 good, 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. OKX was the first platform I learned about. Q: Now that you're doing C2C, are you operating it yourself or with a team? What's the most important thing for a C2C merchant? Have you encountered any pitfalls or memorable experiences during the process? Kunlun: I have two businesses, which have evolved into a studio, and the scale is gradually expanding. I think the most important thing is definitely security. It's especially crucial 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, 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" frozen balance. Q: Did you start with large transactions or small orders? Besides segregation, what other factors make it difficult for businesses to get started quickly? Kunlun: I started with 30,000, now it's 50,000. Smooth payment channels are also crucial; customers can quickly complete transactions and buy coins immediately upon deposit, which is very important for the service experience. II. Why Choose OKX? Q: Compared to when you first entered the industry, what changes have you noticed? Kunlun: The industry is becoming more standardized, and the platform's security mechanisms and risk control measures are more comprehensive. Previously, many problems were solved based on personal experience; now there are more standardized operations. Users' trust in merchants increasingly relies on platform mechanisms, not just personal judgment. For me, the most noticeable changes are the series of policies implemented by the OKX platform, such as support policies, the merchant freeze compensation mechanism, and 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 provided promptly. 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. Especially the freeze compensation policy, in the short term, may have increased deposit requirements and added some barriers and operating costs, but it also forces merchants to improve their overall operations and technical service levels. In the long term, merchants can enjoy the benefits of 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 program. This is actually conducive to long-term stable development. Overall, these changes are more beneficial than harmful; the platform has played a positive role in promoting industry standardization, enhancing user trust, and protecting the rights and interests of merchants. Q: Among numerous 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 through a direct 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 large traffic and active users are crucial for merchants. In summary, I chose OKX because I valued its product experience, service efficiency, and platform traffic. Q: What changes have occurred in your business and social circle after becoming a C2C merchant? Kunlun: The C2C trading model is real-time and highly liquid, generating stable returns even with limited funds, resulting in more stable cash flow. Previously, trading spot or cryptocurrency resulted in fluctuating income, 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 help. This fair and professional atmosphere gives me more confidence in the industry.
III. Reasons for Becoming a "Freeze and Pay" Merchant
Q1:When you first saw the "Freeze and Pay" mechanism, was your first reaction that it was beneficial? Is this also the reason why you decided to become an OKX C2C merchant? How do you view the costs and responsibilities?
Kunlun: Yes, my first reaction was that it was beneficial. It is not only beneficial to the platform and users, but also positive for the merchants themselves. The platform and merchants share the risks, making the mechanism more reliable. Because the safety of user withdrawals is always the top priority and collective consensus of 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 encounter compensation issues, they will trust the platform more, increasing their loyalty. As trust increases, the platform's total customer base grows, 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. Previously, users, especially newcomers, were very concerned about security, always fearing their funds would be frozen. Now, information spreads quickly but is not always accurate, making new users particularly sensitive to withdrawal security, risks, and even legal liabilities. OKX's freeze compensation mechanism is a qualitative change, providing tangible protection for users and significantly enhancing their sense of security and trust. Some platforms charge fees or impose direct fines, showing little willingness to share risks with merchants. OKX's mechanism, however, involves the platform and merchants sharing risks, protecting merchants, increasing user trust, and enhancing platform stability. In the long run, this is beneficial for merchants, users, and the platform, making the entire ecosystem fairer and more reliable. OKX's design reflects its attitude and responsibility—everyone works diligently, the platform incurs increased operating costs and risks, but the goal is to improve business and provide customers with sufficient security. Q: Does this mechanism have any flaws? Some say it's 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, 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: Order volume has increased significantly, and order placement and processing speeds are also faster. What used to take ten minutes can now be completed in three minutes. IV. Advice for New Merchants and Users Q: If a newcomer wants to become a C2C merchant, what advice would you give? And for 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. As the number of orders increases, experience will also grow. Speed and security are the most important. For users, choosing OKX, especially choosing a merchant with frozen compensation, is more reliable and can mitigate risks. Q: As a C2C merchant, what is your biggest takeaway? Kunlun: C2C will 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 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 reference only. This article represents the author's views only and does 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 can be highly volatile. You should carefully consider whether trading or holding digital assets is right for you based on your financial situation. Consult your legal/tax/investment professional for specific details. You are solely responsible for understanding and complying with applicable local laws and regulations.
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