# Peer to peer OTC

{% hint style="info" %}
Transactions on Illiquid Market are subject to a 0.25% fee.

However, this fee does not apply to trades made with Liquid Vesting Tokens, which are generated through the Unvest protocol. It's important to note that any related Unvest protocol transfer fees will still be charged where applicable.
{% endhint %}

Illiquid Market is a peer-to-peer over-the-counter (OTC) cryptocurrency trading platform. This means that trades are conducted directly between users, without the need for liquidity providers or central counterparties.

<figure><img src="/files/4HSUCi7O9slTO09AoJn3" alt=""><figcaption><p>The Propose a Trade view, where users can create an open OTC offer for any token</p></figcaption></figure>

One of the key features of Illiquid Market is the use of atomic swaps for trading. Atomic swaps allow the tokens being traded to remain in the users' wallets under their control, and only leave the wallet if a successful trade occurs. This ensures that users maintain full control and ownership of their assets.

To use Illiquid Market, users first pay a small gas fee to establish a trading proxy on the network. This allows all subsequent trades on that network to be low-gas. Users then submit "allow" transactions for each token they'd like to sell (or use to buy other tokens). Once the proxy and allow transactions are completed, users can create unlimited orders gaslessly using signatures.

### Tutorial:

{% content-ref url="/pages/5xGcEdPOv8vEcJMksIXl" %}
[Create your first public order](/tutorials/create-your-first-public-order.md)
{% endcontent-ref %}

Overall, the peer-to-peer OTC trading feature of Illiquid Market offers a secure and efficient way to trade cryptocurrencies without the need for centralized parties.


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