I will list the 5 best crypto OTC trading platforms that you should try in 2023. Also provide a brief overview of each platform, as well as their pros and cons.
OTC trading platforms provide a way for buyers and sellers to trade cryptocurrencies without having to go through a traditional exchange.
This can be beneficial for both parties as it can help avoid fees, long wait times, and other issues that are common with traditional exchanges.
If you’re looking for a way to trade cryptocurrencies without all the hassle, then check out these 5 best crypto OTC trading platforms!
- What do OTC crypto brokers do?
- Advantages of OTC crypto brokers
- 5 Best crypto OTC trading platforms
- Answer to some of the frequently asked questions
What Do OTC Crypto Brokers Do?
Over-The-Counter (OTC) Trading is a private exchange where users may purchase and sell cryptocurrency without using a more traditional exchange.
OTC trades can be made from crypto to crypto or fiat to crypto, but they only occur when both the buyer and the seller agree on a price for the quantity transferred.
As a result, crypto OTC brokers (sometimes referred to as Bitcoin OTC brokers) are just venues where buyers and sellers may interact safely without causing the order book to become unstable due to the massive quantities of bitcoin they are trading.
Advantages Of OTC Crypto Brokers
Using Crypto OTC Brokers has the following key advantages:
- OTC brokers specialize in big cryptocurrency deals; therefore, these platforms have increased liquidity compared to crypto exchange competitors, enabling the execution of huge transactions swiftly and without problems.
- OTC desks have increased anonymity because only the buyer and seller are privy to the transaction details.
- OTC desks never see anything other than direct transactions; hence third-party frauds never occur there.
- Due to the low volume of over-the-counter trading, these platforms can devote more time to providing cutting-edge customer service that is frequently customized to the consumer’s needs.
5 Best Crypto OTC Trading Platforms
This is the list of the top OTC cryptocurrency brokers and information on their most popular features. Commercial (paid) and open source (free) programs are on this list of Crypto OTC Brokers.
The digital currency exchange list below includes the complete list of major Crypto OTC Brokers’ platforms.
1. Bitfinex OTC: Best For Complex Trading
The platform and Tether (USDT) are closely related since they share numerous stockholders and their management. The exchange has had a long history of problems with authorities as a result, though.
Additionally, Bitfinex has a decentralized OTC desk where you may trade ERC-20 tokens. This desk has extremely cheap transaction costs of about 0.1%, which are competitive.
However, it’s important to note that this network is peer-to-peer, which means you’d either need to discover purchasers on your own or hunt for a third-party broker who would be prepared to assist you.
- Pools of deep liquidity.
- On the OTC desk, order types on the primary platform are also supported.
- Dependable security measures
- A wide variety of coins is supported (270).
- Low 0.1% OTC trading commissions.
- There is a paper trading tool for new users to practice using the platform.
- You may be paid for finding bugs and security holes on the platform through its Bug Bounty Program.
- Fees for trading: 0.1%.
- Numerous order kinds are handled by it, including stop, stop-limit, trailing stop, fill or kill (FOK), and many others.
- You may invest in cryptocurrencies more affordably because of their minimal costs.
- Owing to its paper trading capability, it is user-friendly.
- Its broad selection of supported cryptocurrencies enables you to diversify your investments significantly.
- Any slippage is prevented by its large liquidity pools.
- A mobile application.
- Ontario is not accessible to Canadian users.
- The primary trading platform has a record of receiving penalties and having problems with regulatory bodies.
2. Binance OTC: Best For Retail Traders
The platform was first established in Hong Kong, but it has since moved its headquarters to the Cayman Islands due to the Chinese government’s growing involvement in the cryptocurrency market.
The enormous variety of supported crypto tokens, which is almost as large as the token list on the retail exchange, is one feature of Binance’s OTC desk.
Additionally, you will be able to trade between various crypto tokens, and you will be able to swiftly set up and settle an account without involving a third party, increasing security.
Even small-scale cryptocurrency traders can participate in OTC trading with Binance OTC due to the platform’s modest minimum order of $10,000.
- Every user receives a unique experience with constant support.
- Hundreds of different coins are supported.
- Supports trade between cryptocurrencies.
- Quick account settlement that is completed in a few minutes.
- Trades may be verified in a matter of minutes.
- Because you only send coins to your Binance account, there is less counterparty risk.
- No trading commissions.
- A low minimum order size makes crypto OTC trading more accessible to more people.
- You may immediately trade OTC, thanks to quick account settlements.
- Simple to use
- You may get answers to any usage-related queries you might have thanks to the personalized service.
- You may substantially diversify your cryptocurrency portfolio thanks to its enormous selection of digital assets.
- Has a large amount of liquidity, especially in the markets for altcoins (even for altcoins with a low market cap).
- There are only 12 coins allowed on the platform’s American edition (Binance.US).
- For purchasing lesser quantities of bitcoin, the site is not appropriate.
3. Coinbase Prime: Best For Security
It was created to be one of the most specific locations to buy, sell, and trade cryptocurrencies, and it offers services to institutions, corporations, and individual investors.
It is one of the first cryptocurrency exchanges in the world. Previously, it supported Bitcoin solely; today, a wider variety of digital assets are invested.
Users get access to services including a diversified liquidity pool, OTC block trading, margin finance, high-touch 24/7 assistance with incorporated market commentary, execution algorithms, and much more through Coinbase Prime, a specialized subsidiary service of Coinbase.
It also features a user-friendly, highly secure interface and even offers a mobile app that enables you to analyze and trade deals while you’re on the road, which is uncommon for crypto OTC desks.
- It provides a varied liquidity pool to avoid slippage.
- Your orders are sent to the supported exchange with the best all-in pricing thanks to its clever order routing algorithms.
- Owns a mobile application.
- It offers round-the-clock, extremely prompt 1-on-1 customer service.
- It adheres to a cold storage policy to protect your assets.
- Backs cryptocurrency staking.
- You may always view its extensive post-trade reporting analytics.
- Trading commissions: Vary depending on the user.
- It provides consumers with historical and real-time bitcoin spot and derivatives market data.
- It is an easy-to-use mobile app that enables customers to trade while on the go.
- The algorithms used by the platform optimize your trading depending on your objectives for trade execution.
- You may get passive cryptocurrency income through crypto staking.
- Any queries you have will be instantly addressed by 1-on-1 customer assistance.
- Has a separate portfolio tracker for each coin and potential cryptocurrency investment.
- Users who want to know their price schedule must upgrade to Coinbase Prime because it is not publicly available on its website.
- Because it was initially intended for universities, the minimum order amounts are significant.
4. CoinSmart Premium: Best Overall
CoinSmart, one of Canada’s most reputable and rapidly expanding cryptocurrency platforms, provides CoinSmart Premium, a cryptocurrency over-the-counter (OTC) trading desk.
With features like deep liquidity pools to minimize slippage on your transactions, unique market analytics, a dedicated CS Premium Account Manager, and more, CoinSmart Premium was created exclusively for cryptocurrency investors interested in making significant trades of at least $25,000 or more.
Furthermore, CoinSmart Premium allows you to immediately exchange one cryptocurrency for another while supporting many cryptocurrencies (300+ supported tokens overall). The trading process is smoother since CoinSmart Premium employs Fireblocks to receive and transfer coins.
- Large crypto trades and transactions are suited for their deeper liquidity pools.
- Dedicated CS Premium Account Manager help is provided to the user one-on-one.
- Instantaneous KYC/AML verification.
- Supports more than 300 different cryptocurrencies.
- Enables funding via online bill payment (up to $1 million without costs) and is the only OTC desk in Canada that does so.
- Gives users unique access to market knowledge.
- Registered and governed by the Ontario Securities Commission, publicly traded (OSC).
- Trading commissions: As close to the spot rate as feasible at any given moment (See whether CoinSmart Premium surpasses your existing OTC desk’s pricing by opening an account right now).
5. Satstreet: Best For Beginners
Use Satstreet if you trade between $25,000 and $10 million. Unlike the other exchanges on our list, Satstreet offers high-net-worth individuals and businesses a white-glove trading experience.
They adopt a highly individualized strategy for investing in cryptocurrencies, concentrating their efforts on providing top-notch service to a particular sector of the Canadian market.
Due to its extraordinarily high liquidity, Satstreet may offer fixed pricing on significant transactions with minimal slippage. On most Canadian exchanges, placing a $100,000 purchase order is tricky; nevertheless, Satstreet routinely processes orders that amount (and many more).
Customers of Satstreet can select from various custody options, including immediate custody following a transaction, access to an account with a licensed custodian, use of their in-house custody solution, or multi-sig collaborative security setup involving several hardware wallets and co-signers.
Satstreet also provides allowed wallet addresses and video verification on withdrawals, guaranteeing that only you can withdraw your money.
Satstreet provides a degree of customer support that no other exchange can match, with specialized account managers on hand whenever you need them. Satstreet is for you if you’re prepared to invest $25,000.
- On huge order quantities, there are very cheap fees.
- Extremely high liquidity to avoid price slippage
- It supports both Bitcoin and Ethereum and gives authorized investors in Canada access to the broadest variety of crypto assets.
- Committed account managers provide top-notch assistance.
- Deep security knowledge and specialized security arrangements.
- A speedy financial settlement (USD & CAD).
- Trading charges: 1% or such.
- 1% competitive trading commissions
- Hefty order books and excellent liquidity.
- Payment of accounts is relatively swift.
- Gives each user a personal support representative.
- Has high-security requirements.
- Owns a mobile application.
- Has no easy access to price information on its website.
- Unsuitable for typical cryptocurrency trading.
Given the variety of alternatives available and their benefits, picking the best crypto OTC broker is difficult. As seasoned cryptocurrency investors, we always stay up to date with the best OTC brokers.
You should use CoinSmart Premium, an over-the-counter (OTC) trading desk for cryptocurrencies provided by CoinSmart, one of the best cryptocurrency exchanges currently accessible to Canadians, if you’re looking for a Canadian OTC broker that enables you to execute trades between $25,000 and $10+ million.
Given that CoinSmart Premium is the only OTC desk in Canada that permits fee-free, up to $1 million, online bill payments for account funding and that it is publicly traded and subject to Ontario licensing and regulation
Can I Buy Crypto OTC?
Trading via OTC trading desks solves the issue of buying a lot of cryptocurrencies. You may easily purchase any amount of Bitcoin through the Principal or Agency OTC market.
Are Crypto Exchanges OTC?
Exchanges for cryptocurrencies offer facilities for buying and selling digital assets using various trading methods. Over-the-counter (OTC) trading is one method.
Does Coinbase Have OTC?
Additionally, their US and European over-the-counter (OTC) trading desks and Coinbase Custody, our technological platform for cold storage as a service, will be accessible to a select group of Coinbase Prime users worldwide.
Can You Trade OTC On Kraken?
Traders can execute orders of the open Kraken exchange using the over-the-counter (OTC) desk facility provided by Kraken.
Institutional clients and high-net-worth individuals who need to place big orders provide deeper liquidity for narrower spreads and a more private, individualized service.
How Do I Trade OTC On Binance?
Every user must sign up for a Binance account, verify their identity, and adhere to any deposit and withdrawal restrictions that may already be in place. To learn more about identity verification
What Is OTC In FTX?
You may receive immediate, round-the-clock OTC quotations for the most popular currencies via FTX’s OTC gateway at otc.ftx.com.
You can learn more from the video below: