OTC Fees

[Perunex]

Hello everybody,

Does anybody have any experience with the OTCs trading? Who offers that service? Are there any significance difference between the service providers?
How much do they charge the fee? What are the minimums?

I would really appreciate the help for any info on the personal experience or any articles. I am trying to do one research on that for educational purposes.

Thank you.

[1714057586]

1714057586

[1714057586]

1714057586

[Xenrise]

I think OTCs are shit especially when nobody is buying anything lol. I guess that normal exchanges are far greater than OTC since you really need to wait for the buyer or the seller to be online. What more if the site is dead. No buyers, no sellers.

[mk4]

I personally have no experience in OTC trading, but I'm pretty sure that if you were to buy BTC via OTC, the prices will be lower compared to spot exchange prices; and of course, the minimum is going to be quite high, as the point of using OTC is for the buyer to purchase bigger amounts of BTC, without spiking up the price as what would most likely happen if the buyer set up a huge buy offer on a spot trading exchange; and vice versa for the seller. It's pretty much a win-win for both parties.

Unfortunately I really can't give any numbers because I really haven't tried OTC. I'm poor as hell.

[dothebeats]

Who offers that service?

There are a lot of OTC bitcoin brokers nowadays but the most trusted around is itBit and Circle (though I'm not sure with the latter if they are still offering such a service).

Are there any significance difference between the service providers? How much do they charge the fee? What are the minimums?

There aren't much significance in difference, but since I haven't used one yet (and don't have the reason to, as I have one local guy who does that for me without any headaches and tedious processes), I don't quite know how the flow really goes. But for one to consider OTC trading, they are willing to buy or sell in huge volumes that may potentially disrupt the natural rhythm of the market, so it's a huge sum.

I think OTCs are shit especially when nobody is buying anything lol. I guess that normal exchanges are far greater than OTC since you really need to wait for the buyer or the seller to be online. What more if the site is dead. No buyers, no sellers.

OTC brokers are actually great if deep pockets want to buy or sell in huge volumes as they prevent the market from crashing or overshooting with just a single buy. However for the average Joe, OTCs are actually not that good of an option to buy and sell and exchanges/ATM is still the most efficient, fast and secure way to go, IMO.

[arbiter5]

I think OTCs are shit especially when nobody is buying anything lol. I guess that normal exchanges are far greater than OTC since you really need to wait for the buyer or the seller to be online. What more if the site is dead. No buyers, no sellers.

You have no idea on what you're talking about and stop spewing BS. Get your post count somewhere else.

[Xenrise]

You have no idea on what you're talking about and stop spewing BS. Get your post count somewhere else.

You're the person that does not know what you're talking about. Clarify what bullshit I said. You're the person that's not experienced OTC since you're a newbie . GCOX has an OTC exchange. I manage to invest some in there and they literally have no sellers in there.

[stompix]

There are a lot of OTC bitcoin brokers nowadays but the most trusted around is itBit and Circle (though I'm not sure with the latter if they are still offering such a service).

There is also Genesis Trading (some shady stuff going there, but which one is 100% clean.. ), B2C2 and Bitpoint.
But many exchanges will also offer OTC, Kraken is known for such deals.

I would really appreciate the help for any info on the personal experience or any articles. I am trying to do one research on that for educational purposes.

You won't get precise answers here, unfortunately.
Everything depends on how much you want, their current balance and how many standing orders they have.
One might offer you a better deal today for 1000 than another tomorrow for 5000.

The only way to get some reliable data would be to try and contact them and act as a seller with a small to medium stash and ask for some numbers.

You're the person that does not know what you're talking about. Clarify what bullshit I said. You're the person that's not experienced OTC since you're a newbie . GCOX has an OTC exchange. I manage to invest some in there and they literally have no sellers in there.

Nope, you're the one who has no clue what he is talking about.
That thing on GCOX is a fake p2p exchange, nothing more, but they've labeled it OTC to attract more morons to their ICO.

[arbiter5]

You're the person that does not know what you're talking about. Clarify what bullshit I said.

Re-read your reply and if you actually understand what you're saying, you'll immediately detect the BS.

You're the person that's not experienced OTC since you're a newbie

Sure. Because my Bitcointalk rank has something to do with my bitcoin knowledge and my finances right? Big talk coming from someone who has been registered since January 2017 but has only earned 1 merit.

You're the person that does not know what you're talking about. Clarify what bullshit I said. You're the person that's not experienced OTC since you're a newbie . GCOX has an OTC exchange. I manage to invest some in there and they literally have no sellers in there.

Nope, you're the one who has no clue what he is talking about.
That thing on GCOX is a fake p2p exchange, nothing more, but they've labeled it OTC to attract more morons to their ICO.

Someone who gets it.

Yo Xenrise. Looks like you got fukd by a newbie

[Aponkye1]

The fees that OTCs charge varies depending on the trading platform that you are. I think it is best to either specifiy your question to a named OTC that you want to conduct your transaction so that you can get assisted or visit their website and write to the support line. I think this is the best solution to your problem because some information about fees given by some community members might not be accurate.

[Perunex]

I would really appreciate the help for any info on the personal experience or any articles. I am trying to do one research on that for educational purposes.

You won't get precise answers here, unfortunately.
Everything depends on how much you want, their current balance and how many standing orders they have.
One might offer you a better deal today for 1000 than another tomorrow for 5000.

The only way to get some reliable data would be to try and contact them and act as a seller with a small to medium stash and ask for some numbers.

I see that

I however received some providers of that service in this topic. And I will do exactly as you said - ask them.

Will report back when I receive some actual numbers.

[gentlemand]

I find it very strange how little talk there is about them. It's virtually impossible to find users willing to write about their experiences.

Here are some threads I can find, but little talk about actual fees -

https://www.reddit.com/r/BitcoinMarkets/comments/8ecm6h/otc_what_are_your_experiences/?sort=confidence

https://www.reddit.com/r/BitcoinUK/comments/7swytg/otc_bitcoin_broker_uk/

The proper ones will have minimum trade levels that'll be on the high side. And quite a few will do things on a case by case basis rather than quote fees on their site.

I'd look at https://genesistrading.com   https://cumberland.io and there are no doubt many others.

[stompix]

I find it very strange how little talk there is about them. It's virtually impossible to find users willing to write about their experiences.

It's because you don't do OTC deals for less than 50-100 BTC at least nowadays.

And people who buy coins worth six figures or dump them are pretty low in numbers, I assume no more than a thousand or two and usually, those are the guys that want to keep a low profile and are not going to brag about it on a social network (unless they are pretty stupid).

But there is one thing I wonder, since the ICO invasion, there are a lot of "companies" and dev groups" that have found themselves with a pile of ETH, probably most of them are also doing OTC deals, maybe the ETH OTC market is even bigger than BTC... not that I care that much but it might be worth for the OP to pursue this path also.

Will report back when I receive some actual numbers.

If you manage to find out some numbers from different dealers, that would be one interesting topic. 

[joniboini]

Talking about OTC, one ICO that I know of (AERGO) opened an official OTC site/form after the ICO, and after that their price crushed when it enters regular exchange. Not sure why there's someone who go so far to buy them OTC because market price can potentially affect their holding too.

AFAIK, Huobi has an official OTC trades? Some mid-low level exchange like LBX also has one (not sure if they're really legit tho).

You're the person that does not know what you're talking about. Clarify what bullshit I said. You're the person that's not experienced OTC since you're a newbie . GCOX has an OTC exchange. I manage to invest some in there and they literally have no sellers in there.

There's a lot of OTC out there. GCOX is just a bad example of them. No liquidity, no escrow, fake transactions counts, even the product is not yet live.

[Perunex]

I find it very strange how little talk there is about them. It's virtually impossible to find users willing to write about their experiences.

It's because you don't do OTC deals for less than 50-100 BTC at least nowadays.

And people who buy coins worth six figures or dump them are pretty low in numbers, I assume no more than a thousand or two and usually, those are the guys that want to keep a low profile and are not going to brag about it on a social network (unless they are pretty stupid).

But there is one thing I wonder, since the ICO invasion, there are a lot of "companies" and dev groups" that have found themselves with a pile of ETH, probably most of them are also doing OTC deals, maybe the ETH OTC market is even bigger than BTC... not that I care that much but it might be worth for the OP to pursue this path also.

Haven't thought about the ETH dumping. You might be actually right about ETH OTC market being bigger than BTC. Really hard to actually answer that question with legit info. OTC volume is quite a mystery...

Will report back when I receive some actual numbers.

If you manage to find out some numbers from different dealers, that would be one interesting topic.  

Atm I've just received an 0,2-1% answer. Mostly OTC brokers, just give you ask and bid prices which are 0,5-1% worse than market.