Trezor Suite 25.3.2 introduces an OTC Trade Feature

[Pmalek]

Trezor's newest update to Trezor Suite, version 25.3.2, comes with a few new features, improvements, and bug fixes. I think the biggest one is the introduction of an over-the-counter (OTC) trade option for buying and selling crypto. It's meant for big trades that can't be fulfilled using standard trading options.

I couldn't find more information about how it works, its limits, fees, or other info. We can use this thread to discuss it, and I can update it with more information as it becomes available or if anyone from the forum has first-hand experience using it.  

https://trezor.io/learn/a/trezor-suite-update-march-2025

Edit: OTC trades are only available for users located in Europe. KYC verification with Trezor partner exchange Mercuryo is required for OTC transactions.

[NeuroticFish]

From what I see, it compares the various exchanges' current price and you can even select a preference. At first I was thinking why on earth would somebody pick an exchange instead of using best price, but then it has occurred to me that some exchanges may be more picky with source of funds, KYC, mixed coins...

Something I am curious about would be how the banks would handle the money received as bank transfer for such transactions. But then maybe it's again about the choice of exchanges to use.

... and if all goes to what exchange is being used... then why not use the exchange directly?  


Of course, I may be wrong in my assumptions, hence I agree that discussing is good.

[SFR10]

From what I see, it compares the various exchanges' current price and you can even select a preference.

How were you able to trigger the OTC feature on Trezor Suite? I tried a lot of combinations with different countries and payment methods while typing a ridiculously large number, but I never had luck in making it appear on my end... Can you provide more information concerning some of the things that Pmalek couldn't?

[NeuroticFish]

From what I see, it compares the various exchanges' current price and you can even select a preference.

How were you able to trigger the OTC feature on Trezor Suite? I tried a lot of combinations with different countries and payment methods while typing a ridiculously large number, but I never had luck in making it appear on my end... Can you provide more information concerning some of the things that Pmalek couldn't?

Ummm... I've only read what they wrote on their description page: https://trezor.io/learn/a/sell-crypto-in-trezor-suite
As I said.. I've assumed this and that, possibly some things incorrectly.

[SFR10]

Ummm... I've only read what they wrote on their description page: https://trezor.io/learn/a/sell-crypto-in-trezor-suite
As I said.. I've assumed this and that, possibly some things incorrectly.

I thought you were talking about their new OTC feature ^{[sorry, my bad]}

[Pmalek]

At first I was thinking why on earth would somebody pick an exchange instead of using best price, but then it has occurred to me that some exchanges may be more picky with source of funds, KYC, mixed coins...

Liquidity is also an important factor. OTC trades aren't your standard swaps carried out by regular people. There needs to be enough liquidity to finalize the deal and thus you may have to accept a lower rate with enough liquidity instead of the highest one that lacks it.

Something I am curious about would be how the banks would handle the money received as bank transfer for such transactions.

This differs from country to country and what instructions they have received from the respective central banks and regulators. Some are surely more open to handle transactions from known crypto services while others would reject such transactions or start questioning their clients on the origin of the funds, etc.

[NeuroticFish]

I thought you were talking about their new OTC feature ^{[sorry, my bad]}

I thought it is related to their feature, that's why I concluded that then it may be better to use a proper exchange instead of Trezor's feature.
I guess that I am so confused that I managed to confuse you too (sorry for that).

Liquidity is also an important factor. OTC trades aren't your standard swaps carried out by regular people. There needs to be enough liquidity to finalize the deal and thus you may have to accept a lower rate with enough liquidity instead of the highest one that lacks it.

Good point, indeed!

[Saint-loup]

From what I see, it compares the various exchanges' current price and you can even select a preference.

How were you able to trigger the OTC feature on Trezor Suite? I tried a lot of combinations with different countries and payment methods while typing a ridiculously large number, but I never had luck in making it appear on my end... Can you provide more information concerning some of the things that Pmalek couldn't?

It only works for EUR or USD currencies actually. You need to enter an amount greater than 50 000 € or $ in the buying or selling feature. A message with a link towards their OTC partner (Mercuryo) will be displayed in the bottom right corner of the screen. You will then be prompted to fill out a form if you follow the link provided.

[SFR10]

It only works for EUR or USD currencies actually. You need to enter an amount greater than 50 000 € or $ in the buying or selling feature. A message with a link towards their OTC partner (Mercuryo) will be displayed in the bottom right corner of the screen.

Thank you for providing the above details... For some reason, despite using the latest version of Trezor Suite it's still not showing up on my end ^{[even if I go up to "1,000,000 €"]} so perhaps this feature still hasn't been rolled out to everyone ^{[I also tried changing the location of my VPN, but it didn't work]}.

[Pmalek]

Trezor and Trezor Suite shouldn't know where you are from or keep track of such information. The connection goes through TOR. Still, perhaps it is somehow geo-specific and not everyone can use the new OTC desk. Let's give it a few days. Maybe it's like SFR10 said and they are rolling it out in phases. I still haven't updated my version of Trezor Suite to the newest version to test it. When I do, I will check how it looks on my end and update the OP with some more information on how to access OTC trades.

[Saint-loup]

Well I don't understand how it works precisely but something seems to be related to the location indeed because when I use a VPN before starting the app with an IP address from Belarus, Russia or Iran for example, I don't see the message, but when I choose an IP address from Singapore or Italy through the VPN I get the OTC message (if I try to buy or sell Bitcoins for over 50 000 USD as I said). So the feature is maybe not available for customers of every locations actually.

[Pmalek]

Well I don't understand how it works precisely but something seems to be related to the location indeed because when I use a VPN before starting the app with an IP address from Belarus, Russia or Iran for example, I don't see the message, but when I choose an IP address from Singapore or Italy through the VPN I get the OTC message (if I try to buy or sell Bitcoins for over 50 000 USD as I said). So the feature is maybe not available for customers of every locations actually.

I wouldn't be surprised if that was true. Such services are usually off-limits and restricted to certain countries and territories. If you are accessing Trezor Suite with a VPN, does that mean you aren't using the wallet through Tor? Is the OTC trade feature available when you activate TOR or does that also vary depending on the exit node's IP address?

[Pmalek]

Trezor has released some more information about its new OTC trading feature. They didn't say a lot but here is what we know so far:

- They have partnered with the exchange service Mercuryo to offer OTC trades.
- OTC trades are only available to Trezor users who are located in Europe. If you are located elsewhere, you won't see the OTC option in Trezor Suite.
- As previously announced, the minimum trades are $50,000 or €50,000.
- USD must be sent from a European bank account.

The following blog post shows step-by-step instructions on how to make an OTC transaction. Buyers/sellers will need to undergo KYC verification with Mercuryo. 
https://trezor.io/learn/a/over-the-counter-otc-trading-in-trezor-suite

[Coin-Keeper]

I am trying to visualize how this feature would help me.  Assuming I am going to play nice and submit to KYC and Taxes  ------ >

Currently I transfer some hardware wallet  BTC to an exchange as BTC in my account at the exchange if I want some cash.  Then I swap the BTC out for my local currency (1-1.5 % swap fee) still in my exchange account as currency.  That takes about 15 minutes or less.  Then I wire transfer the funds directly to my bank for free and the whole thing is done with fully liquid cash in my account in about 2-3 hours.  I have done this many times to date.  Simple, fast, safe for me.  I am not limited by the 50K threshold.  When BTC = 100K the 50K threshold though would be hit at only  .5 BTC so that could happen to folks.  Either way how would my trading .5 BTC using OTC be any better than my current method?  I don't care about saving a few cents either way on such a transaction.  However; I am kind of cheap so I do watch expenses if they are significant.

[Pmalek]

<Snip>

If you are satisfied with the service you are currently using for swapping bitcoin to fiat and you don't think it's expensive or burdensome, then I don't see a reason to change. Keep in mind though. You began your post by mentioning KYC and taxes. The exchange you are using to send fiat to your bank account has your KYC data already and every time you swap crypto to fiat and send it to your bank account, you are creating a taxable event. Your bank most probably knows where the money comes from. They could ask you for the source of funds and/or send information about you to your local tax office. Banks are required to do that. I don't know where you live and what kind of setup you are using.

Because you mentioned that you are cheap, you could compare the fees and see what's best for your use case. 

[Lucius]

~snip~
Your bank most probably knows where the money comes from. They could ask you for the source of funds and/or send information about you to your local tax office. Banks are required to do that. I don't know where you live and what kind of setup you are using. 

As you say, it all depends on which bank it is and what laws bind it - because banks only do what they have to in order to comply with the law, but at the end of the day, all that matters to them is making as much profit as possible, without having to bother their clients too much at the same time.

I'm not sure how it is today, but banks in my country used to have a legal obligation to react if the amount of transactions on the account exceeded a certain amount, and that's how some petty fraudsters were caught because they sold illegal (mostly digital products) and didn't pay attention to such things. Today, these same banks are under the full supervision of competent agencies that see all bank accounts and transactions and can react at any time if they feel it is necessary.

[Coin-Keeper]

I also started my first post above by saying  ---- Assuming I am playing nice


I described fully taxable transactions that went on my 1040.  If I need cash I don't mind paying a 1% fee to turn full price BTC into cash in my bank in 3 hours or less.  I find that reasonable for the convenience.  I hold BTC hardware wallets that are traceable to me by transaction history and I don't really mind using them as needed going along in life.  I don't leave BTC in my exchange (no keys not your coins).  All above board.  However; I also hold BTC hardware wallets that don't trace back to me and are sitting in the blockchain for years.  Those were trace "scrubbed" long ago and they could go in any direction in the future.

[Saint-loup]

You didn't name the exchange you're using, not all people have access or are registered to a fiat exchange with enough liquidity allowing to sell large bags at a good price. And in the other way it's even harder not many exchanges will accept large fiat deposits above $50k or 100k in one time without requiring long extra KYC if they accept them at all. In addition I assume if something is wrong with the recipient bank an OTC service will be far more reactive to resolve the issue and give documents than a customer support from a random exchange.

[Coin-Keeper]

You didn't name the exchange you're using, not all people have access or are registered to a fiat exchange with enough liquidity allowing to sell large bags at a good price. And in the other way it's even harder not many exchanges will accept large fiat deposits above $50k or 100k in one time without requiring long extra KYC if they accept them at all. In addition I assume if something is wrong with the recipient bank an OTC service will be far more reactive to resolve the issue and give documents than a customer support from a random exchange.

Sorry I have been gone.

Not naming the exchange is simply a PRIVACY THING on my end.  I am sure you understand that!

I have never needed to trade at $50K or above at any one time so far.  No issues ever with a wire transfer to my bank directly from the exchange.  Again, as mentioned above the entire process takes 2-3 hours until the funds are 100% liquid and good to go!  I don't think liquidity is a factor here.  Picture the process.  I move some hardware wallet BTC to my BTC receive address at the exchange.  In around 10-15 minutes I get a chunk of confirmations on the transfer so the exchange is satisfied its a done deal.  Then I willing pay the 1% (maybe 1.5%) conversion fee to turn the BTC held there into the currency of my country.  It is now cash sitting there in my exchange account.  Next I login to the exchange and wire transfer the money directly to my bank.  Its there FAST, but I usually have to wait a few hours (2-3) until they release the funds as liquid.  My longstanding relationship with bank likely makes it happen at above average speed.  Also that is why my bank waives any wire transfer charges.  I find it simple.  The price I get for my BTC sold depends on the market conditions.  We all know that we want to sell when the market is HIGH and that is my goal obviously!  My .02