Top Bitcoin OTC Desks in Australia
- Independent Reserve
Founded in 2013 in Sydney, Australia: Independent Reserve won Cryptocurrency Exchange of the Year 2019. They support Bitcoin and 13 other cryptocurrencies. Buy using Australian dollars, NZD and USD, with some of the lowest fees. Supported transfer methods include bank transfer (EFT), POLi, Osko and International SWIFT. Individuals, SMFS, Trusts and businesses can buy Bitcoin. An OTC trading desk and insurance on crypto assets is also available.
IR OTC Desk is a premium service for high net worth and institutional clients needing to execute large volume block trades in major cryptocurrencies.
- Orders over $100K
- Premium support
- Reliable execution
- Guaranteed price
- Deep global liquidity
- Fast, secure settlement
Founded in 2013 in Melbourne, Australia: Cointree offer Bitcoin and over 100 coins. Buy using Australian dollars, NZD and USD. Supported transfer methods include bank transfer (EFT), POLi and cash. Individuals, SMFS, Trusts and businesses can buy Bitcoin. An OTC trading desk is available for large orders.
Cointree offers a professional and transparent OTC (over the counter) service for buying and selling large amount of cryptocurrencies.
- Trade minimum: AUD $50,000
- Trade maximum: AUD $5,000,000
- OTC currencies: BTC, BCH, ETH
- Fees: $900 application fee. 0.2% fee on trade volume (minimum $500 fee per trade)
Founded in 2013 in Melbourne, Australia. Coinspot is an Australian-based marketplace that allows you to easily buy, sell or trade Bitcoin and 100+ other cryptocurrencies. Buy using Australian dollars, NZD and USD. Supported transfer methods include bank transfer (EFT), POLi and cash. Individuals and businesses can buy Bitcoin, but not SMSFs. OTC is available.
Coinspot offers a dedicated professional trading services tailored for individual and institutional investors. Buy or Sell large volumes of Bitcoin, Ethereum, Litecoin and other tokens.
- Each trade must be greater than or equal to $50,000 AUD in value.
- OTC trades will incur a 0.1% fee.
What is a Bitcoin OTC trading?
Over-the-counter (OTC) trading is a deal that happens directly between two interested parties. Typically done off an exchange, where there is an open book of buy and sell orders.
Note, many exchanges offer an OTC trading desk in addition to their open book exchange.
Why buy Bitcoin OTC?
Users typically buy Bitcoin and other cryptocurrencies OTC when they buy large amounts (over $100,000) and wish to prevent slippage.
What is slippage?
Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed.
If for example you were to buy $500,000 worth of Bitcoin, the exchange may not have a sufficient amounts of Bitcoin on the order-book at market price. i.e. the first Bitcoin you might buy could be at $15,000 whilst the last Bitcoin will be at $20,000. The difference created by your large order is caused slippage, and may not reflect the true global market price. That’s why you buy large quantities OTC.
What price will I pay OTC?
Including fees, you will pay an above market price for Bitcoin, when you buy OTC. The price will be worthwhile compared to the slippage that occurs on an exchange. The price doesn’t come down when you buy more, but the spread or commission may come down.
What are the fees for buying Bitcoin OTC?
Common OTC fees may include:
- Brokerage for the OTC desk. (0.1% to 5%)
- Brokerage may include a minimum fee (i.e. $500)
- Application fees.
- Premium price (i.e. above market / exchange price of the Bitcoin)
How is the money exchanged for a Bitcoin OTC deal?
Typically the money needs to have already been deposited with your OTC desk or broker in order for them to facilitate the trade. View our how to pay for Bitcoin page.
How long does it take to do the exchange OTC?
When a price is quoted, either over the phone, chat or email, you have a short window to accept or reject the offer. This could be seconds, minutes or sometimes hours – depending on the volatility of the market.
Once the Bitcoin price is accepted, the OTC desk locks in the deal. The deposited funds will be locked in the dealer, to transfer to the seller. Your Bitcoin address will given to the seller, and once the transfer is confirmed, the deal is concluded.