14 Bitcoin OTC brokers you need to know
If you’re buying or selling 100 BTC or more at once, you probably don’t want it at the mercy of the market: you want a trading method that protects you from shifting market position or the slippage that happens when you show your hand before the deal is done. For some people, that method is trading with an over-the-counter (OTC) broker who directly finds a counterparty for your desired trade.
The idea behind OTC trading is that these brokers can provide a quoted price for large transactions and shield high-value traders from adversely impacting their own price point, as the traders would if they traded directly on an exchange.
Like much of the young crypto industry, the realm of OTC trading brokers can be opaque and difficult to navigate. If you end up stumbling into the virtual office of a disreputable OTC broker, you might discover that they could game you just as much as an actual exchange could, in ways that are even harder to spot unless you know where to look.
You don’t have to go into the OTC brokerage marketplace blind, though: we’ve rounded up info on 14 of the better-known OTC brokers for you to explore. As an important note, any reference to a firm is for convenience and is not an endorsement by SFOX — always check out firms on your own and come to your own conclusions.
SFOX
Founded in 2014, one of the earliest infrastructure providers built specifically for institutional crypto, operating through every major market cycle since.
Headquarters: San Francisco, CA, USA.
What sFOX actually is:
Most entries on this list are single-desk OTC brokers, one counterparty, one book, one point of failure if that relationship goes sideways. sFOX takes a different approach: it’s built as the institutional crypto engine, aggregating liquidity across more than 40 venues rather than operating as a single counterparty. The model is neutral by design: no proprietary venue, no in-house token, so there’s no incentive to route an order anywhere other than where it gets the best execution.
Key OTC features:
- Neutral aggregation across 40+ liquidity sources, not a single desk’s own inventory
- Custody held separately through SAFE Trust Company, independent of trade execution
- One integration covering trading, custody, liquidity, and compliance
- No conflict of interest between the entity finding your price and the entity holding your assets
- A decade of operating history across bull markets, bear markets, and everything in between
Octagon Strategy
CEO: Wayne Trench. Formerly: Head of Morgan Stanley Electronic Trading Coverage — Asia; Head of Macquarie Bank Electronic Trading — Asia.
Headquarters: Hong Kong, China.
Key OTC features:
- A large network of block trading partners to provide liquidity for trades.
- Security practices including cold storage, SSL, 3-factor authentication, and multi-signature settlement.
- A private chat group for discussing and executing trades.
- Instant price quotes on demand.
- Same-day settlements for trades worldwide.
- Low transaction fees benchmarked against leading cryptocurrency exchanges’ rates.
Genesis Trading
CEO: Michael Moro. Formerly Director at SecondMarket.
Headquarters: New York, NY, USA.
Key OTC features:
- Same-day settlement through an intuitive interface.
- OTC trading for seven crypto assets: BTC, ETH, BCH, XRP, LTC, ETC, and ZEC.
- Billions in trading volume since 2013.
- Liquidity-providing network of trading partners.
- 24/7 support from trading specialists.
- Regulated with FINRA, SEC, and NYS DFS BitLicense.
FBG Capital
Founding Partner: Shuoji Zhou. Formerly: Principal Sales Consultant at Oracle; Senior IT Specialist at IBM.
Headquarters: Beijing City, China.
Key OTC features:
- Manages high-volume trading on a regular basis.
Jump Trading
Founding Partners: Bill Disomma and Paul Gurinas. Formerly floor traders at the CME.
Headquarters: Chicago, IL, USA.
Key OTC features:
- Backed by 19-year history of quant-based, in-house research.
- Top-tier computational infrastructure guides data analysis of crypto and other asset classes.
- Emphasis on algorithmic and high-frequency trading.
Circle
CEO: Jeremy Allaire. Formerly: Founder, Chairman, and CEO of Brightcove; Entrepreneur in Residence at General Catalyst Partners.
Headquarters: Boston, MA, USA.
Key OTC features:
- Backed by established investors like Goldman Sachs and Bitmain.
- Worldwide offices (London, New York, Hong Kong, and Boston) provide trading liquidity by making markets across many exchanges.
- High-volume system moving over $2 billion USD monthly.
itBit OTC
CEO: Charles Cascarilla. Co-founder and partner at Cedar Hill Capital Partners; Partner at Liberty City Ventures. Formerly: Portfolio Manager at Claiborne Capital Management; Financial Analyst at Goldman Sachs.
Headquarters: New York, NY, USA.
Key OTC features:
- Mostly same-day settlement of trades.
- Flat rate transaction fees and no crypto withdrawal fees.
- Private, individual trade support from an itBit trader.
- Trade liquidity from itBit’s network of clients from 100+ countries.
B2C2
Co-founders: Max Boonen, formerly interest rates trader at Goldman Sachs; Flavio Molendini, formerly software solution architect and senior IT leader.
Headquarters: London, England.
Key OTC features:
- Flexible trade size lets users trade anything from small amounts to multimillion-dollar blocks OTC.
- Expertise trading multiple currencies since 2015 — both cryptocurrencies and fiat.
- Instant execution and post-trade settlement any hour of any day.
XBTO
CEO: Philippe Bekhazi, formerly Global Macro Trading at SAC Capital and Advisor at Citi.
Headquarters: New York City, NY, USA; Paris, France; London, England; Bermuda.
Key OTC features:
- Ability to quote large, institutional-sized OTC blocks.
- Integrates OTC trades into its broader proprietary trading business.
- One of the largest liquidity providers in the world.
- Proprietary quantitative algorithms have powered its business since 2015.
Kenetic Capital
CEO: Daniel Weinberg. Formerly: Senior Partner, Optiver.
Headquarters: Hong Kong, China.
Key OTC features:
- Expertise in token advisory and due diligence.
- Decades of experience in trading, analysis, and portfolio management.
- Hybrid approach of quantitative and qualitative trade analyses.
QCP Capital
Co-Founder: Joshua Ho. Formerly: Senior Vice President International Growth, GO-JEK; Growth Consultant, Wantedly; International Expansion, Uber.
Headquarters: Singapore.
Key OTC features:
- Almost all trades have same-day settlement.
- 24/7 access to traders on the trading desk.
- Customizable order management based on specific needs (size of order, required turnaround time, etc.).
- No hidden fees charged on top of trades.
Cumberland Mining
Global Head of Trading: Bobby Cho. Formerly: Director, itBit; Vice President, SecondMarket.
Headquarters: Chicago, IL, USA.
Key OTC features:
- Provides liquidity through offices trading in London, Chicago, and Singapore.
- Streamlined diligence and settlement systems to make large institutional trades efficient and intuitive to execute.
Element Trading
CEO: Stan Miroshnik. Formerly: CEO, The Argon Group; Managing Direct, Rosemount Consulting Partners.
Headquarters: Santa Monica, CA, USA.
Key OTC features:
- Algorithm-based OTC trading that works to mitigate risk.
- Focus on user confidentiality and discretion of services.
- Transparent, competitive fee schemes.
- In-house research and trading technology designed to route trades as efficiently as possible through their trading partners with minimal market impact.
KYB: Know-Your-Broker
There’s a lot of talk about know-your-customer standards of due diligence that exchanges are expected to abide by as they add new clients. There’s less talk about how important that same kind of diligence is for you as an active trader: not all platforms and brokers are created equal, and if you don’t do your research to make sure you’re working with reputable parties, you could end up taking big hits every time you trade. So, the take-home lesson is to make sure any broker you deal with has industry expertise, a demonstrable track record, and shows professionalism.
Frequently Asked Questions
What is a Bitcoin OTC broker?
A Bitcoin OTC (over-the-counter) broker matches large buy and sell orders directly between counterparties, away from public exchange order books. Instead of placing an order on an exchange where it’s visible to the entire market, a trader works with a broker who privately finds the other side of the trade, then settles it at an agreed price.
How is OTC trading different from trading on an exchange?
On an exchange, every order is visible in a public book before it fills, which means a large order can move the price against itself as the market reacts. OTC trading keeps the order private until after execution, reducing that price impact. The tradeoff is that OTC trading depends on the broker’s network and reputation, rather than a public, rules-based order book.
How much Bitcoin do I need to trade OTC?
Minimums vary by broker, but OTC trading generally makes sense starting around 100 BTC or more, or the equivalent in other assets. Below that size, the price impact of trading on an exchange is usually small enough that OTC’s advantages don’t outweigh the added counterparty diligence it requires.
Is Bitcoin OTC trading safe?
It can be, but safety depends entirely on the broker, not the trading method itself. Because OTC trades happen privately, there’s less built-in transparency than an exchange provides. Working with a regulated broker, verifying custody arrangements, and confirming settlement practices in advance are the main ways to manage that risk.
What should I look for when choosing an OTC broker?
Track record and regulatory status, how and where custody is held, transparency around execution pricing, and whether the broker has a genuine liquidity network versus a single desk’s own inventory. A broker unwilling to answer these questions clearly is a signal worth taking seriously.
Do OTC brokers charge different fees than exchanges?
Fee structures vary widely. Some OTC brokers charge a flat rate, others build the cost into the quoted price itself. Because there’s no public order book to compare against, it’s worth asking directly how a quote is priced relative to the market at the moment of the trade, rather than assuming a quoted price is automatically competitive.
Can institutions get OTC pricing and exchange liquidity in the same platform?
Yes. Rather than choosing between a single OTC desk and a single exchange, some institutional platforms aggregate liquidity across many venues and counterparties, giving access to both OTC-style execution and exchange liquidity through one integration rather than separate relationships.
Reference to any specific commercial product, process, or service, or the use of any trade, firm, or corporation name is for the information and convenience only, and does not constitute endorsement, recommendation, or favoring by SFOX.
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