Guide
OTC desk vs crypto exchange: where to convert a large amount
For a large conversion, an OTC desk or broker quotes one rate for the whole amount before you commit, while an exchange fills your order piece by piece against its order book. XEROF is a Swiss brokerage: it prices the full size at the live rate, shows its fee on a separate line, and pays the fiat to a bank account in your own name.
Next step: see how the XEROF OTC desk works, open an account or book a call.
OTC desk or exchange for a large trade?
The difference is how the price is set. An exchange matches your order against other people's orders; a desk or broker prices the whole amount up front and settles with you directly.
- An exchange fills a large order piece by piece against its order book, so the average price is known only afterwards.
- An OTC desk or broker quotes one rate for the whole amount, known before you commit, so size does not move the price against you.
- With XEROF the fee is shown on its own line, separate from the rate.
- XEROF pays the fiat to a bank account in your own name, not to a balance on a trading venue.
- For small, frequent trades an exchange can be enough. For treasury conversions and one-off large sales, price certainty matters more.
OTC desk vs exchange, side by side
When to use which
- Use an exchange for small, frequent trades where a few basis points of slippage do not matter.
- Use a desk or broker for company treasury conversions, the sale of a long-held position, invoice or property settlements, and any amount where the price must be fixed before you commit.
Questions to ask any desk or broker
- Who is the counterparty to my trade, and how is it supervised? Ask for the membership or licence number and check it.
- Is the fee shown separately from the rate, or built into it?
- Are my assets held in a wallet in my name, or in a pooled balance?
- Is the fiat paid to a bank account in my own name?
- Which documents does the provider need on the source of the funds, and when?
How XEROF answers each of them is on the OTC desk and regulation pages; fees are on the pricing page. For the full checklist of a Swiss crypto to fiat provider, see how to choose a provider, and for the cash-out steps, how to cash out crypto.
Questions about OTC desks and exchanges
XEROF is a financial intermediary under the Swiss Anti-Money Laundering Act, supervised through VQF membership No. 100954. It is a brokerage, not an exchange.
- What is the difference between an OTC desk and a crypto exchange?
- An exchange matches your order against other people's orders on a public book, so a large order fills at progressively worse prices. An OTC desk or broker prices the whole amount up front and settles with you directly.
- What is slippage?
- The difference between the price you expected and the average price your order actually filled at. On an order book it grows with the size of the order.
- How do I sell a large amount of bitcoin without slippage?
- Through a desk or broker that quotes one rate for the full amount before you confirm. With XEROF you see the live rate for your size in XEROF Online, with the fee on a separate line, and the fiat is paid to a bank account in your name.
- Is XEROF an exchange?
- No. XEROF is a Swiss brokerage and settlement counterparty. It has no order book; every trade is priced for the full size and faces XEROF directly.
- Which assets and currencies can I convert?
- BTC, ETH, SOL, USDT and USDC, against USD, EUR, GBP and CHF.
- How is the fiat paid?
- To a bank account in your own name by Fedwire, SWIFT, SEPA, CHAPS or Faster Payments.
Converting a large amount? Our team will walk you through the quote, the settlement and the documents before you commit.