What is a crypto OTC desk?

A crypto OTC desk quotes a price for a large trade and settles it directly with the client, outside a public order book. Businesses use one to trade size with less price impact.

What is the minimum trade size for a crypto OTC desk?

It varies, and published figures conflict. Kraken’s own pages state both $50,000 and $100,000. B2C2 says clients can trade from 0.0005 BTC, and Cumberland and Coinbase Prime state no minimum on the pages read, so ask each directly.

What is the difference between a principal and an agency OTC desk?

A principal desk trades against you for its own account, so its price reflects its own position. An agency desk executes your order with other venues or desks for you. Cumberland says it is a principal trading firm, and Coinbase Prime describes agency-only execution.

How does OTC settlement work?

It depends on the desk. Kraken settles instantly from an account balance and offers up to 24 hours to eligible clients, Cumberland settles all trades after the trade, and B2C2 says it offers flexible settlement terms. Ask what happens if a settlement fails.

Do I need an EU-authorised counterparty to trade OTC in the EU?

ESMA confirmed in April that from 1 July 2026 any entity providing crypto-asset services to EU clients needs MiCA authorisation. Ask which entity you would contract with and what authorisation it holds. B2C2 and Coinbase both state MiCA licences.

Best Crypto OTC Desks for Businesses (2026)

Defining the best crypto OTC desk for a business is difficult. Even the published minimums disagree. Kraken’s OTC page sets the entry point at $50,000, with a footnote saying that figure is available to OTC clients in certain jurisdictions, and its support article agrees. Its Bitcoin OTC page says $100,000, and the pages don’t say whether the gap is jurisdictional. Third-party guides repeat both figures, and give Cumberland’s minimum as anything from $100,000 to $750,000. Cumberland’s own FAQ states none.

Size isn’t the only factor separating the desks: whether the desk trades against you as a principal or executes for you as an agent, and how settlement and custody work between the trade and the money arriving is even more important.

Everything below comes from each desk’s own pages, as read on 15 October 2026.

Disclosure: Xchange360 operates an OTC desk. It is not included in this comparison.

What an OTC desk does for a business

An OTC desk quotes a price for the full size of a trade and settles it directly with you, instead of working it through a public order book. Our OTC guide covers the basics, and our guide to executing large crypto trades covers why size moves prices. The trade-off is that you take on counterparty and settlement risk.

How we compared these

Eligibility and stated minimum.
Execution model. Principal or agency.
Settlement. Pre-funded, same-day or post-trade.
Custody. Who holds your assets between trade and settlement.
Fiat and asset coverage.
Licensing and how openly the desk publishes its terms.

At a glance

Desk	Execution model	Stated minimum	Settlement	Custody
Kraken OTC	Desk and RFQ portal; principal or agency not stated	$50,000 in certain jurisdictions; $100,000 on its Bitcoin page	Instant from account balance; up to 24 hours for eligible clients	Does not custody counterparties’ assets, per its Bitcoin page
Coinbase Prime	Agency only	None stated	Prime manages pre-funding and settlement	Integrated qualified custodian
Cumberland	Principal	None stated	Post-trade	Not stated
B2C2	Liquidity provider; principal or agency not stated	From 0.0005 BTC; maximum negotiated	Flexible terms	Not stated
BCB Group	OTC orders and RFQs; model not stated	None stated	Bank rails via payment accounts	Not stated

Kraken OTC

Kraken says OTC clients can access all pairs listed on Kraken or trade 150-plus pairs through the OTC portal. Access requires a Pro-level verified Kraken account, and its Bitcoin OTC page says the desk charges no fee and shows an all-inclusive price. Settlement runs two ways: automated settlement from a funded account balance, within seconds, and for eligible clients flexible settlement, which lets a trade settle within 24 hours through a Kraken account, a bank or an external wallet. USD can be wired to a bank account, and other fiat currencies settle to the Kraken account.

The same Bitcoin page, which also carries the older $100,000 minimum, says Kraken OTC does not custody assets on behalf of trading counterparties. Kraken’s OTC page says OTC services are offered by Payward Oceanic Ltd. to eligible clients only, which is the entity to ask about for licensing.

Flexible settlement means an open obligation of up to 24 hours, so ask what limits apply to it. The Kraken pages read for this guide don’t say whether it trades as principal or agent.

Best for: businesses that want an exchange-brand desk with a published entry point.

Coinbase Prime

Coinbase’s Prime page describes agency-only execution through a smart order router that aggregates liquidity across exchanges, OTC desks and market makers, with RFQ order types and a high-touch agency desk. That makes Prime a broker that routes to desks, which is a different model from a principal counterparty. Coinbase says Prime manages pre-funding, settlement and key management end to end, that custody sits with a New York-chartered qualified custodian, and that its MiCA licence covers all 27 EU member states. The page also notes that trading venues not connected to Prime may offer better pricing. It shows no minimum or fee table.

Best for: institutions that want execution and custody under one regulated broker and accept agency execution.

Cumberland

Cumberland’s FAQ says it is a principal trading firm that trades for its own account at its own risk and charges no fees: it calculates a price from index prices, market liquidity, volatility and its own position. All trades settle post-trade, which is its FAQ’s answer to whether it requires pre-funding, and API trades settle in a roll-up that nets each 24-hour period. It transacts in USD, EUR, GBP, CHF, JPY, CAD, AUD and SGD, and clients trade by voice, through its Marea streaming platform or by API.

Post-trade settlement means the desk carries your settlement risk, and the FAQ says clients must be approved as counterparties first. It states no minimum and no licences, so ask for both.

Best for: businesses that want a principal counterparty and can pass counterparty approval.

B2C2

B2C2’s FAQ says it provides 24/7/365 liquidity in more than 75 crypto and fiat pairs, with streaming prices and execution through REST, WebSocket and FIX APIs, a web interface and voice. It offers flexible trade size and settlement terms, in contrast to peers it says require same-day settlement and high minimums, and says clients can trade from 0.0005 BTC up to multi-million dollar blocks, with the maximum negotiated individually. Its clients include payment companies and fintechs, and it does not serve retail clients. SBI acquired it in 2020, and B2C2 says it remains a standalone company.

On licensing, B2C2 says its UK subsidiary, B2C2 OTC Ltd., is authorised and regulated by the FCA. B2C2 also announced that Luxembourg’s CSSF authorised B2C2 Europe as a crypto-asset service provider on 13 May 2026, which it says is a first for a global OTC liquidity provider. Its law firm says the licence covers exchanging crypto-assets for funds and for other crypto-assets, and executing orders.

Best for: institutions, payment companies and fintechs that want an EU-authorised liquidity provider with flexible terms.

BCB Group

BCB’s guide lists OTC limit orders, market orders and RFQs, plus payment and e-money accounts in more than 20 fiat and digital currencies connected to Faster Payments, SWIFT and SEPA. Its licences page lists authorisation as a payment institution by the UK’s FCA, as an e-money institution by France’s ACPR, registration with France’s AMF as a digital asset service provider, and membership of Switzerland’s VQF. It does not mention a MiCA CASP authorisation, so check that separately if you need it for EU use. BCB doesn’t state on the pages read whether its OTC desk trades as principal or agent.

Best for: businesses that want OTC execution and fiat accounts in one group.

Which desk for which situation

Your situation	Where to look
You want an exchange-brand desk with a published entry point	Kraken OTC
You want execution and custody under one regulated broker	Coinbase Prime, accepting agency execution
You want a principal counterparty and can pass approval	Cumberland, which states it is a principal
You need a counterparty with a stated MiCA licence	B2C2 or Coinbase Prime
You want OTC and fiat accounts in one group	BCB Group
Your trades are below the stated minimums	An exchange or an off-ramp provider

Six questions to ask any desk

Principal or agency, and what lands net? Who is on the other side of your trade, how is the price built, and what arrives after spread? Our guide to the real cost of crypto payments shows how spread hides.
When do you pay and when do you receive? Pre-funded, same-day or post-trade, and what happens on a failed settlement.
Who holds your assets between trade and settlement? Ask whether custody is segregated.
What are the eligibility checks and onboarding time? Our guide to KYC for crypto payments covers what to prepare.
Which fiat currencies, rails and cut-offs apply?
Which entity do you contract with, and what licence covers it where you operate? Our guide to MiCA CASP authorisation covers the EU position.

The best desk for a business is the one whose execution model, settlement terms and custody arrangements fit how it trades, and whose contracting entity holds the right licence for where it operates. Published minimums and terms change, so check each against the desk’s current pages before you commit.

For how Xchange360’s OTC desk works, see OTC Desk.

This article is general information, not financial or legal advice.