Trade Digital Assets on Bittrex OTC

Bittrex allows for the purchase or sale of BTC, USDT, XRP, LTC, ETH, and many other digital assets through the Bittrex OTC desk.  Approved customers wire funds to our bank in the United States or deposit cryptocurrency to your Bittrex account and initiate large block OTC trades.  When you send funds to Bittrex via wire transfer you are not depositing USD, you are buying digital assets directly from us. 

Why does Bittrex allow large block trades?

Bittrex offers the ability to quickly trade large blocks of cryptocurrency to approved customers through the Bittrex OTC desk.  We offer qualified customers the opportunity to buy or sell cryptocurrency with guaranteed pricing for large trades, reducing customer price risk, and offering quick trade execution.  Once we process your wire transfer or receive your cryptocurrency deposit, we will send the purchased cryptocurrency or USD to your existing Bittrex account.

How does the OTC trade work? 

  • Given the live trading price of cryptocurrencies, the purchase process is as follows:
    • Requesting OTC Trading access and placing your first order:
      • When you first enter an OTC trade request, Bittrex must obtain some additional information from you in order to approve you for OTC Trading.
      • Click here to open an "OTC Trade Request"
      • An agent will respond with a source of funds questionnaire and a master purchase agreement that must be completed before you can be added to the approved OTC traders list.
      • Once completed, the agent will inform you of your acceptance into the program and provide wire transfer instructions.
      • All future OTC Trading requests can be placed using the same request form.
    • Once Approved: The OTC trading desk will reply to your ticket Monday-Friday 9:00-18:00 Pacific Standard Time with the settlement price for the transaction.  Pricing will be valid for up to 1 hour.  Bittrex can update pricing for volatile market conditions prior to customer acceptance.
    • To Confirm your trade:
      Reply to the Bittrex support ticket that you accept the quoted pricing.  Once you provide agreement to trade, the OTC desk will execute your trade and settle funds or cryptocurrency into your Bittrex account within 48 hours of receipt of your wire funds or cryptocurrency.  

What do we require from you to process your Wire Transfer?

  1. Identity Verification: Your Bittrex account must be Identity Verified from the Settings page on Bittrex.com.
    • Log into Bittrex.com -> click ‘Settings’ -> click ‘Identity Verification’
    • Follow the instructions to upload your selfie and government ID
    • Our system must confirm your identity has been successfully verified
  2. Company Verification: If you are trading on behalf of a company or other organization, you must first receive corporate account approval before we can process your wire transfer purchase requests.
  3. Reside in Approved Location: or be operating in a location that permits us to accept your wire transfer. Most locations are permitted; however we cannot process sales from all countries and all US states due to government regulations.
  4. File Support Ticket: Before releasing your wire transfer you must submit a support ticket with all necessary information hereOTC Trade Request
    • USD amount you will send (typically $250,000 USD or greater)
    • Cryptocurrency you intend to purchase (e.g. USDT, BTC, XRP, LTC, ETH, etc.)
    • Incoming bank information
    • Your Bittrex account email
    • Select international or domestic Wire
    • Source of wealth / source of funds questionnaire responses
  5. Collect Correct Wire Instructions for you (International or Domestic): You will receive an auto-response email after you submit a support ticket from the previous step with one of two sets of our wire transfer instructions.
    • International wire instructions
    • Domestic wire instructions
  6. Wire from Known Source: Source of incoming wire transfer funds must match your account (e.g. your name or a pre-approved company name) email otctradingdesk@bittrex.com for any questions.
  7. Update your support ticket: respond to the auto-response (the email we sent you containing international or domestic wire transfer instructions) confirming you have released your wire transfer
  8. Ticket for every wire: You must submit a new support ticket prior to each time you release a wire transfer to Bittrex. Wires without corresponding support tickets will not be processed, regardless of your wire transfer purchase history.

How does Bittrex process your cryptocurrency purchase request?

  • Settlement: Each incoming wire transfer must be settled in our bank account. Settlement into our account is usually same day for Domestic wires. For international wires, this can often take three business days. Bittrex has no control over any banking-related delays. Wires sales are only processed on US business days.  
  • Associated support ticket: A support ticket must be submitted prior to processing here: 
  • OTC Trade Request
  • Same-day or Next-day Processing: All correctly received wire transfer purchases will be processed same-day or next-day unless we inform you directly otherwise.
  • Confirmation and Send: Purchased cryptocurrency along with email purchase confirmation will be sent to your Bittrex account.
  • Blockchain delays: All purchases sent to you are subject to public blockchain confirmation times out of Bittrex’s control. Public network congestion can cause Bitcoin and Ethereum sends from Bittrex to take longer than an hour to confirm.

Caution

We will return your wired funds to you at your cost if the instructions outlined above are not followed, most importantly if:

  • The name of the source of funds is unknown or does not match a name (either you or the organization you represent) associated to the Bittrex account in question
  • The source of wire funds is from an organization that has not yet been approved for a corporate account.
  • You fail to file a support ticket appropriately here: OTC Trade Request
  • You fail to reply to any direct outreach from Bittrex regarding your wire

Wire Funds Troubleshooting Guidelines

Please check your transaction for these common errors:

  1. The name on your Bittrex account does not match the account holder name from the Bank. It may be a company name that was not registered with us.  We will not be able to process your wire unless it matches information we have in your ticket. Please update your ticket with this information. We will return wires for companies that have not already registered with us and names we cannot match to accounts.  Note some credit unions and brokerages use their own account names when sending wires and we will not be able to process them without additional approval.
  2. The routing number or account number you sent the wire to may have been entered incorrectly. Check the instructions we gave you and compare the numbers to your receipt. If you are sending from outside the United States make sure you send using our international wire instructions, not the domestic wire instructions. If there is an error, you will need to contact your bank.
  3. For international wires, the Swift code or ABA number of the intermediary bank may have been entered incorrectly. Check the instructions we gave you and compare the numbers to your receipt. If there is an error, you will need to contact your financial institution.

What do we require from you to purchase cryptocurrency from you?

  1. Identity Verification: Your Bittrex account must be Identity Verified from the Settings page on Bittrex.com.
    • Log into Bittrex.com -> click ‘Settings’ -> click ‘Identity Verification’
    • Follow the instructions to upload your selfie and government ID
    • Our system must confirm your identity has been successfully verified
  2. Company Verification: If you are trading on behalf of a company or other organization, you must first receive corporate account approval before we can process your wire transfer purchase requests.
  3. File Support Ticket:
    • Nominal USD amount you intend to trade (typically $250,000 USD or greater)
    • Cryptocurrency you intend to sell (USDT, BTC, XRP, LTC, ETH, etc.)
    • Your Bittrex account email
    • Source of wealth / source of crypto questionnaire responses
  4. Wire Settlement: Bittrex can settle transactions via bank wire versus settlement in Bittrex USD wallet for customers in approved locations.  Most locations are permitted; however, we cannot process sales from all countries and all US states due to government regulations. For wire settlement, Bittrex must first confirm ownership of bank account. Use this form to verify your bank account: Corporate and Fiat Trading Account Request
  5. Ticket for every trade request: You must submit a new support ticket for each trade request. Trade requests to otctradingdesk@bittrex.com will not be processed without a corresponding trade request ticket. 

How does Bittrex process your cryptocurrency sale request?

  • Associated support ticket: A support ticket must be submitted to process trade: OTC Trade Request
  • Settlement: Cryptocurrency in your Bittrex account will be withdrawn to the Bittrex OTC Trading Desk wallet address.  
  • Confirmation and Send: Fiat will be deposited to your Bittrex account or sent via bank wire, for approved locations. A purchase confirmation will be sent to your Bittrex account.
  • Blockchain delays: All purchases sent to you are subject to public blockchain confirmation times out of Bittrex’s control. Public network congestion can cause Bitcoin and Ethereum sends from Bittrex to take longer than an hour to confirm.

 

 

 

 

 

 

 

 

 

Was this article helpful?
2 out of 2 found this helpful
Have more questions? Submit a request