You have probably come across this article because you are considering buying crypto using OTC trading. What is OTC trading and why is it better than buying crypto from a regular exchange? OTC (over-the-counter) trading is an exclusive, personalised VIP service offered to high-volume traders, with several benefits:
Since the cryptocurrency market is still growing, the liquidity on regular exchanges may not be high enough to satisfy a large-volume order. By placing a big order on an exchange, the price of the crypto you want to purchase may continually increase to fulfil your entire order (this is called slippage). With an OTC trade, you will guarantee your price for a single buy order.
On traditional cryptocurrency exchanges, the liquidity may not be enough to process a trade of significant volume. By trading OTC, you will have access to deeper liquidity.
On a traditional cryptocurrency exchange, a large trade may take several days to be fulfilled, if the liquidity is not there. By using an OTC trading service, you will be able to process your order quicker.
By placing a large order on the crypto market, your order may be split into several smaller orders to facilitate your entire order, increasing the price in the process (a term known as slippage). With an OTC trade, you will have less slippage as your order is processed separately from the market.
Instead of your large-volume order being split into smaller orders on the crypto market, OTC trading allows you to access the same price for your total order.
High-volume traders refer to high-net-worth individuals and institutional investors trading over $100 000 per trade. If you are looking to buy cryptocurrency at lower amounts, then I suggest you check out this article on the best crypto exchanges for Aussies. If OTC trading is for you, then continue reading about the top crypto OTC brokers for Australians.
Top Crypto OTC Brokers for Australians
|OTC Broker||Features||Score||Sign Up|
Best OTC Broker in Australia
☑️ Almost zero slippage even on extremely large orders due to unique access to multiple international liquidity pools
☑️ Fees of 0.6% and a lower custom fee structure can be arranged on a personal basis
☑️ Over 270+ different cryptocurrencies available
Lowest fee OTC broker
☑️ Australia's most secure and trusted broker, with ISO 27001 certification
☑️ Low fees of only 0.1% with instant access to assets after trade settlement
☑️ Over 290+ different cryptocurrencies available
Optional insurance cover
|Independent Reserve |
☑️ Insurance cover available to cover up to $5 million worth of crypto assets
☑️ Fees of 0.5% that can be discounted with large 30-day trading volume
☑️ Can deposit in four fiat currencies: AUD, USD, SGD & NZD
Another OTC option
|Digital Surge |
☑️ Trading fees of 0.5% that can be discounted with large 30-day trading volume
☑️ Access to over 270+ different coins
☑️ Regularly updated multi-layered security, with majority of digital assets stored offline
#1 Best crypto broker in Australia
Swyftx is Australia's top-rated crypto OTC desk, with a 4.8 star rating on Trustpilot. They offer OTC trading services to high-net-worth individuals, SMSFs and institutional clients who need to fill orders that could potentially disrupt market prices.
If you want to place large orders (over $100 000) of Bitcoin, Ethereum or one of 280+ other cryptocurrencies, Swyftx will provide you with excellent service and assist you with settlement and ongoing support. They have unique access to multiple global liquidity providers which allows them to minimise their spreads and process huge orders with almost no slippage. Their fees of 0.6% per trade are about the industry-standard, and you can arrange a lower custom fee structure when you speak to your account manager.
To receive exclusive OTC service with Swyftx, simply open an account, then make contact with their High Value team, either by Live Chat or email, and they will assist you from there.
Lowest fee Aussie OTC broker
CoinSpot is an excellent choice for OTC trades, as it is the most secure and trusted in Australia. It is the most audited crypto broker, being the only one with the ISO 27001 certification, so you know that your funds can be trusted with them.
CoinSpot offers over 290+ cryptocurrencies, which is more than any other Australian crypto exchange, and has the lowest OTC fees of only 0.1% per trade, with instant access to your digital assets after the trade has settled. CoinSpot's professional Trading Desk is extremely helpful with assisting you to incorporate cryptocurrency into your portfolio. This includes facilitating high value deposits and withdrawals, blockchain training & education, best practice blockchain security processes and SMSF & Business Account on-boarding.
With a lower minimum trade amount of only $50 000 compared to most other OTCs (usually $100 000), CoinSpot is a great option as an OTC broker. If you want to get started, click the green button above to open an account, then simply contact the High Value team by Live Chat or email, and they can get you set up.
Australian OTC Broker with insurance cover
Independent Reserve is another great choice of OTC broker, with insurance cover included if you upgrade to the Premium Account Plan. This covers you against any theft or loss of digital currency that is held in an Independent Reserve wallet. The Diamond Account Plan includes insurance for $5 million AUD worth of cryptocurrency, as well as 0.01% reduction in trade fees.
Independent Reserve offers fewer cryptocurrencies than other OTC brokers, with only 26 different coins, but it supports many of the most popular ones, such as BTC, ETH, LTC XRP and ADA. It is a good choice if you need a range of fiat currencies, as Independent Reserve supports AUD, USD, NZD and SGD. The minimum transaction amount for OTC trades are $100 000, and the fees start at 0.5% per trade, which can be reduced with increased 30-day trading volume.
With instant support Monday to Friday, (9am - 5pm Sydney time), and end-to-end service from the initial expert consultation through to trade execution and same day settlement, Independent Reserve is an Australian OTC broker to consider when making your choice. To start your personalised service with Independent Reserve, open an account with the green button above, then get it touch with the OTC desk who will assist you.
An alternative Australian OTC Broker
Digital Surge is another option for Australians looking for an alternative OTC broker to the top 3. Digital Surge is a lesser known broker, but still has features that keep it in contention, including fees of 0.5% which can be discounted according to 30-day trading volume, and over 270+ different cryptocurrencies.
The minimum transaction amount on Digital Surge is $250 000, which is higher than most of the other OTC brokers out there, but their trades are executed swiftly and they have excellent personalised customer support.
To get started with Digital Surge, open an account with the green button above, and contact the OTC team via their Live Chat.
Top OTC Brokers - individual breakdowns
Keep on reading below for more detailed information on the best OTC Brokers for Australians. To jump straight to the broker you are interested in, click on the links below:
Swyftx - best Australian OTC crypto broker
Swyftx is Australia's best cryptocurrency broker for several reasons. Keep reading to find out how it stacks up in various areas.
Swyftx offers an excellent user-experience, with a sleek and simple online interface that allows for easy navigation on both mobile and desktop applications. Swyftx provides an end-to-end service to all its OTC clients. This includes an initial consultation, trade execution and ongoing support. OTC desk trades are flexible and settled instantly, so all assets can be immediately accessed after settlement.
Swyftx charges ZERO fees for AUD deposits and withdrawals to Australian bank accounts.
For trading, Swyftx charges 0.6% fees on each transaction. High volume traders can access reduced fees.
Over 270+ cryptocurrencies
Swyftx is an OTC broker with one of the widest ranges of cryptocurrencies, with more than 270+ different coins available. With its access to a network of global liquidity providers, Swyftx can execute substantial OTC trades on all their coins with minimal spreads.
All of the best Australian OTC crypto brokers have high-level security, and Swyftx is no exception, and has not had a security breach since its establishment in 2017. The security measures used include 2FA, biometric authentication, and breached password detection, and Swyftx is registered with AUSTRAC to fight against money laundering and financing of terrorism. It is a secure and legitimate OTC broker, that you can trust to take care of your digital assets.
The Swyftx online interface is user-friendly, and the High Value team provide excellent service to its clients. With over 270+ cryptocurrencies, extremely low slippage and instant settlement, Swyftx is my #1 choice for Aussies.
CoinSpot - lowest fees OTC broker
CoinSpot is another one of my top picks for best OTC cryptocurrency brokers. Find out more about this Australian broker below.
CoinSpot has always focused on its customers, and the OTC desk is no difference. You have access to a professional trading broker to assist with all aspects of incorporating cryptocurrency into your portfolio. This includes the facilitation of high value deposits & withdrawals, blockchain training & education, best practice blockchain security processes and Self Managed Super Fund & Business Account on-boarding.
Minimum transaction amount on CoinSpot is only $50 000, and assets are available instantly after trade settlement. The CoinSpot website and app are both very easy to use, and if you have any issues, you can receive support instantly via Live Chat.
CoinSpot charges ZERO fees for AUD deposits using POLi, PayID, and direct deposit (OSKO). BPAY deposits incur a small fee of 0.9% and cash deposits at a newsagent will cost you 2.5% in fees.
Withdrawals in AUD from CoinSpot to Australian bank accounts are free of charge.
Trading fees on CoinSpot are extremely low, at only 0.1%, which is the lowest among the best Australian OTC crypto brokers.
Over 290+ cryptocurrencies
CoinSpot has the biggest range of digital assets available out of all the crypto exchanges in Australia, with over 290+ different coins. They regularly add new coins, so you can be among the first to access these. With lock-in pricing on CoinSpot, you can eliminate slippage and minimise the risks normally associated with high volume trading, giving you the best price on any of the coins you choose to buy.
CoinSpot is the gold-standard when it comes to security, and it is the most trusted and secure OTC crypto broker in Australia. On top of all the standard security practices such as 2FA, biometric authentication, and storing the majority of assets in offline cold storage, CoinSpot is the most audited OTC broker - the only one in Australia to be awarded the ISO 27001 certification.
CoinSpot's top-notch security, wide range of 290+ coins, and low trading fees of 0.1% make it a great choice for Australians looking for an easy-to-use OTC broker.
Independent Reserve - optional insurance cover
Independent Reserve is a unique Australian OTC cryptocurrency brokers, in that it offers insurance cover against any theft or loss of digital currency held in their online wallet. Read more about Independent Reserve's features below.
Independent Reserve offers a premium OTC service for SMSFs, institutional clients and high-net-worth investors. It is used by over 8000 SMSFs which gives you an idea of the quality of their professional customer service. Their OTC team is comprised of veteran traders, providing you with exclusive access to their experts every step of the way, from account creation through to trade settlement and post trade insights.
Independent Reserve's minimum order amount is $100 000, and trades are typically settled on the same day. A couple of downsides of Independent Reserve is their website is not as sleek or user-friendly as some other crypto brokers, and there is no mobile app available, which is an inconvenience.
Independent Reserve fees
Deposit fees vary based on the method of deposit you choose. They are as follows:
Electronic Funds Transfer - FREE if you deposit AUD 100 or more. Smaller deposits incur AUD 0.99 fee.
PayID / OSKO - FREE if you deposit AUD 1000 or more. Smaller deposits incur AUD 2.50 fee.
International Deposits - FREE for NZD and USD deposits of $5000 equivalent or more. Smaller deposits incur $15 fee.
Withdrawals in AUD are free, or $1.50 if you want NPP instant withdrawals. International or non-AUD withdrawals incur a fee of $20.
Trading fees start at 0.5%, which can be reduced with large 30-day trading volume as shown in the table below.
Independent Reserve doesn't offer as many cryptocurrencies compared to other Australian OTC brokers, but it has 26 popular coins, including BTC, ETH, LTC XRP and ADA. Independent Reserve's focus on a smaller number of digital assets means that they have deep global liquidity. Whether you want to trade $100 000 or $10 million, they can execute the order for you through their deep local and global networks with minimal slippage.
Independent Reserve security
Independent Reserve has taken extensive measures to ensure your information is kept confidential, and your crypto secure. Their core servers are securely located at two Tier 3 data centres in Sydney, Australia, which allows them to synchronously replicate all data, preventing any data loss in case of an outage at one site.
All personal information is protected to ensure privacy, with all data signed and encrypted multiple times using keys spread across four data centres.
The vast majority of digital assets are secured by multi-layer encryption and kept offline in cold storage, on digital hardware storage devices that are stored in physical vaults in geographically diverse locations. Each of the vaults is secured by several layers of physical security, as well as biometric authentication of every person who accesses the vaults.
For additional protection for its investors, Independent Reserve offers insurance cover with a Premium Account. The highest level of cover insures $5 million AUD worth of digital assets.
Independent Reserve has a limited range of coins, but they offer a unique optional insurance cover that is not found at any other OTC crypto broker. If you need cover against your digital assets, Independent Reserve is the broker for you.
Digital Surge - another OTC broker for Aussies
Digital Surge is another option if you are looking for an Australian OTC crypto brokers that isn't one of the big 3. It is a lesser-known OTC broker, but is a legitimate and secure choice for Aussies. Learn more about Digital Surge below.
Digital Surge has a very modern interface on both its desktop site as well as its mobile app. It is easy to navigate, and if you run into any issues, Live Chat support is readily available. There is also an interesting feature that is not readily found elsewhere - the ability to pay your bills and credit cards using Bitcoin. This is great news not only because it makes it convenient, but because it signals a wider adoption of cryptocurrency into the mainstream.
At Digital Surge, the minimum OTC trade amount is $250 000, which is significantly higher than the industry-average, but the settlement is still quite quick, usually happening within a few hours.
Digital Surge fees
Depositing with Digital Surge is free when using PayID, but there is a fee for POLi deposits. The fee starts from $2 and is capped at $3.30.
Withdrawals in AUD to Australian bank accounts are free of charge.
Trading fees on Digital Surge are 0.5%, but can be reduced with large 30-day trading volume. As seen below, fees can be reduced to 0.1% if trades exceed $1 million in the previous 30 days.
Digital Surge has a substantial range of over 270+ different coins. This is quite good from a newer OTC broker that is not as popular as Swyftx and CoinSpot. All of the popular cryptocurrencies like BTC, ETH, BNB, ADA and XRP will be readily available, as many more altcoins that you may not have heard of yet.
Digital Surge security
Digital Surge is diligent in regularly updating its multi-layered security to protect its users. The vast majority of digital assets are held securely offline in cold storage. Any deposits made via PayID and POLi are secure and instantly received in your account 24/7. With your withdrawals, 2FA (two-factor authentication) is required to provide an additional layer of security. Digital Surge is registered with ASIC and AUSTRAC, working to prevent money laundering and terrorism financing.
Digital Surge has a user-friendly and intuitive platform, with over 270+ different coins available. For those looking for an alternative OTC broker to the main ones, Digital Surge is an option worth considering.
These are the top options for OTC crypto services in Australia, of course there are many others but the options above should supply you with all the trading options you want.
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