Here you can leave your reviews about the OTC Bitcoin and crypto exchanger B2C2 OTC Ltd – b2c2.com
In the comments field below you can leave your opinions or your full reviews about the famous OTC (Over the Counter) Crypto Broker and Exchanger Cashgold – cashgold.me
Here you can leave your reviews about Circle Trade – circle.com
Here you can leave your since opinion or a full reviews about Kraken OTC Services – kraken.com
Here you can leave your reviews or simple opinions about the OTC broker itBit -itbit.om
Here you can leave your reviews or simple opinions about the OTC Broker and Exchanger Genesis trading – Genesistrading.com
Here you can leave your reviews on the well know crypto OTC Broker Cumberland Mining – Cumberland.io
UPDATE 10 MAY 2020
If you are dealing with substantial amount of crypto assets (more than one million dollar or equivalent) you shouldn’t use a simple bitcoin exchanger like Coinbase or Bistamp. You should use an Over the Counter bitcoin exchanger.
What are OTC brokers or exchangers?
Over-the-counter (OTC) or off-exchange trading is done directly between two parties, without the supervision of an exchange. It is contrasted with exchange trading, which occurs via exchanges.
If you need to sell 1000 bitcoins you should not sell this kind of amount with a regular exchangers: you should rely to a bitcoin OTC exchanger, otherwise you will lose a lot of money. In fact, by selling 1000 btc in a go in a retail exchanger you will able to collapse the current price of bitcoin high enough to lose tens of thousands, if not hundreds of thousands dollars! You should connect and trade with another wealthy trader: in that way you can sell your bitcoins without exposing your trade to the market.
Also, despite saving a lot of money, OTC bitcoin exchangers and brokers are more helpful concerning KYC (Know your customers), it’s much more easy to get a seven figures bank wire from them than a well know crypto company like Bistamp and so on.
We will provide you the best OTC bitcoin exchangers and brokers nowadays.
Cashgold.me is an e-currency exchanger that was founded in 2013. They was one of the first exchangers to accept bitcoin: in 2013 bitcoin was not already widespread as today, the biggest exchanger was MtGox followed by Bitcoinica! In January 2019 Cashgold is only focusing on HNWI wealth bitcoin traders. They trade with millions worth of crypto assets every day: they are very reliable and experienced. The CEO and Founder is an early bitcoin adopter. You can get much better prices by dealing with Cashgold than the other OTC brokers and of course regular retail exchangers! The domain was registered with Namecheap in June 2013 and they are protected by Cloudflare. Fees: very low, only 0.1% and they are based Offshore.
Cumberland Mining is based in USA (Chicago): they are operated by DRW Holdings LLC, They are a global leader in cryptoassets. It was incorporated back in 1992 before moving into the world of cryptocurrencies in 2012. They also provide advisory to their clients concerning investments in the crypto field. The domain was registered with Namecheap in September 2015.
Another US company, based in Massachusetts. Circle Trade is surely one of the leaders in the international marketplace of OTC Trading of Digital Assets. They also provide advisory like Cumberland mining. The company was founded in 2013 by Jeremy Allaire and Sean Neville and they claim that the company is backed by $250 million from investors. Domain is registered with Gandi SAS registrar.
They are doing business with high-value individuals including big crypto companies. They are reliable: the website is very well done. They are based in United States. Compliance is not the best though, they can be annoying. The domain is registered with Gandi SAS, exactly like Circle Trade.
B2C2 is registered in England with registered number 10102984. Domain is registered with Namesilo and they are hosted by Amazon cloud servers. They are dealing with Bitcoin, Ethereum & fiat. They are serving mostly European based customers. They cannot onboard new clients whose expected aggregated trading volume is less than 1.000.000$/month.
They are based in San Francisco (USA), they are one of the most well know retail exchangers and from 2018 they are also offering Over the Counter trading as well. The minimum trading size to use Kraken OTC Services is 100000$ only: it may seems a very high amount for retail traders, but they are peanuts for OTC market… in fact, many exchangers in this list are accepting clients that are trading only millions of dollars every single time. Domain is registered with Namecheap.
They are based in Hong Kong: they are the only one OTC exchanger, despite Cashgold and B2C2, not based in USA in this list. So that could be appealing for someone. They claim they are the largest OTC exchanger in Asia. The minimum trading size is 100000$, comparable with Kraken OTC. Domain was registered with Godaddy in March 2016.
This is a complete list about the best OTC (Over the Counter) crypto brokers in the market right now.
If you want, add your comment suggesting other companies and website, or leave a review or your sincere opinion concerning these services.
UPDATES on 10 May 2020:
Genesistrade.com removed because of several scam report online. B2C2 updated from 8 place to fifth place, instead of genesistrade.com
Be cautious with kraken because we read several scam warning against them.
We all know that it’s not that easy to sell your Cryptocurrency (being Monero – XMR, Bitcoin – BTC, Ethereum – ETH, Litecoin – LTC, Tether, DASH, Tether) and get FIAT (being USD – EUR – CHF) into your Bank account.
Exchanger and bank Compliance, very annoying verification tasks by the exchangers, bank’s employer that ask for source of funds… It can be a pain to sell your 500 bitcoins and get a bank wire to your bank account.
First of all: the banks! Which bank account should you use?
We need to clarify that this article can’t help with USA citizens and with USA Banks.
We will not cover USA banks here!
It’s important to check which bank are not bitcoin and cripto friendly.
Crypto unfriendly banks: Clydesdale Bank, Euro Pacific Bank, Cim Banque, Barclays, HSBC, CIBC, Lloyds, Chase Bank, Santader, Natwest Bank, National Australian Bank, ANZ, Commonwealth Bank of Australia, ANZ, Westpac, Julius Baer, Hinduja Bank, Banca Stato del Canton Ticino, Caye Bank, N26, BNP Paribas, Pekao bank, PNC Bank, Bendigo Bank, Bank of Melbourne, St. George Bank, Revolut, BMO, Royal Bank of Canada, BBVA, ASB Bank, Credit Andorrà, Global Bank of Commerce, Butterfield, Keytrade Bank, Choice Bank, VP Bank, Bank of Cyprus, Hang Seng, Nedbank, Neue Bank, Bank of Valletta, Afrasiabank, Bank One, Valartis, Banif Bank, MMG Bank, Bank of St. Lucia International, Bank of Singapore, Indian Overseas Bank, Credit Suisse, Pacific Private Bank, Bank of Scotland, Halifax, Citigroup.
Of course this list cannot include all the very small and local banks, but we think it’s helpful enough. Some banks in the list above are so sensibile about bitcoin & crypto trading that will close your bank account for a single attempt to buy or especially sell your crypto assets!
Half solution that works for all the banks: cover the source of your bank wire by hiding behind a P2P (peer to peer) exchanger like Locabitcoins. In that way, your bank’s clerk cannot tell if your wire is originated by a bitcoin & crypto transaction, because he will see in the beneficiary field of your received wire, the name of a private person and not a well know crypto-company like Coinbase, Kraken, Bitstamp…
It’s not illegal, of course, to use localbitcoins and other peer to peer exchangers.
What is illegal is to lie to your bank compliance concerning the source of your income (“Why you got this bank wire?” Your bank will ask you!) and to obfuscate your crypto activity by using private traders that help you to hide your crypto acrivity by, for example, lying in the memo field of your bank wire by using fake trading of goods, fake consultations, and so on.
We do not suggest this way because it’s illegal and you can get prosecuted for money laundering. It’s better to be sincere with your bank and use a bank that accept your activity.
Finally, after talking about the banks you should avoid for getting wires from exchangers, we are going to list the best banks to get wires from bitcoin and crypto exchangers (like Coinbase, Bistamp, Kraken, Exmo).
This list is updated on May 2019. Things are changing very fast in the crypto and banking world, so it’s possible that some infos are going to be outdated in the next months.
1) Falcon Private Bank
Falcon Private Bank is a Swiss private bank based in Zurich. They are very bitcoin friendly, they can also offer you derivates of bitcoin and crypto assets. They will ask you a deposit of 500000 CHF or equivalent to invest. So they are not so easy to access. But if you are a bitcoin millionaire, it’s a top choice. Their compliance is very tight! So, people from darknet markets, you are out of luck with Falcon Private Bank. You need to prove the origin of your wealth and they will check if your coins are tainted with black markets activities.
Unicredit is the bank that Bitstamp always used. It’s one of the biggest banks in the world, Italian’s origin. Also their sub-products like Fineco are bitcoin friendly. We suggest to get a Private Bank account because the retail one couldn’t be always crypto friendly.
With Vontobel you bank the proper Swiss way. It’s a private bank in Switzerland: to become a customer you need to deposit at least 500000 CHF or equivalent in major currencies. Many crypto millionaires are using this bank.
4) Byblos Bank
Byblos Bank is based in Lebanon and you need to go there to open a bank account with them. You need to deposit at least 500000 USD to get a private bank account. They support SWIFT and all the major currencies. Bank wires from exchangers like Coinbase, Bitstamp, Kraken, Exmo are more than welcome.
5) FirstCaribbean International
FirstCaribbean International was a bank very famous between online poker gamblers. They are a very open bank and they accept bitcoin and crypto transaction. Nowadays you need to have some ties to the Caribbean islands before open an account with them. If you got a tax free residence in the Bahamas, they are a top notch choice.
6) Cayman National Bank
We all remember Gordon Gekko’s lawyer that hand out a paper with bank accounts details in Cayman Islands to Buddy. Cayman National Bank is accepting bitcoin related transaction. Account opening could be cumbersome though.
7) Abu Dhabi Commercial Bank (ADCB)
This bank has improved a lot and is now one of the best banks in the Middle Eastern region. You can call your account manager in the middle of the night local time and he would be happy to answer you call! Accepting bitcoin related transaction in any kind of amounts!
8) Toronto-Dominion Bank (TDB)
They are positive about bitcoin transactions: they have a decent compliance. Of course you should not abuse their patience.
9) Gorenjska banka d.d.
This Slovenian bank is interesting if you want to open a bitcoin related business (for example an exchanger): moreover they accept traders. Usually you don’t need a Slovenian residence to open an account here.
10) Banque de Luxembourg (BDL)
Excellent bank based in Luxembourg: you cannot open the bank account online but you need to visit their branch. You need to deposit at least 100000€ or equivalent in the major currencies. They are impressive, one of the best banks in Europe.
Banks to avoid even if they are somewhat bitcoin friendly:
Fidor Bank AG: Rude, incompetent bank, their client support is disgusting and way unhelpful, account opening app is full of bugs that are not fixed even after your feedback. They can lock your account at any day and keep it locked for months without explanation. Avoid this silly bank at all cost!
I found this guide on Reddit and I think it’s worth to share. I have used this guide successfully and I am sharing it here because it can be useful for other crypto users!
So, this guide is written for free and just for information.
I do not promote any kind of illegal behaviour.
This guide is written for anyone that wants to cash out, to withdraw, large amounts of bitcoins (or cryptocurrencies, like Monero, Ethereum) into a bank account.
I cant’ help Unites States of America readers, unfortunately all the exchangers (almost) do not accept USA citizens or residents.
How much is large: we are talking about 2 millions dollars or more (or equivalent in crypto).
The attitude of banks towards crypto is changing slowly, but it is still a though stance.
So, let’s say that you obtained millions of dollars worth of BTC, XMR (maybe illegally, selling drugs in the dark web, I don’t judge you but still I don’t want to know). What to do next?
What exchanger to use to cash out large amounts of crypto into banks?
Well, first of all never use a retail exchanger like Kraken, Bitstamp, Bitfinex. Huge pain in the ass, over zealous compliance and so on.
I suggest you to use an OTC exchanger.
Why? They are already prepared to handle millions. They are liquid. They have no problems to process 20-30 millions daily to your bank account.
KYC and verification is still here but it’s not a pain the ass.
What OTC do I suggest?
I can surely suggest CASHGOLD.
Easy verification, one of the oldest BTC exchangers (founded in 2013), helpful staff, never been hacked in all these years.
Then I could suggest you something like Cumberlandmining and B2C2, but they are a step below CashGold.me in my opinion (at least for our aims).
You don’t have a bank account? No problems. CashGold can give you several suggestions about what bank you need to use.
They have connections with several banks in Europe (especially Switzerland) and Caribbean area. So just drop an email to their support ( [email protected] ) and they will help you in all your needs.
Their fee is 0.1%, aligned with the best of the industries.
I don’t suggest you to cash out entirely, I suggest you to cash out maximum 90%, keep your 10% in crypto, so you won’t regret if crypto will go higher in prices.