BTSE, a British Virgin Islands-based crypto exchange, announced on Thursday the addition of request-for-quote (RFQ) facility to its over-the-counter (OTC) desk.
Unlike traditional OTC trading desks, BTSE’s tool will allow traders to obtain a quote on a fixed and agreed-upon price before purchase. This, according to the exchange, will enable eliminate price slippage between the executed and expected price, which traders complain about very often.
“BTSE’s OTC RFQ is a useful tool for investors, traders, business partners, and commercial players who want to leverage BTSE’s services as a liquidity provider,” Jonathan Leong, founder and CEO of BTSE, commented on the development.
“It’s currently difficult to confirm prices before actioning trade activity, but with an instant RFQ, users can determine the price before they make a purchase.”
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The services will be available for the OTC purchases of Bitcoin, Ethereum, Litecoin, Monero, and the exchange’s native BTSE token, along with stablecoins like Tether, TrueUSD, and USDC.
Targeting both retail and professional traders
BTSE is also highlighting that its RFQ feature will have a lower limit of $1 while the upper limit has been set at $100,000, meaning the exchange is targeting both retail and institutional clients.
The platform will allow traders to place orders on its OTC desk with major digital currencies, stablecoins, and an array of fiat including US dollar, Japanese yen, euro, and UAE dirham.
BTSE also told Finance Magnates that it has seen a spike of 120 percent in its OTC desk over the past two weeks as the Bitcoin market is steaming for a rally.
Meanwhile, the British Virgin islands-registered exchange is also aggressively expanding crypto offerings. Earlier this month, the exchange unveiled a crypto-fiat debit card when giants like Binance are also launching similar products.