Swyftx Cryptocurrency Exchange
- 170+ cryptocurrencies
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Bitcoin’s monumental performance in 2021, as well as the increasing coverage of digital coins in the mainstream media, have attracted traders of all shapes and sizes looking to break into the world of cryptocurrency. While retail investors typically look to purchase modest amounts, you may want to purchase a large amount of Bitcoin in one go, which is where certain exchanges and OTC desks come in handy. By using one of these specialised services, you will be able to cut down on the costs involved compared to using a regular exchange.
Before going any further, it’s important to consider what actually constitutes a large amount of bitcoin. Of course, the definition of “large” will be different for everyone. A sizable trade for you will vary depending on factors like your income, net wealth, experience with digital currency and overall level of risk tolerance.
However, for the purposes of this guide, we’re talking about individual trades worth anywhere north of $10,000 and potentially into hundreds of thousands or even millions of dollars.
The two main options when buying a lot of bitcoin are to either purchase through a traditional cryptocurrency exchange or to use an over-the-counter (OTC) exchange. Each type of platform has its pros and cons, so let’s take a closer look at which one might be right for you.
Traditional exchanges offer a simple and straightforward way for their customers to buy bitcoin and other crypto coins. These centralised platforms allow buyers and sellers to trade cryptocurrencies based on current market prices, with the exchange acting as an intermediary between the two parties. Examples of such exchanges include Binance, CoinSpot and Coinbase.
You register for an account, deposit fiat or cryptocurrency to your trading balance, and then place an order to buy your desired number of coins. All buy and sell offers are listed in a publicly available order book.
Which traditional cryptocurrency exchanges are well set up to support large trading amounts? Check out the brief reviews below for more details on the transaction and withdrawal limits that apply on a selection of popular exchanges, as well as the steps you’ll need to complete to access those limits. All figures quoted are accurate at the time of writing (27 April 2018).
Binance is a crypto-only exchange that allows you to buy and sell dozens of digital currencies. While there’s no limit on the amount you can deposit into your Binance account, the standard 24-hour withdrawal limit on a basic account is 2 BTC. You can upgrade this to 100 BTC by providing your name, gender, nationality and proof of ID. If you’d like to upgrade to an even higher withdrawal limit, you can contact Binance support directly.
BTC Markets provides its users with access to bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Ethereum Classic (ETC), Ripple (XRP) and Litecoin (LTC), and it allows you to purchase digital currency with Australian dollars. The standard limits that apply on BTC Markets are as follows:
However, you can apply for increased limits by providing the reason for the increase, specifying your occupation and entering your website or social media profile.
Melbourne-based exchange CoinSpot limits BPAY deposits to $1,000 per 24-hour period and online bank transfer deposits to $10,000 per 24-hour period. If you want to deposit cash at a newsagent, a limit of $1,000 per 24-hour period applies.
A $5,000 trading limit applies to sell orders, while the maximum buy order is $20,000.
CoinSpot doesn’t have any withdrawal limits, but you’ll need to verify your account before you can withdraw any funds. Verification is only available for Australian residents with an Australian contact number and bank account. You can verify your identity by submitting proof of ID, proof of address and a photo of yourself holding a handwritten statement
Founded in 2011, Kraken is a digital currency exchange designed to suit serious traders. Its deposit and withdrawal limits vary depending on the level of verification you achieve. It supports a range of fiat currencies like US dollars (USD), Canadian dollars (CAD), euros (EUR), and Japanese yen (JPY).
Huobi is a crypto-to-crypto exchange platform that allows its users to trade more than 190 currency pairs. It imposes limits on the maximum amount you can buy and sell per transaction, and those limits vary depending on the currency pair you choose. For example, the following limits apply if trading ETH/BTC:
There’s also a currency-specific limit on the maximum amount you can withdraw on your account per transaction. If your account is verified, you can withdraw a maximum of 200 BTC, 2,000 ETH or 5,000 LTC.
OTC trading refers to any cryptocurrency trading that takes place away from conventional crypto exchanges. While trades can be arranged peer-to-peer using online chat rooms like #bitcoin-otc, recent years have seen the emergence of an increasing number of OTC brokers. These brokers specialise in helping large-volume traders buy and sell substantial amounts of cryptocurrency and avoiding slippage.
There’s no “one size fits all” answer to this question, so consider your unique trading needs before choosing a platform to buy a large amount of bitcoin. Ask yourself the following questions:
By thoroughly researching any exchange or broker you’re considering using, including taking a closer look at the fees or commissions charged, you’ll be well placed to decide on the best way to purchase a large amount of BTC or other cryptocurrency.
At the time of writing, the author holds IOTA and XLM.
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