Genesis Block Terms and Conditions for OTC Account

This article details Genesis Block's Terms and Conditions for using out OTC Trading Desk.

TERMS AND CONDITIONS

These Conditions (as defined below) confirm the terms of business that govern the contractual relationship between you and the Company. You will be deemed to accept them on each occasion you use the Services of the Company.

Trade Size / Funding

  • Our minimum trade size is HKD100,000 / USD12,700
  • Deposits take up to 2 working days for clearance, depending on your bank and transfer method.
  • We accept cheque deposit, bank transfer (HKD/USD) and cash (HKD) over the counter*.
  • Bank account name MUST match with your Genesis Block registered account name.
  • Please DO NOT deposit cash directly into our bank account.
  • Please DO NOT  make any reference to Bitcoin or cryptocurrency when making the bank transfer.  
  • Please then send us the bank advice slip via your designated group chat.

*When depositing cash OTC, you must provide proof of source:

Cash withdrawal proof:
Including bank name, account holder name, bank account number and withdrawal amount.

Currency exchange proof:
Including exchange counter name, customer name, and exchange amount.

The customer name/account holder name must match with your Genesis Block registered account name.

The date on the receipt must be within 7 days of the cash deposit.

Quotations

We currently offer OTC trading for BTC, ETH, BCH, USDT, USDC, TUSD and a broad array of altcoins.

Quotes will be provided on request.  Our trading hours are from 09:00 to 21:00, Monday to Friday and 10:00 to 17:00, Saturday to Sunday.

Once we have confirmed that your deposit is received, trades will be executed via the following process:

1. Request quotation by indicating the following criteria

  • Direction - BUY / SELL
  • Cryptocurrency - BTC, ETH, BCH, USDT, USDC, TUSD
  • Volume - dollar or coin amount (minimum HKD100,000 / USD12,700 per transaction)
  • Delivery terms - T+0 / T+1 (T+0 meaning same day delivery before end of day at a 0.5% additional fee or T+1 (1 business day) standard delivery with no extra cost.

2. All cryptocurrencies will be quoted in USD per Coin. Quotations will be provided in your designated group chat every 20 seconds.

3. Please type the word “DONE” to execute the latest quotation.

4. Trader will reply to confirm the order has been executed.

5. Full details will be sent via email within 15 minutes of execution. Please ”reply all” with your wallet address.

Please note that we round off USD/USDT/USDC/TUSD to the nearest dollar and BTC/ETH/BCH to the nearest 4th decimal point.

Example:

YOU: BUY, BTC, USD100,000, T+0

Trader: Quoting USD100,000 volume on BTC, T+0, quotation in USD/BTC

6,686

(20 seconds later)

6,700

YOU: Done

Trader: Your Buy Order of 14.9254 BTC@ 6,700USD/BTC has been confirmed

Selling BTC, ETH, BCH, USDT, USDC, TUSD

  1. Decide whether you would like settlement via bank transfer or cash.
  2. Let us know which type of cryptocurrency and quantity you wish to sell.
  3. Confirm with our wallet address.
  4. Send us the cryptocurrency that you wish to sell.
  5. We will start quoting upon request.
  6. Type “DONE” to execute the latest quotation
  7. Settlement = quote x coin balance, the funds will be sent out by T+2 settlement (unless requested in advance)

Fee Structure

Our fees are incorporated into the quoted price.  The fee structure is as follows:

BUY ORDERS

  • Bank Transfer/Cheque/Cash deals

HKD100,000 − 499,999: T+0 = 2%

HKD500,000 − 999,999: T+0 = 1%

> HKD1,000,000: T+0 = 0.5%

SELL ORDERS

  • Cash deals

HKD100,000 − 499,999: T+2 = 3.2%

HKD500,000 − 999,999: T+2 = 2.2%

> HKD1,000,000: T+2 = 1.7%

  • Bank Transfer deals

HKD100,000 − 499,999: T+2 = 2.0%

 > HKD500,000: T+2 = 1.0%

 >HKD1,000,000: T+2 = 0.5%

Buy order settlement

For T+0 delivery, trade cut off time is 16:30 HKT. Coins will be delivered on the same day by end of day (excluding Sunday and public holidays).

For T+1 delivery, trade cut off time is 22:00 HKT. Coins will be delivered within one business day by end of day (excluding Sunday and public holidays).

We will only deliver to one wallet address per transaction. Delivery to two or more addresses is subject to an additional fee, and must be requested in advance.

Sell order settlement

For T+2 either by bank wire or in cash (excluding weekend and public holidays).

If a trade is done on a weekend, then T+2 settlement will be on the following Wednesday.

T+0 cash settlement will require advance notice before trading.

In the event of withdrawing funds without trading, a 1.5% fee will be incurred on funds that were deposited by cash. No withdrawal fee will be incurred on funds that were deposited by bank transfer or cheque. Bank transfer charges will be borne by the customer irrespective of the deposit method.

Exchange Rates

(On Quotation)

Genesis Block has the right to terminate any services, privileges and/or benefits made available to your account without notice.

Still have questions? 

Please reach out to us at any of these mediums if you have any questions or comments:

Website Chat: www.genesisblockhk.com (Click chat bubble at the right bottom corner)

Email: help@genesisblockhk.com

Phone: (+852) 3996 9561

Address: 1/F, 269 Hennessy Road, Wan Chai, Hong Kong (Entrance on Stewart Road)

or contact us in your designated group chat for more details.

 

Last update: 10 February 2020