Genesis Block Terms and Conditions for OTC Account

This article details Genesis Block's Terms and Conditions for using our 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.

Funding Your Account & Minimum Deposit

  • Our minimum deposit is HKD200,000 / USD25,000

  • Deposits may take up to two working days for clearance, depending on your bank and transfer method.

  • We accept 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 physical cash directly into our bank account.

  • Please DO NOT make any reference to Bitcoin or cryptocurrency in the remarks when making your bank transfer.

  • After making your bank transfer, please send us the deposit proof in your trading group chat.

 

*If 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 seven days of the cash deposit.

Requesting for a Quotation

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

Quotes will be provided upon request. Our trading hours are from 10:00 to 23:00, Monday to Sunday.

You will pre-fund your account with fiat prior to receiving live quotes for a buy order, and pre-fund with crypto assets prior to receiving live quotes for a sell order.

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

 

1. Request a quote by stating the following criteria

  • Direction - BUY or SELL

  • Cryptocurrency - E.g. BTC, ETH, BCH, USDT, USDC, TUSD, etc

  • Volume - dollar or coin amount (minimum HKD200,000 / USD25,000 per transaction)

  • Delivery terms - T+0 or T+1 (T+0 meaning same-day delivery or T+1 meaning 1 business day standard delivery.) Please note, sell order settlement is T+2 (2 business days).

2. All cryptocurrencies will be quoted in USD per Coin. Quotes will be provided in your trading group chat every 10 seconds.

3. To confirm your order, type the word “DONE” to execute the latest quote.

4. Our Trader will confirm your order.

5. Confirmation of your order will be sent via email within 15 minutes of execution. Please ”reply all” with your wallet address, or bank account information.

 

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”

“49,990”

 

(10 seconds later)

 

“50,000”

 

YOU: “Done”

 

Trader: “Your Buy Order of 2 BTC@ 50,000 USD/BTC has been confirmed”



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

 

  1. State whether you would like settlement via bank transfer or cash.

  2. State the crypto asset and quantity you wish to sell.

  3. We will provide our wallet address for the deposit of your crypto asset.

  4. Once your deposit is confirmed received, quotes may be given upon request.

  5. To confirm your order, type the word “DONE” to execute the latest quotation.

  6. Confirmation of your order will be sent via email within 15 minutes of execution. Please ”reply all” with your bank account information/pick-up date.

  7. Settlement = quote x coin balance, the funds will be sent out by T+2 settlement.

Fee Structure

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

 

BUY ORDERS (by Bank Wire/Cash)

Fee

HKD200,000 − 499,999

2%

HKD500,000 − 999,999

1%

> HKD1,000,000

0.5%

 

SELL ORDERS

Fee - Bank Wire Settlement

Fee - Cash Settlement

HKD200,000 − 499,999

2%

3.2%

HKD500,000 − 999,999

1%

2.2%

> HKD1,000,000

0.5%

1.7%

 

Buy Order Settlement

 

We aim to deliver coins within the same-day of completion of the trade (T+0), or otherwise, within one business day at the latest (T+1).

 

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.

 

Please note Genesis Block requires receipt of funds prior to settlement of the trade.

 

Sell Order Settlement

 

We aim to settle trade proceeds by bank wire within the same-day of the completion of the trade (T+0), or otherwise within two business days at the latest (T+2).  If a trade is done on a weekend, then T+2 settlement will be on Wednesday.

 

Advanced notice is required for T+0 cash settlement before trading.

 

Please note Genesis Block requires receipt of coins and funds prior to settlement of the trade.

 

You may request settlement in HKD by bank transfer or cash, or USD by bank transfer.

 

In the event of withdrawing funds without trading, no withdrawal fee will be incurred on the deposit. Bank transfer charges may be borne by the customer.

 

Genesis Block, may without any reason terminate or close any of the Accounts by giving at least 30 days' prior written notice to the Customer or such longer period as otherwise agreed between Genesis Block and the Customer.

 

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