HT-00 OTC desk file, last reviewed
Crypto OTC desk for institutions: RFQ execution, fiat ramping and trading from custody
The Hex Trust crypto OTC desk quotes block trades on request (RFQ) across 1,000+ tokens around the clock and lets clients trade from their Hex Trust custody wallet. Trades settle typically within T+0 to T+2 business days to a whitelisted bank account or wallet. The desk operates in Dubai through HT Markets MENA FZE (VARA broker-dealer licence VL/23/08/003) and in Singapore, for Accredited and Institutional Investors only, through Hex Technologies Pte. Ltd.
Risk warning. Not financial advice. Crypto is highly volatile and may drop in value significantly. You may lose the amounts you invest and your investments do not benefit from any form of financial protection.
File index
How to trade with the Hex Trust OTC desk
Before the first trade, you are onboarded by the Hex Trust company that serves your jurisdiction: the eligibility table shows which one. After that, the live OTC execution page sets out five steps, in this order. This is Hex Trust's own procedure, not a description of OTC desks in general.
Prefund the trading desk
You transfer the funds for the trade to the trading desk before execution. The live page does not say where prefunded balances are held or how far ahead of the trade they must arrive.
Place the order: size, pair, side and order type
You tell the desk the size, the pair, the side (buy or sell) and the order type. Orders go through an institutional chat on Telegram or Signal. The desk is staffed 24 hours a day, seven days a week.
Receive a quote and confirm it
The desk sends a quote through the secure chat, and you confirm to lock it in. How long a quote stays open before you must confirm is not published.
Trade confirmation
A trade confirmation e-mail is sent automatically. Check it against what you confirmed in the chat before settlement.
Settlement to a whitelisted bank account or wallet
Funds settle to your whitelisted bank account or wallet. The live markets page gives the window as “typically T+0 to T+2 business days”: from the trade date itself to two business days after it. “Typically” is the site's word, not a commitment for every trade.
What you can trade
The live site brands the trading business Hex Trust Markets (HT Markets) and describes spot, derivatives and algorithmic execution “across a 1,000+ tokens”, worked through a request-for-quote system and a dedicated trading team. Neither the markets page nor the OTC execution page lists the tokens, so ask the desk about the pairs you need before you onboard.
Spot execution
Spot is the plain case: you buy or sell a token against another token or against fiat, and the whole amount is delivered at settlement. You can ask for one price for the full size, or have the desk work the order over time with one of the order types below.
Order types: RFQ, TWAP, POV and limit orders
| Order type | What it does |
|---|---|
| RFQ (request for quote) | You ask for a price for a specific token amount. The rate is locked when you confirm. |
| TWAP (time-weighted average price) | The order is executed evenly over a period you set. |
| POV (percentage of volume) | The order tracks exchange volume to a target participation rate. |
| Limit order | The order is executed only at the price you set, or better. |
| “Best Execution” | The desk trades within parameters you specify. |
“Best Execution” is the label the live page gives to one order type. It describes how the order is worked. It is not a promise about the price you will receive.
Derivatives and algorithmic execution
Algorithmic execution here means the TWAP and POV order types above. Derivatives are named on the live markets page next to spot, but the page does not say which Hex Trust company offers them, on which instruments or to which client classes. Singapore needs particular care. The MAS risk warning on the live Singapore page says that MAS does not supervise or regulate Hex Technologies Pte. Ltd. for unregulated services, and it gives the trading of digital payment token derivatives such as futures as an example. Ask the desk in writing which company would be your counterparty for a derivatives trade.
Fiat on-ramp and off-ramp
The desk converts fiat into digital assets and back. The live fiat ramping page names six currencies and adds “and more” without listing the rest:
Confirm with the desk that your currency and payment route are available through the company that serves you before you fund a trade.
Pricing and settlement terms
Hex Trust publishes no fee schedule for the OTC desk. What is public is one sentence on fiat ramping and the settlement window. The table separates what the live site states from what you have to ask for.
| Item | What the live site states | Published figure |
|---|---|---|
| Fiat ramping pricing | “All-inclusive and volume-based with no hidden spread or banking surcharge” | Not published |
| OTC spread or commission | No schedule. An RFQ returns one price for the amount you ask for. | Not published |
| Minimum ticket size | Not stated | Not published |
| Settlement window | Typical, in business days, to your whitelisted bank account or wallet | T+0 to T+2 |
| Client money, Dubai | Fiat for on-ramp and off-ramp trades is held in a Client Money Account with Zand Bank under the VARA Client Money Rules | No figure |
Last reviewed . Sources: the live markets, fiat ramping and Dubai pages, read 6 October 2026. The live site has no pricing page.
The pricing page explains what drives a quote: see pricing for OTC and fiat ramping. For a price on a specific trade, request a quote from the OTC desk and ask for the all-in figure.
Who can trade, and through which entity
In Dubai and Singapore the desk is not open to retail clients. The company you trade with, and whether you qualify, depends on where you are based. The live markets page says clients may trade through group entities in Singapore, Dubai, Hong Kong or the EU, subject to local eligibility requirements. Only the first two are named with a licence on a current page.
| Market and entity | Licence | Number | Who may trade | Register |
|---|---|---|---|---|
| Dubai: HT Markets MENA FZE | VARA VASP Licence: Broker-Dealer Services, issued 31 May 2024 | VL/23/08/003 | Institutional Investors and Qualified Investors | VARA: HT Markets MENA FZE |
| Singapore: Hex Technologies Pte. Ltd. (UEN 201924026H) | MAS Major Payment Institution licence: Digital Payment Token Service | PS20200664 | Verified Accredited and Institutional Investors (SFA s.4A). No retail consumers. | MAS directory: Hex Technologies |
| Hong Kong: entity not named on a current page | Not published | Not published | To confirm | None named |
| EU: entity not named on a current page | Not published | Not published | To confirm | None named |
Last verified , when both register entries were opened. The VARA entry showed the status Active. The live Dubai page gives 2 August 2027 as the date on which that licence is renewable.
The live markets page describes onboarding as a KYC questionnaire, then corporate documents (certificate of incorporation, articles of association and identification of ultimate beneficial owners) and AML checks. It gives no approval time.
The scope of each licence is set out under broker-dealer and payment licences by entity. The about page shows who operates the Hex Trust entities.
Counterparty and settlement controls
An OTC trade is bilateral: you rely on the desk to deliver its side. Three controls limit what can go wrong between the order and settlement.
Trading from custody
The live OTC execution page describes a “Trade-from-Custody” model. Clients trade directly from their Hex Safe custody wallet, without first moving assets to an external exchange or to a third-party desk's wallet, and the assets stay in custody until settlement. The page does not say which Hex Trust companies and jurisdictions offer this. The proceeds settle to your whitelisted bank account or wallet, as in step 5. How the wallets are protected is covered under institutional crypto custody accounts and in the security and assurance facts.
Client money safeguards
In Dubai, fiat client money for on-ramp and off-ramp trades is held in a Client Money Account with Zand Bank under the VARA Client Money Rules. For Singapore, the MAS risk warning on the live Singapore page says that a trust account or segregated account kept for a client's benefit may not fully protect money or tokens if the company's business fails. Segregation keeps client money apart from the firm's own. It does not remove market risk.
Transaction screening
Hex Trust says Chainalysis KYT and Chainalysis Reactor are integrated into its compliance framework. Settlement goes only to a bank account or wallet that has been whitelisted.
For Dubai clients, the VARA Broker-Dealer Services Rulebook applies to HT Markets MENA FZE. The current version took effect on 19 June 2025, and its Part II, “Trading and Execution Rules”, covers best execution and dealing as principal. The live site does not say whether the desk deals with you as principal or as agent. Ask, because the answer decides who your counterparty is. The checklist has more questions to ask a custodian or trading counterparty.
OTC desk compared with an exchange order book
A desk and an order book solve different problems, and each has a cost. The table is general: it is not a statement about any named exchange.
| Question | OTC desk (RFQ) | Exchange order book |
|---|---|---|
| How the price is set | One bilateral quote for the full size, locked when you confirm | Your order fills against resting orders, level by level |
| Effect of a large order | The block is priced as one trade; ask how the desk's margin is charged | The price can move against you as the order fills (slippage) |
| Pre-trade transparency | Lower: you see the desk's quote, not a public book | Higher: bids, offers and depth are visible to every user |
| Where assets sit before the trade | Prefunded to the desk, or in your custody wallet where trading from custody is offered | On the exchange: assets are moved to the venue first |
| Who you rely on | The company that quotes and settles the trade | The exchange and its custody arrangement |
| Main drawback | You cannot check the quote against a public book at the moment you trade | Slippage on size, and exposure to the exchange while assets sit there |
Neither route suits every trade. A small order in a liquid pair may cost less on an order book. Blocks, thinly traded tokens and trades that end in fiat are the usual cases for a desk. With a desk, ask for a second quote when the size justifies it.
OTC desk FAQ
How do I place an OTC trade with Hex Trust?
You trade in five steps once you are onboarded. You prefund the trading desk, then send the size, pair, side and order type through the institutional chat on Telegram or Signal. The desk returns a quote, and you confirm to lock it in. A trade confirmation e-mail follows automatically, and funds settle to your whitelisted bank account or wallet.
What is the minimum trade size?
Hex Trust does not publish a minimum trade size for the OTC desk. The live OTC execution page gives no ticket threshold in any currency. Ask for the minimum for your pair before you onboard: write to [email protected] with the token, the size you expect to trade and the country your organisation is based in.
How quickly do OTC trades settle?
Settlement typically takes T+0 to T+2 business days, according to the live markets page: from the trade date to two business days after it. Funds go to your whitelisted bank account or wallet. The site does not commit to that window for every currency or destination, so agree the settlement date when you confirm the quote.
Is Hex Trust licensed to deal in Dubai and Singapore?
Yes, through two separate companies. In Dubai, HT Markets MENA FZE holds VARA VASP licence VL/23/08/003 for Broker-Dealer Services and may serve Institutional Investors and Qualified Investors. In Singapore, Hex Technologies Pte. Ltd. is licensed by MAS as a Major Payment Institution, licence PS20200664, and offers OTC execution only to verified Accredited and Institutional Investors.
Which fiat currencies can be used?
The live fiat ramping page names six currencies: USD, AED, SGD, HKD, CNY and EUR. It adds “and more” without listing the rest. Confirm with the desk that your currency is available through the company that serves you before you fund a trade. In Dubai, fiat client money is held in a Client Money Account with Zand Bank.
How is OTC pricing set?
Each trade is priced by a quote: you ask for a price for a specific token amount, and the rate is locked when you confirm. Hex Trust publishes no spread or commission schedule for the desk. For fiat ramping, it describes pricing as all-inclusive and volume-based, with no hidden spread or banking surcharge. Ask for the all-in price in writing.
The FAQ page has more answers about OTC trading, custody and licences.
Regulatory disclosure
Dubai. OTC execution and fiat ramping are provided by HT Markets MENA FZE, which is licensed by the Virtual Assets Regulatory Authority (VARA) for Broker-Dealer Services under VASP licence VL/23/08/003 (VARA register entry for HT Markets MENA FZE). It may serve Institutional Investors and Qualified Investors only. Custody for Dubai clients comes from a separate company, Hex Trust MENA FZE, which is licensed by VARA for Custody Services under VASP licence VL/23/08/002 (VARA register entry for Hex Trust MENA FZE).
Singapore. The provider is Hex Technologies Pte. Ltd. (UEN 201924026H), which is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under the Payment Services Act 2019, licence PS20200664 (MAS directory entry). OTC execution is limited to verified Accredited and Institutional Investors, and the company does not serve retail consumers.
Hong Kong. The live trust centre lists a trust company registration and a TCSP licence, without a number or the name of the company that holds them. In plain terms: TCSP licence (AML), not an SFC-licensed platform. This file makes no claim about a Hong Kong or EU trading entity until one is named.
Not covered. Lending, staking, Wealth Management (Aura), token wrapping and wXRP appear on the global Hex Trust website. They are not offered in Singapore or Dubai, and they are not regulated by MAS or under VARA. Where staking is available is set out on the page about institutional staking. A licence covers the named activity of the named company. It says nothing about the value of any token, and your investments do not benefit from any form of financial protection: read the risk disclosure for trading digital assets.
This page is for information only and is not investment advice. The guide to licensing rules in Dubai, Singapore and Hong Kong explains how each market regulates these activities, and the hub lists further insights for institutional desks.
Ask the desk for a quote
Send the pair, the size and the country your organisation is based in, and ask which Hex Trust company would be your counterparty.
Risk warning. Not financial advice. Crypto is highly volatile and may drop in value significantly. You may lose the amounts you invest and your investments do not benefit from any form of financial protection.