What is the minimum trade size on Penning OTC?

The minimum order size is €100,000 (or DKK equivalent) per trade. Below this threshold, the broker desk and the spot Native Swap product are usually a better fit.

What does OTC trading cost?

Penning OTC charges one flat 2% fee on the trade notional — no hidden spread and no separate bank fee. Network fees are passed through at cost, never marked up. On very large orders the fee can be negotiated one-to-one. Every fee is quoted up front and reflected in the all-in price you confirm.

Which currencies and assets do you settle in?

We settle in Euro (EUR via SEPA) and Danish krone (DKK). On the crypto leg we support 190+ tokens across 28+ networks; if you need an asset we don't list, we can usually source it under a custom mandate.

How long does an OTC trade take to settle?

Settlement typically completes the same business day for fiat-funded trades. The exact timing depends on bank cut-offs; your broker confirms the expected window when you accept the price.

Is Penning OTC regulated?

Yes. Penning is registered as a Crypto-Asset Service Provider (CASP) with Finanstilsynet, the Danish Financial Supervisory Authority, and operates under the EU's Markets in Crypto-Assets (MiCA) regulation. Penning holds no client crypto — OTC trades settle by direct delivery to the address you designate.

Does Penning hold my crypto?

No — Penning is a non-custodial brokerage. We source and execute the trade, then deliver the assets directly to a wallet you control. Your EUR or DKK is held with regulated Danish banking partners only during settlement; Penning never holds your crypto.

How do I get a quote?

Complete onboarding (KYC and corporate KYB if applicable), then contact your broker or our OTC desk with the asset and size you need. We return a firm all-in quote you can accept or pass on; nothing executes until you confirm.

Denmark based CASP4.8/5

Block trades from €100,000, executed by a named Danish desk

MiCA CASP licensed (FTID 10902)Non-custodial — your own walletBest-execution under MiCAOperating since 2019

Bespoke pricing through our broker network, confidential settlement, and non-custodial delivery to your own wallet — with an audit-ready receipt on every trade.

Request a quote (RFQ)Talk to the OTC desk

Bespoke pricing through our broker network, confidential settlement, and non-custodial delivery to your own wallet — with an audit-ready receipt on every trade.

Request a quote (RFQ)Talk to the OTC desk

Penning trading dashboard preview inside a browser window

What is OTC

What is crypto OTC trading?

Crypto OTC (over-the-counter) trading is a way to execute large block trades directly with a regulated counterparty instead of routing them through a public exchange order book. This avoids slippage, reduces market impact, and gives you a confirmed all-in price before you commit. Penning's OTC desk is operated by Penning Financial Services ApS, a CASP-licensed entity supervised by Finanstilsynet under the EU's MiCA regulation, with a €100,000 minimum trade size and bespoke pricing per order.

Last reviewed 2026-05-01

Trade

Built for size: deep liquidity, clean execution, confidential settlement

Move size, not the market

We source liquidity off-book and quote one confirmed all-in price, so a €100k–€10m order executes without slippage or market impact.

Best-execution under MiCA

Your order is worked across the market's deepest liquidity for the best available result, as MiCA's order-execution rules require.

EUR & DKK flexibility

Fund and settle in fiat, with delivery to the wallet or venue you choose.

Benefits

Access deep liquidity for spot block trades from €100,000
Discreet, confidential settlement off public order books
Competitive, transparent pricing with flexible EUR/DKK settlement

Trading terms

Private, personalized services for large crypto trades

€100,000

Min order

Flat fee

1:1

Negotiated pricing

Request a quote (RFQ)

Asset flow and settlement

Your fiat with regulated Danish banking partners. Your crypto delivered to your own wallet.

Penning is a brokerage, not a custodian — we don't hold your crypto. During settlement your EUR or DKK is held with regulated Danish banking partners; the assets we source are delivered directly to the wallet you nominate, and never held afterwards. If a trade is cancelled, funds are returned to the originating account.

Confirm quote

Accept the RFQ; we issue a trade ticket and your unique settlement reference.

Send fiat

Wire EUR via SEPA (T+0) or USD via SWIFT (T+1) to your dedicated client settlement account. Use the provided reference.

Execution

Once funds land (or PoP is approved), our desk executes your block across multiple venues at the agreed spread.

Delivery

Tell us where to deliver: exchange, institutional custody, or your self-custody address. We deliver to your nominated address and share the tx hash.

Proof & reporting

Receive a PDF trade receipt, settlement confirmation, and exportable statements for reconciliation.

Get your receipt

After every OTC trade you get an audit-ready Receipt & Reporting Pack: a PDF trade ticket with full execution details, bank proof-of-payment linked to your settlement reference, and a downloadable monthly P&L statement for accounting.

What clients are saying

Testimonials

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Excellent support and an easy-to-use platform! The phone is always answered quickly, or they call back shortly after if you have any questions. Just a few hours from fiat in your traditional bank to crypto in your own wallet.

Ulrik Bruhn

October 21, 2025

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01/05

Need a firm price on a block trade?

Talk to our OTC desk. Minimum €100,000, named broker, direct delivery, MiCA-regulated.