The cost of an OTC trade depends on the quoted price and any additional charges. A separate trading fee tells you only part of the story. Compare the total amount payable or receivable for the same asset, quantity and settlement currency.

What is the difference between a spread and a fee?

A spread is a difference between prices, such as the desk’s buying and selling prices. A fee is a charge identified separately. A quote can include costs in its price, list them separately, or use both. Ask how the quote is constructed rather than assuming that a zero separate fee means the transaction has no cost.

A market price on a screen may be indicative, may refer to another venue, or may describe a smaller quantity. It is not necessarily a price you can execute for your proposed trade.

How do you compare two OTC quotes?

Use the same asset, direction, quantity and currency. For a buy, compare the total amount you would pay. For a sell, compare the amount you would receive after separately charged costs. Avoid counting a charge twice if it is already included in the unit price.

Our quote comparison tool performs this arithmetic using your figures. It does not provide a Lumora price, rate or recommendation. Confirm that both quotes are still valid and cover equivalent settlement arrangements.

Which other costs should you ask about?

  • Any charge added to the quoted trade price.
  • Currency conversion, where relevant.
  • Bank, funding or withdrawal charges.
  • Blockchain network costs and who pays them.

These are questions to ask, not a statement that every provider charges every item. Ask which costs apply to your transaction and which are already included.

Why does quote expiry matter?

A quote is tied to its terms and validity period. Comparing an expired quote with a current one is not a comparison of two available trades. Confirm whether a quote is indicative or executable, when it expires and how acceptance works.

Price alone also leaves out counterparty arrangements, funding requirements and settlement. A lower arithmetic total does not establish that one transaction is suitable for you.

What should you confirm with Lumora?

Ask our team to confirm the total amount, applicable costs, quote validity and settlement requirements for your proposed trade. We have not published a fee schedule or minimum trade size in this preview.

Prepare a pricing enquiry or read OTC vs exchange trading to compare how execution differs.

Provider example

Coinbase Prime explains its RFQ price and expiry process. Its product terms are an example, not Lumora’s terms.