Trading & OTC on HercleX

This article covers the Request for Quote (RFQ) trading flow, OTC desk quotes, supported fiat corridors, trade size limits, and settlement processes on the Hercle platform.

1. How the RFQ (Request for Quote) Flow Works

The RFQ flow on HercleX allows you to request a live quote for digital asset trades. Hercle operates as principal in these transactions — you are trading directly with Hercle as the counterparty, not on a third-party exchange.

Standard RFQ Process

1. Navigate to the Trade section on HercleX

2. Select the trading pair (e.g., USDC → EUR)

3. Enter the amount you want to trade

4. Request a quote — Hercle's trading engine returns a live price

5. Accept the quote within the lock time (default: 15 seconds)

6. The trade executes immediately, and assets are settled into your account

RFQ vs RFS (Request for Stream)

• RFQ (Request for Quote): You request a price for a specific trade. Hercle returns a single executable quote with a fixed lock time.

• RFS (Request for Stream): Hercle provides a continuous stream of live bid/ask prices that update in real time. This is available for high-volume clients and specific trading pairs. Contact your account manager if you need streaming quotes.

Quote Availability

Quotes are available 24/7 for supported digital assets. Fiat-involved pairs (e.g., USDC → EUR) may have reduced liquidity outside European business hours, but quotes remain available.

2. OTC Desk for Large Trades

For large transactions that exceed platform limits, you can request a custom OTC quote from Hercle's trading desk. This is particularly useful for:

• Block trades that exceed standard maximum trade sizes

• Custom settlement terms or non-standard corridors

• Trades requiring manual price negotiation

How to Request an OTC Quote

Submit a request through the Hercle support centre specifying the trading pair, amount, and any timing requirements. The trading desk will respond with a custom quote. For urgent requests, your account manager can escalate directly to the desk.

3. Minimum & Maximum Trade Sizes

Each trading pair has specific minimum and maximum trade sizes. The tables below show the limits for major trading pairs.

Stablecoin Pairs

Major Digital Assets

For the complete list of all supported trading pairs and their limits (including XRP, TRX, BNB, LINK, and other assets), contact your account manager or consult the API documentation.

4. Supported Fiat Corridors

Hercle provides liquidity for the following fiat currencies via OTC trading and stablecoin conversion:

Global

• USD (Global, excluding USA) — T+0 settlement (<1 hour)

Europe

• EUR (SEPA Euro Zone) — T+0 settlement (<1 hour)

• CHF (Switzerland) — T+0 settlement (<1 hour)

• GBP (United Kingdom) — T+0 settlement (<1 hour)

Latin America

• ARS (Argentina) — T+0 settlement (>1 hour)

• BOB (Bolivia) — T+0 in-bank / T+2 interbank

• BRL (Brazil) — T+0 settlement (<1 hour)

• CLP (Chile) — T+0 settlement (<1 hour)

• COP (Colombia) — T+0 settlement (<1 hour)

• MXN (Mexico) — T+0 settlement (<1 hour)

• PEN (Peru) — T+0 in-bank / T+2 interbank

Africa

• GHS (Ghana) — T+0 settlement (<1 hour)

• KES (Kenya) — T+0 in-bank / T+2 interbank

• MWK (Malawi) — T+0 in-bank / T+2 interbank

• NGN (Nigeria) — T+0 settlement (<1 hour)

• TZS (Tanzania) — T+0 in-bank / T+2 interbank

• UGX (Uganda) — T+0 in-bank / T+2 interbank

• XAF (CFA Zone) — T+0 in-bank / T+2 interbank

• XOF (West Africa Area) — Pay-in only, T+0 in-bank / T+2 interbank

• ZAR (South Africa) — T+0 in-bank / T+2 interbank

• ZMW (Zambia) — T+0 in-bank / T+2 interbank

Middle East

• AED (UAE) — T+0 settlement (<1 hour)

• BHD (Bahrain) — T+0 settlement (<1 hour)

• QAR (Qatar) — T+0 settlement (<1 hour)

Asia-Pacific

• HKD (Hong Kong) — T+0 settlement (<1 hour)

• INR (India) — T+0 settlement (<1 hour)

• JPY (Japan) — Coming soon

• PKR (Pakistan) — T+0 in-bank / T+2 interbank

• PHP (Philippines) — T+0 settlement (<1 hour)

Settlement Times Explained

• T+0 (<1 hour): Same-day settlement, typically within 1 hour

• T+0 (>1 hour): Same-day settlement, but may take longer than 1 hour

• T+0 in-bank / T+2 interbank: Same-day if sending to the same bank; up to 2 business days for interbank transfers

5. Settlement Process

Trade Settlement

All RFQ trades settle immediately after execution. Digital assets are credited to your account balance instantly. For fiat-involved trades (e.g., USDC → EUR), the fiat leg settles according to the times shown in Section 4 above — most corridors settle T+0 (<1 hour), while some interbank transfers may take up to 2 business days.

Pre-Funding Requirement

Trades require sufficient balance in your account at the time of execution. If you are selling USDC for EUR, you must have the USDC available in your account before accepting the quote.

6. Common Issues & Troubleshooting

Quote Expired / Did Not Execute

If you see a "Quote expired" message, it means you did not accept the quote within the lock time (default: 15 seconds). Request a new quote and accept it more quickly. If you are using the API and need longer lock times, contact your account manager to configure a custom quoteExpiration value.

"Insufficient Funds" Error

This means you do not have enough balance to execute the trade. Check your account balance before requesting a quote. Note that balances displayed with excessive decimal precision (e.g., 0.000002050175...) may cause confusion — only the first 2–8 decimal places are typically relevant for trading.

Trade Was Booked to the Wrong Account

If a trade was mistakenly executed in your account (e.g., due to a manual error by the trading desk), submit a request through the Hercle support centre with the transaction ID. The team will review and reverse the trade if appropriate.

Cannot See a Specific Trading Pair

If a trading pair is not visible in the HercleX UI, it may not be available for your account type or jurisdiction. Contact your account manager to confirm which trading pairs are enabled for your account.

7. Need Help?

If your issue is not covered here, submit a request through the Hercle support centre and the team will respond within 1 business day.