Once the trade terms are agreed upon and accepted by both parties, the trade status will show “Payment info”, indicating that the next step in the process is to transfer the fiat (if buying) or digital currency (if selling) to Genesis.
Buying Digital Currency
We typically settle all trades same day. If purchasing, a USD wire must be received on the same business day with T+1 (the next business day) being the absolute latest settlement date. If you cannot settle within this framework, we ask you to reach out to us for potential alternative settlement arrangements.
Selling Digital Currency
We typically settle all trades same day. If selling, all coins must be sent the same day. If you cannot send coins that day, please hold off on executing a trade.
Bank Wire Specifics
When you send money to Genesis to settle a transaction it is important that this must be via BANK WIRE and NOT ACH transfer. Genesis expects all counterparties to send wires for settlement on the same day the trade was agreed to.
If you think you’ll have trouble settling same day, please make sure to have that conversation with a Genesis team member prior to transacting. If Genesis receives your bank wire before 5:30 pm (ET), you’ll receive the digital currency the same day. If the wire is received post 5:30 pm (ET), you’ll likely receive the digital currency the following day.