What is an RFQ? How a desk quotes size
An RFQ (request for quote) is a message you send an OTC desk stating the asset and size you want to trade; the desk replies with one all-in price held for a fixed validity window. Accept inside the window and the trade executes at exactly that price.
KEY FACTS
| Term | RFQ — request for quote |
|---|---|
| What you receive | One all-in price for the full stated size |
| Quote validity | A fixed window, stated in the quote in writing |
| IWGT spread | 0.08%–0.40%, by ticket size |
| Typical desk minimum | From around 100,000 USDT |
| Settlement after acceptance | AED same business day (UAEFTS); USD 2–5 days (SWIFT) |
Source: IWGT published pricing bands, as of September 2026.
How does an RFQ work at an OTC desk?
You state the asset, direction and size, for example "sell 500,000 USDT for AED", from an approved account (see onboarding). A dealer checks the market, applies the spread for your ticket and hedging cost, and returns a written quote: the rate, the AED or USD total, all-in, plus the validity window. Accept inside the window and the price is fixed; let it lapse and the quote is withdrawn. Since the spread per size is known from the published pricing bands, the RFQ confirms a number rather than discovering one.
Why is the quote window short?
The desk hedges the moment you accept, so it cannot hold a price it cannot hedge; a long window would mean a wider spread. A licensed desk puts the window in writing.
Why it matters when selling USDT in the UAE
On an exchange a 500,000 USDT sell walks down the order book and the average price is only known afterwards. An RFQ gives you that average, one all-in number, before you commit anything: written quote first, USDT transfer second, bank wire third, as in selling USDT in Dubai.
Illustrative example
Selling 500,000 USDT, as of September 2026, at the 3.6725 peg: gross AED 1,836,250; spread at 0.15% AED 2,754; quoted all-in rate 3.6670 AED per USDT; net wired AED 1,833,496. The quote states the rate, the AED total, the window. If the market moves while you decide, the quote expires and the next RFQ re-prices; an accepted quote is never adjusted afterwards.
FAQ
Is an RFQ legally binding?
No. An RFQ is a request, not a commitment, and the quote itself is an offer. The trade becomes binding only when you accept the written quote inside its validity window.
Does it cost anything to request a quote?
Requesting a quote at a licensed OTC desk carries no fee and no obligation to trade. You can decline any quote and walk away; you only transact when you accept a price in writing.
What happens if my RFQ quote expires?
An expired quote is withdrawn and can no longer be accepted. You simply send a fresh RFQ for the same size and the desk prices it again against the current market.
How is an RFQ different from placing an order on an exchange?
An exchange order fills against an order book, often in parts and at drifting prices. An RFQ returns one all-in price for the full size, agreed before any funds move, with no partial fills.
Get one all-in price for your USDT
IWGT is a VARA-licensed Broker-Dealer in Dubai (VL/24/12/002). Send an RFQ with your size and receive a written quote with a defined validity window — spread 0.08–0.40%, AED settled the same business day.
SOURCES
- VARA public register — licence status check, accessed 10 September 2026.
- Central Bank of the UAE — payment systems (UAEFTS), accessed 10 September 2026.
- IWGT published pricing bands and dealing practice, September 2026.
This guide is informational and is not legal, tax or investment advice, nor an invitation to buy or sell any virtual asset. Rules and figures are as of September 2026 — re-check the sources before acting. Virtual assets may lose their value in full or in part and are subject to extreme volatility.