# RFQ trading on Revolut X :::note[Regional availability] RFQ trading is available to UK customers. ::: Revolut X lets you trade large blocks of crypto that would otherwise cause significant price impact on the exchange order book. ## How it works **Request for Quote (RFQ)** trading happens off the order book: the trade is agreed directly between you and a market maker, so it doesn't go through the normal trading channels — that's why RFQ trading has its own set of endpoints. The flow has three steps: 1. [Request an RFQ quote](#1-request-a-quote) for a currency pair, side, and size. 2. Receive an executable price with a short-lived signed quote token. 3. [Accept the quote](#2-accept-the-quote) to place the order, at exactly the quoted price. :::note If you are rate-limited, use the `Retry-After` response header, which specifies the delay in milliseconds. See [rate limits](#rate-limits) below. ::: All three RFQ endpoints are part of the [Crypto Exchange REST API](/docs/api/revolut-x-crypto-exchange 'See the full RFQ API reference.') and use the same authentication: an API key with Ed25519 request signing. See [Create an API key](/docs/guides/crypto-exchange/get-started/create-an-api-key) and [Authenticate requests](/docs/guides/crypto-exchange/get-started/authenticate-requests). ## Before you begin Before you start, make sure you have: - An **API key with RFQ permissions.** Create an API key in the [Revolut X web app](https://exchange.revolut.com/account/api-keys) with [`rest.otc.view`](/docs/api/revolut-x-crypto-exchange#request-rfq-quote 'Request RFQ quotes and view RFQ limits.') to request quotes and view limits, and [`rest.otc.trade`](/docs/api/revolut-x-crypto-exchange#accept-rfq-quote 'Accept RFQ quotes to place RFQ orders.') to accept quotes. Agentic clients can use the corresponding `agent.otc.view` and `agent.otc.trade` scopes. - **Passed KYC (retail) or KYB (business) verification.** - **High Net Worth categorisation (UK retail clients only).** UK retail clients must be categorised as High Net Worth investors to use RFQ trading. :::note Check the minimum trade size before quoting. RFQ trades have a minimum in the pair's counter currency (e.g., USD for BTC/USD). Use [Get RFQ limits](#3-check-rfq-limits) to retrieve the exact minimum for a pair. ::: ## 1. Request a quote Request a quote by sending this request: ```http POST https://revx.revolut.com/api/1.0/otc/quotes HTTP/1.1 X-Revx-API-Key: X-Revx-Timestamp: X-Revx-Signature: Content-Type: application/json { "symbol": "BTC/USD", "side": "buy", "qty": "2.5" } ``` Set `side` to `buy` or `sell`, and provide **exactly one** of: - `qty`: The quantity to trade, in the pair's **base** currency (BTC in `BTC/USD`). - `amount`: The amount to spend or receive, in the pair's **counter** currency (USD in `BTC/USD`). The response contains the executable price, the order book reference price, and the signed quote token: ```json { "data": { "quote_id": "550e8400-e29b-41d4-a716-446655440000", "symbol": "BTC/USD", "side": "buy", "price": "79979.90", "qty": "2.5", "order_book_price": "80100", "expires_at": 1785313438816, "signature": "eyJxdW90ZV9lbnRyeV9pZCI6...", "liquidity_status": "filled" }, "metadata": { "timestamp": 1785313433816 } } ``` The table below describes the fields of the `data` object. | Field | Description | |:-------------------|:-------------------------------------------------------------------------------------------------------------| | `quote_id` | The unique identifier of the quote. | | `symbol` | The trading pair, in `BASE/COUNTER` format. | | `side` | The trade direction: `buy` or `sell`. | | `price` | The executable unit price, adjusted for fees. | | `qty` | The requested quantity in the base currency, included when the quote was requested by quantity. | | `amount` | The requested amount in the counter currency, included when the quote was requested by amount. | | `order_book_price` | The Volume Weighted Average Price (VWAP) of the exchange order book for the requested size — your reference for the quote's quality. | | `expires_at` | The quote's expiry as Unix epoch milliseconds. | | `signature` | The signed quote token. Pass it verbatim to accept the quote. | | `liquidity_status` | Whether the requested size was fully or partially covered by the order book: `filled` or `partially_filled`. | All financial decimal values are returned as strings. The response contains only the applicable `qty` or `amount`; fields with no value are omitted rather than returned as `null`. :::warning[Quotes expire within 5 seconds] Request a quote only when you are ready to trade, and accept it immediately. If the token expires, request a new quote — expired tokens are rejected. ::: ## 2. Accept the quote Accept the quote and place the order by sending this request: ```http POST https://revx.revolut.com/api/1.0/otc/orders HTTP/1.1 X-Revx-API-Key: X-Revx-Timestamp: X-Revx-Signature: Content-Type: application/json { "signature": "eyJxdW90ZV9lbnRyeV9pZCI6..." } ``` The quote's terms (pair, side, size, price) are bound to the signed token and cannot be modified. The token is tied to your account. Treat it as single-use: once the downstream order has been submitted, retrying it does not create a second order. If acceptance fails before submission, request a new quote rather than relying on replay. The response returns the placed RFQ order and its immediate execution status: ```json { "data": { "transaction_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6", "status": "filled" }, "metadata": { "timestamp": 1785313433816 } } ``` The table below describes the fields of the `data` object: | Field | Description | |:-------------------|:--------------------------------------------------------------------------------------------------------------------------------| | `transaction_id` | The unique identifier of the RFQ order returned by the flow. This is not necessarily the final ledger transaction ID. Settlement and finalisation can continue asynchronously. | | `status` | The immediate execution status of the RFQ order: `filled` or `rejected`. A `rejected` result comes with a `reason` and is terminal for that quote — request a new quote and retry. | | `reason` | Why the order was rejected. Present only when `status` is `rejected`, and omitted otherwise. | A `rejected` response represents an immediate execution or fincrime decision. Insufficient balance and other processing failures are returned as HTTP errors instead. ## 3. Check RFQ limits Check the limits by sending this request: ```http GET https://revx.revolut.com/api/1.0/otc/limits?symbol=BTC/USD HTTP/1.1 X-Revx-API-Key: X-Revx-Timestamp: X-Revx-Signature: ``` The response contains the minimum trade amount for the pair: ```json { "data": { "min_amount": "100000", "symbol": "BTC/USD" }, "metadata": { "timestamp": 1785313433816 } } ``` The table below describes the fields of the `data` object: | Field | Description | |:-------------|:-------------------------------------------------------------------------------------------------------------| | `min_amount` | The minimum trade size in the pair's **counter** currency, returned as a decimal string. Quote requests below this minimum are rejected. | | `symbol` | The trading pair, in `BASE/COUNTER` format. | ## Rate limits | Endpoint | Per-second limit | |:---------|:-----------------:| | [Request a quote](#1-request-a-quote) | 10 | | [Accept a quote](#2-accept-the-quote) | 5 | | [Check RFQ limits](#3-check-rfq-limits) | 10 | If you are rate-limited, use the `Retry-After` response header, which specifies the delay in milliseconds. ## Errors RFQ errors use the standard error response: | HTTP | Description | Where | |:-----|:-----------------------------------------------------------------------------------------------|:------| | 403 | `User with id cannot accept quote with id ` | [Accept a quote](/docs/api/revolut-x-crypto-exchange#accept-rfq-quote) | | 422 | `Quote expired or does not exist` | [Accept a quote](/docs/api/revolut-x-crypto-exchange#accept-rfq-quote) | | 400 | `Quote token is invalid or tampered` | [Accept a quote](/docs/api/revolut-x-crypto-exchange#accept-rfq-quote) | | 403 | `Sell temporarily unavailable` | [Request a quote](/docs/api/revolut-x-crypto-exchange#request-rfq-quote) | | 422 | `The quote cannot be served at this time` | [Request a quote](/docs/api/revolut-x-crypto-exchange#request-rfq-quote) | | 400 | `OTC quote amount is below minimum trade amount for BTC/USD: ` | [Request a quote](/docs/api/revolut-x-crypto-exchange#request-rfq-quote) | ## What's next For the full request and response schemas, rate limits, and error samples, see the [RFQ trading section of the Crypto Exchange REST API reference](/docs/api/revolut-x-crypto-exchange#tag-rfq-trading 'The RFQ endpoints in the API reference.').