What is Prudenze?2019-05-04T10:44:14+00:00
What is inter-dealer broker?2019-05-06T04:56:06+00:00

An inter-dealer broker (IDB) is a specialized financial intermediary who helps with transactions between broker-dealers and other large financial institutions. The inter-dealer broker focuses on trades where there is no formal exchange or market maker system. It operates in the over-the-counter markets and normally works with large blocks of assets where there is low trading volume.

Is there fees to deposit?2019-05-06T05:47:17+00:00

No, Prudenze does not charge fees on withdrawals. However, blockchain network fees charged may be applied.

Is there fees to withdraw?2019-05-06T05:47:20+00:00

No, Prudenze does not charge fees on deposits. However, blockchain fees charged by the relevant network may reduce the amount of digital assets received in your account at Prudenze when you make a deposit.

What are the fees to trade?2019-05-06T05:44:19+00:00

Commission on Discount/Premium

Prudenze takes 20% on the discount or premium on the dealer side if the transaction is done via our RFQ system. The discount or premium will be calculated as the difference between the winning bid and the median bid.

Example A: Buy Order RFQ

Dealer submits a buy order using Prudenze RFQ system

Buy Order of 100 Bitcoin

Market Price = $5050

Bid A = $5100

Bid B = $5150

Bid C = $5025

Winning Bid (Lowest Price) = Bid C @ $5025

Median Price = Bid A @ $5100

Discount = $5100 – $5025 = $75

Commission on Discount per Bitcoin = 20% * $75 = $15

Total Commission on Discount = 100 * $15 = $1500

Example B: Sell Order RFQ

Dealer submits a sell order using Prudenze RFQ system

Sell Order of 100 Bitcoin

Market Price = $5050

Bid A = $5075

Bid B = $5025

Bid C = $5050

Winning Bid (Highest Price) = Bid A @ $5075

Median Price = Bid C @ $5050

Premium = $5075 – $5050 = $25

Commission on Premium per Bitcoin = 20% * $25 = $5

Total Commission on Premium = 100 * $5 = $500

Finder’s Fee

Prudenze takes 0.1% finder’s fee on the broker side for providing matchmaking services via both the RFQ system and Direct Request from the marketplace.

How to become a broker on Prudenze?2019-05-07T10:39:01+00:00

In order to be able to apply to become a broker on Prudenze, the user must be verified to a level 2 verified account. Level 2 verified account requires the user to provide proof of identity and proof of address.

Once the user is level 2 verified, the user can proceed with the brokerage application.

What are Prudenze looking for in brokerage application?2019-05-07T10:38:57+00:00

To ensure the quality of the brokers on Prudenze, Prudenze will conduct business due diligence to each brokerage applicants. Some of the factors Prudenze may investigate include but not limited to:

  • Business transactions
  • Business incorporation
  • Public information on the broker
  • Industry credibility
  • Business capability
  • Owner’s background
  • Customer’s feedback
How long does the brokerage application process take?2019-05-07T10:38:53+00:00

The brokerage application process may take up to 2 weeks. During the meantime, Prudenze may contact the applicant via email or phone for further business due diligence.

What are the different levels of verification?2019-05-07T10:39:11+00:00

Prudenze have 3 levels of account verification.

Level 1 Basic Account 

The basic account is an unverified account with basic information of the user. User with a basic account can act as a dealer and trade via direct request or RFQ system.

Level 2 Verified Account

The verified account is where the user’s identity and address are verified up to our KYC and AML standard. At this level, the user can apply to become a broker.

Level 3 Trusted Account

The trusted account is where the user’s bank account is verified and therefore increasing their credibility in trading with the counterparty. However, a trusted account is an optional level, the counterparty may deem to see this as an extra level of security.

What documentations do you need for each level?2019-05-07T10:39:09+00:00

For Level 1 Basic Account

  • No documentation required

For Level 2 Verified Account

  • ID/Passport Back and Front
  • Selfies of holding the ID/Passport with a paper written date, Prudenze, and signature
  • Proof of address (Recent 3 months utility bill or bank statements)

For Level 3 Trusted Account

  • Bank statement of recent 3 months that match with the corresponding name of the user
How long does it take to sign up?2019-05-07T10:39:04+00:00

The verification process may take up to 7 days. However, it usually takes 24 hours.

Is my information secure with Prudenze?2019-05-07T10:37:14+00:00

Prudenze adheres to industry standards of information security to ensure the safety and integrity of your information. Prudenze implements multiple security measures to best protect our users’ data and digital assets.

How are the transactions being protected?2019-05-07T10:39:22+00:00

all transactions are protected by escrow. When a transaction is started the amount of digital asset for the transaction is automatically reserved from the broker’s or dealer’s Prudenze wallet. This means that if the counterparty attempts to conduct fraud and does not release the digital asset to the counterparty after receiving the payment, Prudenze support can release the digital asset from the escrow.

Where can I see my trades and balance?2019-05-04T12:39:11+00:00
What are the ways to trade?2019-05-08T10:12:03+00:00

There are 2 ways to trade on Prudenze.

Via Direct Request

Via RFQ Marketplace

How does the RFQ market work?2019-05-07T10:39:37+00:00
How does the direct request work?2019-05-07T10:39:35+00:00
How do I initiate an order?2019-05-07T10:39:32+00:00
How do I make a payment to the counterparty?2019-05-07T10:39:29+00:00
How do I deposit funds?2019-05-07T10:39:19+00:00

Under the Asset tab, click on the Deposit link where you will be provided an address to deposit digital asset. After 1 confirmations, funds will be credited to your account.

How do I withdrawal funds?2019-05-07T10:39:16+00:00

Under the asset tab, click the withdrawal link where you can input your withdrawal address to withdraw digital assets.

How much should I deposit?2019-05-07T10:39:13+00:00

Prudenze may require the user to deposit more than the amount of the transaction, depending on the user’s position in the trade.

For more information on the fee structure and deposit amount, please visit this link.