Over-the-counter trading is a process for trading assets (both crypto and traditional securities) that does not involve exchanges but instead uses a brokerage to facilitate transactions. Unlike exchanges, where prices are set by market makers, OTC trading involves negotiation between buyers and sellers, with brokers acting as intermediaries. These brokers are also responsible for initially connecting buyers and sellers. OTC transactions can be conducted anonymously (with the broker protecting identities) and are not listed on any public order books, making trades less conspicuous and limiting potential to affect overall markets. OTC trading services are typically only accessible to those making large trades, and many brokerages will specify a minimum trade size to use their services (ex. >25 BTC). The assets traded via OTC transactions may or may not also be listed on exchanges.