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An independent annual ranking of the OTC desks, prime brokers, exchanges and liquidity APIs that businesses use to buy, sell and convert crypto. 12 providers, six criteria, nothing paid for.
Scores out of 100. Each segment weights the criteria differently; the method is below. Facts read on 26 October 2026 from the providers' own pages.
The mean of the 3 segment scores.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Kraken | 90 | Exchange with OTC desk | Businesses wanting exchange, OTC and API access with a full published fee table |
| 2. Zerohash | 66 | Crypto on and off ramp and liquidity API | Payment firms and fintechs embedding crypto buy, sell and payouts |
| 3. Coinbase Prime | 65 | Prime broker | Funds and corporates wanting trading, financing and custody in one account |
| 4. FalconX | 63 | Prime broker and OTC desk | Funds and fintechs needing wide token and fiat coverage through one counterparty |
| 5. OSL | 58 | Licensed exchange and stablecoin payments platform | Asian and European businesses converting between stablecoins and fiat |
| 6. B2C2 | 58 | Principal liquidity provider | Exchanges, brokers and fintechs wanting streaming prices without pre-funding |
| 7. Wintermute | 54 | Principal market maker and OTC desk | Funds and token projects wanting chat and API liquidity in hundreds of tokens |
| 8. GSR | 50 | Market maker and OTC desk | Treasuries and funds trading large blocks across many fiat currencies |
| 9. Enigma Securities | 49 | OTC desk and liquidity provider | UK and European firms wanting voice, chat and API execution |
| 10. Galaxy | 37 | Trading and prime services firm | US institutions wanting OTC trading alongside lending and derivatives |
| 11. LMAX Digital | 35 | Institutional spot exchange | Banks and brokers wanting a regulated venue with a published instrument list |
| 12. Keyrock | 19 | Market maker and OTC desk | Crypto platforms and token projects wanting a single OTC counterparty |
Weighted to regulatory standing and published pricing: a regulated payment firm must use a licensed counterparty and know its conversion cost.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Kraken | 91 | Exchange with OTC desk | Businesses wanting exchange, OTC and API access with a full published fee table |
| 2. Zerohash | 66 | Crypto on and off ramp and liquidity API | Payment firms and fintechs embedding crypto buy, sell and payouts |
| 3. Coinbase Prime | 65 | Prime broker | Funds and corporates wanting trading, financing and custody in one account |
| 4. FalconX | 64 | Prime broker and OTC desk | Funds and fintechs needing wide token and fiat coverage through one counterparty |
| 5. OSL | 59 | Licensed exchange and stablecoin payments platform | Asian and European businesses converting between stablecoins and fiat |
| 6. B2C2 | 57 | Principal liquidity provider | Exchanges, brokers and fintechs wanting streaming prices without pre-funding |
| 7. Wintermute | 54 | Principal market maker and OTC desk | Funds and token projects wanting chat and API liquidity in hundreds of tokens |
| 8. GSR | 52 | Market maker and OTC desk | Treasuries and funds trading large blocks across many fiat currencies |
| 9. Enigma Securities | 49 | OTC desk and liquidity provider | UK and European firms wanting voice, chat and API execution |
| 10. Galaxy | 38 | Trading and prime services firm | US institutions wanting OTC trading alongside lending and derivatives |
| 11. LMAX Digital | 37 | Institutional spot exchange | Banks and brokers wanting a regulated venue with a published instrument list |
| 12. Keyrock | 18 | Market maker and OTC desk | Crypto platforms and token projects wanting a single OTC counterparty |
Weighted to execution access and coverage: funds need direct API connections, many assets and round-the-clock trading.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Kraken | 90 | Exchange with OTC desk | Businesses wanting exchange, OTC and API access with a full published fee table |
| 2. FalconX | 69 | Prime broker and OTC desk | Funds and fintechs needing wide token and fiat coverage through one counterparty |
| 3. Coinbase Prime | 65 | Prime broker | Funds and corporates wanting trading, financing and custody in one account |
| 4. Zerohash | 64 | Crypto on and off ramp and liquidity API | Payment firms and fintechs embedding crypto buy, sell and payouts |
| 5. OSL | 59 | Licensed exchange and stablecoin payments platform | Asian and European businesses converting between stablecoins and fiat |
| 6. B2C2 | 59 | Principal liquidity provider | Exchanges, brokers and fintechs wanting streaming prices without pre-funding |
| 7. Wintermute | 57 | Principal market maker and OTC desk | Funds and token projects wanting chat and API liquidity in hundreds of tokens |
| 8. Enigma Securities | 54 | OTC desk and liquidity provider | UK and European firms wanting voice, chat and API execution |
| 9. GSR | 53 | Market maker and OTC desk | Treasuries and funds trading large blocks across many fiat currencies |
| 10. Galaxy | 37 | Trading and prime services firm | US institutions wanting OTC trading alongside lending and derivatives |
| 11. LMAX Digital | 34 | Institutional spot exchange | Banks and brokers wanting a regulated venue with a published instrument list |
| 12. Keyrock | 26 | Market maker and OTC desk | Crypto platforms and token projects wanting a single OTC counterparty |
Weighted to standing, pricing and settlement: a company converting cash needs a licensed counterparty, a known cost and clear payment routes.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Kraken | 90 | Exchange with OTC desk | Businesses wanting exchange, OTC and API access with a full published fee table |
| 2. Zerohash | 68 | Crypto on and off ramp and liquidity API | Payment firms and fintechs embedding crypto buy, sell and payouts |
| 3. Coinbase Prime | 66 | Prime broker | Funds and corporates wanting trading, financing and custody in one account |
| 4. FalconX | 57 | Prime broker and OTC desk | Funds and fintechs needing wide token and fiat coverage through one counterparty |
| 5. B2C2 | 57 | Principal liquidity provider | Exchanges, brokers and fintechs wanting streaming prices without pre-funding |
| 6. OSL | 55 | Licensed exchange and stablecoin payments platform | Asian and European businesses converting between stablecoins and fiat |
| 7. Wintermute | 50 | Principal market maker and OTC desk | Funds and token projects wanting chat and API liquidity in hundreds of tokens |
| 8. GSR | 45 | Market maker and OTC desk | Treasuries and funds trading large blocks across many fiat currencies |
| 9. Enigma Securities | 43 | OTC desk and liquidity provider | UK and European firms wanting voice, chat and API execution |
| 10. Galaxy | 36 | Trading and prime services firm | US institutions wanting OTC trading alongside lending and derivatives |
| 11. LMAX Digital | 35 | Institutional spot exchange | Banks and brokers wanting a regulated venue with a published instrument list |
| 12. Keyrock | 14 | Market maker and OTC desk | Crypto platforms and token projects wanting a single OTC counterparty |
Each criterion is scored 0 to 5 against the best published offer in this edition. 0 means not offered or not published.
| Provider | Regulatory standing | Published pricing | Asset and currency coverage | Execution access | Settlement | Security assurance |
|---|---|---|---|---|---|---|
| Kraken | 5 | 5 | 4 | 5 | 3 | 5 |
| Zerohash | 5 | 1 | 3 | 3 | 3 | 5 |
| Coinbase Prime | 5 | 0 | 4 | 3 | 3 | 5 |
| FalconX | 5 | 0 | 5 | 5 | 3 | 0 |
| OSL | 5 | 1 | 3 | 4 | 3 | 0 |
| B2C2 | 4 | 1 | 1 | 5 | 3 | 3 |
| Wintermute | 4 | 1 | 2 | 5 | 3 | 0 |
| GSR | 5 | 0 | 5 | 3 | 1 | 0 |
| Enigma Securities | 4 | 0 | 3 | 5 | 1 | 1 |
| Galaxy | 4 | 0 | 1 | 3 | 2 | 0 |
| LMAX Digital | 4 | 0 | 3 | 1 | 1 | 1 |
| Keyrock | 0 | 0 | 2 | 3 | 1 | 0 |
6 criteria, scored only from what each provider publishes.
The licences and registrations a provider publishes for trading or transmitting crypto, with the regulator and licence number, such as a MiCA licence (the EU licence for crypto service providers) or US money transmitter licences.
Trading fees or spreads on a public fee page, down to the volumes a business trades. A spread is the gap between the buying and selling price. "From", "starting at" and promotional prices do not count.
The published number of digital assets and fiat currencies (government currencies such as dollars or euros) a business can trade.
How a business can trade: an OTC desk (a trading desk that agrees large trades directly rather than on a public order book) by chat or voice, RFQ (a request for a firm price) or streaming prices, a FIX API (the standard connection banks use to send orders) and 24/7 hours.
How trades are paid and delivered: named fiat payment rails, trading on credit or settling after the trade without pre-funding (paying in before trading), and settling from a third-party custodian.
Independent audit reports and certifications: SOC 1 and SOC 2 reports (US auditor reports on a firm's controls; Type II tests them over a period) and ISO 27001 (the international security management standard).
| Criterion | Payment and fintech firms | Funds and trading firms | Corporate treasuries |
|---|---|---|---|
| Regulatory standing | 25 | 15 | 25 |
| Published pricing | 20 | 15 | 20 |
| Asset and currency coverage | 15 | 20 | 10 |
| Execution access | 15 | 25 | 10 |
| Settlement | 15 | 15 | 20 |
| Security assurance | 10 | 10 | 15 |
| Criterion | 5 | 3 | 0 |
|---|---|---|---|
| Regulatory standing | Licences or registrations from named regulators in two or more regions, with numbers or register links | Licence or registration in one region | Not published |
| Published pricing | Full fee or spread table down to institutional volumes on a fee page | Fee method or a partial price published | Not published, or "from" prices only |
| Asset and currency coverage | 200 or more assets and 10 or more fiat currencies published | One count published, or about 50 to 199 assets | Not published |
| Execution access | OTC desk by chat or voice, RFQ or streaming prices, FIX API and 24/7 hours all published | Two of the four published | Not published |
| Settlement | Named fiat rails, trading on credit or without pre-funding, and settlement from a third-party custodian | One of the three published | Not published |
| Security assurance | Two of SOC 1 Type II, SOC 2 Type II and ISO 27001 | One report or certification published | Not published |
Score out of 100 is the sum of each criterion score divided by five and multiplied by its weight. The overall ranking is the mean of the segment scores. Ties are broken by regulatory standing, then execution access. A provider that does not publish a price is scored as though the price were high, because a business cannot plan on an unpublished price. Prices are scored on the standard published rate, never an introductory, promotional or "from" rate, and a figure counts only when it appears on a pricing, fee or terms page rather than in a marketing line. A provider that serves one country only is scored on access for that country, and the limitation is printed in its profile.
What each provider publishes, criterion by criterion, with the date read and the source.
A global exchange with an institutional OTC desk, self-service RFQ portal and FIX API. It is the only provider in this edition that publishes a full fee table down to institutional volumes, and it publishes licences across the EU, UK, US and Australia, ISO 27001 and SOC 2 reports and proof of reserves. OTC spreads are not published.
| Regulatory standing | Disclosures page: Payward Europe Solutions Limited, crypto-asset service provider regulated by the Central Bank of Ireland; Payward Services Limited, authorised by the FCA as an e-money institution (FRN: 1010381); Payward Limited, registered with the FCA as a cryptoasset business; Payward Interactive, Inc., US state money transmitter licences (NMLS ID 1843762); Bit Trade Pty Ltd, registered with AUSTRAC. |
| Pricing | Spot maker and taker fees by 30-day volume, from Tier 1 ($0+): 0.40% maker, 0.80% taker, to Pro 5 ($500M+): 0.0% maker, 0.05% taker. Chat and RFQ trades: "the quoted price is all-inclusive and already reflects Kraken's spread and fees." |
| Asset and currency coverage | "550+ Supported assets across trading and custody"; OTC portal: "trade 150+ pairs in seconds". Fee page names USD, GBP, CAD, AUD, EUR and CHF as major currencies. |
| Execution access | OTC desk: "Chat or RFQ"; self-service RFQ portal; "Connect via API, WebSockets, REST and FIX 4.4"; "24/7 markets"; option to colocate. |
| Settlement | "Settle trades within 24 hours using your Kraken account, your bank and/or an external wallet." OTC lending: "a minimum loan size of $500,000". |
| Security | Site lists ISO/IEC 27001:2022, SOC 2 Type 2 for its qualified custody offering and SOC 2 Type 1 for custody and funding services; proof of reserves published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.kraken.com, www.kraken.com, www.kraken.com, www.kraken.com.
An API provider that lets payment firms, brokers and fintechs offer crypto buying, selling and payouts under its licences. It publishes US money transmitter coverage in 51 jurisdictions, NYDFS licences, named fiat rails, ISO 27001 and SOC 2. It publishes how spreads are set but not the spreads themselves.
| Regulatory standing | zerohash llc "is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions"; zerohash llc and zerohash liquidity services llc "are licensed to engage in virtual currency business activity by the New York State Department of Financial Services"; registered with FINTRAC in Canada. EU services through zerohash europe BV. |
| Pricing | Pricing and fees page sets out how RFQ spreads are applied, with an illustrative "Spread: 200 bps" example and possible commissions; actual spreads are agreed per client. |
| Asset and currency coverage | "Support 100+ digital assets"; "20+ supported networks". |
| Execution access | "Trading, stablecoins and payouts through one set of APIs"; RFQ and a central limit order book (EU), OTC on request. FIX and chat not stated. |
| Settlement | "Funds process via ACH, RTP, SEPA or PSP". |
| Security | "ISO/IEC 27001:2022" and "SOC2 Type 1 & 2". |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: zerohash.com, zerohash.com, zerohash.com, zerohash.com.
A prime brokerage platform combining trading, financing and custody, with execution routed across exchanges, market makers and OTC desks. It publishes 275+ tradeable assets, RFQ and algorithmic orders, and licences in the US and EU. It does not publish trading fees or fiat currencies beyond USD.
| Regulatory standing | Coinbase, Inc. is licensed by NYDFS for virtual currency business; Coinbase Custody Trust Company is a New York limited purpose trust company; Coinbase holds a MiCA licence covering all 27 EU member states; futures through Coinbase Financial Markets, Inc., a CFTC-registered futures commission merchant and NFA member. |
| Pricing | Not published; the page notes "Trading venues not connected to Coinbase Prime may offer better pricing." |
| Asset and currency coverage | "275+ Tradeable assets"; "90+ Assets available for financing and cross-margining". Fiat currencies other than USD not stated. |
| Execution access | Order types include RFQ, TWAP, VWAP and adaptive strategies; Prime API documentation; liquidity aggregated from exchanges, market makers and OTC desks. FIX not stated on the page read. |
| Settlement | Prime manages "pre-funding, settlement, connectivity, and key management end-to-end"; financing and cross-margining offered. Payment rails not named. |
| Security | Coinbase Custody Trust Company "maintains SOC 1 Type II and SOC 2 Type II audits by Deloitte & Touche". |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.coinbase.com, www.coinbase.com.
A prime broker offering OTC and electronic trading, credit and FX through one counterparty. It publishes 400+ tokens, 13 fiat currencies for electronic FX and 120+ through OTC, FIX and streaming access, a Malta MiCA licence and US state licences with numbers. It does not publish prices or security certifications.
| Regulatory standing | FalconX Limited is licensed as a crypto-asset service provider by the Malta Financial Services Authority under MiCA; FalconX Delta, Inc. (NMLS ID # 2419717) is registered with FinCEN and licensed as a money transmitter in listed states, with licence numbers; FalconX Bravo, Inc. is registered as a swap dealer with the CFTC and is an NFA member. Its Singapore entities state they are not licensed by MAS. |
| Pricing | Not published; the trading page cites "competitive pricing". |
| Asset and currency coverage | "Trade 400+ tokens"; electronic FX "across 13 fiat currencies"; "Access 120+ fiat currencies via OTC execution, supported by Tier-1 banking partners". |
| Execution access | "24/7 electronic and OTC trading"; "RFQ/Streaming"; "WebSocket, FIX, and REST" APIs; TWAP orders and smart order routing across "50+ trading venues". |
| Settlement | "Margin Loans & Flexible Settlement"; on and off ramps and cross-border settlement listed. Payment rails not named. |
| Security | Not published on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.falconx.io, www.falconx.io, www.falconx.io.
A Hong Kong licensed digital asset platform offering OTC and RFQ trading, stablecoin payments and payouts. It publishes licences in Hong Kong, Austria and Germany, 20+ fiat currencies in one account and payouts in 129 currencies. It publishes all-in OTC prices without stating spreads, and no security certifications.
| Regulatory standing | Site lists Hong Kong SFC "Type 1 / 4 / 7 / 9 Licenses & AMLO"; OSL EU GmbH is "an authorised Crypto-Asset Service Provider regulated by the Austrian Financial Market Authority under the Markets in Crypto-Assets Regulation (MiCAR)"; DLT Securities GmbH regulated by BaFin (BaFin ID 10159536). Japan FSA also listed. |
| Pricing | Fees page: Flash Trade and OTC Trade are "All-in price", with no additional fees; spreads not published; standalone custody fees "are bespoke and determined on a client-by-client basis". |
| Asset and currency coverage | Accounts hold "13+ stablecoins, 38+ digital assets and 20+ fiat currencies"; payouts "to 170+ countries in 129 currencies". |
| Execution access | "Institutional OTC, RFQ and liquidity" with "24/7 desk support"; institutional API documentation published. FIX not stated. |
| Settlement | "24/7 on-chain settlement"; merchant payouts "via local rails"; fiat on-ramp by "Card and bank transfer". |
| Security | Not published on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.osl.com, www.osl.com, www.osl.com.
A principal liquidity provider streaming prices in crypto and fiat to exchanges, brokers, banks and fintechs. It publishes FIX and streaming access, settlement after the trade without pre-funding, a MiCA licence in Luxembourg and a SOC 2 Type 2 report. It does not publish spreads or asset and currency counts.
| Regulatory standing | B2C2 Europe S.à r.l. "is a Crypto-Asset Service Provider (CASP) authorised under the European Union's Markets in Crypto-Assets Regulation (MiCAR)", supervised by Luxembourg's CSSF; authorised 15 May 2026; "CASP licence: N00000007". Other group licences not listed on the pages read. |
| Pricing | "With no per-transaction execution or settlement fees"; the price is in the quoted spread, which is not published. |
| Asset and currency coverage | "B2C2 streams prices electronically in all major crypto and fiat"; no asset or currency count published. |
| Execution access | Single dealer platform by GUI, or "API over WebSocket/REST and FIX"; "RFQ access via the GUI and API"; two-way streaming prices; "24/7/365". |
| Settlement | "Access two-way streaming pricing and execute trades without the need to pre-fund your account"; crypto and fiat settlement. Payment rails not named. |
| Security | "B2C2 has achieved SOC 2 Type 2 attestation from RSM US LLP" (7 July 2026). |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.b2c2.com, www.b2c2.com, www.b2c2.com.
A principal market maker offering OTC spot, options, forwards and CFDs by chat and FIX API. It publishes chat trading, streaming and RFQ, credit lines and an FCA registration. It does not publish spreads, asset or currency counts or security certifications.
| Regulatory standing | Wintermute Trading Ltd. "is registered with the UK Financial Conduct Authority for its cryptoasset activities under the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended (FRN:928764)". Other licences not listed on the pages read. |
| Pricing | "Tightest spreads, no fees or commission"; spreads not published. |
| Asset and currency coverage | "Hundreds of digital assets available, including stablecoins, multiple fiat, and crypto cross-pairs"; no counts published. |
| Execution access | Chat trading "on Telegram, Bloomberg IB, or Slack"; "Industry-standard FIX API" with "Market data streaming and RFQ"; algorithmic TWAP execution; "Global 24/7/365 access and support". |
| Settlement | "Flexible, no-fee settlement"; "Capital efficient trading via credit lines". Payment rails not named. |
| Security | No SOC or ISO certification published; the spot page describes a "financially audited counterparty". |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.wintermute.com, www.wintermute.com, www.wintermute.com.
A market maker and OTC desk with a systematic trading screen and API. It publishes 200+ assets and 25+ fiat currencies, a $250,000 minimum trade, and registrations in the UK, Singapore and the US with register links. It does not publish prices, chat or FIX access, or security certifications.
| Regulatory standing | GSR Markets UK is registered with the FCA (Firm Reference Number 1018980) under the Money Laundering Regulations; GSR Markets Pte. Ltd. "is authorised as a Major Payment Institution with the Monetary Authority of Singapore", with a register link; GSR Digital LLC (NMLS ID #: 2318094) holds listed US money transmitter licences. |
| Pricing | Not published; "We require a minimum trade value of $250,000." |
| Asset and currency coverage | "access to over 200 digital assets and 25 fiat currencies" across crypto, fiat and stablecoin pairs; trades "up to $100 million per trade". |
| Execution access | Systematic OTC trading screen and API; chat, RFQ, FIX and 24/7 hours not stated on the page read. |
| Settlement | "We offer flexible settlement options in either fiat or digital assets"; credit and payment rails not described. |
| Security | Not published on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.gsr.io, www.gsr.io, www.gsr.io.
A London OTC desk and liquidity provider, part of Makor Group. It publishes 24/7 voice and chat trading, FIX, REST and WebSocket APIs, 200+ pairs and an FCA registration. It does not publish prices, settlement terms or security certifications.
| Regulatory standing | "Enigma Securities Ltd. is an FCA registered Cryptoasset business (930442) and an Appointed Representative of Makor Securities London Ltd. which is authorised and regulated by the Financial Conduct Authority (625054)." |
| Pricing | Not published on the pages read. |
| Asset and currency coverage | OTC desk offers "access to over 200 cryptocurrency pairs"; "over 200 digital-asset/fiat combinations 24/7/365". Fiat count not published. |
| Execution access | OTC desk "via voice and chat", available 24/7; "FIX, REST and Web-socket APIs" to stream markets, request quotes and execute; Enigma X trading terminal. |
| Settlement | "an established trading and settlement infrastructure"; payment rails and credit not described. |
| Security | Refers to "industry-leading MPC and multi-signature custody solutions"; no SOC or ISO certification published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: enigma-securities.io, enigma-securities.io, enigma-securities.io.
A US digital asset firm offering electronic and OTC trading, lending and derivatives. It publishes FINRA broker-dealers, a CFTC swap dealer and a US money transmitter, with 24/7 trading by API or screen. It does not publish prices, asset or currency counts, settlement terms or security certifications.
| Regulatory standing | Securities services by Galaxy Digital Partners LLC and Galaxy Securities, LLC, "members of FINRA and SIPC"; Galaxy Derivatives LLC is a registered swap dealer with the CFTC and NFA; money transmission by GalaxyOne Prime LLC (NMLS ID: 1988685). Non-US licences not listed on the pages read. |
| Pricing | Not published on the pages read. |
| Asset and currency coverage | "the widest array of coins and fiat currencies in the OTC space"; no counts published. |
| Execution access | "24/7 global electronic and over-the-counter trading"; "Connecting to our platform via API or GUI"; Global Sales and Trading coverage. FIX and RFQ not stated. |
| Settlement | Lending for "leverage, hedging and working capital needs"; settlement methods and payment rails not described. |
| Security | Not published on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.galaxy.com, www.galaxy.com, www.galaxy.com.
An institutional spot exchange in the LMAX Group, regulated in Gibraltar for execution and custody. It publishes a full instrument list with quote currencies and cold storage for coins held. The pages read do not publish fees, API access, settlement terms or security certifications.
| Regulatory standing | "LMAX Digital is a trading name of LMAX Digital Broker Limited, authorised and regulated by the Gibraltar Financial Services Commission (license number FSC1342B)", as a DLT provider for execution and custody services. |
| Pricing | Not published on the pages read. |
| Asset and currency coverage | Published instrument list: 66 instruments on 26 crypto assets, quoted in 13 fiat currencies including USD, EUR, GBP, JPY, AUD and SGD, plus RLUSD and BTC. |
| Execution access | Exchange trading with daily hours set in the instrument list; API, RFQ and OTC desk not described on the pages read. |
| Settlement | "Cold Wallet: holds minimum number of coins required for settlement between institutional counterparties"; payment rails and credit not described. |
| Security | "All coins are held in cold storage with similar security infrastructure to gold vaults"; "Vault Wallet: holds majority of coins; it is a completely offline, multi-signature wallet." No SOC or ISO certification published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.lmaxdigital.com, assets.lmaxstatic.com.
A market maker and OTC desk with assigned traders and API execution. It publishes 24/7 traders, API execution and liquidity drawn from 85+ exchanges. The pages read do not publish licences, prices, asset or currency counts, settlement terms or security certifications.
| Regulatory standing | Not published on the pages read; the site lists hubs in the EU, UK, Switzerland, Brazil, US and Seychelles. |
| Pricing | Not published on the pages read. |
| Asset and currency coverage | Liquidity from "85+ exchanges and 1400+ markets worldwide"; named assets include BTC, ETH, XRP, BNB, USDC and USDT. Fiat coverage not stated. |
| Execution access | "Our assigned traders execute your orders 24/7"; "Execution is automated via APIs"; "10K+ OTC trades daily". |
| Settlement | "consistent pricing and flexible settlement"; payment rails and credit not described. |
| Security | Not published on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: keyrock.com, keyrock.com.
The index is paid for by nobody.
No provider pays to be assessed, listed or ranked, and there are no sponsored places. Providers do not apply: BCC selects the providers a business is likely to consider and scores them from their own pages. Any provider may ask to be assessed; the request changes nothing about the score.
Every figure is read from the provider's own pricing, product, legal or help page on the date shown. Providers may send corrections to [email protected]; a correction changes the page only where the provider's own page supports it. Every provider is re-read monthly and a new edition is published each October.
Retail exchange accounts, decentralised exchanges, merchant payment gateways that only accept crypto at checkout, and custody-only providers are left out. Cumberland (DRW) and Bitstamp were considered but are not ranked in this edition because the pages that could be read did not publish enough facts to score them. Other exchanges' institutional services, including Binance and OKX, are not assessed in this edition.
Ranked providers may show the index badge on their own site.
The badge is free. The one condition is that it links to this page, so that a reader can check the score and the method behind it. It is withdrawn if the link is removed or the provider leaves the index.
Embed: <a href="https://www.buckinghamcapitalconsulting.com/crypto-liquidity-index"><img src="https://www.buckinghamcapitalconsulting.com/assets/bcc-crypto-liquidity-index-2026.svg" alt="Ranked in the Buckingham Capital Consulting Crypto Exchange and Liquidity for Businesses Index 2026" width="300"></a>
Nobody. No provider pays to be assessed, listed or ranked.
An exchange matches buyers and sellers on a public order book and charges a fee per trade. An OTC desk quotes a firm price for a trade directly, usually for larger sizes, and earns the spread. Many providers offer both.
Most OTC desks and market makers quote a price per trade and do not publish their spreads. A business cannot plan on an unpublished price, so the index scores it as though the price were high. Ask for quotes from more than one provider before choosing.
A regulated payment or e-money firm must show its regulator that it deals with licensed counterparties and can trace every conversion. An unlicensed counterparty adds risk the firm has to explain.
The provider lets a business trade first and pay or deliver afterwards, within an agreed limit. It saves moving money in advance but means the business takes on credit terms with the provider.
No. The index compares published facts and is not a recommendation to use a particular provider. Every provider is re-read monthly and a new edition is published every October.
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