Provider profile · 2026 edition
Enigma Securities review 2026: scores, fees and alternatives.
A London OTC desk and liquidity provider, part of Makor Group.
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A London OTC desk and liquidity provider, part of Makor Group.
Enigma Securities scores 2.5 out of 5 (49 out of 100) in the Buckingham Intelligence Crypto Exchange and Liquidity for Businesses Index 2026 and ranks 9 of 12. It is strongest for UK and European firms wanting voice, chat and API execution, with 5 out of 5 for execution access. Not published or not stated on the pages read: pricing, asset and currency coverage, settlement and security.
Scores from the Crypto Exchange and Liquidity for Businesses Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For payment and fintech firms | 49 | 9 of 12 |
| For funds and trading firms | 54 | 8 of 12 |
| For corporate treasuries | 43 | 9 of 12 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
UK and European firms wanting voice, chat and API execution.
What Enigma Securities publishes on its own pages, read on 26 October 2026.
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.
| Fact | What the provider publishes |
|---|---|
| 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 | 26 October 2026 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
Facts read on 26 October 2026 from: enigma-securities.io/otc, enigma-securities.io/about-us, enigma-securities.io/api.
Each score with the evidence behind it.
Each criterion is scored 0 to 5 against the best published offer in the Crypto Exchange and Liquidity for Businesses Index. 0 means not offered or not published. How it is scored
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| Kraken | 4.5 | 1 of 12 | Businesses wanting exchange, OTC and API access with a full published fee table |
| Zerohash | 3.3 | 2 of 12 | Payment firms and fintechs embedding crypto buy, sell and payouts |
| Coinbase Prime | 3.2 | 3 of 12 | Funds and corporates wanting trading, financing and custody in one account |
| FalconX | 3.1 | 4 of 12 | Funds and fintechs needing wide token and fiat coverage through one counterparty |
| OSL | 2.9 | 5 of 12 | Asian and European businesses converting between stablecoins and fiat |
| B2C2 | 2.9 | 6 of 12 | Exchanges, brokers and fintechs wanting streaming prices without pre-funding |
| Wintermute | 2.7 | 7 of 12 | Funds and token projects wanting chat and API liquidity in hundreds of tokens |
| GSR | 2.5 | 8 of 12 | Treasuries and funds trading large blocks across many fiat currencies |
| Galaxy | 1.9 | 10 of 12 | US institutions wanting OTC trading alongside lending and derivatives |
| LMAX Digital | 1.8 | 11 of 12 | Banks and brokers wanting a regulated venue with a published instrument list |
| Keyrock | 0.9 | 12 of 12 | Crypto platforms and token projects wanting a single OTC counterparty |
Full Crypto Exchange and Liquidity for Businesses Index ranking
Side by side on every criterion, fact and award.
Head-to-head comparisons cover pairs within the top five of each ranking. Enigma Securities is compared with its alternatives in the table above.
Tell us what you need and where you operate.