Institutional execution platforms evaluated on what an evaluator can verify before the NDA — the public documentation surface, operational and incident transparency, venue claims corroborated independently, and disclosed commercial identity.
Finery Markets
#1 of 6 · published ranking
Finery Markets
81ChainChoice Score
4199
Why it leads
Best in the pool on commercial and identity disclosure (8/10; next 7/10)
Cost
Not priced· No comparable price is published
No provider can pay for a position in this table. The code that computes this order cannot read which links earn us a commission, and every build proves it. Every score below rebuilds from the published criteria.Ranking 2026.08 · 4 criteria · 6 products · same inputs, same order
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
2
CoinRoutesCoinRoutesCrypto EMS since 2017 that runs the poo...
Operational transparency and incident history — 9/10Trade-off: You cannot read one line of API documentation before the sales call — every docs host...
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
Ranking blindCommercial terms excludedDated primary sourcesCrypto products are high risk. Check the provider is authorised where you live before you deposit.
Ranked on 4 published criteria weighted 30/25/25/20, which set goal alignment — 30 of the 86 points. The rest: regional access 20, evidence depth 18, ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
Audit
Infrastructure
Methodology
2026.09.15
published 2026-09-16
Providers tracked
980+
across 119 categories
Last verified
2026-08-18
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
Weighted on the pre-NDA documentation surface (30), operational transparency and incident history (25), whether venue claims survive independent verification (25), and commercial and identity disclosure (20). This category was retired by an evidence panel and rebuilt by decision: what each vendor shows an evaluator before the NDA is all an evaluator can weigh, silence scores low with the silent page cited, and the variance is real — one vendor publishes docs, a different one publishes status, and the winner is the only one publishing both. Five of six publish no price. Re-open bar, printed on purpose: three or more vendors with public status pages and pre-contract docs upgrades this page.
What matters most before choosing in this category
Weighted on the pre-NDA documentation surface (30), operational transparency and incident history (25), whether venue claims survive independent verification (25), and commercial and identity disclosure (20). This category was retired by an evidence panel and rebuilt by decision: what each vendor shows an evaluator before the NDA is all an evaluator can weigh, silence scores low with the silent page cited, and the variance is real — one vendor publishes docs, a different one publishes status, and the winner is the only one publishing both. Five of six publish no price. Re-open bar, printed on purpose: three or more vendors with public status pages and pre-contract docs upgrades this page.
What can you actually evaluate before the NDA — docs, status, price posture?
When their engine degraded, did they say so on a page they control?
Do the venues they claim corroborate the integration?
Current editor lead
Expert review and scoring weights
Finery Markets
Finery MarketsData checked Aug 2026
Crypto-native ECN and execution SaaS (FM Liquidity Match, FM White Label) for banks, brokers, and PSPs — the only vendor in this pool that publishes a tariff schedule, full public API docs, and a live status page at the same time.
Crypto-native ECN and execution SaaS (FM Liquidity Match, FM White Label) for banks, brokers, and PSPs — the only vendor in this pool that publishes a tariff schedule, full public API docs, and a live status page at the same time. Strongest on can i actually read your documentation before i sign your nda? (9/10): Complete public reference documentation on the vendor's own helpdesk, loaded anonymously this session (2026-08-18): REST API page states 'Use these endpoints to send REST requests <https://trade.finerymarkets.com/api> (or <https://test.finerymarkets.com/api> for test environment)' with 'All calls should be signed… Weakest on you say you connect to 100+ venues — can i check that anywhere you don't control? (7/10): The coverage claim lives on the public FM Space page (https://finerymarkets.com/space/, 200 on 2026-08-18): animated counters whose HTML data-targets resolve to '20+ OTC liquidity providers and leading crypto exchanges connected to the network', '150+ B2B crypto infrastructure partners across trading, custody… Published price: "1.1. Maker Fee — The Maker Software Usage Fee is 0.01% (1 bps) of the trading turnover in US dollars." "1.2. Taker Fee — Tier 3 / Tier 2 / Tier 1 ...
Best forPre nda documentation surface — 9/10
Main tradeoffThe published tariff is not the whole bill — the onboarding fee and the minimum monthly fee are both 'defined based on the specific configuration of the User's market setup' — and your contract is with a British Virgin Islands company (reg. 2079689) whose register you cannot freely read, which itself disclaims every regulated function: you bring your own bilateral counterparty and settlement relationships, and Finery Markets 'is not a party to any such arrangements'.
Verify before signup"1.1. Maker Fee — The Maker Software Usage Fee is 0.01% (1 bps) of the trading turnover in US dollars." "1.2. Taker Fee — Tier 3 / Tier 2 / Tier 1 ... Trading volumes for a calendar month (including trades in RFQ mode), USD equivalent: Less than $50 mln / >= $50 mln / and >= $200 mln — Software Usage Fee Rate 0.03% (3 bps) / 0.02% (2 bps) / 0.01% (1 bps)". "Whitelabel fee: 10 000 USD (per month)". "Overnight (roll-over) fees: 10% of revenue derived from the roll-over (overnight) fees charged by Users". "Onboarding fee is defined based on the specific configuration of the User's market setup. Minimum monthly fee is defined based on the specific configuration of the User's market setup." "effective date: Jan 10, 2025". This is the only published price in the institutional_execution pool — every other vendor answers pricing with a demo request (rebuild-queue.md:209).
Methodology
How this category is reviewed
Reviewed on can i actually read your documentation before i sign your NDA?, when your system goes down, will i find out from you — or from my own blotter?, you say you connect to 100+ venues — can i check that anywhere you don't control?, and who am i contracting with, who pays you — and will anyone name a price before the sales call?.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
Frequently asked
Questions people ask before choosing execution
How is this different from the OTC desks page?
By what you are buying. A desk takes the other side of your trade — that page ranks counterparty footing, settlement mechanics and the smallest ticket a desk will quote. This page ranks SOFTWARE: the execution and order-routing platforms an institution licenses to reach many venues at once. The broker half of this market is deliberately fenced into OTC Desks, and no criterion here re-scores a desk axis.
Most of these vendors publish almost nothing. How can that be ranked?
Because the disclosure itself is the product being ranked. An evaluator choosing execution software can only weigh what is public before the NDA — documentation, status pages, verifiable venue claims, stated commercial identity. Silence scores low with the silent page cited, and the spread is real: one vendor publishes API docs, a different one publishes a live status page, and the winner is the only one publishing both. The category was retired by an evidence panel for exactly this opacity and rebuilt by decision with the inversion — the page states its own thinness and prints its re-open bar.
Why does the only live status page in the pool rank so well when it showed an outage?
Because self-disclosed degradation beats undisclosed anything. The one status page in this pool showed a component at 0.000% uptime over its window — and that vendor still outscores peers whose operational record is a blank. You can plan around a documented failure; you cannot plan around silence. A dated incident disclosed by the vendor scores above a clean-looking record nobody can check.
Not financial advice · For informational purposes only · Always do your own research
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