Where crypto-assets trade, how prices form across venues, the full stack of costs a client pays, and what MiCA requires firms to disclose.
Where crypto trades
- Centralised trading platforms match buyers and sellers in an order book.
- Brokers and exchange desks trade against their own book; OTC desks handle large blocks off-venue.
- Decentralised exchanges use smart-contract liquidity pools instead of an order book.
How prices form
- Each venue has its own price. Arbitrage keeps them close, but gaps open under stress.
- Reference prices and indices average several venues. Know which one your firm quotes.
- Most trading pairs are against stablecoins, not euros, which adds a conversion step and a counterparty.
The full cost stack
- Trading fees, the bid-ask spread and slippage on larger orders.
- Network fees to move assets on-chain, plus custody and conversion fees.
- Show the client the total in euros for a realistic trade size, not only the headline fee.
What MiCA requires firms to disclose
- Crypto-asset service providers must be transparent about their pricing, costs and fees.
- Trading platforms must publish bid and ask prices and market depth, and details of completed trades.
- Firms executing client orders must take all necessary steps to get the best possible result, weighing price, costs, speed, likelihood of execution and settlement, size, nature and custody conditions.
Stablecoins in the plumbing
- E-money token holders have a claim on the issuer, tokens are issued and redeemed at par, and issuers may not pay interest.
- Check whether a stablecoin is authorised under MiCA before assuming EU protections apply.
- Reserve quality and redemption terms matter as much as the peg.
Key takeaways
- Quote the all-in cost for a realistic trade size.
- Know which venue or index your price comes from.
- A stablecoin is only as good as its reserve and its authorisation.
Sources
Educational content only, not legal, tax or investment advice. Based on Regulation (EU) 2023/1114 (MiCA) and related EU texts as of September 2026. Check the official texts before relying on anything here.