MiCA Redrew the Map of Who Can Serve You
Europe now licenses crypto venues the way it licenses brokers. The consequences landed in 2025 and 2026, and they are visible.
Proof of Reserves: What It Proves and What It Does Not
A Merkle tree shows assets at a moment. Solvency needs liabilities too, and most published attestations stop short of that.
Reading a Crypto Exchange Fee Schedule Properly
Maker and taker at the entry tier, plus spread, plus withdrawal, plus conversion. The headline number is the smallest one.
The Swap Line Is a Strategy Decision
Overnight financing is set by your broker, applied on both sides of many pairs, and large enough to decide whether a swing approach works at all.
Leverage Caps Are a Map of Where You Are
Thirty to one or five thousand to one is not a product feature. It tells you which rulebook your account sits under.
What a Forex Spread Is Actually Made Of
Raw liquidity, broker markup, and a variable component that widens exactly when you need it not to. How to measure each part.