🚨BREAKING NEWS🚨 Citadel, Fidelity, and Charles Schwab have joined forces to introduce EDX Markets, a brand-new cryptocurrency exchange platform. ⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️ DISCLAIMER: Please be advised that the utilization of EDX Markets is strongly discouraged in any situation. This cautionary advice is primarily based on Citadel's tarnished reputation and multiple instances of being charged with fraudulent activities. It is highly recommended to exercise caution and conduct thorough research before considering any involvement with such a platform.
@InvestorTurf Just look at what they are doing in $AMC and $GME stocks with their dark pools. They won't actually buy the Bitcpin and other crypto they sell their customers, it will be all on paper.
@InvestorTurf One can only wonder why the SEC is going after all the other crypto exchanges like Binance, etc. It's like they are trying to remove the competition for their employer to take control.
@InvestorTurf Even if nobody goes in to their "ingesting " platform, all they need is to take over the algo to manipulate pricing just like the US stock market, great move @GaryGensler @SECGov @FINRA
GPT4 Says- PFOF on steroids: If you're a retail investor and you're interested in investing in cryptocurrencies via EDX Markets, you'll need to find a retail brokerage that works with EDX Markets and route your transactions through them. The way EDX Markets may work with retail brokerages has some similarities to the practice of Payment for Order Flow (PFOF), but also some key differences. To begin with, Payment for Order Flow (PFOF) is a practice where market makers pay retail brokers for directing trades to them. This is a practice that has been used by large brokers like Schwab and TD Ameritrade, but has also been adopted by online brokerages like Robinhood, which has extended the model to the crypto world【33†source】【34†source】. PFOF can be controversial because it can lead to conflicts of interest, as brokers might be incentivized to direct orders to market makers that pay them the most, rather than those that provide the best execution for their clients【33†source】. In the case of EDX Markets, the platform appears to work in a slightly different way. EDX Markets itself is a crypto exchange, and it does not directly cater to retail investors, but instead focuses on institutional traders. However, it relies on retail brokerages to route investors’ transaction orders for cryptocurrencies to its marketplace【18†source】. This setup could be similar to PFOF in the sense that retail brokerages might direct their clients' orders to EDX Markets. However, the specifics of this relationship, including whether and how much EDX might pay retail brokers for these orders, are not specified in the sources available. EDX Markets leverages a network of select digital custodians to safeguard assets, and trades are netted and settled on the blockchain for greater speed and efficiency, eliminating the need for expensive bilateral settlement【27†source】. This is a different process compared to traditional PFOF arrangements, where trades are typically settled through centralized clearinghouses. Additionally, EDX Markets is positioning itself as an exchange that combines the technology and best practices from traditional financial markets to provide secure, fast, and efficient cryptocurrency trading【26†source】. This includes offering tighter spreads, which could potentially provide better prices for traders. It's important to note that the crypto market, including practices such as PFOF in crypto trading, is less regulated than traditional securities markets. For instance, there is no National Best Bid and Offer (NBBO) in the crypto world, which is an official record of the best price available on exchanges at a particular moment in traditional markets. In the absence of such a benchmark, it's harder to ensure that retail investors are getting the best prices on their trades【42†source】. This is an area that regulators are paying attention to, but the scope of future regulation is still unclear【37†source】.
@InvestorTurf Anyone in CT Just by being on twitter, by now you must be aware of what has happened in $GME $AMC. Citadel will not buy the underlying assests for the crypto they sell to newbie investors and will use dark pools to manipulate prices. This scam will be a negative to the space.
@InvestorTurf Criminals and thieves grifters they are ..don't trust them for one second ..where is the sec in all this ..
@InvestorTurf Is that like an FTX reboot? Is someone hurting for some crypto stock tokens? 👀🤣🤣