One Trading Exchange

One Trading Exchange B.V. stands as a pioneering force in European cryptocurrency trading, establishing itself as the continent's first exchange authorized under both MiFID II and MiCA regulations. Headquartered in Amsterdam, the Netherlands, this innovative platform emerged from the strategic evolution of Bitpanda Pro in 2024, creating an independent entity focused exclusively on institutional-grade cryptocurrency derivatives and spot trading.

Learn More About Platform Ratings →

Note on fees: One Trading currently runs zero‑fee spot on many pairs; derivatives use tiered taker/maker fees and settle roughly every 60 seconds on the F.A.S.T. platform; EUR transfers are typically free; crypto withdrawals are network‑based.

The company's regulatory positioning represents a landmark achievement in European crypto markets, operating under comprehensive oversight from the Dutch Authority for the Financial Markets (AFM) as both a crypto-asset service provider (CASP) under MiCA and an Organized Trading Facility (OTF) under MiFID II. This dual regulatory framework enables One Trading to offer both institutional and eligible retail clients access to regulated cryptocurrency perpetual futures—a first in the European Union.

One Trading's competitive advantages center on its vertically integrated infrastructure, which eliminates traditional clearing intermediaries, and its proprietary F.A.S.T. (Fast, Accurate, Secure Trading) platform that delivers sub-minute settlement times. The company's strategic focus on regulatory compliance and technological innovation positions it uniquely to serve the growing demand for regulated crypto derivatives in Europe's evolving digital asset landscape.

Recent reviews describe One Trading’s trading quality as fast and regulation-first—zero-fee spot, competitive tiered derivatives fees, and sub-minute settlement—supportive of scalping on major EUR pairs; caveats include a young track record, limited asset coverage, and still-maturing stress performance.

Company History & Development

One Trading's origins trace back to Bitpanda Pro, the professional trading division of Austrian cryptocurrency platform Bitpanda. The strategic decision to spin off this division into an independent entity reflected the growing complexity and opportunity within European crypto derivatives markets, particularly as MiCA regulation approached full implementation in late 2024.

The transformation accelerated throughout 2024 as the company pursued comprehensive European licensing. In July 2024, One Trading achieved a crucial milestone by obtaining an Organized Trading Facility license from the Dutch Authority for the Financial Markets, becoming the first regulated derivatives exchange in Europe accessible to retail investors. This licensing breakthrough established the regulatory foundation for offering sophisticated trading products under MiFID II oversight.

Strategic funding arrived in September 2024 when SC Ventures, the venture capital arm of Standard Chartered Bank, led an investment round that also included participation from existing investors Middlegame Ventures, Valar Ventures, and Speedinvest. This institutional backing provided the capital necessary for technology development and regulatory expansion while validating One Trading's business model among traditional financial institutions.

The company's technological evolution culminated with the launch of its F.A.S.T. platform, designed in partnership with Amazon Web Services to deliver unprecedented execution speeds. Initial testing revealed processing capabilities 1,500 times faster than previous iterations and 100 times faster than competing venues, with the system handling 64 million orders in its first month of operation without experiencing downtime.

Regulatory authorization under MiCA arrived in May 2025, completing One Trading's comprehensive compliance framework and enabling full European Economic Area passporting rights. This achievement made One Trading the first crypto derivatives venue in the European Union authorized to serve both institutional and eligible retail clients under unified regulatory oversight.

The platform's product expansion continued with the April 2025 launch of Bitcoin and Ethereum perpetual futures trading for institutional clients, followed by retail access across Germany, Netherlands, and Austria. Recent developments include the introduction of XRP perpetual futures and the publication of MiCA-compliant environmental impact data for over 100 crypto assets, demonstrating ongoing commitment to regulatory leadership and market innovation.

Business Model & Core Services

One Trading operates a vertically integrated cryptocurrency trading platform combining spot markets and derivatives under comprehensive European regulatory oversight. The company's business model eliminates traditional financial intermediaries by providing integrated product issuance, order matching, risk management, and settlement services through its proprietary infrastructure.

The derivatives trading platform offers cryptocurrency perpetual futures with no expiration dates, enabling traders to maintain positions indefinitely while accessing leverage up to 10x for eligible clients. Current offerings include BTC/EUR, ETH/EUR, and XRP/EUR perpetual futures, with real-time settlement occurring every 60 seconds rather than traditional daily settlement cycles. This approach reduces counterparty risk while providing capital efficiency advantages over traditional clearing models.

Spot trading operates through the F.A.S.T. exchange, supporting over 100 cryptocurrency trading pairs with EUR-denominated pricing. The platform currently implements a zero-fee structure for spot trading, with revenue generation focused on spread capture and futures trading activities. Trading pairs include major cryptocurrencies like Bitcoin, Ethereum, and emerging altcoins, though the selection remains narrower than established global exchanges.

The company's regulatory compliance framework enables full European Economic Area operations through MiCA passporting rights. Dual authorization under both MiCA and MiFID II creates unique competitive advantages, allowing One Trading to offer regulated crypto derivatives alongside traditional financial instruments on a single platform. This integrated approach targets both cryptocurrency-native institutions and traditional financial services firms seeking regulated digital asset exposure.

One Trading's vertically integrated model encompasses custody services, risk management, and collateral handling without relying on external clearinghouses. This structure reduces operational costs and complexity while maintaining institutional-grade security standards required under European banking regulations.

Regulatory Compliance & Trust

One Trading operates under European Union regulatory oversight through multiple authorizations that establish comprehensive consumer protection and operational standards. The company holds crypto-asset service provider (CASP) authorization under MiCA from the Dutch Authority for the Financial Markets, enabling passporting rights across all 27 European Union member states and the broader European Economic Area.

The platform's MiFID II Organized Trading Facility license represents a significant regulatory achievement, subjecting One Trading to the same oversight standards applied to traditional financial markets. This authorization enables the company to offer regulated derivatives trading with institutional-grade compliance frameworks covering market abuse prevention, client asset protection, and operational resilience requirements.

Additional regulatory registrations include Virtual Asset Service Provider (VASP) status with Italy's Organismo Agenti e Mediatori (OAM), demonstrating commitment to comprehensive European compliance. The company maintains segregated client asset arrangements required under European banking regulations, with customer funds held separately from corporate assets through qualified custodial institutions.

One Trading's regulatory track record includes successful navigation of the complex MiCA authorization process during the transitional period, positioning the company among the first wave of fully compliant European crypto derivatives venues. The dual regulatory framework provides enhanced investor protections compared to offshore alternatives, including deposit guarantee coverage and regulatory dispute resolution mechanisms.

However, the company's relative youth means its compliance track record requires ongoing validation. As a newly independent entity launched in 2024, One Trading has not yet faced significant regulatory stress testing or major operational challenges that would fully demonstrate its regulatory resilience and operational maturity.

Economics & Value Proposition

One Trading's economic model emphasizes regulatory premium pricing supported by institutional-grade infrastructure and compliance standards. The platform currently implements zero trading fees for spot transactions, using this competitive advantage to attract volume while generating revenue through derivatives trading and spread capture mechanisms.

Perpetual futures trading operates under a tiered fee structure based on 30-day rolling volume, with maker fees starting at 0% for the highest volume tiers and taker fees beginning at competitive rates. The company's vertically integrated model eliminates external clearing costs, enabling fee structures that undercut traditional financial intermediaries while maintaining regulatory compliance standards.

Fiat deposit and withdrawal services operate without fees for SEPA transfers, providing cost advantages for European users compared to platforms charging percentage-based or fixed fees for EUR transactions. Cryptocurrency withdrawal fees align with blockchain network costs without additional markup, though these can vary significantly based on network congestion and asset type.

The platform's value proposition targets professional traders and institutions requiring regulated access to cryptocurrency derivatives without offshore regulatory risks. European clients can access leverage up to 10x on major cryptocurrency pairs while maintaining full regulatory protection and dispute resolution rights unavailable through unregulated alternatives.

One Trading's positioning as Europe's first regulated crypto perpetual futures venue creates potential pricing power advantages as institutional adoption increases. Traditional financial institutions and regulated investment funds often require regulatory compliance that offshore venues cannot provide, potentially justifying premium pricing for regulated access.

However, the limited asset selection and narrower product range compared to global competitors may constrain revenue growth. The platform's current focus on major cryptocurrency pairs and EUR-denominated trading limits appeal to traders seeking broader market exposure or USD-denominated positioning.

Market Position & Suitability

One Trading occupies a unique position as Europe's first MiFID II and MiCA dual-regulated cryptocurrency derivatives venue, serving primarily institutional clients and sophisticated retail traders requiring regulatory compliance for their digital asset activities. The platform excels for European financial institutions, regulated investment funds, and professional traders who prioritize regulatory certainty over extensive product variety or the lowest possible fees.

The exchange particularly appeals to conservative institutional investors seeking regulated exposure to cryptocurrency markets without compromising their compliance frameworks. Professional traders based in the European Union benefit from the platform's regulated derivatives access, eliminating the regulatory risks associated with offshore venues while maintaining access to leverage and sophisticated trading tools.

Active European traders focused on major cryptocurrency pairs find value in the platform's zero-fee spot trading and competitive derivatives pricing, particularly those prioritizing EUR-denominated trading over USD pairs. The platform's fast execution and professional-grade interface serve traders implementing quantitative strategies or requiring reliable order execution during volatile market conditions.

One Trading proves less suitable for users requiring extensive altcoin selection, as the platform's current offering focuses primarily on major cryptocurrencies with limited coverage of emerging tokens or niche digital assets. Casual investors seeking simple buy-and-hold functionality may find the platform's professional focus overly complex compared to consumer-focused alternatives.

The platform's regulatory framework creates geographic limitations for non-European users, as MiCA and MiFID II authorization specifically targets European Economic Area residents. Similarly, traders seeking maximum leverage or offshore regulatory flexibility will find One Trading's regulated approach constraining compared to unregulated alternatives offering higher risk-reward ratios.

Users requiring immediate customer support or extensive educational resources may encounter limitations, as the platform's professional focus emphasizes trading functionality over comprehensive user guidance and support services typical of retail-oriented exchanges.

Technology & User Experience

One Trading's technology infrastructure centers on its proprietary F.A.S.T. platform, developed in partnership with Amazon Web Services to deliver institutional-grade performance and reliability. The system processes transactions with sub-minute settlement times and claims execution speeds 100 times faster than competing venues, supported by cloud-native architecture designed for high-frequency trading demands.

The platform's user interface emphasizes professional trading functionality with TradingView-powered charting capabilities offering nine timeframes and comprehensive technical analysis tools. The interface supports both web-based access and mobile applications, though user feedback indicates the desktop platform requires customization effort to optimize workspace layouts for individual trading preferences.

Advanced order management includes order book visualization, multiple order types, and real-time market data feeds necessary for professional trading strategies. The platform's API capabilities serve algorithmic traders and institutional clients requiring programmatic access, though documentation and feature completeness may lag behind specialized trading platforms targeting high-frequency users.

Customer support quality receives generally positive feedback from users, with response times typically within 24 hours and staff members frequently mentioned by name for professional assistance. However, some users report extended resolution times for complex technical issues, and the platform operates primarily through email and chat support rather than phone-based assistance for urgent trading matters.

Platform reliability demonstrates strong performance during normal market conditions, with the initial F.A.S.T. platform launch completing its first month without reported downtime while processing 64 million orders. However, the system's performance during extreme volatility periods or high-stress market conditions remains to be validated given the platform's recent launch timeline.

The mobile application provides essential trading functionality though some users report preference for desktop interfaces when conducting complex trading strategies or detailed market analysis.

Scalping-Friendliness (Commissions, Leverage & Slippage)

Zero-fee spot, competitive tiered taker fees on perpetuals, sub‑minute settlement, and a pro toolset make One Trading conducive to scalping on its most liquid EUR pairs. Limitations: leverage is capped (up to ~10x) by design, the market list is narrower than global venues, and real‑world stress performance is still building—so slippage and uptime during peak events should be evaluated by strategy.

Security & Risk Management

One Trading implements institutional-grade security measures appropriate for its regulatory status under both MiCA and MiFID II frameworks. Client asset segregation operates according to European banking standards, with customer funds held separately from corporate assets through qualified custodial arrangements that provide regulatory protection unavailable from unregulated platforms.

The platform's vertically integrated model includes integrated risk management systems that monitor positions in real-time and implement automatic liquidation procedures when necessary. Perpetual futures positions face liquidation fees of 3% when risk thresholds are exceeded, providing clear risk parameters for leveraged trading activities.

Operational security includes standard two-factor authentication, device registration requirements, and encrypted data transmission protocols required under European data protection regulations. The company's partnership with Amazon Web Services provides enterprise-grade infrastructure security, though specific details regarding cold storage arrangements, insurance coverage, and incident response procedures lack public transparency.

One Trading's security track record remains limited due to the platform's recent launch, with no major security incidents reported since beginning operations in 2024. However, this brief operational history provides insufficient data to fully assess the platform's security resilience during crisis situations or sophisticated attack scenarios.

The regulatory framework provides additional security advantages through mandatory compliance with European operational resilience requirements, regular regulatory examinations, and formal incident reporting procedures. These regulatory safeguards create institutional accountability standards that may exceed those of unregulated competitors.

Risk management extends to comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures required under European regulations, ensuring transaction monitoring and suspicious activity reporting that supports broader financial system integrity while potentially creating friction for users seeking rapid account activation.

Conclusion

One Trading Exchange B.V. represents a significant evolution in European cryptocurrency markets, successfully establishing Europe's first dual MiCA and MiFID II regulated venue for crypto derivatives trading. The company's achievement in navigating complex regulatory frameworks while maintaining competitive trading infrastructure demonstrates the viability of compliant cryptocurrency derivatives within traditional financial regulatory structures.

The platform's primary strengths include its groundbreaking regulatory positioning, technological innovation through the F.A.S.T. platform, and vertically integrated operational model that eliminates traditional clearinghouse dependencies. The strategic backing from Standard Chartered and established venture capital firms provides both financial stability and traditional finance industry credibility essential for institutional adoption.

However, significant challenges remain, particularly regarding limited asset selection, narrow geographic focus, and the need to prove long-term operational resilience as the platform scales. The company's recent launch means its track record lacks the depth necessary to fully assess performance during market stress or operational challenges, while competition from both established crypto exchanges and emerging regulated alternatives continues intensifying.

Looking forward, One Trading's regulatory advantages position it well for continued growth as European institutions increase digital asset allocation and MiCA implementation creates competitive barriers for non-compliant platforms. The company's focus on derivatives and professional trading tools aligns with growing institutional sophistication in cryptocurrency markets, suggesting strong potential for market share expansion within its target segment.

One Trading represents an excellent choice for European institutions, professional traders, and sophisticated retail investors prioritizing regulatory compliance and professional-grade trading infrastructure over extensive product variety or consumer-focused features. The platform's continued success will depend on expanding its product offering while maintaining regulatory excellence and operational reliability as it establishes its position in the rapidly evolving European cryptocurrency landscape.