EDX Markets is a crypto exchange built for institutional investors that stands clearly apart from traditional centralized exchanges. Launched in June 2023 with just 4 spot pairs, EDXM has carved out a niche of its own: an execution model inspired by equity markets, in which the platform never holds its clients’ funds.
EDX remains one of the most interesting projects in the institutional crypto ecosystem. Even though the platform isn’t aimed directly at retail traders, it deserves a close look, because it keeps redefining the standards of crypto trading for the big players!
2026 update — This article was originally published in June 2023, when the platform launched. A lot has changed since then: EDX has broadened its range of pairs, launched an international entity offering perpetual futures, and the entire US regulatory landscape has been turned upside down. We’ve therefore updated the facts for 2026 (see the dedicated sections below), while keeping the Captain’s original analysis.
At launch, in June 2023, EDXM came with a funding round featuring heavyweight partners: Fidelity, Charles Schwab (NYSE:SCHW) and Citadel were among the platform’s backers.
This is, in other words, a crypto exchange with serious firepower behind the scenes — enough to prompt new players and institutional investors to take a close look at what EDX Markets has to offer.
EDX Markets: key features and strengths of an institutional crypto platform
This marketplace does not support retail trading activity or investments from retail traders. On top of that, EDX does not hold client funds! This architectural choice drastically limits counterparty risk — a point that has become critical since the fall of FTX.
The platform is therefore aimed exclusively at institutional players, giving them direct access through an application programming interface — in other words, an API. Orders are then routed to market makers and partner custodians, which clearly separates execution from custody.
This kind of model is completely new in crypto; it borrows heavily from the architecture of traditional equity markets and could appeal to institutional investors and regulators alike.
EDXM: real strengths for institutional investors and the crypto market
EDX Markets showed up as the new kid on the block — the very same block where, back in 2023, the SEC was trying to take the head off dominant and well-established centralized platforms such as Coinbase and Binance.
At the time, while these 2 major platforms were under heavy fire from the Securities and Exchange Commission, which was taking a hard line against them, it was interesting to see the launch of a seemingly solid platform genuinely dedicated to institutional crypto trading!
Competition in the United States had shrunk considerably as a result. The bet at the time: if the regulator stuck to the list of securities it had defined, EDXM could slip through the cracks for a while by offering only cryptos treated as commodities.
Except the backdrop has completely changed since then (more on that just below). But first, back to the pairs.
EDX Markets: the cryptocurrency pairs available for trading
At launch, EDX offered only four spot pairs, all quoted against the dollar and chosen because they were considered decentralized enough to be treated as commodities:
This very narrow selection was no accident: these were the cryptos least likely to be labeled securities by the SEC. A cautious strategy that allowed EDXM to sidestep the regulatory pitfalls its competitors ran into early on.
An expanded lineup since 2025
The famous “only 4 pairs” line is no longer true. In March 2025, EDX added 7 more cryptos (Cardano/ADA, Avalanche/AVAX, Bonk/BONK, Ethereum Classic/ETC, the TRUMP token, Stellar/XLM and Tezos/XTZ), bringing the US lineup to around ten assets. Shortly after, in April 2025, USDC was added as collateral and a settlement instrument, bringing the way EDX operates closer to that of traditional institutional desks.
EDX International: expanded pairs and perpetual futures (July 2025)
The most striking move came in July 2025 with the launch of EDX International, an entity based in Singapore. This arm offers a much broader lineup: around forty crypto pairs (BTC, ETH, SOL, XRP…) and, above all, perpetual futures. Liquidity is provided there by players such as Virtu, LTP and Hidden Road.
In other words, the original angle — “EDX is just 4 spot pairs for US institutional players” — no longer reflects reality at all. If you’re not quite sure what a perpetual is or how it differs from a traditional futures contract, now is a good time to check out our guide to futures and perpetual contracts.
