The short answer
A bespoke OTC quote and an order-book execution can have different price formation, settlement instructions and counterparty arrangements. Compare executable net proceeds and contractual responsibilities, not just a displayed spread.
Source-linked facts below are distinct from our suggested workflows. Examples are hypothetical; this is not individual legal, tax or investment advice.
Name the execution relationship
Find out whether the provider acts as principal or agent and which legal entity is responsible for the transaction. For a quoted deal, document quote validity, minimum conditions and settlement sequence. For order-book execution, understand order type, partial fills and the resulting fee records. These are terms to verify, not assumptions inherent in the label.
Make the fee convention comparable
Use the same input amount, destination currency and point in time. Document whether spread is already included. Convert any asset-denominated charge consistently and retain fixed payout costs. A lower apparent percentage is not a useful comparison if the route ends at a different type of balance or includes an extra conversion.
Assess settlement as its own leg
A filled order or agreed OTC trade is not necessarily a final bank credit. Record who instructs the payout, the beneficiary details, the payment scheme and the reference. Confirm the bank’s acceptance of that flow before execution. The local off-ramp tool can compare hypothetical cost assumptions, but it does not evaluate a provider’s solvency or give live quotes.
Method, assumptions and limits
Regulatory facts are linked to primary sources. Suggested workflows are our editorial synthesis; examples and fee scenarios are hypothetical. The mechanical illustration is a conceptual navigation aid, not a prescribed legal funds flow.
This is a dated research edition, not an automatically updated register or live price feed. Check the applicable entity, service, jurisdiction and source version before using the material.
Read the methodologySources & scope
Research snapshot: 12 November 2026. The dated rule, its scope and the legal entity matter. Open the primary source before acting.
- EUR-Lex: Regulation (EU) 2023/1114 — Markets in Crypto-AssetsEU legislation
- ESMA: MiCA implementation and the central registerRegulator register and guidance
- EPC: SEPA Credit Transfer schemeScheme operator documentation