Retail Access in Crypto Fails to Level Playing Field, SEC Paper Reveals

Broader retail access to cryptocurrency markets has not eliminated structural disadvantages for ordinary traders, according to a recent analysis. According to NS3.AI, an SEC working paper highlights that crypto payment for order flow incurs fees that are approximately 4.5 to 45 times higher than those for equities and options. While increased transparency provides retail investors with more data, institutions, trading venues, and market makers maintain an advantage through superior speed, advanced tools, efficient routing, and enhanced data interpretation.