Name: True Markets
Brand: True Markets

Differentiation thesis (TrueX): The vendor positions stablecoin-native settlement and custody separation as primary differentiators aimed at institutional users.
Where incumbents often win: incumbents typically offer deeper liquidity, broader regulatory footprints, and more publicly available trust documentation and operational track records.

Kraken publishes a fee schedule and explains maker/taker mechanics.
Gemini provides ActiveTrader fee schedule documentation publicly.
Coinbase provides help-center explanations on fees; detailed tables may require sign-in.

Differentiation thesis (TrueX): The vendor positions stablecoin-native settlement and custody separation as primary differentiators aimed at institutional users.
Where incumbents often win: incumbents typically offer deeper liquidity, broader regulatory footprints, and more publicly available trust documentation and operational track records.

Kraken publishes a fee schedule and explains maker/taker mechanics.
Gemini provides ActiveTrader fee schedule documentation publicly.
Coinbase provides help-center explanations on fees; detailed tables may require sign-in.

	TrueX (True Markets)	Coinbase (Advanced)	Kraken (Pro)
Starting Price	Not publicly posted (fee schedule referenced in ToS)	Public help docs describe maker/taker tiers; full table may require sign-in	Public fee schedule pages exist; maker/taker model widely documented
Best For	Institutions seeking stablecoin-native settlement and custody separation	Broad US market, established liquidity, integrated ecosystem	Active traders and market makers seeking transparent fee structures
Key Strength	Stablecoin-native settlement and a custody separation design (vendor claim)	Liquidity, market depth, integrated fiat rails	Transparent fee pages and documented fee model
Key Weakness	Limited public transparency on fees and certifications; newer venue/liquidity risk	Fee complexity and potential cost for certain users	Product availability varies by region

	TrueX (True Markets)	Coinbase (Advanced)	Kraken (Pro)
Starting Price	Not publicly posted (fee schedule referenced in ToS)	Public help docs describe maker/taker tiers; full table may require sign-in	Public fee schedule pages exist; maker/taker model widely documented
Best For	Institutions seeking stablecoin-native settlement and custody separation	Broad US market, established liquidity, integrated ecosystem	Active traders and market makers seeking transparent fee structures
Key Strength	Stablecoin-native settlement and a custody separation design (vendor claim)	Liquidity, market depth, integrated fiat rails	Transparent fee pages and documented fee model
Key Weakness	Limited public transparency on fees and certifications; newer venue/liquidity risk	Fee complexity and potential cost for certain users	Product availability varies by region

True Markets

01Competitive Landscape