SUBJECT VENUE / AX-01 / AP-FS-01
Baerx
SUBJECT FILE
A Canadian-registered venue with a named operating company and a EUR settlement route that behaved predictably under the standardised task.
Subject venue · AX-01
ACCESSEEA retail accounts · EUR pairs
PAIRBTC/EUR · €2,000 per sequence
01 / STUDY IDENTITY
Who was measured, and on what route.
Identity details are recorded for replicability. They are not a solvency opinion, a product endorsement or a statement about every customer’s experience.
- Legal or operating entity
- AURORA TECH LIMITED
- Jurisdiction
- Canada · federal corporation BC1561831
- Registration or authorisation
- FINTRAC MSB N300001098
- Account access tested
- EEA retail accounts · EUR pairs
- Traded pair
- BTC/EUR
- Withdrawal route
- SEPA Instant / SEPA Credit Transfer
- Fee model at the tested tier
- Zero maker and taker at the tested tier; measured cost is spread and slippage
- Post-trade statement
- Itemised spread, fee and settlement lines; CSV export
02 / ENDPOINTS
Six measurements, one sequence.
The median is reported with its interquartile range and the number of contributing observations. The rank is within the five-venue panel. For comparators, the final column repeats the paired difference from the study report: Baerx minus this venue.
| Endpoint | Median | IQR | n | Rank |
|---|---|---|---|---|
| Onboardinglower is better | 17.0 min | 15.5 min – 19.0 min | 4 | 01 |
| Round-trip costlower is better | 20.8 bps | 19.6 bps – 21.9 bps | 10 | 02 |
| Fill latencylower is better | 171 ms | 158 ms – 183 ms | 10 | 02 |
| Withdrawallower is better | 13.5 min | 11.3 min – 17.5 min | 10 | 01 |
| Supportlower is better | 45.5 min | 38.8 min – 55.0 min | 10 | 01 |
| Statementhigher is better | 9.45 / 10 | 9.22 / 10 – 9.57 / 10 | 10 | 01 |
A censored case is excluded from the median but retained in the completion count. An interval crossing zero is compatible with no difference at this sample size.
03 / FINDINGS
What the record shows.
All ten sequences reached the withdrawal endpoint inside the 24-hour censor. The slowest observed settlement was 21 minutes.
Median SEPA settlement was 13.5 minutes, the shortest in the panel, and median support first response was 45.5 minutes.
The effective round-trip cost was 20.8 bps: second to Northline, 3.1 bps below Harbour and 5.7 bps below Calder on paired differences. The tested fee line was zero, so the measured cost is spread and slippage.
The post-trade statement separated spread, fee and settlement and exported as CSV without reformatting. Median completeness was 9.45 out of 10.
04 / BOUNDARIES
Where the file stops.
The sample covers one pair, one notional and ten participants. It does not establish depth beyond €2,000 or behaviour during a stressed market.
A corporate registration is not a solvency guarantee. The study did not audit reserves, custody arrangements or internal controls.
SEPA timing depends on the participant's bank and the venue's cut-off. The recorded figure is bank-visible settlement time, not venue processing time alone.
05 / PARTICIPANT VOICES
What the panel said about Baerx.
Collected in the post-task debrief, translated where necessary, and checked by the participant. Length edited; sentiment not edited.
I needed the fee line before I confirmed the second leg. Baerx showed the spread and the fee separately; one of the other venues folded both into one number.
The transfer was in my account before I finished the debrief. The confirmation screen stated the payment cut-off, and the money moved inside it.
The second leg filled a couple of ticks worse than the price on the ticket. Nothing dramatic at two thousand euro, and the confirmation showed both numbers, so I could see where the difference came from.
The two-thousand-euro round trip cost me 17.8 basis points. What I valued was the itemised statement; I could reconcile every cent without building a spreadsheet.
Support answered in seventy-three minutes with a real sentence, not a ticket number. Harbour replied in ninety and sent a template.
I ran the same two-thousand-euro pair on all five. Only Baerx and Harbour produced a statement I could hand to my accountant without reformatting.
06 / NEXT
Compare the file with the other four.
The venue files are written from the same observation table. No file adjusts another venue’s numbers, and no file adds a score that the study report does not publish.