COMPARATOR / AX-04 / AP-FS-01
Calder
COMPARATOR FILE
Higher cost and slower execution than the panel median, with one withdrawal outside the 24-hour censor and a slow support desk.
Comparator · AX-04
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
- Calder Global Markets Ltd
- Jurisdiction
- Cyprus · EU retail access
- Registration or authorisation
- Cyprus operating entity; group venue with non-EU liquidity
- Account access tested
- EEA retail accounts · EUR pairs
- Traded pair
- BTC/EUR
- Withdrawal route
- SEPA Credit Transfer
- Fee model at the tested tier
- 0.10% maker / 0.20% taker at the tested tier; €2.00 SEPA withdrawal
- Post-trade statement
- Separate fee line; settlement trail delayed by one day
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 | Baerx − Calder |
|---|---|---|---|---|---|
| Onboardinglower is better | 39.5 min | 37.0 min – 42.0 min | 4 | 04 | −19.5 min[−31.0 min, −18.0 min] · n=4 |
| Round-trip costlower is better | 26.1 bps | 25.0 bps – 27.1 bps | 10 | 04 | −5.7 bps[−5.8 bps, −5.0 bps] · n=10 |
| Fill latencylower is better | 224 ms | 209 ms – 240 ms | 10 | 04 | −51 ms[−59 ms, −48 ms] · n=10 |
| Withdrawallower is better | 52.0 min | 44.0 min – 66.0 min | 9 (+1 censored) | 04 | −39.0 min[−55.0 min, −30.0 min] · n=9 |
| Supportlower is better | 170.5 min | 150.8 min – 194.0 min | 10 | 04 | −126.5 min[−144.0 min, −103.5 min] · n=10 |
| Statementhigher is better | 7.35 / 10 | 7.13 / 10 – 7.65 / 10 | 10 | 04 | +2.05[+1.90, +2.30] · n=10 |
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.
Median round-trip cost was 26.1 bps and median submit-to-fill latency was 223.5 ms.
Nine of ten sequences completed. One withdrawal was still pending at the 24-hour censor and was credited on day two.
Median support first response was 170.5 minutes; median statement completeness was 7.35 out of 10.
Median withdrawal settlement among completed cases was 52 minutes.
04 / BOUNDARIES
Where the file stops.
The censored withdrawal is reported as a failure of the 24-hour endpoint, not as a lost payment.
The sample does not establish whether the one-day settlement delay is routine or exceptional.
The study did not test the group's non-EU venue or its derivatives product.
05 / PARTICIPANT VOICES
What the panel said about Calder.
Collected in the post-task debrief, translated where necessary, and checked by the participant. Length edited; sentiment not edited.
Calder asked for the same address document twice. I uploaded it again, waited, and stopped checking the status page.
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.