COMPARATOR / AX-02 / AP-FS-01
Northline
COMPARATOR FILE
The panel's cost and latency leader, with a slower support desk and one onboarding rejection.
Comparator · AX-02
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
- Northline Exchange UAB
- Jurisdiction
- Lithuania · EU-authorised CASP
- Registration or authorisation
- EU CASP authorisation held by the operating entity
- Account access tested
- EEA retail accounts · EUR pairs
- Traded pair
- BTC/EUR
- Withdrawal route
- SEPA Credit Transfer
- Fee model at the tested tier
- 0.08% maker / 0.14% taker at the tested tier; €0.50 SEPA withdrawal
- Post-trade statement
- Separate fee line; execution price on a second screen
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 − Northline |
|---|---|---|---|---|---|
| Onboardinglower is better | 25.5 min | 23.5 min – 28.0 min | 4 | 02 | −6.0 min[−17.0 min, −5.0 min] · n=4 |
| Round-trip costlower is better | 19.4 bps | 18.8 bps – 20.2 bps | 9 | 01 | +0.9 bps[+0.6 bps, +1.9 bps] · n=9 |
| Fill latencylower is better | 132 ms | 121 ms – 147 ms | 9 | 01 | +35 ms[+31 ms, +42 ms] · n=9 |
| Withdrawallower is better | 29.0 min | 24.0 min – 41.0 min | 9 | 03 | −16.0 min[−27.0 min, −13.0 min] · n=9 |
| Supportlower is better | 92.0 min | 78.8 min – 108.0 min | 10 | 03 | −46.5 min[−55.0 min, −35.0 min] · n=10 |
| Statementhigher is better | 8.30 / 10 | 7.90 / 10 – 8.50 / 10 | 9 | 03 | +1.20[+1.00, +1.50] · n=9 |
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 19.4 bps, the lowest in the panel, and median submit-to-fill latency was 132 ms.
Nine of ten sequences completed. One participant's residence document was rejected twice and the account was never enabled for trading.
Median support first response was 92 minutes; median statement completeness was 8.3 out of 10.
Median withdrawal settlement was 29 minutes.
04 / BOUNDARIES
Where the file stops.
The cost advantage is measured at €2,000 and one pair; it may not persist at larger size or in another order-book regime.
The onboarding failure is one participant's experience, not an estimate of the venue's rejection rate.
The study did not test API access, derivatives, staking or non-EUR settlement.
05 / PARTICIPANT VOICES
What the panel said about Northline.
Collected in the post-task debrief, translated where necessary, and checked by the participant. Length edited; sentiment not edited.
Northline rejected my residence proof and never told me why. Baerx approved the same document in twenty-two minutes.
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.