Execution policy

This page contains a summary of Northstake's Order Execution Policy as it applies to the crypto on-ramp service.

Best execution

When executing orders for crypto-assets on behalf of clients, Northstake takes all necessary steps to obtain the best possible result, taking into account the execution factors required by Article 78(1) of Regulation (EU) 2023/1114 (MiCA): price, costs, speed of execution and settlement, likelihood of execution and settlement, size, nature, conditions of custody, and any other relevant consideration.

For retail clients, the best possible result is determined primarily by the total consideration — the sum of the price of the crypto-asset and all costs related to execution, including the provider fee, network fee, and any spread applied to the exchange rate. Other factors are taken into account only to the extent they contribute to delivering the best total consideration.

How we execute orders

Northstake acts strictly as an agent on behalf of the client. We do not act as a counterparty to client trades and do not use proprietary capital to settle orders.

When a client initiates a purchase of crypto-assets through the on-ramp service, Northstake sources the crypto-asset from carefully selected liquidity providers. Our  liquidity providers are selected following an assessment of pricing, costs, settlement reliability, regulatory standing, and operational suitability.

Clients may access the on-ramp service directly or through integrated third-party distribution platforms. Regardless of the access channel, all orders are executed by Northstake under the same execution policy and best execution standard.

Pre-trade disclosure

Before a transaction is confirmed, the client is presented with a full payment breakdown showing the total amount to be charged, the crypto-asset price, the amount of crypto-asset to be received, the provider fee, and the network fee. The exchange rate displayed reflects the prevailing market rate including any applicable spread. No transaction is executed without the client's explicit confirmation of the displayed terms.

Post-trade confirmation

After execution, the client receives a confirmation containing executed price, type and amount of crypto-asset traded, itemised fees and charges, the destination wallet address, the on-chain transaction reference, and the value date.

Fees

All fees are disclosed to the client before execution in the payment breakdown.

Northstake does not receive any remuneration, discount, or non-monetary benefit in exchange for routing client orders to any execution venue.

Monitoring and review

Northstake monitors the effectiveness of its execution arrangements on an ongoing basis and reviews the order execution policy and venue selection at least annually. Clients are notified of any material changes.

Right to demonstration

A client may at any time request Northstake to demonstrate that an order was executed in accordance with this policy. Northstake will respond within a reasonable period with the relevant supporting information.

Complaints

A client who believes that an order has not been executed in accordance with this policy may submit a complaint in writing to complaints@northstake.dk. Learn more about how to file a complaint here.

‍

‍