Crypto exchanges have arrived - and they’re not stopping at crypto. Backed by regulation, capital, and global user bases, crypto-native platforms are expanding into traditional finance with the ambition and tools to reshape the industry. While many FX and CFD brokers remain anchored in legacy infrastructure and outdated mindsets, a new class of competitors is emerging: tech-driven, agile, and community-first.

The Intentions of Crypto Exchanges And Why They’re Well Positioned to Win

Crypto exchanges are rapidly evolving beyond digital assets. Their strategies are clear:

• Obtain regulatory licenses (e.g., MiFID II) to access traditional finance (TradFi) markets.
• Launch with institutional products, futures, options, and CLOBs.
• Gradually expand into retail once regulatory trust is secured.
• Offer multi-asset trading (crypto, FX, equities, commodities) from a single wallet.

Exchanges such as Coinbase and OKX have already secured MiFID II licenses. Kraken acquired NinjaTrader, a regulated U.S. futures broker. These firms are regulated, capitalized, and equipped with modern tech stacks, serving tens of millions globally.

With a native understanding of user experience, branding, and scale, crypto exchanges operate with a speed and innovation mindset that many traditional brokers lack.

FX & CFD Brokers: Three Mindsets, Three Outcomes

Type 1: The Skeptics

Some brokers still perceive crypto as speculative or irrelevant. This view is increasingly out of touch. As markets shift toward 24/7 trading and mobile-first experiences, sidelining crypto risks becomes obsolete. In today’s environment, credibility is built not through legacy status but through delivering value and access to active users.

Bridging the gap between TradFi and Web3 requires openness to new approaches and voices, many of which come from younger, crypto-native builders. Dismissing them due to generational or stylistic differences risks missing the very shift reshaping the market.

Old wisdom won’t build new systems. Listen to the builders: yes, even the one on the skateboard in a green hoodie.

Type 2: The Opportunists

Others view crypto primarily as a growth tool, enabling easier onboarding, via simpler payment acquisition. While these are valid advantages, simply adding crypto as a product tab misses the goal. Web3 users expect an ecosystem that embodies transparency, ownership, and participation, not a legacy platform with a token wrapper. Adding an extra crypto tab won’t cut it. To resonate with this audience, platforms must integrate Web3 principles into their core operations.

Type 3: The Integrators

Few have successfully made the leap. eToro stands out for embedding crypto into its core offering early on—not as a feature, but as a foundation.

In 2024, eToro reported:

• $931 million in total commissions
• $354 million (38%) from crypto
• $192 million net profit, up from $15.3 million the year prior

Their success highlights what’s possible when crypto is treated as a strategic evolution, a full-scale product and not a simple add-on.

The MetaQuotes Bottleneck

The FX/CFD space remains heavily dependent on MetaQuotes (MT4/MT5), resulting in minimal product differentiation and increasingly commoditized offerings. This legacy infrastructure also lacks compatibility with Web3. No wallet support. No blockchain integration. No native crypto functionality.

For brokers reliant on MetaQuotes, pivoting into crypto isn’t a simple transition, it’s a complete operational overhaul.

But Let’s Not Get Carried Away, a small window remains for adaptation

Kraken’s recent launch of FX trading via perpetual futures, while notable, also raises eyebrows. EUR/USD as a perp with a 0.2% taker fee? That’s equivalent to a 44-pip round-turn spread on EUR/USD, a pricing structure virtually unrecognizable to any savvy FX trader accustomed to 0-1 pip spreads and zero commissions.

This begs the question: are we witnessing the future of FX, or a misfire in product-market fit? Just because crypto exchanges are entering TradFi doesn’t mean they’ve nailed the structure just yet. But they will. If anything, Kraken’s rollout should be a cautionary reminder that capturing retail TradFi users requires more than tech and tokens.

It demands pricing sophistication, product alignment, and respect for how this market actually trades, and has been trading for decades.

No Longer Just a Product Category

Crypto is no longer just a product category; it’s becoming the infrastructure, distribution model, and user expectation standard for modern finance.

The window for brokers to adapt is narrowing. As crypto-native firms expand deeper into TradFi, the competitive landscape will shift dramatically. Brokers who want to remain relevant must:

1. Launch a crypto yesterday.
2. Build a holistic Web3-aligned trading ecosystem.
3. Embrace new perspectives and expertise—even when it challenges traditional norms.

My experience in the traditional finance world taught me a critical lesson: legitimacy in Web3 isn’t inherited, it’s earned. In this space, agility, transparency, and community matter more than legacy. Ouinex was founded on the belief that trading platforms must evolve with the market, not trail behind it. The future of trading is already here. And it’s being built on crypto rails.