Summary of the Order Execution Policy (Best Execution)

Legal & Privacy

30/06/2026 17:44

Provided pursuant to Article 78 of Regulation (EU) 2023/1114 (MiCAR). Version: June 2026.

This document explains, in a clear and accessible way, how Young Platform executes your orders when you use the Pro version of the platform, and how we commit to obtaining for you the best possible result (so-called “best execution”). It should be read together with Young Platform’s General Terms and Conditions and the General Risk Disclosure: in the event of any discrepancy, the General Terms and Conditions prevail. We may update this Policy to reflect regulatory, technological or operational developments of the service, giving notice through our official channels.

What this Policy applies to

This Policy applies to the execution of orders on behalf of clients service pursuant to Article 78 of MiCAR, which we provide through the Journey Pro mode (Young Platform Pro). Under this service, you place a buy or sell order and Young Platform transmits it to an execution venue or external counterparty for execution.

This Policy does not apply to the bilateral exchange of crypto-assets pursuant to Article 77 of MiCAR (the “Journey Base” mode and the OTC Desk), where Young Platform is your direct counterparty and the price is determined by our pricing engine. The best execution described here relates exclusively to the order execution service (Journey Pro).

Young Platform as intermediary

In the order execution service, Young Platform acts as an intermediary (agent): it is not your counterparty and does not assume the market risk on your transaction. We do not operate a trading platform, we do not internally match orders of different clients and we do not set the price ourselves. Our role is to route your order to the external venue that, in accordance with the criteria of this Policy, allows you to obtain the best possible result.

The factors we consider to obtain the best result

To execute your order in the best way possible, we assess a number of execution factors, including:

Price of the crypto-asset;
Total costs of the transaction (the so-called “total consideration”, which sums up the price, the venue’s fees and the costs of our service);
Speed of execution;
Likelihood of execution and settlement (i.e. the actual probability that the order will be executed and finalised);
Size and nature of the order.

For retail clients, the highest-priority factor is the total consideration: we do not look solely at the best nominal price, but at the actual overall cost of the transaction, including all fees and costs.

How we choose the execution venue: the Smart Order Router

The optimal execution venue is identified by a dedicated technological engine, the Smart Order Router (SOR), which operates on a two-level basis.

Level 1 — Eligibility filter (preventive veto).

Before even comparing prices, we admit only venues that meet all the following requirements; any venue that does not comply is excluded a priori:

Regulatory and anti-money laundering compliance: we route orders only to entities duly authorised in the European Economic Area (MiCAR) or in equivalent jurisdictions, with adequate AML/CFT safeguards; we exclude opaque offshore venues;
Security and custody: we assess the venue’s cybersecurity robustness, resilience to attacks and use of appropriate cold storage policies;
Reliability and operational continuity: we verify the historical record of settlement failures and the ability to handle high volumes without interruptions.

Level 2 — Best Venue Score (BVS).

Among the admitted venues only, for each individual order the SOR queries the market in real time and calculates a score (the “Best Venue Score”), expressed as effective price adjusted for risk. The objective is to minimise the cost in the case of a purchase and to maximise the proceeds in the case of a sale. The score weighs in:

Total consideration: price of the asset + venue’s fees + costs of our service;
Infrastructure reliability: a venue with structural technical delays receives a penalty (in basis points) to offset the risk of price slippage;
Price security: venues with excessively unstable quotations are penalised, in order to protect you from execution at anomalous prices;
Likelihood of execution and stability of liquidity: we measure the actual persistence of liquidity in order to avoid the so-called “fictitious liquidity” and to properly simulate the absorption of the order;
Settlement model: where the conditions for you are equivalent, we optimise the technical efficiency of settlement.

Large orders (market impact).

If an order is so large that it risks moving the market to your disadvantage, we deactivate block execution on a single venue and adopt protective strategies: we dynamically fragment the order across multiple venues with the best scores, or we activate a dedicated route to institutional liquidity providers (RFQ model). In this way we absorb the entire size of the transaction while limiting the impact on the price.

Price and fees: full transparency

The price is determined by the external execution venue, not by Young Platform. Since we act as intermediaries and do not assume market risk, we do not apply any spread or implicit mark-up on the price (unlike the bilateral exchange under Article 77).

Our remuneration consists solely of explicit service fees, calculated as a percentage of the executed countervalue, with a tiered structure decreasing on the basis of monthly volumes, available at the following link: pro.youngplatform.com/fees.

Before confirming, you can always view the estimated fees in the Order Summary. Once the execution has taken place, the final fees are added to the price of the asset to form the overall countervalue (Total Consideration), which we report to you on a durable medium. Network/gas fees may also apply, where relevant. The updated fee schedule is published in the contractual documentation, in the Restricted Area and on the website.

Order types

In Journey Pro, depending on the characteristics of the platform and of the external venues, you can use the following types:

Market order: executed at the best conditions available at the time, according to the venue’s rules and the best execution criteria;
Limit order: with a maximum purchase or minimum sale price set by you;
Conditional order: triggered upon the occurrence of price conditions or technical parameters you set;
Orders with time parameters (where supported by the venue), such as GTC, IOC or FOK.

When the order becomes final, partial executions and revocation

The order is final when you validly submit it, it passes the preliminary checks and it is taken in charge by our systems for transmission to the external venue. From that moment: the order can no longer be freely modified or withdrawn (save for the rules of the external venue or a manifest error promptly detected); we undertake to transmit it to the selected venue; the necessary resources remain locked in your position until execution, cancellation or release.

Before submission, you always see a summary (asset, quantity, any limit price or conditions, costs and fees): the order is taken in charge only after your explicit confirmation.

Partial executions and fallback. If the optimal venue is temporarily unavailable, we may automatically route the order to another suitable venue in accordance with this Policy (fallback). In the event of partial execution only due to insufficient liquidity, we record separately the executed and the unexecuted portion; the residual portion is treated in accordance with the rules of the order type and your instructions. The locked but unused resources are automatically released and made available again in your position. In the event of serious anomalies or extraordinary market conditions, we may temporarily suspend the receipt or transmission of orders.

Execution outside an authorised trading platform

In certain cases, the order may be executed outside a trading platform authorised under MiCAR. Where this may occur, we inform you in advance and obtain your express consent, as required by Article 78(5) of MiCAR. Consent may be given in a general and preventive manner upon activation of the service and remains valid for subsequent transactions, save for your revocation or a material change to the Policy. In the absence of valid consent, we do not execute orders that would have to take place outside an authorised platform.

Your specific instructions

If you give us specific instructions (for example a limit price, a particular venue, the exclusion of certain venues or a time constraint), we will execute the order in accordance with such instructions, within the limits of their technical and legal compatibility. Please be aware that specific instructions may limit our ability to apply in full the best execution measures provided for in this Policy. Your choice and its implications are tracked in our systems.

What we make available to you after execution

For each transaction executed we make available to you, in the Restricted Area and on a durable medium, at least: the identifier of the order and of the transaction; the crypto-asset and the executed quantity; the execution price obtained at the external venue; any fees and costs applied; the execution venue used; the date and time; any partial execution; the total consideration of the transaction.

Your consent to this Policy

Before using the service, you must expressly accept this Policy through a positive and unambiguous action in the platform interface. Acceptance is recorded with the date, time, user identifier and document version. In the absence of valid consent, we do not execute orders on your behalf. Any material change to the venue selection criteria or to the weighting of the factors entails the collection of a new consent before proceeding.

Monitoring, conflicts of interest and market integrity

We continuously monitor execution quality, through automated controls and periodic sample-based checks by the Compliance Function, which analyse the consistency between market conditions and the price obtained, the suitability of the venue and the impact of costs. We manage potential conflicts of interest (for example, economic relationships with venues or liquidity providers, or our proprietary activity under Article 77) through functional separation, independent monitoring and transparency. Information on your orders is protected on a need-to-know basis, with tracked access, encryption and multi-factor authentication; execution flows are also monitored to prevent market abuse pursuant to Article 92 of MiCAR.

Review and updating of the Policy

We review this Policy at least once a year and whenever material changes occur in the venues used, in market conditions, in routing technologies or upon indication of the Authorities. Material changes relevant to your position are communicated to you and, where necessary, a new express consent is collected.