A maker order rests and earns the lower (sometimes zero) fee but risks adverse selection; a taker order crosses for certainty and pays the higher fee plus the spread. The cheaper choice depends on the venue's fees and the spread at the moment.
On a zero-maker-fee venue, resting saves the taker fee and the half-spread — real basis points across a large order. It works best when you can be patient and the book is not about to run against you.
When you need certainty, or the maker fee is high enough that adverse selection eats the saving, crossing is cheaper in expectation. The decision is venue- and moment-specific, and should be priced, not assumed.
EnsoTrade prices a large order against live order books across venues — which venues to use, what size each piece should be, and whether to rest an order or cross the spread. It is independent measurement, not execution: your own desk or execution partner keeps placing the orders on its own accounts, and we never touch custody, keys or funds. Before a window we price it at your real clip size on the venues you can use; after a window we score the fill with full workings. We quote no price or saving until you give your real clip size and fee stack — then the number is yours to check.
Price an order before you trade and score the fill after, on live multi-venue order books. We never touch custody, keys or orders — the independence is the point.
Request an assessment →See the scorecard →API →