In the world of crypto, liquidity is a key factor that determines the viability of any coin. Why is it so important?

Because liquidity builds trust among investors: they are more willing to buy and sell tokens with deep order books and minimal impact on the price. 

This is especially critical for institutional players who are used to working with large volumes and need reliable liquidity.

That is why market makers come into play. They ensure the constant availability of buy and sell orders, creating an active and stable market.

For new projects, this is an opportunity to attract investors faster, show real trading volumes, and gain trust. And for mature projects, it helps to maintain liquidity and price stability, which is important for trust and further development.

Market Makers: The Architects of Stability in Financial Markets

Market making is the process that underlies liquidity in financial markets. Market makers, which can be either individual traders or large companies, commit to buying and selling assets at publicly announced prices on a regular basis.

They make money on the difference between the buy and sell price, the so-called spread. Their role is extremely important for the market: market makers constantly maintain a balance between buy and sell orders, which contributes to price stability and smooth trading.

Liquidity is a key condition for listing for most projects seeking to get on leading exchanges. Cooperation with market makers helps to achieve the required level of liquidity, increasing trust in the token, improving its recognition, and expanding opportunities for active trading.

There are several main types of market makers:

• Institutional market makers are large banks and financial companies that provide liquidity to the market. They work with forex brokers, crypto exchanges, and other platforms to help stabilize prices and avoid sharp fluctuations in the market.

• Brokerage companies are intermediaries between traders and the market, providing access to trading in a variety of instruments. Although their volumes may be smaller than those of institutional market makers, brokers often cooperate with large players to provide the necessary market depth.

• Dealing centers are companies that work primarily on forex and help traders with limited capital. They may not place all orders on the external market, but cover buying and selling within their own client base, which is called internal clearing. This approach reduces risks and increases efficiency.

• Investment funds are organizations that manage large amounts of investor funds by forming joint portfolios. Due to their significant capital, funds can actively influence market liquidity, ensuring stability and the ability to conduct large transactions.

• Private investors, or “whales”, are large traders with significant capital who can significantly influence the market by buying or selling large volumes of assets. They also act as market makers, making a profit from the spread between the buy and sell price.

Choosing the Right Market Maker: Key Criteria That Matter

The choice of a market maker is not just a technical decision, but a strategic step that directly affects the liquidity of the token, investor confidence, and the overall dynamics of the project. Therefore, in order not to lose money with a partner, it is worth considering several important factors.

• Experience and reputation. It is important that the market maker’s team has a deep understanding of the specifics of various cryptos, the intricacies of working on different exchanges, and the mechanisms that shape market behavior. Reputation is equally important: a partner should have confirmed cases, positive feedback from other projects, and a transparent history of cooperation.

• Technological capabilities. A market maker should use advanced trading algorithms, have high-frequency trading skills, and respond quickly to market fluctuations, which helps maintain liquidity stability and minimize the impact of sudden changes.

• Compliance with regulatory requirements. A partner that operates transparently and within the framework of the current legislation of its jurisdiction reduces project risks and increases the trust of investors and partners.

• Transparency in work. A reliable market maker regularly provides detailed and understandable reports on transactions, results achieved, and strategies applied. This allows not only to track the effectiveness of cooperation, but also to adjust approaches in a timely manner.

• Risk management. The crypto market is quite volatile and subject to sharp price fluctuations, so your partner should have proven risk control mechanisms — liquid, market, and operational. This approach is critical to protecting the interests of the project and ensuring stable operation.

Importantly, the leading market makers themselves take a careful approach when selecting projects to support, focusing on long-term value and strategic fit. As Vincent Liu, CIO at Kronos Research, explains:

‘We prioritize partners with strong execution, a reliable track record, and clear strategic value. Shared speed, alignment on goals, and measurable impact are essential whether through market reach, product fit, or differentiated advantage’.

From this point of view, successful cooperation is always mutual: just as projects are looking for reliable market makers, the latter are also seeking for trustworthy and scalable partners.

Behind the Spreads: Market Makers Trusted by the Pros

Today, the crypto market offers a wide range of companies and services specializing in market making. However, based on the experience of communicating with leading industry players who have actively cooperated with market makers, as well as a detailed analysis of their preferences and selection criteria, I have formed my own selection of the most reliable and efficient market makers.

These companies meet key requirements and standards that allow them to provide liquidity and maintain stable trading activity in the market.

Institutional Market Makers

• B2C2 is known for its deep liquidity and high order execution speed, making it a reliable partner for large traders.

• Kronos Research is distinguished by its deep analytical approach and quick response to market changes, which allows it to maintain a stable price level.

• GSR has a strong reputation for a wide range of trading strategies and a strong infrastructure for global markets.

• Wintermute is noted for its innovative algorithms and scalability, making them one of the most technologically advanced market makers.

• DWF Labs offers end-to-end solutions with a focus on automation and integration, making it easy to collaborate on projects of any size.

Top 5 Market Making Programs

• Binance offers 0% maker fees on certain pairs, rebates of up to 0.005%, weekly activity rankings, and increased API limits for all program members.

• WhiteBIT provides rebates of up to -0.010% on spot and margin trading, as well as collocation, sub-accounts, 24/7 technical support, and an expanded set of API tools (WebSocket, FIX 4.4 endpoint, Webhook).

• Bitget provides maker fees of up to -0.015% depending on trading volume, personalized technical support, bonuses, and increased API limits and sub-accounts.

• Bybit offers a maker’s fee of up to -0.0125% depending on the tier, a special spot liquidity program, and flexible conditions for futures trading depending on the Pro Tier.

• Gate.io provides market makers with rebates of -0.015%, a crypto loan of up to 400,000 USDT interest-free, personal support, weekly analytics, and access to a Market Maker Protection system.

Thus,

in the crypto market, where trust is built not only on technology but also on liquidity, the role of a market maker cannot be overestimated.

Choosing the right partner is not just access to a deep pool of orders, but a strategic advantage that can determine the success of a project. After all, high liquidity means not only trading comfort, but also trust, reputation, and readiness for scaling.