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by em70 4681 days ago
FX brokers like LMAX, while still targeting retail investors, make money (almost) exclusively on commissions, rather than adjusting the spreads.

Many liquidity provision strategies are also infeasible given the unreliability of the APIs available and the high fees, and in general many intraday strategies that work in other markets and would work with lower commission for bitcoins are devastated by such high fees.

As for stocks, if your volumes are decent, trading costs are negligible. With bitcoin exchanges, that does not seem to be the case...