# Wyden

Digital-asset OEMS for banks and brokers, renamed from AlgoTrader in 2022.

*https://cryptomarkets.tools/tools/wyden · Crypto Trading Terminals*

## Facts

### At a glance

| Field | Value |
| --- | --- |
| Vendor | Wyden |
| Category | Crypto Trading Terminals |
| Job | execution |
| Website | https://www.wyden.io |
| Pricing model | subscription |
| Free tier | false |
| Open source | false |
| Licence | none |
| Self-hosted | false |
| KYC required | true |
| Tested hands-on | false |
| Last updated | 2026-09-19 |

### Pricing

| Tier | USD | Period |
| --- | --- | --- |
| Enterprise | on request | — |

### Coverage

| Field | Value |
| --- | --- |
| Asset classes | spot, perpetuals, futures, options |
| Chains | none |
| Venues | cex, derivatives, otc |
| Data latency | realtime |
| Platforms | web |
| AI features | none |

### Interfaces

| Field | Value |
| --- | --- |
| API | true |
| Webhooks | false |
| Scripting | none |
| MCP server | false |
| Export | api |

### Capabilities

Yes: automation, live_trading, portfolio_tracking, exchange_import

No: charting, screening, backtesting, paper_trading, tax_reporting, alerts, news, onchain_data, wallet_tracking, derivatives_analytics

*Verified: pricing 2026-09-19; coverage 2026-09-19.*

## What it is

Wyden sells an order and execution management system to regulated banks and brokers who want to
put a digital-asset offering in front of their own clients. The platform is called Wyden Infinity,
and the pitch is the whole trade lifecycle in one place — price discovery and liquidity
aggregation, pre-trade checks, order and execution management, then settlement, reconciliation,
accounting and reporting behind it.

The buyer is the giveaway. Where a fund's OEMS is bought to execute the fund's own book, Wyden is
bought by an institution that has clients of its own, so the vocabulary is client-side versus
street-side orders, agency, riskless-principal and principal models, spreads and markups
configured per client segment, and double-entry accounting at both omnibus and client level. The
institutions it names as live are Luzerner Kantonalbank, Baader Bank, InCore Bank, Banque Delubac &
Cie, flatexDEGIRO and Garanti BBVA Kripto.

**This product used to be called AlgoTrader.** The company renamed on 26 October 2022, the old
domain redirects here, and the 7 June 2023 release note for version 6.5 is where the software
itself arrives under the new name. Anything written about AlgoTrader's institutional platform is
about this system — which matters, because a large share of the third-party writing that exists
still carries the old name.

## Pricing

Nothing is published. The sitemap lists seventeen pages outside the news archive and not one of
them is about money; /pricing returns 404, and the only path anywhere on the site is a
consultation request. Deployment comes as secure SaaS or as a dedicated Managed Service, each
client on its own single-tenant instance with dedicated or shared infrastructure underneath it,
and which one you get depends on your ICT and hosting policy — so the shape of the contract is
negotiated before the price of it is.

Two costs are visible even without a number. Connectors are the vendor's to build, and adding a
provider that is not already on the network takes two to four weeks on their stated average. And
the platform is an ICT third-party under DORA, so procurement runs through your outsourcing and
concentration-risk process rather than through a card payment.

## Data & coverage

The network is stated as 65+ liquidity venues, custodians, core banking systems, market-data
providers and FX sources, over more than 1,000 digital assets. Instrument types are spot, futures,
options, perpetual swaps and margin trading, plus FX instruments used for cross-pair trading and
for building synthetic pairs.

Named integrations are heavily weighted to the parts a bank cannot do without. Custody is
Fireblocks, Copper, Taurus, Metaco (now Ripple) and Tangany, with off-exchange settlement through
Fireblocks and Copper ClearLoop. Core banking includes Finnova. The individual exchange and OTC
names are not listed in the page source — the connector directory loads them from a script and
the vendor's public text stops at the count — so if a particular venue is the reason you are
looking, that question has to be asked rather than checked.

Market data arrives through the same connectors in real-time, historical and reference form, which
is what the platform quotes and reconciles against; it is not sold as a data product.

## Integrations

One API, three protocols — FIX, REST and WebSocket — over the whole network rather than per venue,
which is the point of buying this instead of building it. Routing is a smart order router that
splits and routes on price, liquidity, fees and latency with automated failover, so a venue going
down during a volatility event reroutes rather than halting. The only execution algorithm the
vendor names publicly is TWAP. RFQ and OTC workflows sit alongside the book for size.

The record-keeping half is the part banks buy it for. A double-entry ledger maintains an internal
book of records across client accounts, internal accounts, custodians and counterparties;
reconciliation consolidates trades, positions and balances across every connected venue and
custodian; pre-trade checks apply to client-side and street-side activity on balances, positions,
exposure and limits; and logging and audit trails cover orders, executions, balances, fees,
transfers and accounting entries. Treasury covers allocation, pre-funding, collateral and margin,
automated transfers and net settlement on real-time or scheduled cycles.

The vendor's public resources page names the manuals that exist — a user guide, configuration,
reference and development guides, a quant trading quick start, JavaDoc and PythonDoc, the REST API
specification, inbound and generic outbound FIX guides, and a connector capabilities document.
That last one is the per-venue matrix that would answer most of the coverage questions on this
card. All of them are behind the login described below.

Certification is ISO/IEC 27001:2022, with SOC 2 Type 1 and Type 2 both listed on the openly
readable trust center, and Wyden registers itself as an ICT third-party under DORA — a statement
about your regulator's paperwork rather than about the software, and exactly why a bank
shortlists it.

## Limitations

**The documentation exists and you cannot read it.** Wyden lists its manuals in public and serves
them from hosts that answer an anonymous request with HTTP 401 — doc.wyden.io, rest.wyden.io and
the doc-infinity and rest-infinity hosts alike. Only the trust center is open. So an engineer
cannot size the integration, read the FIX dictionary or check which venues support which order
type before the institution is a customer or an implementation partner.

**The venue list is a number, not a list.** 65+ covers venues, custodians, core banking and data
providers together, and the public connector directory names only a handful. The document that
would settle it, Connector Capabilities, is on the gated host.

**One named algorithm.** TWAP is the only execution algorithm the vendor names in public. There
may well be more behind the login; there is nothing to check it against, and a desk that needs
implementation shortfall or POV should treat that as an open question.

**No on-premise option is offered**, and the deployment answer names only SaaS and a dedicated
Managed Service.

**Nothing on-chain is advertised.** The connector network's categories are liquidity, custody,
core banking, data and FX; no DEX is named. AlgoTrader shipped a dYdX connector in March 2022 and
nothing on the current site says whether on-chain execution survived the rebrand.

**It is not sold to you unless you are an institution.** No trial, no self-serve, no individual
account — the product exists to be operated by a regulated firm on behalf of its own clients, and
a fund running its own book is not the buyer this was built around.

## Alternatives

The nearest thing in this catalogue is [Talos](https://cryptomarkets.tools/tools/talos), which sells a comparable OEMS
mainly to the buy side — funds, asset managers and proprietary desks executing their own book —
where Wyden's centre of gravity is a bank or broker intermediating for clients. Both are quoted
rather than priced, and neither is an answer for anyone trading their own account.

## FAQ

### Is Wyden the same thing as AlgoTrader?

Yes. The company renamed itself on 26 October 2022 — its own announcement is headed "AlgoTrader Becomes Wyden" — and algotrader.com now redirects to wyden.io. Material written before late 2022 describes this product under the old name, and the release note for version 6.5, published 7 June 2023, is the one announcing the software itself under the new name.

### What does Wyden cost?

There is no published figure. The site has no pricing page at all — /pricing returns 404 — and every route ends at a consultation request. Deployment is sold as either a managed SaaS instance or a dedicated Managed Service, both priced per contract.

### Can we run Wyden on our own servers?

The vendor's own answer names two deployment models, secure SaaS and a dedicated Managed Service, and does not offer an on-premise install. Both are run by Wyden on a single-tenant application architecture, so an institution with a hard on-premise rule should raise it in the first call.

### Does Wyden hold client assets?

No. It connects to custodians rather than replacing them — Fireblocks, Copper, Taurus, Metaco (now Ripple) and Tangany are the ones it names — and supports off-exchange settlement through Fireblocks and Copper ClearLoop. Custody stays where your institution already put it.

## Also worth comparing

- [CoinRoutes](https://cryptomarkets.tools/tools/coinroutes.md) — Institutional EMS with a dozen named algos, smart routing and a consolidated book.
- [Elwood](https://cryptomarkets.tools/tools/elwood.md) — Modular institutional OEMS over 40+ venues, sold to professional clients only.
- [Talos](https://cryptomarkets.tools/tools/talos.md) — Institutional crypto OEMS — aggregated liquidity, execution algos, one-click settlement.
- [Velo](https://cryptomarkets.tools/tools/velo.md) — Derivatives terminal with order entry on Bybit and Hyperliquid, and the API behind it.
- [Insilico Terminal](https://cryptomarkets.tools/tools/insilico-terminal.md) — Free browser OEMS with institutional order types and a trading command line.
- [Paradigm](https://cryptomarkets.tools/tools/paradigm.md) — Institutional RFQ and block trading for crypto derivatives, settled at your own venue.