The article argues that current crypto exchanges and brokerages have structural incentives to encourage frequent trading, even when it harms retail customers. It notes that in 2025, U.S. market makers paid over $4.9 billion for order flow, and 74%–89% of retail users lose money trading. The EU's PFOF ban takes effect June 30, 2026, pressuring the model. The author proposes independent AI agents with programmable incentives—paid only when customer portfolios rise—as a fairer alternative. These agents would prioritize discipline over volume, routing trades optimally and aligning agent rewards with customer gains.

Key facts

• U.S. market makers paid $4.9B for order flow in 2025, up from $3.8B in 2021.
• 74%–89% of retail crypto users lose money trading, per PiP World research.
• EU's PFOF ban takes effect June 30, 2026, challenging 'free' trading model.
• Independent agents earn only when customer portfolios increase, aligning incentives.
• Programmable smart contracts tie agent rewards to portfolio gains, ensuring transparency.