Enclave Markets Review [2025]: The World’s First Completely Encrypted Exchange

Enclave Markets: A Fully Encrypted Exchange

In this review, we’re taking a look at Enclave Markets, the world’s first fully encrypted exchange. We’ll be covering the platform’s services, offerings, and structure to see what separates it from other exchanges in the market.

Enclave Markets is marketed as the world’s first Fully Encrypted Exchange (FEX), built entirely within a Secure Enclave, the kind of architecture that eliminates single points of failure to ensure that no entity, not even the exchange itself, can access order flow or tamper with user data.

Initially envisioned and launched as a permissioned FEX with strict Know-Your-Customer (KYC) requirements, Enclave’s platform is now marketed as EnclaveX, a permissionless trading platform offering the same core benefits of privacy, performance, and decentralization. As such, Enclave Markets allows all users with eligible wallets to make use of its trading features with no KYC required.

Aiming for institutional-grade trading infrastructure, Enclave Markets focuses primarily on cross-chain functionality, deep liquidity, and encryption. For example, the platform supports native USD Coin (USDC) deposits from leading Layer-1 (L1) and Layer-2 (L2) chains such as Avalanche (AVAX), Solana (SOL), and Ethereum (ETH). All trades are routed through the above-mentioned Enclave architecture to ensure confidentiality and low latency.

Likewise, by removing permissioned gatekeepers and decentralizing core operations and replacing them with a network of independent checkers called Attestors, Enclave Markets ensures that no single party controls the exchange.

Potential Enclave Markets clients include:

• Retail traders looking for privacy and security;
• Professional trading firms and market makers looking to execute large trades without market impact;
• Institutional investors seeking secure crypto markets and additional yield strategies.

Enclave Markets Milestones

• Launched in 2023 as the first FEX;
• Processed several billion dollars in volume;
• Launched Enclave Perps (perps trading products);
• Launched three Alpha Strats (algorithmic trading vaults run by professional trading firms);
• Raised $15 million across pre-seed and seed rounds led by investors such as Blizzard Fund and Ava Labs.

Join Enclave Markets

Enclave Markets offers a suite of tools for both retail and institutional traders. Most notably, the platform focuses on:

• Perpetual contracts;
• Spot trading;
• Cross trading;
• Dark pools;
• Alpha Strats trading strategies;

Let’s check each of them out:

1. Perpetual Contracts

Thanks to perpetual contracts, Enclave Markets users can trade 25+ digital assets and asset bundles with leverage (up to x10) on the platform’s Encrypted Confidential Marketplace, all without owning the underlying tokens. New assets can be listed in less than 12 hours, which means responsiveness to market trends is more than possible. Naturally, fully encrypted execution ensures no front-running or order spying.

Users can monitor their trades with real-time data feeds and withdraw funds on-chain whenever they wish.

2. Spot Trading

Enclave Markets features a Central Limit Order Book (CLOB) spot trading venue. With this feature, traders can buy or sell their tokens directly, without leverage, while enjoying full orderbook execution, trading encryption, and full performance of the platform.

3. Cross Trading

Enclave Markets also features a dark pool crossing network. This feature is suitable for traders looking to execute large orders with zero market impact. Orders placed within the network are matched at mid-market prices without broadcasting intent, which ensures no price slippage.

4. Dark Pools

With its dark pools, Enclave offers a private and secure environment for buying and selling digital assets. The platform leverages Secure Enclave technology to safeguard user positions and prevent information leakage. In addition, all trades are executed on a hidden central limit order book, which allows users to execute orders without revealing their intentions to the market.

5. Alpha Strats Trading Strategies

Alpha Strats are algorithmic trading vaults managed by professional hedge funds and trading firms. These vaults allow individual, retail users easy access to more sophisticated trading strategies typically employed by institutional traders.

To make use of Alpha Strats, users can deposit USDC into a vault, which then automatically follows the manager’s trading approach. Alpha Strats can include structured products, quant models, and hedging tactics.

For example, Animus Technologies, a digital asset management platform, brought its Quantamental Strategy to Enclave as one of the platform’s first featured Alpha Strats. The strategy blends real-time sentiment analysis with AI-powered decision-making to try and outperform Bitcoin (BTC).

Enclave Intelligence

In addition to the features outlined above, Enclave Markets has announced a new addition to the platform: Enclave Intelligence. Enclave Intelligence will act as a personalized strategy engine that curates trading opportunities tailored to specific user preferences.

In addition, Enclave Intelligence will give users market insights to help them realize their individual trading strategies. For example, the tool can be used to uncover fresh alpha in crypto markets or decode macro events like interest rate shifts and geopolitical tensions.

Enclave Markets has also announced it would venture into real-world assets (RWAs). That is, the team plans to integrate tokenized traditional assets ranging from bonds and stocks to commodities within its permissionless trading framework. The move could bring greater institutional-grade functionality to decentralized finance (DeFi) users seeking exposure to assets beyond crypto.

Individual traders can start with Enclave Markets simply by connecting their wallets (any non-sanctioned wallet, such as MetaMask, can be used). Once connected, users can deposit funds directly from a range of supported blockchains (e.g., Ethereum, Solana, Avalanche), using native USDC for seamless interoperability.

Then, traders can choose between Enclave offerings based on their trading goals and strategies. For direct token swaps, for example, Enclave Spot offers a traditional central limit order book experience. Those seeking leverage, on the other hand, can trade perpetual contracts. Those looking for passive investment options, however, can turn to Alpha Strats, which are algorithmic vaults managed by professional trading firms.

Users can monitor their positions in real time through encrypted data feeds. Given the decentralized nature of the FEX, traders retain full custody and control of their assets and the ability to withdraw funds at all times.

For Institutional Users

As for institutional users, the platform is available through a high-performance Application Programming Interface (API) or advanced trading interface, which enables seamless integration into existing workflows. Moreover, institutional clients can route large orders through the dark pool to minimize market impact and ensure fair market prices.

Institutions can also deploy proprietary strategies via custom Alpha Strats. The platform likewise provides advanced analytics tools, reporting dashboards, and real-time risk metrics for more effective and secure trading.

“The future of trading isn’t just on-chain – it’s encrypted, high-performance, and permissionless. We’re putting professional-grade execution in the hands of every trader while maintaining the exceptional performance that has made Enclave the platform of choice for serious traders.”—Enclave Markets Chief Executive Officer (CEO) David Wells

The upcoming native token, ENCL, will serve as a core component of the platform, allowing users to engage with the ecosystem in numerous ways. For example, users will be able to use the token to access loyalty programs and VIP fee tiers, earn rewards while remaining active in their traders, enjoy reduced costs and exclusive benefits, etc.

ENCL holders will also be able to vote on major decisions within the ecosystem, for example, new asset listings or platform features. Finally, the token will incentivize staking and long-term engagement by powering community-building initiatives.

Getting Started with Enclave Markets

To get started with Enclave Markets as an individual trader, follow these steps:

First, head over to the official Enclave Markets webpage and click on the “Trade on EnclaveX” button:

Once you’ve clicked on the “Trade on EnclaveX” button, a pop-up window will appear, informing you that you’re about to leave the page and go to a third-party website. Simply click “Continue to EnclaveX” to continue:

Then, you will be taken to Enclave’s perpetuals trading platform:

On the trading platform, click on the “Sign In” button in the upper right corner:

Then, you will see another pop-up window allowing you to choose how you want to sign in. You can sign in by connecting your wallet, by signing in with your email, or by using your Google account. For the purposes of this review, we will sign in simply by connecting a wallet.

Advantages of Enclave Markets

Pros

• Different approach: The FEX model was pioneered by Enclave Markets. As such, it offers a unique approach to trading;
• Institutional solutions: Enclave Markets seeks to accommodate both retail and institutional clients;
• No KYC requirement: Permissionless access enables users to trade anonymously using eligible wallets, which might appeal to more privacy-oriented users;
• No front-running or order spying: Encrypted execution eliminates traditional risks faced by traders on CEXs and DEXs.

Cons

• The platform is not well established: Enclave Markets is a relatively new trading platform, and as such, it does not have the track record you might expect from some other, more mainstream exchanges;
• Limited assets: Since the platform is new, the asset selection is limited as of the time of writing;
• No app: Enclave Markets can only be accessed through the browser, as there are no dedicated iOS and Android mobile apps.

Existing users and potential clients looking for customer support can contact Enclave Markets through the official email address. In addition, the exchange has several social media platforms where users can chat with the community and find timely platform updates:

• Discord: Join the official Enclave Markets Discord server and chat with the community in real time;
• Telegram: You can get in touch with the Enclave Community on Telegram as well;
• X (Twitter): Follow Enclave Markets on X and stay up-to-date with all the relevant news, announcements, and developments;
• LinkedIn: Connect with Enclave Markets on LinkedIn and network with other users while doing so;
• GitHub: Find some source development kits (SDKs) on the Enclave Markets GitHub page.

Enclave Markets offers an innovative approach to crypto trading with its FEX model that combines the privacy and decentralization of DeFi with the speed and functionality of centralized systems. As such, it offers a compelling solution for both retail and institutional traders.

While the platform is still in its early stages, its focus on encryption, cross-chain compatibility, and institutional-grade tools is promising. As the ecosystem grows, Enclave Markets may thus become a more common choice among users seeking security, privacy, and performance in one platform.

Disclaimer

The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.