To place an Order on an Order Book, a User must have Available Balance of the relevant Asset in their Account, which is sufficient to cover the total value of the Order plus any applicable Fees.
When a User places an Order, that quantity of the relevant Asset becomes Tied Asset.
A User can place an Order as either a Limit Order or a Market Order.
A User may cancel an open Limit Order at any time before it is Filled. No fees are charged for cancelled Orders.
User cannot cancel or revert Orders that are already Filled.
A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price.
A Limit Order will only ever Fill at the specified price or a better price.
Good till Cancelled is a default Time in Force Instruction.
Market Orders with protection
A Market Order is an Order to buy or sell a specified quantity of a Base Asset at the best available price of existing Orders on the Order Book within the Protection Levels.
A Market Order may Fill at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time.
Depending on the volume and prices of Orders on the Order Book at the time when a Market Order is posted, the Market Order may Fill at a price less favourable than the most recent trade price, unless such price reaches or exceeds the Protection Level(s).
A valid Market Order will be immediately Filled, if possible and within Protection Levels.
In case of absence of any outstanding Limit Orders in relevant Order Book, placement of Market Order in such Order Book will be rejected.
If individual Market Order were to be Filled at price equal to any of below specified Protection Levels, such Order obtains the properties of a Limit Order at the price equal to this Protection Level and to any of outstanding amount of Base Assets.
Protection Levels are laid out in Appendix I.
Matching Engine and Price-Time Priority
Blocktrade Fills Orders on each Order Book based on Price-Time Priority.
Price-Time Priority means that each time an Order is posted:
- The Order is Filled with the earliest in time Limit Order at the best price on the Order Book; and
- To the extent that the Order is not completely Filled by that Limit Order, it is Filled with any subsequent Limit Orders at that price, in the sequence those Limit Orders were posted; and
- To the extent that the Order is not completely Filled by one or more Limit Orders described above, it is Filled with one or more Limit Orders at the next best price, in the sequence those Limit Orders were posted, and this process is repeated until the Order is completely Filled.
All Users are subject to the same Price-Time Priority.
Fills and Settlement
An Order may be Filled with and Filled by one or more Orders at the same price.
Blocktrade settles all Filled Orders immediately, by debiting and crediting the relevant balances of Assets in both Users’ Accounts.
Subject to withdrawal limits a User may immediately withdraw all Assets in their Account.
Orders are Filled with the best available existing Limit Orders. This means that a Limit Order placed outside the market (i.e. a sell Order below the highest existing buy Order, or a buy Order above the lowest existing Sell Order) will be Filled by the best available existing Order rather than an existing Order with the same price as the Limit Order.
Lot size regime
A lot size is the smallest possible Order amount increment of a Base Asset. All Orders placed on Blocktrade are subject to the lot sizes as laid out in Appendix II.
Lot sizes are enforced on the Base Asset. For example, orders can be placed in increments of 0.001 BTC, i.e. orders 0.001 BTC, 0.002 BTC, 0.5 BTC, 1 BTC, 1.001 BTC are acceptable, while 0.0015 BTC is not.
Blocktrade has no maximum size limit by default, however Blocktrade may cancel or reject a specific Order, if the Fill of such Order were to result in disruption of the market.
Tick size regime
A tick size is the smallest possible price change (price interval) of a Base Asset.
Tick sizes is enforced on the Quote Asset of the relevant Trading Pair. For example, the price increment for the BTC/EUR trading pair is EUR 0.1.
The tick sizes are laid out in Appendix III.
Prefunded accounts and Tied Assets
When submitting a buy Order, a User needs to have their trading account sufficiently prefunded with Quote Asset to (i) Fill the opposite Order and (ii) pay the fees associated with the trade. The reserved balance for buy Orders is calculated as follows:
Tied Assets = (100% + Highest variable trading fee currently in effect + 0.01%) * (Relevant price(i) * Amount(i))
- Highest variable trading fee currently in effect is defined in the Fee schedule,
- Relevant price(i) is current Ask + Protection Level (for Market Orders) or limit price (for Limit Orders) for Asset i, and
- Amount(i) is the Order amount entered for an Asset i
The reserved balance for sell Orders is equal to the amount specified in the Order.
The unused reserved balance is returned once the order is fully filled or cancelled.
If the balance in the trading account is insufficient, the trade will be rejected.
Deposit and withdrawal parameters
Blocktrade does not enforce minimum deposits on cryptocurrencies and other tokenized assets. Blocktrade does, however, enforce minimum deposits on FIAT currencies due to fixed fee netting.
Required numbers of confirmations are laid out in Appendix IV.
Blocktrade does not enforce maximum deposits.
Blockchain confirmations for deposits
Before Crypto-Assets are available for trading, a certain number of blockchain confirmations for each deposit is required.
Required numbers of confirmations are laid out in Appendix V.
All assets are subject to minimum withdrawals
Required numbers of confirmations are laid out in Appendix IV.
Blocktrade does not enforce maximum withdrawals.
All withdrawals are batched at 5 min intervals.
Blockchain confirmations for withdrawals
Withdrawals of Crypto-Assets will be denoted as completed after 1 blockchain confirmation.
FIAT deposit conversion policy
FIAT Deposits can be made in euro (EUR), US dollar (USD), pound sterling (GBP) or Czech koruna (CZK), and will be automatically converted to EUR upon receipt in accordance with our payment provider’s policies and exchange rates.
Withdrawals are only possible only in EUR.
FIAT deposit rerouting
FIAT deposits are subject to stricter KYC and/or AML standards. The following entries must match EXACTLY for a deposit to be credited to a User’s trading account:
- Specified bank account number and the bank account number associated with the incoming transaction,
- Bank account holder’s name, User’s name as noted on the trading account, and User’s name as noted on the documents supplied for the KYC purposes,
- Supplied reference message by Blocktrade and stated reference message on the incoming transaction.
If any of the above parameters do not match, the deposit will not be credited, but instead returned to the sending account. Fees as specified in the Fee schedule apply.
FIAT withdrawals are only possible to bank accounts, from which at least one deposit has already been successfully made.
Depending on the market consensus prior to the fork, Blocktrade.com will treat any secondary chains as a stand-alone coin and will decide on its listing if and when the new protocol proves stable independent of any developments around the fork itself. As a matter of policy, Blocktrade.com does not commit to credit forked coins to the original coin holders but will try to do so. The most certain way to receive the forked cryptocurrency is to withdraw the original coins to a private wallet.
Blocktrade.com will disable deposits and withdrawals of the original coin immediately prior the fork, and keep them disabled until deemed safe. Trading with the original coin remains unaffected. Blocktrade.com will announce exact timing thereof via webpage (Blocktrade.com and support.blocktrade.com) and/or Twitter (@Blocktradecom, @blocktradeCares) at least 24h prior to the fork.
Please be advised that the network might be under heavy traffic before and around the fork, so transactions may be slow and/or expensive. In addition to other exclusions of liability as defined in Ancillary Terms, Blocktrade.com is not liable for any failed deposits and/or withdrawals and or any kind of direct, indirect, incidental, consequential loss of funds or profits whatsoever resulting from fork-related network congestion.
All Fills are final and will not be reversed unless:
- Blocktrade is compelled to do so by any applicable law or regulation; or
- Due to a serious technical error, Orders or Fills do not occur as specified in this Rulebook – in which case Blocktrade will make all reasonable efforts to restore all Users to the position they would have been in had the error not occurred.
Blocktrade may cancel Open Orders in the following circumstances:
- Orders placed by Users who, in our sole discretion, have engaged in abusive use of the platform, for example, Market Manipulation, or using the API in a manner which unreasonably burdens the platform.
- Orders which under the circumstances involve an obvious error with respect to price, quantity, or other parameters – a ‘clearly erroneous transaction’.
- If required by any applicable law or regulation, including specifically where Blocktrade is required to suspend or terminate a User’s Account.
- If required for technical reasons
Access to Blocktrade
All Users have equal access to the Blocktrade API and Web Interface. Blocktrade does not provide prioritized access to any User.
Blocktrade has the authority to take any action deemed appropriate to preserve market integrity. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters, restricting User access to Blocktrade, restricting order types to limit only, cancelling orders resting in the order book, or any other actions deemed to be in the best interest of the trading platform.
If technical reasons prevent or degrade Users’ ability to place or cancel Orders, or prevent or degrade access to Blocktrade API or the Web Interface or affect the operation of Blocktrade Order Books or Matching Engines, then Blocktrade may, in its discretion, take one or more of the following actions in respect of one or more Order Books:
- Temporarily disable depositing or withdrawing Assets.
- Cancel Open Orders,
- Disable the ability to place new Orders.
- Disable sign-in.
- Disable the Blocktrade API.
- Disable access to the User interface of the Platform.
Blocktrade will notify Users of the above-mentioned actions via Website.
Market Manipulation Prohibited
Users are prohibited from engaging in Market Manipulation.
Market Manipulation means actions taken by a User or a person acting in concert with a User, which are intended to:
- Deceive or mislead other Users;
- Artificially control or manipulate the price or trading volume of an Asset; or
- Aid, enable, finance, support, or endorse either of the above and may include actions on Blocktrade and/or outside of Blocktrade.
Market Manipulation specifically includes, without limitation
- wash trading,
- churning, and
- quote stuffing.
Access to Information
All Users have full and equal real-time access to Market Data. Market Data is made available through the User Interface of the Platform or the Blocktrade API.
Market Data comprises the following:
- all Limit Orders placed on the Order Book (price, quantity, and time).
- all Trades (price, quantity, and time).
Market Data does not include any information about which User placed or cancelled an order.
Blocktrade Corporate Operations
Blocktrade does not trade on its own account
Blocktrade Employee Access
Blocktrade policies prohibit all Blocktrade employees from using inside, corporate or proprietary information to trade Crypto-Assets
Blocktrade employees are prohibited from trading personal accounts on the Platform.
From time to time, Blocktrade may undergo a temporary downtime for maintenance or upgrades. Absent Extraordinary Circumstances as set out in article 19. Of this Rulebook, Blocktrade will follow this process for closing and re-opening trading.Step 1:Announce Maintenance Schedule at least 24 hours in advance via Website and @Blocktradecom on TwitterStep 2:Maintenance Schedule BeginsStep 3:
At least 10 minutes after Step 2:
- All Order Books can accept only Limit Orders
- Announce the above via Website
To ensure a fair and orderly marketplace, Blocktrade Market Operations may in its discretion cancel all resting Limit Orders in an order book before moving the market on Platform to Limit-Only ModeStep 4:
To ensure a fair and orderly marketplace, Blocktrade Market Operations may in its discretion cancel all resting Limit Orders in an order book before moving the market on Platform to Limit-Only Mode
- All Order Books enter Full-Trading Mode
- Announce the above via Website
In extraordinary circumstances, including, but not limited to:
- Severe security breaches,
- Force majeure events,
- Judicial orders,
Blocktrade may, at its sole discretion, halt all of the operations on Platform for the necessary time to ensure fair and orderly marketplace. In such case, Blocktrade will announce the above via Website and @Blocktradecom on Twitter, generally at least 24 hours in advance, if possible. Should the circumstances require immediate halt of the operations on the Platform, Blocktrade will publish the notification via Website retroactively without delay. The restart of the Platform operations will follow the steps 2-4 in 17 Maintenance Schedule.
|Trading Pair||Protection Levels|
(% deviation from current best bid/ask price)
|Base Asset||Lot size|
MINIMUM TICK SIZES
|Trading Pair||Tick sizes|
* EUR 10 applies to SEPA deposit, EUR 100 to international wire.
NUMBER OF BLOCK CONFIRMATIONS FOR DEPOSITS
|Crypto-Asset||Number of block confirmations|
|ETH and custom Ethereum tokens||30|
|XEM and NEM-based mosaics||18|
* EUR 10 applies to SEPA withdrawal, EUR 100 to international wire.