Spot Trading Rules
1. Terms and Definitions
Buyer shall mean a user who enters into a Trade on the Platform to buy Virtual Assets.
Limit Order shall mean an order to buy or sell a specific amount of a Virtual Asset at a specific Price.
Maker shall mean a user who places an Order on the Platform offering the terms for a Trade.
Market Order shall mean an order to buy or sell Virtual Assets at the best available price currently listed on the Order Book.
Order Amount shall mean the amount of Virtual Assets the user wishes to buy or sell.
Order Book shall mean an electronic registry of Limit orders to buy or sell Virtual Assets.
Order Side shall mean a characteristic indicating whether the purpose of an Order is to Buy or Sell Virtual Assets.
Opposite Order Book shall mean the Sell order book for a Buy order and vice versa.
Price shall mean the rate at which one Virtual Asset is traded for another Virtual Asset.
Seller shall mean a user who enters into a Trade on the Platform to sell Virtual Assets.
Spot Trading shall mean buying or selling Virtual Assets on the spot market. The spot market is a public financial market where Virtual Assets are traded with immediate delivery. Spot trading is a process where the Seller trades a Virtual Asset (crypto) for another Virtual Asset (fiat or otherwise) paid by the Buyer.
Taker shall mean a user who fills an Order placed by a Maker on the Platform, thereby accepting the terms of the Trade as set by the Maker.
Trade shall mean the purchase or sale of Virtual Assets on the spot market.
Trading pair shall mean a price quote between two Virtual Assets traded on the Platform.
2. General Provisions
2.1 In addition to reading these Spot Trading Rules, the User should also carefully study the TokenSpot Terms of Service.
2.2 The User should read this FAQ article detailing the process of buying and selling crypto on the spot market prior to placing an order on the Platform.
2.3 Buying or selling virtual assets on the spot market requires having a substantial amount of the Virtual Asset in question on the User’s balance, including the desired trading amount plus transaction fee.
2.4 The Platform hereby reserves the right to impose restrictions on spot trading for the User at any time and at its own discretion for purposes of risk management or in the event of a violation of our Terms of Service by the User.
3. Market Order
3.1 A user who buys or sells virtual assets at market rate is a Taker.
3.2 Market orders are filled at a Price that is calculated automatically by the system based on the available bids listed on the order book at the time of the trade.
3.3 The User must do the following to buy or sell virtual assets at market rate:
- select a Trading Pair,
- select ‘Market Order’,
- specify Order Side (Buy or Sell),
- specify Order Amount (i.e. the amount of crypto the User wishes to buy or sell).
3.4 A market order is filled instantly as soon as the Taker presses ‘Buy’ or ‘Sell.’
3.5 A market order shall be executed at the best price currently available, which shall be the price of the limit order listed on top in the relevant order book at the time of the trade.
3.6 The Taker cannot cancel a market order because such an order is filled instantly.
4. Limit Order
4.1 A user who places a limit order to buy or sell virtual assets is a Maker.
4.2 The User must do the following to place a limit order to buy or sell virtual assets:
- select a Trading Pair,
- select ‘Limit Order’,
- specify Order Side (Buy or Sell),
- specify Order Amount (i.e. the amount of crypto the User wishes to buy or sell),
- specify the price at which you wish to trade.
4.3 An Order Book is a list of outstanding limit orders. Once a user presses ‘Buy’ or ‘Sell’ when placing a limit order, their order appears on the relevant order book.
4.4 A limit order is filled when another user (the Taker) buys or sells crypto at a market price that effectively matches the price specified in the limit order. In other words, a limit order is executed once the current market price becomes equal to the price of the limit order and Takers effectively begin trading at the price of the limit order in question.
4.5 Multiple limit orders placed at the same price shall be listed as a single order on the order book. In such an event, they shall be filled by time priority.
4.6 A limit order may be filled partially in case it exceeds the amount of the matching market order.
4.7 When a user places a limit order, a respective amount of the virtual asset in question shall be locked until said limit order is filled or cancelled.
4.8 Once a limit order is filled, the locked amount of the traded virtual asset shall be deducted from the Maker’s balance. If a limit order is cancelled, the locked amount of the traded virtual asset shall be restored to the Maker’s balance.
4.9 The Maker may cancel a limit order in case it has not been filled. If a limit order has been partially filled, the Maker may cancel the remaining part of the order.
4.10 If a user sets the price of a limit order at market rate or matches the price of an order listed in the opposite order book, that user is effectively a Taker. In either case, the trade shall be executed instantly at market rate.
5. Fees
5.1 The Platform charges a fee for executing a trading order of any type. Current fee rates and their criteria are posted on the TokenSpot Fee Tiers page.
5.2 No fee shall be charged from the User for cancelling a limit order. In case a limit order was partially filled, no fee shall be charged for cancelling the remaining part of the order.