Beaxy Trading Rules
These Trading Rules govern all orders made on Beaxy’s proprietary exchange platform.
- Trading on Beaxy
1.1 Beaxy operates a proprietary trading platform for many cryptocurrency trading pairs. All Beaxy User Accounts will list all trading pairs and order books that are available for the user.
2.1 To place an order, a user must have a sufficient amount of funds in their user account to cover the amount of the order plus any fees associated with the order.
2.2 Beaxy has a wide variety of order types that users can place, including market orders, limit IOC orders (IOC and FOK), stop loss orders, stop loss limit orders, take profit, and take profit limit orders.
2.3 When a user places an order, the user funds sufficient for the order are placed on hold while the matching engine works to fill the order.
2.4 A user may cancel an open market or stop order without penalty before the order is filled.
2.5 A regular limit order is an order to buy or sell a specific quantity of a token at a specified price. Limit orders will only fill at the specified price or better.
2.6 Limit orders can also be placed with one of the following time in force options:
- Immediate or Cancel (IOC): This will ensure you buy or sell at a set price or better, but IOC orders are immediately executed or cancelled by the exchange. Because of this, Limit IOC orders will only appear in the Closed Orders tab. Unlike FOK orders, IOC orders allow for partial fills.
- Fill or Kill (FOK): the order will be posted to the order book only if it would be filled completely and immediately. This is a limit order with the added condition that the entire order should be filled completely or "killed", cancelling it immediately. Because of this, Limit FOK orders will only appear in the Closed Orders tab. These orders do not allow for partial fills.
2.7 A market order is the most basic order type. With a market order, you can buy or sell an asset at the market price. Market price is determined as the best available price for the asset at the time the order is placed. This is typically used when the execution of an order is more important than the price of an order. Because of this, entering the price is optional, since it is going to get you the best possible price at the time the order is placed.
2.8 Market orders may fill at different prices than expected, depending on the size of the order and market conditions at the time. This is known as “slippage.” This usually happens in times of high market volatility or when there is not enough interest at a desired price level.
2.9 As there are many orders being placed on cryptocurrency exchanges, the price paid or received may be quite different from the last price quoted before the order was confirmed.
2.10 Market orders are executed immediately so you will likely only see these transactions appear in the Closed Orders tab.
2.11 A stop loss order is an order placed to buy or sell a currency when it reaches a certain price, known as the stop price. When the stop price is reached, the stop loss becomes a market order and buys or sells at the current market price.
2.12 A buy–stop order is entered at a stop price above the current market price. Investors generally use a buy stop order to limit a loss or protect a profit on an asset that they have sold short.
2.13 A sell–stop order is entered at a stop price below the current market price. Investors generally use a sell–stop order to limit a loss or protect a profit on an asset that they own.
2.14 A stop loss limit order combines the features of a stop order and a limit order, but when a stop loss limit order reaches the target price, the order becomes a limit order instead of a market order. A stop–limit order doesn't get filled if the asset's price never reaches the specified limit price or better.
2.15 Stop market orders can also encounter “slippage” as discussed above. Stop limit orders may not fill completely as discussed above.
2.16 A take profit order is a type of limit order that closes your trade once it reaches a certain level of profit. A market order is placed when your take profit order will yield the specified profit amount.
2.17 A take profit limit order works similarly to the Take Profit order, except that a limit order is placed instead of a market order.
Matching Engine and Order Priority
2.17 Beaxy has an exclusive partnership with OneMarketData, which includes OneTick’s matching engine and proprietary matching logic for all orders.
2.17 OneTick’s processors organize levels in price-time priority and match up bids and offers to complete trades based on its matching algorithm. Price-time priority means that bids and offers entering the matching engine first have priority over equivalently priced bids and offers using a First In First Out (“FIFO”) model. Matching priority is first price and then time. This means that users are rewarded for offering the best price and acting early. All users of Beaxy’s exchange platform are subject to this price-time priority system and FIFO model.
2.18 Once an order is matched, these orders are filled. An order may be matched with and filled by multiple orders at the same price.
2.19 Beaxy will settle filled orders immediately, by modifying the appropriate token balances in users’ accounts accordingly.
2.20 Beaxy charges a fee to complete an order posted to the order book. This fee is a percentage of the order total. Fees can vary as users can receive discounts based on using BXY tokens or participating in other discount opportunities.
2.21 All Beaxy users are charged the same level of fees unless using a discount method such as BXY Tokens.
- Market Integrity
3.1 All trades are final and irreversible unless:
- Beaxy is required to do so by any applicable law or regulation; or
- Some sort of bug, hack, or technical error disrupts the normal and credible flow of orders and fills;
- We believe that certain users involved in the trade have been engaged in market manipulation or another violation of our Terms and/or these trading rules.
In these situations, Beaxy will do the most in our power to roll back trades and credit any users who were harmed by these actions. Beaxy also reserves the right to cancel open orders in any of these scenarios listed above.
3.2 All users have equal access to the Beaxy exchange platform. Beaxy does not provide priority or advantages to any specific user.
3.3 Beaxy reserves the right to take any action within its power in order to preserve fairness and integrity of its trading platform. These actions include, but are not limited to, freezing or suspending user accounts and/or funds, restricting order types, cancelling orders, halting of trading, or restricting user access to the exchange.
3.4 Beaxy does not use automatic trading halts based on price levels. However, if Beaxy encounters a security breach or a debilitating technical difficulty which prevents users from accessing the trading platform or the funds in their accounts, Beaxy reserves the right to take any necessary action to preserve the status quo and protect users accounts and funds, including but not limited to: disabling the ability to place orders, disabling access or use of the exchange by any user, cancelling open orders, and temporarily halting deposits and withdrawals to user accounts. These actions will only be taken in the best interest of users and will be done in Beaxy’s sole discretion.
3.5 Users may not place an order in which they would end up on both sides of the trade. Any self-executing or “wash” trading is prohibited. If orders would result in self-execution, the user will be notified with a warning. If this situation occurs several times in the future after the user is notified, the user will be banned from the platform.
3.7 All users have equal access to market data, provided by OneTick through their visual dashboard on Beaxy’s exchange platform.
3.8 Market data is made up of all orders in the order book, including timestamps, bid and ask prices, bid and ask sizes, and all fills and executions. Market data does not include information about which user is ascribed to an order or about open stop orders.
3.9 Beaxy prohibits all employees from using insider or proprietary information in order to make profitable trades.
4.1 In the future, Beaxy may temporarily suspend trading on the exchange platform in order to make updates, perform maintenance, or deal with technical/legal issues as discussed above. In these situations, Beaxy will do everything in our power to make transitions as smooth and effective as possible. Beaxy will always notify users on the platform, by email, and through all social media and messaging apps of any scheduled downtime.
4.2 After any downtime is completed, users will be notified again of the platform being restored. Beaxy may in its sole discretion take any actions to ensure fair and efficient restart of its markets.
The following meanings are given for common words found throughout these Trading Rules:
- Account means a Beaxy user account.
- Asset means a token available on Beaxy exchange.
- Available Balance means a users available funds minus amounts held for open orders and fees.
- Fill means a match of two orders. Also referred to as an execution.
- Hold means the setting aside of user funds for an outstanding order.
- Limit Order means an order to buy or sell a specific quantity of a token at a certain price.
- Market Order means an order to buy or sell a specific quantity of a token at the best available price on the order book.
- Order means a command to buy or sell a specific quantity of a token at a specific price.
- Order Book means the order book on which orders are placed for trading.
- Open Order means an order which has been posted but not filled, canceled or expired, or an active stop order.
- Price-Time Priority means that earlier orders have priority over later orders.
- Stop Order means an order to buy or sell a specific quantity of a token if and only if the price in the order book equals or surpasses the stop price.
- Stop Price means the price utilized in a stop order.
- Take Profit Order is a type of limit order that closes your trade once it reaches a certain level of profit.
- Trading Pair means any tokens which may be traded for each other on Beaxy’s exchange platform.
- User means any Beaxy customer trading on Beaxy’s exchange platform.