Trading Rules 2018-02-14T06:51:52+00:00

Trading rules on CoinGeto

Coingeto operates an open order book trading platform which settles trades in a variety of Digital Assets and INR currency trading pairs. Each user has access to all the trading pairs available on the platform.

Limit Orders

  • 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.
  • A Limit Order will be immediately posted to the Order Book and can result in a Maker Order or a Taker Order, or an Order that is partially a Maker Order and partially a Taker Order.

Orders

  • A Trader can place an order in the order book with certain prerequisites. They must have an Available Balance of the relevant Asset in their Account which is sufficient to cover the total value of the Order plus any applicable fees.
  • After placing an order, it is considered an open order and the amount of the relevant digital asset becomes subject to a hold. This amount cannot be accessed for withdrawal unless the order is cancelled.
  • A Trader may cancel an open order at any time before it is fully filled. No fees are charged for cancelled Orders.
  • A Trader can Buy or Sell a specified quantity of an Asset at the best available price of existing orders on the order book.
  • There is no guarantee that an Order will fill fully or partially at the price specified. A Market Order may fill fully or partially, based on the quantity of the Order and the quantities of the existing Orders on the Order Book at the time.
  • A valid order will be immediately posted to the order book.
  • A trader can have at the most 8 open orders simultaneously in each market. E.g. 8 open orders each in Bitcoin, Ethereum, Ripple and Litecoin markets. So in total 32 open orders.
  • In a particular market, a trader cannot place a buy order and a sell order at the same price per asset. E.g If a trader places a buy order for 1 Bitcoin at Rs.200,000. They cannot place a sell order of any number of Bitcoins at Rs. 200,000.

Posting of Orders on the Order Book

Sell Order

  • If an order is placed to the order book to sell Bitcoins, Ethereum, Ripple, Litecoin or Bitcoin Cash for INR, it is a Sell order. Sell orders bring liquidity to the market.

Buy Order

  • If an order is placed to the order book to buy Bitcoins, Ethereum, Ripple, Litecoin or Bitcoin Cash with INR, it is a buy order. buy orders take liquidity away from the market.

Order Priority and Matching Engine:

coingeto Matches Sell and Buy Orders on the open order book based on the Price-Time priority.

Price-Time Priority means that each time an order ‘O’ (Sell or Buy) is placed on the order book.

  • The earliest counter-order ‘P’ on the order book matching the price per unit is matched so as to fully or partially fulfill the said ‘O’ order; and
  • To the extent that ‘O’ order is not completely filled by ‘P’ order, it is matched with any subsequent orders ‘Q’ , ‘R’ etc at the same price per unit or a better price per unit, in sequence those orders were posted

All traders on coingeto are subject to the same Price-Time priority rules.

When a Sell Order is matched with a Buy Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same or better price. coingeto settles all Filled Orders immediately, by debiting and crediting the relevant balances of Assets in both Traders’ Accounts. Subject to daily withdrawal limits a Trader may immediately withdraw all Assets in their Account.

Trading Fees

coingeto charges a fee for each Sell or Buy Orders posted to the open order book. The fee is shown before order confirmation and is calculated as a percentage of the order quantity. The fee is charged by debiting the amount of INR on top of the asset value for Buy orders. The fee is debited from the INR value that a trader will get by placing a Sell order.

The current fee structure can be found at https://CoinGeto.com/fees

All traders pay the same trading fees. Associate Partners have zero seller Fees subject to conditions in the contract.

Fee Rebates

All traders except Associate Partners are eligible for fee rebates based on the total volume of their fills on all order books combined. This is to promote intraday high frequency trading.

The rebate is calculated at the end of each day (IST 00:00) and is credited in the INR wallet of the trader. The rebate is based on the percentage of trade fees incurred by the trader on that particular day and is also dependent on the buy/sell volume for that day. See https://coingeto.com/fees for more details and examples.

Market Integrity

All Trades are Final

All Filled orders are final and will not be reversed unless:

  • coingeto 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 these Rules – in which case coingeto will make all reasonable efforts to restore all Traders to the position they would have been in had the error not occurred.

coingeto may cancel Open Orders in the following circumstances.

  • Orders placed by Traders 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 coingeto is required to suspend or terminate a Trader’s Account.
  • If required for technical reasons as set out below.

Access to coingeto

All Traders have equal access to the coingeto API and Web Interface. coingeto does not provide prioritized access to any Trader.

Interruptions

If technical reasons prevent or degrade Traders’ ability to place or cancel Orders, or prevent or degrade access to coingeto API or the Web Interface or affect the operation of coingeto Order Books or matching engines, then coingeto 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 (Freeze Mode).
  • Disable sign-in.
  • Disable the coingeto API.
  • Disable access to the Web Interface.

If access to coingeto through the Web Interface is unavailable for 5 minutes or longer, coingeto will move to Freeze Mode as soon as possible.

If coingeto is in Freeze Mode, it will be restored to fully operational only after access through the Web Interface becomes available for at least 5 minutes and coingeto deems is it safe to restore the exchange to fully operational.

coingeto will notify Traders of the move to or from Freeze Mode via @coingetoindia on Twitter.

Self-trade Prevention

Traders are not able to place an Order which would result in self-execution—i.e., where the same Trader would act as both the Seller and Buyer for the trade.

Flash Crashes and Circuit Breakers

coingeto does not use artificial market integrity measures such as ‘circuit breakers’ or trading halts.

Market manipulation prohibited

Traders are prohibited from engaging in Market Manipulation.

Market Manipulation means actions taken by a Trader or a person acting in concert with a Trader, which are intended to:

  • Deceive or mislead other Traders;
  • Artificially control or manipulate the price or trading volume of an Asset
  • Aid, abet, enable, finance, support, or endorse either of the above and may include actions on coingeto and/or outside of coingeto. Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing.