Instruments (Currency Pairs)
- Base currency is the currency you want to buy or sell. All quantities (in orders and trades) are measured in units of the base currency. For example, sending an order with a quantity of 1 for instrument BTC/USDT means that you want to buy or sell one Bitcoin (BTC).
- Quote currency is the currency in which you are paying to buy the base currency or which you are receiving for selling the base currency. All prices (limit orders, trades, and so on) are defined in units of the quote currency for one unit of the base currency. For example, price 6723.2 for the instrument BTC/USDT means 6723.2 USDT per 1 BTC.
- Price step defines the minimum price change when placing an order. For example, you can send orders with the prices 6524.4 USDT per BTC and 6524.5 USDT per BTC, but not 6524.45. The general rule for selecting the price step is that the total number of digits must be around 5. That's why BTC/USDT has 1 decimal point (6524.5) and ETH/USDT has 2 decimal points (202.18).
- Minimum volume and volume step define the quantity of the base currency you can trade on the exchange. For instance, the minimum order size for BTC/USDT that clients can send is 0.001 BTC, the next possible amount is 0.0011 BTC, and then 0.0012 BTC, and so on.
- Maximum distance shows how far from the mid-price (the middle between the current best bid and the current best offer) new limit orders can be placed. Restricting the range helps ensure that falsified orders can’t display and increases the overall stability of the market.