Spot trading means buying or selling any currency, commodity, stock, or financial instrument for instant delivery. In terms of cryptocurrency trading, that means that different assets can be traded for others, and the trader owns the assets they buy.
Xena Exchange is a centralized cryptocurrency exchange that allows its customers to trade different cryptocurrencies with one another. Xena Exchange is not a counterparty of any trade.
Currently, Xena Exchange offers crypto-to-crypto trading. A full list of instruments traded on Xena Exchange is provided here.
All clients deposit cryptocurrency to their Xena Exchange accounts. Short-selling is not permitted (e.g., to sell 1 BTC, clients must first deposit at least 1 BTC to their account).
Clients who wish to buy or sell one currency in exchange for another place their orders on the exchange. Support for multiple order types makes Xena Exchange suitable for trading strategies of any complexity.
If orders from two clients match each other (e.g., the first client wishes to buy BTC for USDT at a price not higher than 6500, and the second wishes to sell BTC for USDT for at least 6500 USDT per BTC), a trade is created. Clients exchange the agreed-upon quantities of cryptocurrency.
Matching on Xena Exchange has price-time priority. This means an incoming buy or sell order will first be matched with orders on the respective other side that have a lower (for an incoming buy order) or higher price (for an incoming sell order). If there are several orders with the same price, orders placed first will be matched first.
The trading fees on Xena Spot are some of the lowest in the industry and depend on the monthly trading volumes.
The order book in the web terminal looks as follows:
The top part of the screen displays asks (offers) — orders from clients looking to sell. The bottom part of the order book displays bids — orders from clients looking to make a purchase. The cumulative volume shows how much of the base currency can be bought or sold at a certain or better price.
Clients can send orders only for certain instruments (trading pairs). For instance, it's not possible to place an order to "buy ETC, pay in ETH." Limiting the number of trading pairs allows Xena Exchange to concentrate liquidity and make the trading conditions better for all traders. As the trading volume grows, we will introduce new trading pairs and connect new cryptocurrencies.
Sending orders and making trades
There are three different ways to execute trades on your account:
The portfolio page is a highly simple yet powerful way to see where the market is going and to execute your trades with one click. More information about the portfolio management tools are provided here.
The full guide to sending orders and making trades is available here.