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Trade

Overview​

On the BlockWyre platform, the Trading functionality allows account holders to convert between cryptocurrencies and fiat currencies at competitive rates. Trades are always between a cryptocurrency and a fiat currency; direct exchanges between cryptocurrencies are not supported.

What is a Trade?​

A trade is an operation to convert a specific amount of one currency into another (e.g., crypto to fiat or fiat to crypto). The trade flow consists of two steps: previewing and executing.

Trade Flow​

Preview​

Account holders can preview a trade to see the current exchange rate, estimated fees, and the amount they will receive before committing. To preview a trade, the account holder specifies the source and target currencies and the amount to convert.

  • Endpoint: POST /api/v2/trade/preview

Execute​

Once a trade preview is reviewed and the account holder is satisfied with the terms, they can execute the trade. The conversion is processed and the funds are credited to the account.

  • Endpoint: POST /api/v2/trade/execute

Trade History​

The BlockWyre platform allows account holders to access a history of their trades. This provides transparency and allows account holders to review past conversions and the exchange rates applied.

Key Terminology​

  • Trade: An operation to convert between a cryptocurrency and a fiat currency.
  • Fiat: Fiat currency, such as the US dollar (USD), euro (EUR), etc.
  • Exchange Rate: The rate at which a cryptocurrency is converted to a fiat currency.

Conclusion​

The trading functionality on the BlockWyre platform is a powerful tool for account holders who want to convert between cryptocurrencies and fiat currencies. By providing real-time trade previews and a simple execution process, BlockWyre facilitates the efficient and secure conversion of digital assets. It is important to remember that trades are always between a cryptocurrency and a fiat currency; direct exchanges between cryptocurrencies are not supported.

Support and Resources​

If you need assistance or have any questions, our support team is here to help. You can contact our support team at support@blockwyre.com.

Stay Updated​

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We are excited to have you on board and look forward to seeing how you leverage BlockWyre's powerful tools to enhance your financial operations. Happy integrating!