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Trading Guide

Overview​

On the BlockWyre platform, the trading functionality allows account holders to convert between cryptocurrencies and fiat currencies efficiently and at competitive rates. It is important to note that trades are always between a cryptocurrency and a fiat currency; direct exchanges between cryptocurrencies are not supported.

Trade Flow​

1. Previewing a Trade​

  • Action: The account holder previews a trade to convert a specific amount of one currency into another.
  • Endpoint: POST /api/v2/trade/preview
  • Steps:
    1. Log in to your BlockWyre account.
    2. Navigate to the trading section in the dashboard.
    3. Enter the amount and select the source and target currencies.
    4. Submit the preview request to get the current exchange rate, fees, and the amount you will receive.
  • Resulting State: A trade preview is returned, providing the current exchange rate, fees, and the estimated amount the account holder will receive.

2. Executing a Trade​

  • Action: The account holder reviews the trade preview and decides whether to execute.
  • Endpoint: POST /api/v2/trade/execute
  • Steps:
    1. Review the trade preview details, including the exchange rate and fees.
    2. If satisfied, submit the execute request.
  • Resulting State: The trade is processed, and the converted funds are credited to the account.

3. Transaction Processing​

  • Action: Once a trade is executed, the transaction is processed.
  • Steps:
    1. The currency conversion is carried out based on the executed trade terms.
    2. The converted funds are credited to the account.
  • Resulting State: The transaction is completed, and the account holder receives a confirmation.

4. Viewing Trade History​

  • Action: The account holder can view the history of their trades.
  • Steps:
    1. Log in to your BlockWyre account.
    2. Navigate to the trade history section in the dashboard.
    3. View all trades along with their details such as the exchange rate and the amount received.
  • Resulting State: The account holder can review their trade history for reference and record-keeping.

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.

Important Notes​

  • Trade previews have a limited validity period and must be executed within this time frame to guarantee the offered exchange rate.
  • Once a trade is executed, the transaction is final and cannot be reversed.
  • Trades are always between a cryptocurrency and a fiat currency; direct exchanges between cryptocurrencies are not supported.

Conclusion​

The trading functionality on the BlockWyre platform is a powerful tool for account holders who wish 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. Remember, trades are always between a cryptocurrency and a fiat currency; direct exchanges between cryptocurrencies are not supported.

For any further assistance or questions, please contact BlockWyre support.

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.

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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!