📚FAQs

Frequently Asked Questions

Can I cancel an order on a decentralised order book?

Yes you can cancel an order at any time in the "My Wallet" section.

What are the fees?

Maker fees are 0.2%.

Taker fees are 0.5%.

What's the difference between Maker and Taker ?

A maker is somebody who creates an Order first and it sits in the book. They can be a Buyer or a Seller. A taker is the person who matches with the maker and therefore takes value out of the Orderbook.

You can think of a Maker as somebody providing liquidity, therefore they usually get a lower fee.

Why are the fees always 0.5% in the UI?

We label it as 0.5% in the UI because we can't be sure before a trade which one you will get. Somebody might be creating an opposite order just before you submit your transactions.

You can guarantee you are a Maker by creating your order far away from the current price.

How do I know the price of an asset on a decentralised order book?

The supply and demand for that asset determine the purchase price on a decentralised order book. The price will tend to increase when there are more buyers than sellers. When there are more sellers than buyers, the price will tend to decrease.

When I switch to a token and it does not set a suggested price automatically?

The price is just taken from the last completed trade. If there are no completed trades then there is no price.

What is a decentralised order book?

In a decentralised order book, users can place buy or sell orders for a particular asset at a specific price. These orders are recorded on the blockchain and stored in the order book. When a match is found between a buy and sell order, the trade is executed, and the asset is transferred from the seller to the buyer.

What are the benefits of using a decentralised order book?

There are several benefits to using a decentralised order book, including:

Increased security: Because a single entity does not control a decentralised order book, it is less vulnerable to hacking or tampering.

Greater transparency: All orders and trades are recorded on the blockchain, making it easy to see the entire history of the order book.

Reduced fees: Because decentralised order books do not require intermediaries to facilitate trades, costs are typically lower than those of traditional exchanges.

What are the risks of using a decentralised order book?

There are also risks to using a decentralised order book, including:

Volatility: The prices of assets on a decentralised order book can be more volatile than those on traditional exchanges, as there is often less liquidity.

Can I place both buy and sell orders on a decentralised order book?

You can place buy and sell orders on a decentralised order book. When you place a buy order, you indicate that you want to purchase a particular asset at a specific price. When you place a sell order, you say you want to sell an asset at a particular price. If a match is found between a buy and sell order, the trade will be executed, and the purchase will be transferred from the seller to the buyer.