The OTC broker allows users to buy and sell assets at fixed rates via the quick trade tab, prioritizing convenience, and speed of use, without removing the option for users of using the Orderbook.
Setting up a deal with OTCBroker is almost as easy as user trading with one. From an admin account on your exchange, enter the Operator controls’, and find the OTCBroker tab.
Starting an OTC Broker deal
From here the ‘Start new deal’ button’ will open the menu to configure the deal.
Choosing tading pair
First, define the base asset (what will be traded) and what it will be priced against (what the trading pair will be).
Your trades will be able to go both ways, the importance here of order is when setting the price ratios between the two currencies.
For example, with the above settings, users can only trade in whole numbers of HollaEx Tokens, to a maximum of 1000.
Now define the parameters defining minimum/ maximum amounts as well as the increment amount
- Minimum/ Maximum Tradable Amount: The minimum/ maximum amount of the base asset that can be traded on this deal.
- Increment Amount: The lowest decimal value increase/decrease possible.
Setting static pricing of XHT-USDT
The third menu will allow you to set the fixed pricing for the pair (dynamic pricing will be available in future updates).
Here selling refers to the price the exchange is selling at, and buying price is what price the exchange will buy at.
Choosing source account, note the balance displayed of bot the chosen assets
The next choice is what source the funds the brokerage will draw from is. The options presented in the dropdown are taken from the exchange's accounts.
Primarily, you as the exchange owner will want to use either the admin account or a dedicated source account to provide the initial liquidity required.
All the options you set up previously will now be available for review, check they are satisfactory, and then proceed.
The next option is the status of the OTC deal. If an OTC deal is set to live then users will be able to use the OTCBroker with this pair. If the OTCBroker is not live quick trade will revert to using the Orderbook to perform deals.
With this step done the deal will instantly be available on your exchange (assuming the deal was set to live).
Users who now desire to trade via quick trade will go through your brokerage deal, instead of it being sourced from the Orderbook itself.
Fortunately changing how your OTC deal behaves is a simple task, by using the configure button to the right of the deal in your listing. This will allow you to go through the steps detailed above once more.
The deal can also be paused or unpaused, without deleting it through the ‘edit’ link, in the ‘State’ field of the deal, on the OTCBroker page.
If instead, you want to fully remove a deal from the exchange and revert to using the orderbook between the pair, using the edit link within the ‘State’ field of the deal, there will be a remove link at the bottom of the popup menu.
The OTC broker offers possibly the simplest method of trading on your exchange. The user desiring the trade will be given a simplified screen when compared to the orderbook, or the quick trade using the orderbook.
The user flow works as such:
- 1.On the Quick Trade screen choose the pair desired to trade within the quick trade dropdowns.
- 2.See the amount of the desired currency, calculated from the static pricing the exchange operator has set
- 3.If the balance of the source wallet is sufficient to facilitate the trade, the trade will instantly take place. If the source wallet doesn't have the funds, then the trade will be rejected.