On November 11, 2020 KOINASCENT.COM made a pivot in its business model. KoinAscent.com is now a decentralized exchange with the motto “Your Keys, your Coins!” That mean that KoinAscent.com does not have custody of the user’s assets at any time.
KOINASCENT.COM Decentralized Exchange allows users to swap Tether, Ethereum, ERC-20 Tokens and DeFi products P2P in a fast, low cost manner. As well KoinAscent.com has partnered with an e-commerce site that sells Gold Coins and Certified Diamonds for Tether or Ethereum.
Someday in the future KoinAscent.com will once again offer full Bitcoin and Cryptocurrency exchange services and trading will again operate under the following rules.
COMING SOMEDAY IN THE FUTURE
KOINASCENT.COM will again operate as a P2P Open Order Book Trading Platform which settles trades in a variety of Digital Assets and USD currency trading pairs. Each user will again in the future have access to all the trading pairs available on the platform.
A Trader can place an Order in the Order Book with certain prerequisites. They must have an Available Balance of the relevant Asset in their Account Wallet which is sufficient to cover the total value of the Order plus any applicable fees.
After placing an Order, it is considered an Open Order and the amount of the relevant digital asset in the users account wallet becomes subject to a hold. This amount cannot be accessed for withdrawal unless the Order is Cancelled.
A Trader may CANCEL an Open Order at any time before it is fully filled. No fees are charged for Cancelled Orders.
A Trader can Buy or Sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
A Limit Order is an Order to Buy or Sell a specified quantity of an Asset at a specified price.
A Limit Order will only ever Fill at the specified price or a better price.
A Limit Order will be immediately posted to the Order Book and can result in a Maker Order or a Taker Order, or an Order that is partially a Maker Order and partially a Taker Order.
There is no guarantee that a Limit Order will Fill Fully or Partially at the price specified.
A Market Order may Fill Fully or Partially, based on the quantity of the Order and the quantities of the existing Orders on the Order Book at the time.
A VALID ORDER WILL BE IMMEDIATELY POSTED TO THE ORDER BOOK.
A trader can have at the most 8 open orders simultaneously in each market. E.g. 8 open orders each in Bitcoin, Ethereum, Tether, Monero, KDAX. So in total 40 Open Orders.
In a particular market, a trader cannot place a Buy Order and a Sell Order at the same price per asset. E.g If a trader places a Buy Order for 1 Bitcoin. They cannot place a Sell Order of any number of Bitcoins at the same price.
POSTING OF ORDERS ON THE ORDER BOOK
If an Order is placed to the Order Book to Sell Bitcoins, Ethereum, Tether, Monero, KDAX for USD or other digital asset, it is a Sell Order. Sell Orders bring liquidity to the market.
If an Order is placed to the Order Book to Buy Bitcoins, Ethereum, Tether, Monero, KDAX with USD or other digital asset, it is a Buy Order. Buy Orders take liquidity away from the market.
ORDER PRIORTY AND MATCHING ENGINE:
KoinAscent.com matches Sell and Buy Orders on the Open Order Book based on the Price-Time priority.
Price-Time Priority means that each time an Order ‘O’ (Sell or Buy) is placed on the order book:
A. The earliest Counter-Order ‘P’ on the Order Book matching the price per unit is matched so as to fully or partially fulfill the said ‘O’ Order; and
B. To the extent that ‘O’ order is not completely filled by ‘P’ Order, it is matched with any subsequent Orders ‘Q’ , ‘R’ etc at the same price per unit or a better price per unit, in sequence those Orders were posted
ALL TRADERS ON KOINASCENT.COM ARE SUBJECT TO THE SAME PRICE-TIME PRIORITY RULES.
When a Sell Order is matched with a Buy Order, those Orders are filled. An Order may be matched with and Filled by one or more Orders at the same or better price.
KoinAscent.com settles all Filled Orders immediately, by debiting and crediting the relevant balances of Assets in both Traders’ Account Wallet. Subject to daily withdrawal limits a Trader may immediately withdraw all Assets in their Account.
KoinAscent.com charges a fee for each Sell or Buy Orders posted to the Open Order Book. The Fee is calculated as a percentage of the Order quantity.
The fee is charged by debiting the amount of USD or debiting the amount of traded asset on top of the asset value for the Buy Orders. The fee is debited from the USD value or the asset value being traded, that a trader will get by placing a Sell Order.
The current fee structure can be found at https://koinascent.com/fees
All traders pay the same trading fees. Associate Partners have CUSTOMIZED Seller Fees subject to conditions in their exchange contract.
ALL TRADES ARE FINAL
All Filled Orders are FINAL and will not be reversed unless:
a. KoinAscent.com is compelled to do so by any applicable law or regulation; or
b. Due to a serious technical error, Orders or Fills do not occur as specified in these Rules - in which case KoinAscent.com will make all reasonable efforts to restore all Traders to the position they would have been in had the error not occurred.
KOINASCENT.COM MAY CANCEL OPEN ORDERS IN THE FOLLOWING CIRCUMSTANCES.
a. Orders placed by Traders who, in our sole discretion, have engaged in abusive use of the platform, for example, Market Manipulation, or using the API in a manner which unreasonably burdens the platform.
b. Orders which under the circumstances involve an obvious error with respect to price, quantity, or other parameters - a ‘clearly erroneous transaction’.
c. If required by any applicable law or regulation, including specifically where KoinAscent.com is required to suspend or terminate a Trader’s Account.
d. If required for technical reasons at KoinAscent.com sole discretion.