Trading rules and conditions
The Nash L2 Exchange offers non-custodial spot market trades between a number of digital assets. This document outlines the conditions for trading on the Nash L2 Exchange. It does not entitle you to any legal rights and is simply provided for your information. Your relationship with Nash is governed entirely by the User Agreement you accepted when creating your Nash account.
Trading on the Nash L2 Exchange
All orders are placed on the Nash L2 Exchange order book and matched by our matching engine. To place an order, your trading wallet balance for the relevant asset must be sufficient to cover the total value of your order and any applicable fees.
Types of order
The Nash L2 Exchange offers three main types of order:
Make your exchange instantly, matching with existing orders to give an average market price. This will often be slightly different from the very last price at which an asset was traded. Since your order depends on other available orders when it fills, we can only provide an estimate of the average market price and the total you will receive. If you edit this estimate, we will calculate an appropriate quantity for the currency you wish to sell.
Set a specific price at which to exchange assets. Your order will be added to the book and can match with other orders at this price or better, but will not go beyond it.
Stop orders are conditional on a specific “stop price” being reached. The stop price you select acts as a trigger for another order. If you choose “Stop-market”, a market order of the size you requested will execute as soon as your stop price is reached. If you choose “Stop-limit”, a limit order will be placed at your specified limit price, executing when that price is reached.
Time in force
You are able to specify the time period for which your order will remain on the book:
- Good ’til canceled
Your order will remain on the book indefinitely – either until it is filled or until you cancel it.
Good ’til time
Your order will remain on the book until the time you specify. If it has not been filled by that time, it will be canceled.
- Fill or kill
If your entire order can be filled immediately, then it will be. If it cannot be filled entirely, then the whole order will be canceled.
- Immediate or cancel
However much of your order can be filled immediately will be filled. Whatever portion remains unfilled will be canceled.
Please double-check your orders before confirming them. Although you can cancel unfilled orders, if your order fills it will not be possible to reverse it.
Buy orders are prioritized in decreasing order, with the highest price placed at the top. Sell orders are prioritized in increasing order, with the lowest price placed at the top. Orders placed at the same price are prioritized by time, with those placed soonest filling first.
Nash is committed to providing fair and efficient non-custodial trading. To ensure a smooth trading experience, we must impose certain limits on trade sizes.
- Minimum trade size
Each digital asset traded on the Nash L2 Exchange has its own minimum trade size. For example, for NEO, the minimum is 0.01 NEO, and for GAS it is 0.000001 GAS. Minimum trade sizes are indicated within the Nash platform.
- Maximum trade size
There is no maximum trade size. However, you must have sufficient funds in the trading wallet to cover any orders and related fees. Furthermore, your daily trading volume must not surpass the limits set by your KYC verification tier. Details on daily limits and how to extend them can be found within the Nash platform.
When placing a limit order, you can check the box “Post only” so as to place your order only as a maker, not a taker.A taker order matches with orders already on the book, taking liquidity out of the market. Nash charges fees for taker orders. A maker order remains on the book until it is matched by a taker, providing liquidity to the market. Nash charges no fees for maker orders.
Deposits, withdrawals and transfers
Nash charges no fees for deposits, withdrawals and transfers (either between user accounts or to external accounts). However, many assets require a network fee in order to process transactions. For these assets, a small network fee will be deducted from transfers between your personal wallet and the trading wallet, as well as from transfers to external accounts. The network fee will be indicated within the Nash platform whenever you make a transfer.
Our GraphQL API offers an alternative means of interacting with the Nash L2 Exchange, allowing you to automate commands you could otherwise enter manually via the web or mobile interface.
For more information on the Nash trading API, please see our documentation: api-ts-docs.nash.io
Market manipulation of any kind violates the Nash Exchange User Agreement. As per the User Agreement, we will suspend trading for any accounts found to be engaging in manipulation activities and will notify the appropriate authorities.
Market manipulation includes, but is not limited to:
Attracting traders to increase price by placing buy and sell orders at nearly the same price.
Placing an order with knowledge about a future transaction that will affect the price of an asset.
- Pump and dumps
Using coordinated messaging across multiple channels (including social media) to generate enthusiasm for an asset, aiming to drive up its price before dumping it for a profit.
- Quote stuffing
Gaining an advantage over slower market participants by flooding the market with large numbers of rapidly entered and withdrawn orders. This is usually performed with high-frequency trading programs.
Placing an order where the same trader is both maker and taker.
Rapidly making and canceling orders that are never intended to be executed in the hope of influencing an asset’s price. This is usually performed with high-frequency trading programs.
- Wash trading
Generating activity in the hope of increasing an asset’s price by selling and repurchasing it.
Downtime and restrictions
Nash may on occasion find it necessary to schedule downtime to conduct updates and maintenance. It is also possible that unforeseen circumstances necessitate technical downtime. Furthermore, suspicious user activity (as defined in the User Agreement) may lead to the suspension of certain services.
At our discretion, Nash is able to impose the following restrictions:
- Transfers from the trading wallet to a user's personal wallet, and vice versa, can be blocked for periods of up to 24 hours.
- The placing of new trade orders may be blocked.
- Existing trade orders may be canceled.
- Use of the API may be blocked or restricted.
- Signing-in to the platform via our website or mobile app may be blocked.
Please note that Nash can never block transfers from a user’s personal wallet to external accounts. Furthermore, we will provide an open-source tool for manually interacting with both the trading wallet and personal wallets in cases when the Nash platform is unavailable.