Exchange Features

Self-Trade Prevention (STP)

CoinJar Exchange does not permit self-trading. If a trader trades against his/her own order, both orders will be cancelled out. If one order is larger than the other, the larger order will have the size difference remaining.

For example, a trader places a 2 BTC sell order and then a 1.5 BTC buy order at the same price, the buy order will be cancelled immediately and the sell order will have 0.5 BTC remaining.

No fees are charged for STP cancellations, and the crossed volume is not reported as a fill (although in the Orders API it will be counted as "filled size"). No settlement occurs for STP crosses.

Trade Finality

All trades on CoinJar Exchange are final, unless we are required by law to reverse certain trades or where a significant technical error has occured to cause trades that are not consistent with our Terms of Service or Trading Rules.

Settlement

Settlement involves the simultaneous transfer of the base currency from seller's account to buyer's account, and the counter currency from buyer's account to seller's account. The amount in base currency is equal to the size of the trade, whereas the amount in counter currency is equal to the value of the trade (price multiplied by size). When the amount in counter currency is not whole multiples of a subunit of the currency (e.g. 0.01 AUD or 0.00000001 BTC), it will be rounded to the nearest subunit. CoinJar has the discretion to select a suitable rounding method but the same amount applies to both the buyer and the seller.

The settlement of any trades takes place after the trade has occurred. While in most cases CoinJar Exchange ensures that settlement takes place within 10 seconds of the trade, during periods with extremely high trading volume, settlement may be delayed by up to an hour.

Before the trades are settled, you can place new orders with unsettled funds, but you won't be allowed to withdraw unsettled funds. For example, if you sell 2 BTC @ $10,000, you will receive $20,000 in unsettled funds immediately after the trade which you can use to place a new order, but you will have to wait for the settlement to occur to withdraw this $20,000 from CoinJar Exchange.

Fees

CoinJar Exchange performs fee billing post-settlement and trading fees are charged daily in arrears. Generally, fees are charged everyday after 02:00 UTC for trades matched during the previous UTC day. Fee invoices are automatically charged to CoinJar Exchange accounts. If an account has a negative balance after fee invoices are paid, withdrawals from CoinJar Exchange will be restricted until the account deficits are covered by deposits or trades.


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