Limit Order Fill or Kill and Smart Order Router
-
Open the Pro screen, choose the crypto, the quantity and the maximum price (for buying) or minimum price (for selling) at which you want the order to be executed.
-
Your order is a Limit order, with "Fill or Kill" (FOK) validity.
Here is what that means in simple English:
- Limit Order = an order at a limit price, i.e. "execute only if the price is equal to or better than the one I am telling you".
- Fill or Kill (FOK) = "all or nothing". If there is enough supply at my price to fill the entire order, execute everything immediately. If not, cancel everything: I don't want partial executions.
-
Your order enters a Young Platform module called the Smart Order Router (SOR).
-
The Smart Order Router looks at the external execution venues to which Young Platform is connected — trading platforms, market makers or liquidity providers, all MiCAR authorised or subject to an equivalent regime — and decides where to send the order to obtain the best result for you. The rules it follows to decide are written in a public document called the Execution Policy.
-
If the Smart Order Router immediately finds a counterparty at your price, the order is executed. If not, the order is cancelled and the sums locked for the operation are immediately unlocked for you. In jargon, this is called a "kill" (cancellation).
On Pro, Young Platform acts as an intermediary (agent), not as your counterparty: the contract is concluded between you and the external execution venue. For this reason, the price you pay is not decided by Young Platform, but by the external market where the order is executed. Young Platform simply takes your order there and brings the result back to you, and adds an intermediation fee to the amount paid to the external market.
Consent to execution on external venues
To operate on Pro, you must have accepted the Execution Policy and given express consent to the execution of orders on external venues. Without that consent, the order will not be executed.
Operating rules to keep in mind
- Purchase: you must set a price that is equal to or higher than the current market price, otherwise the order will be cancelled (kill).
- Sale: you must indicate a price equal to or lower than the market price to avoid the order being cancelled (kill).
How fees are calculated on Pro
The estimated fee is always indicated in the summary you see before confirming the order, together with the total cost of the operation; to this may be added the costs of the execution venue and, if you choose delivery to an external address, the network fees.
The system operates based on the crypto-asset of the pair:
- Purchase Operation: the intermediation fee is added to the equivalent value of the operation. The total cost charged will therefore be given by the formula (quantity × execution price) + fee. This ensures that the requested quantity of crypto is purchased in full, adding the service cost to the total in EUR.
- Sale Operation: the fee is deducted from the gross proceeds obtained from the exchange. The net amount you will receive in your wallet will be calculated as (quantity × execution price) − fee.
The package of orders available on Pro
Currently, only the Limit order with Fill or Kill (FOK) validity is available on Pro. The availability of other order types depends on the external execution venues to which Young Platform is connected.
The chart and the Liquidity View
The chart you see on Pro shows the historical prices of cryptos on the external execution venues to which Young Platform connects. It is for purely informational purposes: it helps you decide at what price to set your Limit order. The panel showing the price and quantity available on the market is called the Liquidity View.
The prices and quantities you see in the Liquidity View are data from external markets: Young Platform does not manage an internal book and customer orders do not meet each other.
Need help? Open a support ticket or write to support@youngplatform.com.