trading rules

1

Definitions

In these bigX Trading Rules, the following words and phrases have the corresponding meanings:

  • Account means a Trader’s Account on the bigX Trading Platform.
  • Asset means a Digital or Fiat Currency.
  • Base Asset means the first Asset in the Trading Pair. For example, in the BTC/USD Trading Pair, BTC is the Base Asset and USD is the Quote Asset.
  • Close-only Mode means that Traders cannot place new Orders. Traders are able to close open Positions and Pending Orders.
  • Desktop Platform means the user interface available by downloading the application using the following link: https://trade.bigx.com/platform/installer.exe.
  • Digital Asset means a blockchain-based digital currency, app coin or protocol token which is offered for trading on the bigX Trading Platform.
  • Equity represents the current value of the Trading Account. It is the sum of the Account balance and a floating (unrealized) P/L associated with open positions. Equity represents the “real-time” value of the Account.
  • Exchange refers to the exchange (deliverable) trading on the bigX Trading Platform.
  • Estimated Balance means the gross value of all Trader’s Trading Accounts expressed in one currency.
  • Fiat Currency means a government-issued currency.
  • Fill means a match of two Orders. Also referred to as an Execution.
  • Free Margin is the difference between Equity and Used Margin. Free Margin refers to the Equity in a trader’s Account that is not tied up in Margin for current Open Positions.
  • Full Trading Mode means normal operation of the bigX Trading Platform. Traders can place and cancel Orders.
  • Hold means the setting aside of Assets allocated to an Order.
  • Liquidity is the amount of trading volume available on the Trading Platform. It also defines the depth, size and capacity of the Order Book.
  • Maintenance Break is defined by the period of time between the “Session Closing Time” and the “Session Opening Time” which is the time required to consolidate the entire Order Book for bookkeeping and system maintenance purposes.
  • Maker Fees are charged on orders that are not immediately matched, adding liquidity to the Order Book.
  • Margin Call occurs when the Margin Level falls below a certain value, currently set at 80%.
  • Margin Level is the percentage value based on the amount of Equity versus Used Margin and is calculated in the following way: Margin level = (equity/used margin) x 100.
  • Margin Trading are trades, where borrowed funds may be used to increase the overall size of a trade.
  • Market Order means an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
  • Order means an instruction to buy or sell a specified quantity of the Base Asset at a specified price in the Quote Asset.
  • Order Book is the list of all executable orders submitted by buyers and sellers in any given asset. The depth and size of the order book can be enhanced by blending in additional order books by using Market Makers and Liquidity Providers.
  • Open Order means a Maker Order which has been posted but not Filled, canceled or expired, or a Stop Order which is currently active.
  • Overnight Interest is charged on open positions, for the entire period the position is open, charged at the end of the trading session, currently set at 25% per annum.
  • Pending Order means an Order to buy or sell an Asset at a specified price.
  • Open Position (or Position) is an active trade on the Trading Platform which belongs to one particular trader. The trader is entitled and liable for any profits or losses generated by a trade after closing the Position.
  • Price-Time Priority means that earlier in time Orders have priority over later Orders.
  • Quote Asset means the second Asset in the Trading Pair. For example, in the BTC/USD Trading Pair, BTC is the Base Asset and USD is the Quote Asset.
  • Realised P&L comes from a completed trade. Profits or losses only become realized when the Positions are closed. This is the only time when the Account balance will change to reflect any gains or losses. If you closed a position with profits, your Account balance will increase. If you closed with losses, then your Account balance will decrease.
  • Required Margin refers to the amount sufficient to open a Position, equals Position size / Leverage Factor, and is denominated in the Currency of the Account.
  • Slippage is the difference between the price a trader wishes to attain with an Order and the actual price attained.
  • Stop Out Level is when the Margin Level falls to a specific percentage level in which one or all your open positions are closed automatically (“liquidated”) by the Trading Platform. A stop out level is calculated as a percentage of the margin level and is currently set at 80%.
  • Taker Fees are charged on Orders that are matched immediately against an existing Order in the Order Book, removing liquidity.
  • Trader means each customer trading on the bigX Trading Platform.
  • Trading Fees are Maker and Taker fees payable to bigX for the execution of Orders in the Order Book.
  • Trading Platform refers to the bigX Trading Platform, whether accessed by web or through the desktop application.
  • Trading Halt means that Traders can not place or cancel any Orders.
  • Trading Pair means each pair of a Base Asset and a Quote Asset offered on the bigX Trading Platform.
  • Trailing Stop Order is a Stop Loss Order that can be set to execute once the market goes against you by a defined price, called the price difference.
  • Unrealised P&L refers to the profit or loss held in your current open Positions (i.e. your currently active trades. This is equal to the profit or loss that would be “realized” if all your open positions were closed immediately. Unrealized P/L is also known as “Floating P/L” because the value is constantly changing since your positions are still open.
  • Used Margin is the amount of your Account Balance that is initially withheld for creating a margin position. Unlike Free Margin, Used Margin does not count unrealized profits/losses. Used Margin will decrease when part or all of a position is closed. While Required Margin is tied to a specific trade, Used Margin refers to the amount of money needed to deposit to keep all your trades open. Used Margin is calculated as the size (Price x Open Volume) of an open Position divided by the leverage factor.
  • Web Platform means the user interface available through https://trade.bigx.com.

2

Core Features

  • bigX Trading Platform operates a Central Limit Order Book.
  • bigX Trading Platform is made up of 2 core features – Exchange Trading and Margin Trading.
  • bigX Trading Platform users can deposit, trade, and withdraw digital assets and fiat currencies.

3

Exchange Trading

bigX Trading Platform settles deliverable (spot) trades in a number of crypto/crypto and crypto/fiat trading pairs.

4

Margin Trading

  • Margin trading is leveraged trading without actual delivery of an asset. It is used in order to get profit from price movements. If the leverage factor is greater than 1.0, margin trading involves using borrowed funds to “lever” up a trade, opening a larger position with a smaller amount of the trader’s funds
  • bigX Trading Platform settles margin trades in a number of crypto/crypto trading pairs.
  • Before the client is allowed to trade, he or she will be prompted to undertake an appropriateness check. Based on the results of the appropriateness check, he or she may be advised to take some training at the bigX Academy, prior to engaging into any trading activity.
  • A trade can be initiated by using the margin trading function, where the user will be offered a certain leverage size, applicable to the trade. The primary investment amount will then be multiplied by the offered leverage factor.
  • Each position will have its own Required Margin amount that will reduce the Free Margin. It is a portion of the funds set aside from the Account Balance to keep the trade open and to ensure that you can cover the potential loss of the trade.
  • When Free Margin is less than Required Margin, additional positions can not be opened.
  • A Margin Position is liquidated by bigX when your Margin Level reaches a Stop Out Level, set at 80%, and your Account can no longer support the open positions due to lack of your Free Margin.
  • Margin Trades are subject to Maker and Taker Fees, charged on the amount of the Position, when Positions are opened and closed.
  • Margin Trades are subject to Overnight Interest charged on a daily basis (please refer to bigX Pricing document). bigx will charge Overnight Interest at the end of each trading session.
  • All Margin Trade Positions opened on the bigX Trading Platform are final and irrevocable.
  • During the Maintenance Break, the Trading Session is closed, all opened positions are put on hold. Once the Maintenance Break is completed, the trading session is resumed, the P/L is re-calculated at current asset prices.

5

Orders

  • To place an Exchange Order, a Trader must have a Balance of the relevant Asset in the Account, sufficient to cover the total value of the Order plus any applicable fees.
  • To place a Margin Trading Order, a Trader’s free margin must be more than the required margin.
  • bigX Trading Platform supports Market and Pending Order types.

6

Market Orders

  • A Market Order is an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
  • By placing a Market Order, the order is executed at the nearest price available in the Order Book at the given moment. Should there be enough liquidity at the price shown, then the Order is filled immediately. In the event that there is not enough liquidity at the price shown, then the next attainable price is automatically executed until the entire Order is filled.
  • Depending on the volume and prices of Orders on the Order Book at the time when a Market Order is posted, the Market Order may Fill at a price less favorable than the most recent trade price. This is referred to as Slippage.
  • A valid Market Order will be immediately posted to the Order Book. A Market Order is always a Taker Order.
  • Market Orders may be placed with one of the following Time in Force Instructions:
    • GTC (Good til Canceled): the Order will remain on the Order Book until canceled by the Trader. GTC can be used on both web and desktop platforms.
    • IOC (Immediate or Cancel): the Order will only be posted to the Order Book to the extent that it would be immediately Filled; any remaining quantity is canceled. IOC can only be used on the desktop platform.
    • FOK (Fill or Kill): the Order will only be posted to the Order Book if it would be immediately and completely Filled. FOK can only be used on the desktop platform.

7

Pending Orders

  • Pending Orders are Orders to buy or sell an Asset at a specified price.
  • Stop Loss Orders are used to exit a trade if the trade starts to lose money. When the Asset price reaches the Stop Loss level, the Position will be closed automatically. Using Stop Loss Orders helps avoiding significant losses.
  • Trailing Stop Loss Orders are more flexible than fixed Stop Loss Orders, since they automatically track the market price direction and do not have to be manually reset like a fixed Stop Loss Order. Trailing Stop Orders are available on the desktop platform.
  • Stop Orders may be placed with the following Time in Force Instructions:
    • GTC (Good til canceled): the Order remains on the Order Book until canceled by the Trader. GTC can be used on both web and desktop platforms.
    • GFD (Good for Day): the Order remains valid for the trading day on which it is entered. GFD can only be used on the desktop platform.
  • Limit Orders may be placed with one of the following Time in Force Instructions:
    • GTC (Good til Canceled): if posted, the Order will remain on the Order Book until canceled by the Trader. GTC can be used on both web and desktop platforms.
    • IOC (Immediate or Cancel): the Order will only be posted to the Order Book to the extent that it would be immediately Filled; any remaining quantity is canceled. IOC can only be used on the desktop platform.
    • FOK (Fill or Kill): the Order will only be posted to the Order Book if it would be immediately and completely Filled. FOK can only be used on the desktop platform.
    • GFD (Good for Day): the Order remains valid for the trading day on which it is entered. GFD can only be used on the desktop platform.
  • Take Profit Orders are used to exit a trade once it reaches a certain level of profit. When a Take Profit Order is hit on a trade, the trade is closed at the current market value.
  • One-Cancels-The-Other (OCO) Order allows a trader to place a pair of Orders stipulating that if one Order is executed fully or partially, then the other Order is automatically canceled. A One-Cancels-the-Other Order combines a Stop Order with a Limit Order. This option allows a trader to place both take profit and stop loss targets for the Position (only for Limit Orders).

8

Posting Orders to the Order Book

  • If an Order is posted to the Order Book at the same price as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
  • To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it is a Maker Order which will remain open at that price on the Order Book until:
    • It is canceled by the Trader;
    • It expires due to a Time in Force Instruction; or
    • It is completely Filled by one or more Taker Orders placed by another Trader at the same price.

9

Order Minimum / Maximum Sizes

All Orders placed on the bigX Trading Platform are subject to the minimum and maximum order size requirements specified under the tab «Instrument Details» in the User Menu on the Trading Platform.

10

Matching Engine and Order Priority

  • bigX Order Matching Engine is part of the Trade server. It matches bigX traders’ orders with the orders on the order book of the liquidity provider.
  • bigX Matching Engine works according to a standard price/time priority algorithm, which means that the first order with a better price will be matched. In case orders are at the same price, the one placed earlier will have priority in execution.
  • Each Limit Order placed by the trader is sent to the aggregated Order Book. If this limit order meets with another Order (Market or Limit) the trade will be executed by the Matching Engine.

11

Fills and Settlement

  • When a Maker Order is matched with a Taker Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
  • bigX settles all Filled Orders immediately, by debiting and crediting the relevant Balances of Assets in Traders’ Accounts.

12

Trading Fees

  • bigX charges Maker and Taker Trading Fees. Maker Fees are charged on Orders that are not immediately matched, adding liquidity to the Order Book. Taker Fees are charged on Orders that are matched immediately against existing Orders in the Order Book, removing liquidity.
  • Trading Fees are charged on the Base Asset, calculated as a percentage of the Order Size and converted into the Account Currency.
  • Trading Fees are charged by debiting the Trader’s Account Balance for the amount of the Fee at the time that the Position is opened.
  • There are eleven Trading Fee tiers. Volume-based fee discounts are available to all traders based on their trading volume over the trailing 30-day period. Users can further reduce Trading Fees by acquiring and holding BXC.
  • bigX does not differentiate between corporate and individual clients. All Trading Fee tiers are available to all clients.
  • Overnight Interest is charged on all open margin positions, for the entire period the position is open, charged at the end of the trading session.
  • Trading Fees are subject to change at the discretion of bigX. The current Trading Fee schedule can be found at https://bigx.com.

13

Trading Pairs

  • bigX provides for the following Asset Pairs available for Exchange Trading: BTC/EUR, BTC/USD, ETH/BTC, ETH/EUR, ETH/USD, LTC/BTC, LTC/USD, XRP/BTC, XRP/USD, BCH/BTC, BCH/USD, BXC/EUR.
  • bigX provides for the following Asset Pairs available for Margin Trading: ETH/BTC, LTC/BTC, XRP/BTC, BCH/BTC.
  • The current lists of Trading Pairs can be found at https://bigx.com.

14

Available Platforms

Users can trade on the following bigX Trading Platforms:

  • Exchange and Margin Trading can be conducted on the bigX Web Platform available on Microsoft Windows 8 or higher optimized for Chrome and Chrome-based browsers; also in Safari, Firefox and Edge browsers.
  • Margin Trading can also be conducted on the bigX Desktop Platform available for download on Microsoft Windows 8 or higher and .NET 4.5.
  • Some internet browsers may have higher latency when placing orders. It is recommended to use the native desktop Windows application for best latency and application responsiveness.

15

Access to Information

  • All Traders have real-time access to Market Data. Market Data is made available through the Web Interface or the bigX API. Market data comprises all Orders placed on the Order Book.
  • All Traders have access to their Activity Logs which show all account activity, such as deposits, withdrawals, open and closed Positions, Fee deductions, Overnight Interest.
  • All Traders have access to their Account History, where they can find their trading history, including all closed trades, shown in chronological order, with key information, such as the opening/closing time of each trade, opening/closing price, Order ID, Order size and P/L for the trade, Trading Fees charged.

16

Maintenance Break

  • The bigX Trading Platform undergoes a daily maintenance routine, where trading data is backed up, software maintenance is done and a daily reconciliation is made.
  • The “Session Closing Time” is set at 22:45 CET and the “Session Opening Time” is set at 23:05 CET.
  • During the Maintenance Break, the Trading Platform may not be able to accept, cancel or process any Orders, meaning that any open Positions can not be cancelled or closed by the trader. Normal operation is resumed at the Session Opening Time.

17

Exchange Interruptions

In the unlikely event, that the bigX Trading Platform should be subject to an extraordinary downtime, all open Positions stay open and can be closed once the Trading Platform downtime is over.

18

Chart Tools

  • bigX provides five basic chart styles which can be used to position trades: Candles, Bars, Line, Area and Heikin Ashi Charts.
  • Within the chart styles, it is possible to display specialist indicators and lines, including: Simple MA, Exponential MA, Smoothed MA, Weighted MA, Variable & Triangular MA, Kaufman’s Adaptive MA, Hull MA, Fractial Adaptive MA, Mesa Adaptive MA, Double Exponential MA, On Balance Volume, Market Facilitation Index, Accumulation/Distribution, Bollinger Bands, Parabolic SAR, Ichimoku, Commodity Channel Index, MACD, Momentum, Relative Strength Index, Relative Vigor Index, Stochastic Oscillator, Bears Power, Bulls Power, Acceleration/Deceleration, Bill Williams, Average True Range.

19

Deposits and Withdrawals

  • Digital Asset deposits are free of charge. Withdrawals are subject to a fee, irrespective of the withdrawal value. Additional mining and network fees may be applicable.
  • CHAPS and Faster deposits are free of charge. Withdrawals are subject to a fee, irrespective of the withdrawal value. Both may be conducted in GBP only.
  • SEPA deposits are free of charge. Withdrawals are subject to a fee. Any SEPA deposit or withdrawal are available in EUR and GBP.
  • SWIFT deposits are free of charge. SWIFT transfers made to various risk level countries shall be subject to Tier 1,2,3 withdrawal fees. Transfers are available in EUR, GBP and USD.
  • Deposit and Withdrawal Fees are subject to change at the discretion of bigX. The current Fee schedule can be found at https://bigx.com.