Terms of Service

1.About these terms

These terms of service are an agreement between you and ECA, Corp. ("EBCMX", "we", "us", "our"), the operator of the EBCMX exchange at ebcmx.com. They apply every time you visit the site, open an account, deposit or withdraw a digital asset, or place an order.

By creating an account or using the service, you accept these terms. If you do not accept them, do not use the service.

Much of what follows describes precisely how the exchange behaves: how orders are matched, how fees are charged, when a deposit becomes spendable, what happens when a withdrawal is prepared. We describe these mechanics rather than summarise them, because they are what you are actually agreeing to. The descriptions are accurate as at the effective date shown at the top of this page.

The product is under active development. We may change how it works, and we may change these terms as it changes. When we do, we publish the revised text on this page and update the effective date. Changes take effect when published. If you continue to use the service after that, you accept the revised terms; if you do not accept them, stop using the service and withdraw your assets.

Our privacy notice describes how we handle personal data and forms part of this agreement. Where a section below refers to it, treat that reference as part of these terms.

2.Eligibility and your account

Who may open an account

You may open an account only if you are an individual who has reached the age of majority where you live, you are acting on your own behalf and not for anyone else, and your use of the service is lawful for you. One person, one account, unless we agree otherwise in writing. Your account is personal to you; do not let anyone else use it or trade on it.

We do not operate automated geographic blocking and we do not automatically refuse a signup. This is a statement about how the product works, not a statement that the service is available or appropriate everywhere. You are responsible for determining whether your use of the service is lawful where you are, and for stopping if it is not.

You must give accurate information when you register and keep it accurate afterwards. Registration requires a working email address. On every signup attempt, including one you abandon, we check the deliverability of the email domain you enter against public DNS; we never send the local part of the address to a resolver.

Keeping your account secure

Authentication is handled by an established, self-hosted authentication system pinned to an exact version. We do not implement our own password hashing, session tokens or multi-factor logic. We do not offer social login, so no third-party identity provider stands between you and your account: the credentials you set are the only way in.

You can protect the account with two-factor authentication or a passkey, and you can switch on the Global Settings Lock, which blocks changes to sensitive account settings until you deliberately unlock it. We strongly recommend enabling a second factor and the lock before you fund the account. Session validity is checked on every protected page you load, not once at the door.

You are responsible for your password, your second factors and your recovery material, and for everything done through your account by anyone who has them. Tell us at support@ebcmx.com as soon as you suspect unauthorised access.

If you lose access to your second factor, we operate an account-recovery process; depending on what you can still prove about the account, it may require you to submit documents that a member of our staff reviews by hand. It is deliberately slow, because a fast recovery path is an attacker's path.

3.Identity verification

Parts of the service depend on your verification status. To verify, you upload identity documents and supply identity information through the dashboard.

Review is manual and performed in-house. A trained reviewer on our staff assesses what you submit and sets your account's verification status. We do not run automated face-matching, liveness detection, optical character recognition or automated sanctions screening. No algorithm approves you and no algorithm rejects you.

The same holds for every adverse decision anywhere in the product: there is no automatic ban, freeze, rejection or refusal. A restriction on your account exists because a person decided to place it, and staff actions taken against an account are recorded in an append-only audit log.

Documents you upload for verification are stored under a compliance-mode retention lock. That means the stored object cannot be altered or deleted — by you, by us, or by anyone with administrative access — before its retention period expires. This is a deliberate integrity control, and it is also why deletion of verification records is not immediate.

We may ask you for further information or documents at any time, may decline to verify an account, and may ask you to verify again if circumstances change. You must tell us if information you have given us stops being correct.

4.Deposits

You fund your account by sending a supported digital asset to a deposit address issued to you in the app for a specific asset on a specific network. Custody of assets held for you is provided by a third-party institutional custody provider. We write no wallet, key-management or custody code of our own, and no private key or seed phrase exists anywhere in our codebase — key material is held by our custody provider.

Send only the named asset, on the named network, to the address shown. Assets sent on a network we do not support, or to an address issued for a different asset, may be permanently unrecoverable. We cannot reverse a blockchain transaction and we cannot promise to recover a misdirected one.

A deposit posts to your account in two ledger stages. When we first observe the transaction we record it as pending; it becomes a confirmed, spendable balance only after it reaches our own confirmation threshold for that asset and network. That threshold is ours. We set it independently of any status a custody provider or block explorer reports, and it may be more conservative than theirs. A deposit that the outside world already calls final may still be pending here.

Where a minimum deposit amount is set for an asset on a network, it is displayed in the deposit screen. The minimum is enforced at the crediting gate, not merely advertised: a deposit below the floor is parked rather than credited, and remains parked until we deal with it by hand. Do not send less than the displayed minimum.

We may hold a deposit for review before crediting it, and may decline to credit a deposit where we are required to hold it or where we reasonably suspect it is connected to fraud or unlawful activity.

5.Withdrawals

You may withdraw an available balance to an external address, subject to your verification status, any hold on your account, the applicable minimums, and network conditions.

Withdrawals go only to allowlisted destinations. An address must be added and then confirmed before anything can be sent to it. That confirmation step is deliberate friction: together with the Global Settings Lock, it is the main thing standing between an attacker who has reached a live session and your assets.

A withdrawal moves through a two-stage suspense model in the ledger. The amount leaves your available balance and sits in suspense while the withdrawal is prepared and broadcast, and settles out of suspense only when the outcome is known. Before broadcast a withdrawal can still be stopped by us, for example by placing a hold on it; once you have confirmed a withdrawal there is no self-service cancellation. After broadcast it is irreversible: we cannot recall it, and we cannot recover assets sent to a wrong or incompatible address.

Check the address, the asset and the network before you confirm. Network fees applicable to the withdrawal are shown to you at the time you confirm and are deducted as shown.

We may delay or refuse a withdrawal while we complete a review, where we are required to, or where we reasonably suspect fraud, unauthorised access, manipulation or error. As everywhere else in the product, that decision is made by a person.

6.Trades

What you are trading

EBCMX is a spot exchange. You exchange one digital asset for another at a price, against the resting orders on our own order book, and the exchange settles on our books between the two accounts; the order you trade against may belong to another user or to EBCMX's own market-making account, which quotes on the same book on the same price-time terms as everyone else.

There is no margin and no leverage. There are no futures, options, perpetuals or derivatives of any kind. We offer no staking, lending, borrowing, yield, earn or interest product. There is no user-facing trading API and no API keys: access is through the interface we publish.

Order types

This section describes the classes of order the exchange works with rather than listing every one, because the list grows as the product develops. What you can actually place on a given market is what the order form on that market offers you; the classes below are what you agree to whenever you place any of them.

An order may go straight to the book. A limit order sets the maximum price you will pay to buy or the minimum you will accept to sell; if it cannot be filled immediately at that price or better, it rests in the book. A market order executes against the best prices available in the book at the moment it arrives, without a price limit of its own.

An order may instead be conditional. A conditional order is not placed in the book when you submit it: we hold it, watch the market against a trigger condition you set, and submit it as an order only once that condition is met. It may carry its own price limit or none; it may be attached to another order, so that it becomes active only when that order fills; and it may be grouped with a second one, so that whichever of the two fires cancels the other.

Where an order is set to execute only at a certain price, or only if a contingency is met, we cannot guarantee that it will ever be executed, in whole or in part. A trigger is an instruction to submit an order; it is not a promise of a price. Once triggered, the resulting order is matched on the book like any other, so it may fill at a worse price than the one that triggered it, may fill only in part, or may not fill at all.

Time in force

Every order carries a time in force that determines how long it may live:

• Good till cancelled (GTC) — rests in the book until it is filled or you cancel it.
• Good till date (GTD) — rests until filled, cancelled, or its expiry time, which may be set up to roughly 31 days ahead.
• Immediate or cancel (IOC) — fills whatever it can immediately; any remainder is cancelled rather than rested.
• Fill or kill (FOK) — fills in full immediately or is cancelled in full; it never fills partially.

A limit order may also be marked post-only, meaning it must be a maker: if it would execute immediately against the book, it is rejected instead of filled, so it can never cross and pay a taker fee. Post-only is not accepted on a market order, nor on a time in force that does not rest.

How your order is matched

Matching is by price-time priority. Better-priced orders are filled first, and among orders at the same price, the one that arrived first is filled first. No account, order or participant has a preferential position in that queue.

There is no separate matching daemon. Your order is accepted, matched and settled inside the request that submits it, as a single database transaction serialised by a per-market lock. Only one order is being matched in a given market at any moment, so the book your order traded against is the book exactly as it stood, not a stale copy of it.

Every trade is written to a double-entry ledger inside the same transaction that commits its fills. If settlement cannot complete, the entire match is abandoned: book, orders, holds and trades all roll back together. There is no state in which a fill exists without the ledger entries that account for it.

The ledger is append-only. An error is corrected by posting a reversing entry, never by editing or deleting a record. Every transaction must balance to zero per asset, and that balance is enforced by a database constraint, so an unbalanced transaction cannot be committed at all.

Self-trade prevention

Self-trade prevention stops your own orders from trading with each other. Four modes are available: skip the offending resting order and continue matching, cancel the newest order, cancel the oldest order, or cancel both. The taker's mode governs the outcome, and the check is evaluated across all of your subaccounts, so activity split across subaccounts is not a way around it. The default is to cancel the newest order. Cancel-newest is the mode that applies to your orders; the other modes exist in the matching engine but are not currently selectable in the interface.

Market price protection

Market price protection is a per-market guard we configure on a market. It caps the spread a market order will accept, so the order stops rather than walking the book into thin liquidity. It is off unless we have set a limit on that market: on a market where it is not set, a market order takes whatever liquidity is there, at whatever price that liquidity is offered.

Market status

Each market carries a status that gates what may be placed on it: online (all order types), post_only (maker limit orders only), limit_only (limit orders only, no market orders), cancel_only (existing orders may be cancelled, nothing new accepted), maintenance, and delisted. We change a market's status where it is needed to keep the book orderly — during maintenance, around a listing or delisting, or when conditions make normal matching unsafe. An order that the current status does not allow is rejected outright; it is not queued for later.

Standing instructions

Parts of the product let you set up a purchase that we carry out for you later, without you being present: a repeating purchase on a schedule you choose, or a purchase we carry out only once a price you set is reached. Both are standing instructions. Both are quoted-price transactions rather than orders on the book, so each purchase is priced at the moment it is carried out, not at the moment you set the instruction up.

If you set one up, you authorize us to initiate that purchase from your account on your behalf — repeatedly, on the schedule you selected, or once, when your condition is met — until you cancel it. Every purchase is funded from the balance already in your account. We take payment from no outside source: the product operates no payment rail, no card processing and no bank integration.

You can pause or cancel a standing instruction at any time from your account. Cancelling stops purchases that have not yet been carried out; it does not undo one that has. A purchase already carried out is a completed transaction and is final, exactly like any other.

We do not promise that a standing instruction will be carried out on any given occasion, or at any particular price. An occasion may be passed over — where your available balance is not enough, where the asset or market is unavailable, where a restriction on your account applies, or where we could not price the transaction. Where that happens we record the reason and show it to you, and the missed occasion is not carried forward and executed late. An instruction that waits for a price also has a lifetime, shown to you when you set it up: if your price is not reached before it expires, the instruction ends without buying anything.

Your orders are yours

You are responsible for every order placed from your account, including mistaken, duplicated or badly priced ones. An executed trade is final. We do not unwind a completed trade because you changed your mind, mistyped a figure, or misread the market.

Where we identify a genuine system error on our side, we correct it in the ledger by reversal, and we tell you what we did and why.

An order may be rejected for insufficient balance, market status, a post-only or self-trade-prevention condition, market price protection, or a restriction on your account. A rejection is not necessarily a fault, and nothing in these terms obliges us to accept any particular order.

7.Market data and displayed prices

The exchange publishes market data: an order book and a trade tape, both from our own venue, together with the chart and the price figures shown around the product.

The chart shows an index price — the median across several reference venues — and not our own tape. It is labelled as the index in the interface. We show it because a young venue's own tape is thin, and an index built from real prices at real venues is a more honest picture of the market than a sparse local one. It is real market data; it is not synthesised, interpolated or invented.

The current price shown for a market is the lowest ask on our own book, band-gated to within 200 basis points of the index reference. If the lowest ask falls outside that band we show the index instead, and if no index is available we fall back to our own last trade. The band exists to stop a single off-market resting order from setting the venue's published price.

Market data is provided for information only. It may be delayed, incomplete or wrong, and reference-venue data comes from third-party public market-data sources we do not control. A price you see may no longer be available by the time your order reaches the book.

Nothing in the product is advice. We produce no recommendations, ratings, portfolio suggestions, price targets or forecasts anywhere, and we give no investment, tax or legal advice.

8.Fees and taxes

Trading fees are maker-taker: a market assigned to a fee schedule is tiered on the better of your 30-day rolling volume and your assets on platform, and a market not assigned to one charges that market's own flat maker and taker rates. Rates fall as your tier improves. The current schedule — every rate, and every tier boundary on both measures — is published on our fee page. No rate is written into these terms, so that there is only ever one place to read what you pay.

That page is generated from the same configuration the settlement path charges from. The published rate and the charged rate are one figure, not two documents kept in step by hand. Fee rates are configuration data held in the database, and the runtime that executes your trades holds read-only access to them: the trading path cannot alter a fee rate.

One market operates on a rebate schedule under which the maker rate may be negative. On that market, a maker fill can pay you rather than charge you. Rebate schedules are shown with the rest of the schedule.

An order that fills across many fills pays one aggregate, rounded total — not a separate rounding on each fill. Splitting into a hundred small fills does not cost you a hundred roundings.

When a buy order rests in the book, we reserve the fee at the worst tier that could apply to it. The reserve is not a charge. At settlement the excess is released and you are charged at the tier that actually applied at the time of the fill.

Where the product quotes you a single all-in price for a transaction rather than matching your order in the order book — a quoted-price transaction, such as a conversion between two assets — our compensation on that transaction is a spread included in the quoted rate. There is no separate fee line, and that spread is not part of the maker-taker schedule on the fee page. The rate shown to you before you confirm is the rate you receive.

Network fees for withdrawals are separate from trading fees and are shown before you confirm a withdrawal.

Taxes are yours. You are solely responsible for determining what taxes apply to your activity and for reporting and paying them. We do not calculate, withhold or report tax on your behalf, and we give no tax advice. Your transaction records are available in the product for your own use; consult your own adviser.

9.Supported assets and markets

Which digital assets, networks and markets are available on the exchange is decided by us and shown in the app. We may list a new asset or market, change a market's status, change which networks we support for an asset, or delist an asset or market.

Listing is not endorsement. We do not assess an asset's merits on your behalf, and the presence of an asset on the exchange implies no view about its value, prospects, technology, legal characterisation or suitability for you.

Support for an asset on one network does not imply support on another. Always use the network shown for the specific deposit or withdrawal you are making.

Where we delist an asset or stop supporting a network, we will give you reasonable notice where we can, so you can withdraw or close positions in the affected market. Some events do not permit notice — a chain halt, a contract migration, a fork, or an asset becoming untradeable — and in those cases we may have to act immediately.

We do not undertake to support forks, airdrops or other distributions relating to assets we hold for you, and we may be technically unable to do so.

10.Restrictions on use

When you use the service you must not:

• use it for any unlawful purpose, or in a way that is unlawful where you are;
• impersonate anyone, use another person's identity or documents, or submit false or altered verification material;
• use an account that is not yours, or let another person use yours;
• engage in market manipulation of any kind, including wash trading, spoofing, layering, quote stuffing, or coordinated activity intended to move or misrepresent a price;
• use the exchange to launder money, to finance terrorism, or to move the proceeds of crime;
• probe, scan, scrape, overload, disrupt or attack the site or its infrastructure, or attempt to gain access to any account, system or data that is not yours;
• circumvent or attempt to circumvent verification, an account hold, the withdrawal address allowlist, a market status, or any rate limit or security control;
• automate interaction with the site — there is no public trading API and no API keys, and programmatic access is not permitted;
• redistribute or resell our market data commercially; or
• interfere with another user's use of the service.

Because the product contains no automated enforcement, these restrictions are enforced by people reviewing activity. That is not a licence to test them. A breach may lead to a hold, a restriction, closure of your account, and, where we are required to do so, disclosure to the appropriate authorities.

11.Risks

Trading digital assets carries substantial risk. Read this section before you fund an account.

• Price risk. Digital assets are volatile. The value of what you hold can fall sharply and quickly, and can fall to nothing.
• Irreversibility. Blockchain transactions cannot be recalled. A withdrawal to a wrong address, or on the wrong network, is usually a permanent loss, and no action by us can undo it.
• Liquidity risk. The order book is our own. There may not be enough resting liquidity to fill your order at the price you expect, or at all. A market order into a thin book can execute far from the last traded price.
• Availability risk. The service may be unavailable or degraded — maintenance, an infrastructure failure, network congestion, or a market status change. You may be unable to trade, deposit or withdraw at a moment when you want to.
• Third-party risk. The service depends on providers for custody, hosting, database, storage, email and content delivery. Those providers are listed in our privacy notice. A failure at one of them can affect our service and, in the case of custody, the assets held for you.
• Network risk. Forks, chain reorganisations, halts, congestion and protocol changes can delay or prevent deposits and withdrawals, and can affect an asset's value or its continued existence.
• Regulatory risk. The rules applying to digital assets change and may affect the availability of the service, of a particular asset, or of your ability to use either.
• No protection scheme. We make no representation that assets held in your account are covered by any deposit-insurance, investor-compensation or similar protection scheme.

Do not trade with money you cannot afford to lose. Every trading decision is yours; our role is to execute the instruction you give us.

12.Disclaimer of warranties

The service is provided on an "as is" and "as available" basis. To the fullest extent permitted by law, we disclaim all warranties, whether express, implied or statutory, including any implied warranty of merchantability, fitness for a particular purpose, title, accuracy, and non-infringement.

We do not warrant that the service will be uninterrupted, timely, secure or free of errors, that defects will be corrected, that market data or displayed prices will be accurate, complete or current, or that any order will be accepted, executed, or executed at a particular price or time.

Nothing on the site or in the product is investment, tax or legal advice, and nothing in it is a recommendation to buy, sell or hold anything. The listing of an asset is not an endorsement of it.

Some legal systems do not allow the exclusion of certain warranties. Where that is the case, the exclusions above apply only to the extent permitted, and nothing here limits any liability that cannot lawfully be limited.

13.Limitations on liability

To the fullest extent permitted by law, we are not liable for any indirect, incidental, special, consequential, exemplary or punitive damages, or for lost profits, lost trading opportunity, lost revenue, lost goodwill, or the value of a trade you did or did not make — whether the claim is framed in contract, tort, statute or otherwise, and even if we were told such damages were possible.

In particular, and without limiting the above, we are not liable for losses arising from your own instructions, including mistaken orders and withdrawals sent to a wrong or incompatible address; from your failure to keep your credentials, second factors or recovery material secure; from price movements; from unavailability, latency or interruption of the service; from the acts, omissions, failure or insolvency of a third-party provider; from network-level events such as forks, reorganisations, congestion or halts; or from any event outside our reasonable control.

Our total aggregate liability for all claims relating to the service is limited to the total fees you paid us in the three months immediately before the event giving rise to the claim.

Nothing in these terms excludes or limits liability for fraud or fraudulent misrepresentation, or any other liability that cannot lawfully be excluded or limited.

14.Indemnification

You agree to indemnify and hold harmless ECA, Corp. and its officers, directors, employees and agents against any claim, liability, damage, loss and reasonable cost, including reasonable legal fees, arising out of or connected with your use of the service, your breach of these terms, your violation of any law or of any third party's rights, or any information you gave us that was false, misleading or incomplete.

We may assume control of the defence of any claim covered by this section, at your expense, and you will not settle such a claim in a way that imposes any obligation or admission on us without our prior written consent.

15.Suspension and termination

You may stop using the service and close your account at any time. Withdraw your assets first: closing an account does not by itself move anything. Some records must be retained after closure, as described in our privacy notice.

We may suspend, restrict or terminate all or part of your access to the service — including placing a hold on trading, deposits or withdrawals — where we are completing a verification or a review; where we reasonably suspect fraud, market manipulation, unauthorised access or unlawful use; where you have breached these terms; where information you gave us was false; where we are required to do so; or where we cease to support the market, asset or region concerned.

Every such action is taken by a person. The product contains no automated ban, freeze or rejection: a hold exists because a member of staff placed it deliberately, and staff actions taken against an account are written to an append-only audit log.

Where we can, we will tell you that we have acted and why. Sometimes we can say very little, because telling you more would prejudice an investigation or breach a duty we owe elsewhere.

On termination, resting orders may be cancelled, your access ends, and we will return any remaining assets to a confirmed withdrawal address, unless we are prohibited from doing so or the assets are subject to a hold. Provisions that by their nature should survive — fees already incurred, disclaimers, limitations on liability, indemnification, intellectual property and definitions — survive termination.

16.Intellectual property, your content and feedback

The service, the site, the underlying software, the interface designs, the text and graphics, the EBCMX name and the EBCMX mark are owned by us or our licensors and are protected by intellectual property law. These terms grant you a limited, personal, non-exclusive, non-transferable and revocable licence to use the service for its intended purpose. No other right is granted.

You may not copy, modify, distribute, sell, lease, reverse engineer or create derivative works from any part of the service, and you may not use our name, mark or branding without our written permission, except where law expressly permits it regardless of contract.

Content you submit — verification documents, support messages, anything else you upload — remains yours. You grant us the licence we need to operate the service with it: to store, process and transmit that content for verification, support, security, recordkeeping and legal-compliance purposes. How we handle it is described in our privacy notice.

You are responsible for what you submit, and you confirm that you have the right to give it to us and that it is accurate.

If you send us feedback — an idea, a suggestion, a bug report, a request — we may use it without restriction, without obligation to you and without compensation, and you waive any claim arising from our doing so. Please do not send confidential information as feedback.

17.Personal data

How we collect, use, store and share personal data is set out in our privacy notice, which forms part of this agreement. It sets out the categories of company that handle personal data on our behalf and what each category does. It is worth reading in full.

In summary: we collect what is needed to open and secure your account, to verify you, and to operate the exchange for you. We do not itemise those fields here or in the privacy notice; if you want to know exactly what we hold about you, ask us and we will give you a copy. No analytics, advertising, session-replay or telemetry software of any kind is loaded by our site.

One collection is easy to overlook, so we state it here as well as in the privacy notice: on every signup attempt, including one you abandon, the domain part of the email address you enter — never the local part — is resolved against public DNS to check that the domain can receive mail.

Deletion is a request that starts a retention clock, not an instant erasure. Records we are required to keep for financial and anti-money-laundering recordkeeping are retained for the required period before being purged, and verification documents held under a compliance-mode retention lock cannot be deleted before their retention expires.

18.Notices and electronic communications

You agree to receive communications from us electronically: by email to your registered address, and through messages inside the product. Electronic delivery satisfies any requirement that a communication be made in writing.

Keep a working email address on the account and read what arrives there. We use it for security notices, verification outcomes, funding notifications and changes to these terms. If mail we send fails to reach you, delivery is still effective when sent to the address on the account.

You can manage non-essential notification preferences in your settings. Some communications are operational — security alerts, funding confirmations, account-status changes — and cannot be switched off while the account remains open.

Write to us at support@ebcmx.com. A notice you send us is effective when we receive it.

The service is published in several languages, and these terms are authored in Persian and English; every other language is served the English text. Where a translation differs from the English text, the English text is the reference version.

19.General

Entire agreement. These terms, together with the privacy notice, the published fee schedule and any product-specific terms shown to you at the point of use, are the entire agreement between you and us about the service, and replace any earlier understanding on the same subject.

Changes. We may amend these terms as described at the top of this page. The version published here, with its effective date, is the operative one.

Severability. If any provision is held unenforceable, it is severed or narrowed to the minimum extent needed, and the rest of these terms continue in force.

No waiver. If we do not enforce a provision on one occasion, we have not waived it and may enforce it later.

Assignment. You may not transfer your account or your rights under these terms to anyone. We may assign or transfer our rights and obligations to an affiliate or to a successor in connection with a reorganisation or transfer of the business.

No third-party rights. These terms are between you and us. No other person has a right to enforce them.

Events beyond our control. We are not in breach of these terms for any delay or failure caused by an event beyond our reasonable control, including infrastructure or provider outages, network or internet failures, blockchain-level events, natural events and civil disruption.

Our relationship. We operate a trading venue and execute the instructions you give it. We are not your broker, adviser, fiduciary, trustee or agent, and nothing in these terms creates a partnership, joint venture or employment relationship between us.

Headings. Section headings are for convenience and do not affect interpretation.

20.Definitions

In these terms:

• Account — the account you hold with us on the exchange, including any subaccount under it.
• Available balance — the portion of your balance that is confirmed and not reserved by a resting order, a pending withdrawal or a hold.
• Book, or order book — the set of resting limit orders for a market on our own venue.
• Confirmation threshold — the number of network confirmations we require, for a given asset on a given network, before a deposit is credited as spendable.
• Digital asset — a cryptocurrency or token supported on the exchange.
• Fill — an execution of all or part of an order against another order.
• Index price — the median price for an asset across the reference venues we aggregate, used for the chart and as the reference for the price band.
• Ledger — our append-only double-entry record of every movement of value, in which each transaction balances to zero per asset.
• Maker — an order that rests in the book and is filled by someone else's incoming order. Taker — an order that executes immediately against resting orders.
• Market — a tradable pair of assets, such as a base asset quoted against another asset.
• Market status — the state of a market (online, post_only, limit_only, cancel_only, maintenance, delisted) that determines what orders it will accept.
• Order — an instruction from you to buy or sell a stated quantity of an asset in a market, on the terms of its type and time in force.
• Post-only — a limit order that is rejected rather than filled if it would execute immediately, so that it can only ever be a maker.
• Quoted-price transaction — a transaction priced by a single all-in rate quoted to you and confirmed by you, rather than matched against the order book.
• Self-trade prevention — the mechanism that stops your own orders from trading with each other, evaluated across all of your subaccounts.
• Service — the EBCMX exchange, the site at ebcmx.com, and everything we make available through them.
• Settlement — the writing of a trade's effects to the ledger, which happens in the same database transaction as the fills themselves.
• Time in force — how long an order may live: GTC, GTD, IOC or FOK.
• Verification — our manual identity-review process and the status it sets on your account.
• We, us, our — ECA, Corp., operating as EBCMX. You, your — the person holding or using an account.