Orders

Customer can place an Order as either a Market Order, a Limit Order, or a Stop Order.

1. Before a Customer can place an Order, the Customer must have an Available Balance of the relevant Asset in their Account which is sufficient to cover the total value of the Order plus any applicable trading fees.
2. When a Customer places an Order, that quantity of the relevant Asset becomes subject to a Hold. A Customer may cancel an open Maker Order or Stop Order at any time before it is Filled. No fees are charged for cancelled Orders.
3. Tokenize Xchange matches Taker Orders with Open Maker Orders on each Order Book based on Price-Time Priority. All Customers accessing Tokenize Xchange are subject to the same Price-Time Priority.
4. The process of matching Taker Orders with Open Maker Orders based on Price-Time Priority are as follows:
   1. Each time a Taker Order is placed, the Taker Order is matched with the earliest in time Maker Order at the best price on the Order Book.
   2. If the Taker Order is not completely Filled by the Maker Order, the Taker Order is matched with any subsequent Maker Orders at that same price in the sequence of Price-Time Priority.
   3. If the Taker Order is not completely Filled by one or more Maker Orders as described above, the Taker Order is matched with one or more Maker Orders at the next best price, in the sequence of Price-Time Priority.
   4. The process in (3) is repeated until the Taker Order is completely Filled.
5. Subject to Time in Force Instructions, an Order may be matched with a number of corresponding Orders at the same price.
6. [Taker Orders are matched with the best available existing Maker Orders. This means that a Limit Order placed outside the market (i.e. a sell Order below the highest existing Buy Order, or a Buy Order above the lowest existing Sell Order) will be Filled by the best available existing Order rather than an existing Order with the same price as the Limit Order.]