We are introducing dynamic rate precision to our markets

We would like to inform our users that on 1.08.2022 the precision of the rate in our markets will become variable. 

Below you will find information about what this means and how will it affect our users. 

NOTE: The changes have no effect on price or value and do not affect web or mobile app users. For a brief summary of points, please refer to the last section.

 

What does it mean?

Dynamic rates precision allows you to add further decimal places in the bid price.

 

As you can see on the graphic above showing the market for ETH-EUR, with dynamic rates there is the possibility to add an offer with the exchange rate 1.123456.

It is worth mentioning, that it will not affect:

 

• The precision of FIAT currencies like PLN or EUR doesn’t change, they always remain at two decimal places.

 

• The precision of individual cryptocurrencies is not affected either, only the precision of the trade at any given time. 

 

What does this mean for our users?

If you are using our API - you should get familiar with the changes and adjust your integration to use new parameters - more information you will find here

If you are using our web application via a browser or our mobile application, you don’t have to do anything. The only change for you will be that the order book may contain offers with different precisions, however, it will not affect buying or selling of cryptocurrencies.

 

Why are we introducing dynamic rate precision?

The introduction of dynamic rate precision is to better adapt to market conditions, here are some examples:

 

• Example 1:

Increasing the accuracy of the rate will allow users to be more competitive in low-rate markets. Usually this is for markets below value of 10 PLN / EUR where the spread is about 0.01 and makes it difficult for users to compete with each other

 

• Example 2:

In instances where currencies are below 0.01 PLN / EUR value in markets paired with FIAT currencies, the precision of two decimal places prevents the purchase of cryptocurrencies at the market rate. After many requests from our users, we have implemented this change to make available such cryptocurrency and FIAT pairs.

 

Additional information:

The rate precision will fluctuate between 0 and 8 decimals places.

In the future, this may mean that after decreasing the precision of the exchange rate, the orderbook will contain offers with greater precision than it would be possible to bid an offer at the moment.

Keep in mind that in this case, we will settle your transaction at a better rate for you.

Going forward, changes to the rate precision will be made without providing additional notification to users.

Summary of the most important points:

• Users that are using our API should adjust their integrations (more here)

 

• Changes will not affect our users which are using our web application (via a browser) and our mobile app.

 

• Changing the rate precision is only rate specific and has no effect on price or value

 

• Changing the rate precision will not affect the existing offers

 

• Changing the rate precision will not affect the minimum bid value

 

• Changes in rate precision in the markets will take place without prior notice to users