1. Order book
A public market contains buy and sell orders at different prices and quantities. The best visible price may only be available for a small amount.
Rates explained
Why a fixed exchange quote can differ from a public exchange.
A trading venue and a fixed-rate exchange service show different types of prices. Public exchanges display order-book prices; ExchangeWales displays the final service quote for a request and locks it for the payment window.
2. Market depth
If more liquidity is needed, execution can move through several price levels. The average executable price can differ from the headline quote.
3. Time risk
The market can move while a customer copies the address and sends a blockchain payment.
4. Final service quote
The final quote can reflect liquidity, market movement protection, expected network and processing costs, monitoring and operational risk.
5. Fixed amount
The receive amount shown in a created request stays defined for that payment window.
6. Reference rates
Rates displayed outside a created request are informational and can change with the market.