How it works?
This service, provided by CEX.IO, simplifies buying and selling on the exchange, and is based on Fill-or-Kill (FOK) orders.
FOK orders are executed immediately and in full or are not executed at all.
In other words, with FOK orders, CEX.IO guarantees that its users will receive not less than the agreed amount of cryptocurrency for the agreed price.
How does it work?
CEX.IO calculates the price and freezes it for 120 seconds. The service exchange rate is adjusted to mitigate the risks connected with price fluctuations.
At any given moment, you input the amount of money you wish to spend and you see the amount of cryptocurrency you can receive, according to the service exchange rate, or vice versa.
If the situation on the market allows the execution of your order on conditions not worse than you agreed on, the order will be filled. The order can also be filled on more favourable conditions.
If there is a sudden spike in the exchange rate — preventing the execution of the order on the agreed conditions — you will be notified upon the submission of the order.
After you confirm the trade, your order is matched to other orders on the exchange — sometimes the amount can be even greater than agreed on, but is never smaller.
What is the fee for this service?
CEX.IO takes a 7% fee for the service which is charged from the amount of fiat currency.