Early access: Trading orders (Liquidity Market) are available in Early Access mode to customers in specific jurisdictions. For more information, contact your Customer Success Manager (CSM).
Overview
A trading order buys or sells an asset against another asset, such as USDC against USD, with a Liquidity Market provider. Liquidity Market providers are over-the-counter (OTC) desks that trade with you directly instead of through a public order book.
You request offers from all Liquidity Market providers, compare them side by side, and execute the one you choose from your Fireblocks workspace. In the Fireblocks Console, Liquidity Market appears as Trading.
How it works
- Connect the accounts you hold with Liquidity Market providers.
- Select a trading pair and an amount, and request offers. Offers appear from all Liquidity Market providers.
- Compare the bid price, ask price, and spread from each provider.
- Execute an offer from a connected provider. The provider executes the trade against your account balance or credit line.
- Settle the trade directly with the provider after the order is executed.
Example: You have a USD credit line with a provider and want USDC. You select USDC/USD, enter 100 as the base amount, and request offers. You compare the ask prices from your connected providers, select the best one, and execute. The provider credits 100 USDC to your connected account, and you settle the USD amount with the provider.
Pre-funded accounts and credit lines
Your account with a provider works in one of two ways. Fireblocks supports both:
- Pre-funded account: The amount available to trade is based on the assets you deposited with the provider in advance.
- Credit line: The amount available to trade is based on the credit the provider extends to you, whether or not you deposited funds. The provider approves credit lines directly with you.
With a credit line, asset balances in your connected account can be negative. See Viewing balances and credit.
How offers work
Each offer shows a bid price - the price the provider pays when you sell the base asset, and an ask price - the price you pay when you buy it. The spread is the difference between the two. An offer is either a quote or an estimated rate, depending on what the provider supports.
Quote
A quote is a fixed exchange rate the provider offers you for a limited time. You have until the quote expires to execute it. Once you execute, the rate is locked in. The execution type of the order is shown as Quote.
Estimated rate
An estimated rate is the provider's current price, without commitment. The final rate is confirmed when the order is submitted. The execution type of the order is shown as Limit, with a time in force of Fill-or-Kill: the order executes in full at your limit, or not at all. To control the final price, you can set a slippage tolerance.
Fees
Fireblocks does not charge a spread or fees on trading orders. Prices are based on the commercial terms you have with each provider. Provider fees, if any, are shown in the order details.
Settlement
Creating a trading order does not move funds from your vault. Settlement happens directly between you and the provider after the order is executed. See Settling trading orders.
Supported providers
B2C2 and Zodia Markets are live as Liquidity Market providers. Liquidity Market providers are independent third parties, and availability varies by provider and jurisdiction.
To get started, see Getting started with trading orders.