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FIX Trading

  • Created : Feb, 04, 2016
  • Last Updated: April, 15, 2016

This Ven integration is most suitable if you are running Exchange based on FIX Protocol with regulated Authority status.

If you want to add Ven to your Exchange:

1. Add a new inventory item XVN, which would represent Ven currency on your Exchange.

2. We will set up our trading application to populate BUY / SELL orders against other currencies at the current Ven price.

This is sufficient to enable your users to buy and sell Ven on your exchange. Our backend infrastructure will make sure that all the purchased Ven is backed and properly corresponds to the market determined price.

Ven Wallet

The basic setup of Ven trading does not permit users to do anything beyond trading with their Ven. Because Ven is a global digital currency, you can add a support for a secure cloud based Ven wallet. The Wallet allows users to "exit" Ven or transfer Ven from other accounts into their wallet with you.

As an Authority, you will have access to the Authority API which allows you to set up new accounts, and purchase or distribute Ven to your users. Basic strategy behind Wallet implementation is as follows:

- For each user who wishes to open a Ven Wallet - use our API to create a unique account.

- If user wishes to deposit Ven into their Wallet - use the Authority API to purchase Ven and transfer it to user's account.

- If user is willing to send Ven to their other account - perform a Ven transfer to a designated account.

- If user has sent Ven from an external account to his Wallet account, it will be reflected when you request the account balance.

As an Authority you will have a dedicated "Reserve" account. If user A sells Ven and user B buys Ven, you can circulate this Ven between user accounts.

Ven-backed trading

Typically any Exchange would have a base currency and reports Profit & Loss and other statistics in this base currency. If you wish to build an Exchange based on Ven as a base currency, here is the strategy you should follow.

1. Start with the Authority package, which is a white-label currency account and transaction system.
2. Set up your Reserve account, creating accounts for various needs as you see fit. Create one account for each other currency you'll be willing to trade.
3. Connect your application to Ven Authority API, to enable you to purchase and sell Ven in various currencies.
4. Sync your operation with the Ven Vault to ensure security and safety of your financial history data.
5. When users invest Ven into Currency X, transfer invested amount from their main account to designated currency amount.
6. If amount of Ven in one of the currency accounts exceeds your threshold, sell it using the Ven Authority API.
7. Use either a Realtime pricing API or FIX protocol for transaction pricing.
8. When user is willing to sell Currency X, retrieve the balance from his Wallet, purchase the required amount of Ven (unless your designated currency account already has necessary balance), then transfer to user's Ven account.

By running Ven-backed exchange, you hold your reserves in Ven and are therefore much less vulnerable to global currency fluctuations.