Last updated on: 16/03/2020
The custom orders matching algorithm will run continuously to try to find buy and sell orders for a player's share within compatible pricing. For increased transparency, this process runs only for the secondary submarket [FAQ 4.5] (i.e. between user orders).
Following the best price principle, in the scope of a custom sell order, the first matching buy order to be processed will be the one with the highest price. Conversely, in the scope of a custom buy order, the first matching sell order to be processed will be the one with the lowest price. In both cases, if more than one order with the best price exists, the oldest will be the one considered first.
Also following the best price principle, the price considered for the transaction will be the one from the selling order. For instance, if the best selling order is priced at 700 coins and the best buy offer is priced at 1 000 coins, a transaction will occur for those orders and will be registered at 700 coins.
After the orders are matched and validations ran (e.g. buying user has sufficient funds), a transaction will be generated for each relevant share, changing its ownership, executing the transfer of the respective FOOTBID coins and generating the charging of a transfer fee [FAQ 4.9].
Note that orders will be matched regardless mismatches in quantity. For example, if the buy order is for 3 shares and the sell order only for 2 shares, 2 transactions will occur, the sell order will be closed and the buy order will remain partially open waiting for the last share to be matched.
Transfer fees are fees charged by FOOTBID, whenever a transaction is conducted between users (i.e. in the secondary submarket [FAQ 4.5]), for the exchange services provided. Currently, an unique fee of 5% of the transaction price is charged to the selling user's virtual coin balance.