A quote is basically a promise we make regarding the rate of any given pair. Each quote is valid for usually 15 minutes and can be used to submit orders.
It is the exchange rate you see when switching between transfer methods on the order page, or when entering the deposit or settle amount.
A quote is considered accepted if
- the payment is received before the quote is expired
- a payment is detected but not yet confirmed on the blockchain before the quote is expired
What does the quote lock in?
The quote locks the exchange rate and the settle amount for the exact deposit amount shown on the order page.
- Exact amount shown: Sending the exact deposit amount is the intended path and avoids settlement adjustment.
- Slightly more than quoted: A small excess may still settle based on the original quote, so it may not increase what you receive. See Fees for details.
- Significantly more than quoted: A larger excess triggers an adjustment of the settlement amount. See Fees for details.
- Less than quoted: Any underpayment triggers an adjustment of the settlement amount. If the deposit falls outside the accepted range, the order may also be canceled. See Deposit Range for details.
Fixed vs Variable rate orders
By default, entering a deposit or settle amount gives you a fixed-rate quote - the rate is locked for 15 minutes. If you prefer a variable rate (determined at the time your deposit is received), leave the amount fields blank when creating your order. Variable-rate orders have no quote expiration since there is no locked rate.