FAQ
How is SOR different from v2 Orders and HRQ?
SOR is designed to efficiently split and route trades of various types to multiple venues, ensuring the best prices and enhancing liquidity redundancy.
V2 Orders are designed to provide customers Direct Market Access (DMA) to Paxos' itBit exchange. The available order types are market and limit orders.
HRQ is designed as a Request for Quote (RFQ) order type, offering fixed pricing for trade execution. Similar to SOR, HRQ routes to external liquidity providers, but HRQ does not provide access to non-RFQ order types or order splitting.
Who should use SOR?
For customers seeking direct trading on itBit (for example, market makers), v2 Orders remains the ideal integration. However, for all other customers utilizing Market and/or Limit Orders, SOR is the recommended integration.
What are the risks associated with using SOR & ELPs?
Customers face no additional risks. All customer trades are settled in real-time, with Paxos assuming any counterparty risk with ELPs.
What order types are supported by SOR?
Currently, SOR supports Market orders, with plans to add support for Limit and Algorithmic orders in the near future.
Does SOR require a new integration?
Yes, SOR requires a new integration. The API is designed as an asynchronous integration to allow for large volumes with lower latency. A migration guide will be available once the SOR Preview nears General Availability.
Can SOR be used in conjunction with v2 Orders or HRQ?
Yes, customers can use SOR in conjunction with V2 Orders and/or HRQ.
How can I get started with SOR?
Contact Support. The SOR Preview Quickstart guides you through the recommended workflow.