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1. Introduction 

These Trading Rules define the terms, obligations, and processes associated with trading activities on the Smart Valor AG Exchange ("Platform"). These rules are fully compliant with the Markets in Crypto-assets Regulation (MiCAR) and are binding upon all clients participating in trading activities on the platform. 

 

2. Platform Overview 

Smart Valor AG operates a cryptocurrency trading platform comprising a central limit order book and matching engine designed for executing and settling transactions involving Crypto Assets and Fiat currencies. 

 

3. Definitions 

“Available Balance” refers to the client's aggregated funds across crypto assets and fiat currencies, accessible for initiating orders. 

“Clients” denote the account holders (both corporate bodies and individuals) who actively engage in placing trading orders on the platform. 

“Crypto Asset” constitutes any digitally represented value or entitlement capable of being electronically transferred and stored via distributed ledger or equivalent technologies, encompassing assets available for trading on the platform. 

"Fiat Currency" means an official currency that is regulated and backed by governments and central banks. 

“Downtime” indicates any timeframe during which essential platform functionalities experience disruptions or cease normal operations. 

“Inside Information” refers to confidential, non-public information utilized by insiders to trade or attempt trading in crypto-assets or associated financial instruments. 

“Limit Price” represents the specified price threshold at which a client desires their order to execute or achieve a more advantageous rate. 

“Market Abuse” encompasses actions or behaviours constituting or potentially constituting market manipulation, insider trading, or similar prohibited activities under prevailing legal frameworks, subject to corresponding sanctions. 

“Market Price” denotes the most favourable current ask price for purchases or the highest prevailing bid price for sales, effectively representing the optimal offer available on the order book. 

“Order” signifies a definitive proposal submitted by a participant to buy or sell crypto assets on the platform, resulting in a transaction upon execution. 

“Order Book” describes the centralized register containing buy and sell orders submitted by clients for specific crypto assets. 

“Order Matching Process” is the mechanism by which buy and sell orders for identical crypto assets are paired based on price-time priority, culminating in transactions. 

“Settlement” refers to the finalization of a transaction on the platform, wherein all trading obligations are irrevocably satisfied, precluding any subsequent adjustments or disputes. 

“Trading Pairs” are the trading pairs made available on the trading platform for clients to transact. 

 

4. Operating Hours 

The Platform operates continuously, 24 hours a day, seven days a week, excluding scheduled or unscheduled maintenance periods. 

 

5. Access to Trading Platform 

Access is available via: 

API connectivity is subject to rate limits, with IP whitelisting available. 

 

6. Account Funding and Order Submission 

  • Clients must maintain a funded account with a sufficient "Available Balance" to cover the order size and associated trading fees. 
  • Order placement does not incur fees. 
  • Funds allocated to an order will be placed on hold and will remain unavailable until the order is executed or cancelled. 
  • Clients can cancel any unfilled orders without incurring fees. 

 

7. Order Matching 

Orders are executed using a strict Price-Time Priority mechanism: 

  • Orders with the most advantageous price (highest bids, lowest asks) receive priority. 
  • In cases of identical price levels, earlier orders have execution priority. 

 

8. Order Types 

Smart Valor AG supports the following order types: 

 

8.1. Market Orders 

  • Execute immediately at the best available current market price. 
  • Potential for price slippage depending on market liquidity. 
  • Market orders do not support time-in-force parameters. 

 

8.2. Limit Orders 

  • Allow clients to set a specified execution price. 
  • Execute only at the defined price level or better. 
  • Limit orders placed at prices favorable to immediate execution relative to market price are executed instantly. 

 

9. Trade Settlement and Confirmation 

  • Executed trades are instantly settled through immediate account balance updates. 
  • Clients may withdraw Crypto Assets immediately, subject to withdrawal policies and limits. 
  • All executed trades are final and binding. 

 

10. Trading Fees 

Smart Valor AG employs a maker-taker fee model: 

Maker Fees: Applicable to orders adding liquidity (not immediately matched). 

Taker Fees: Applicable to orders removing liquidity (matched immediately against the order book). 

It is 0.29% Taker/Maker fee applied when trading on the exchange. 

Fee schedules are transparently published and regularly updated at https://smartvalor.com/en/faq/buy-crypto?question=3. 

 

11. Order Minimums 

Minimum order size requirements vary by asset and are detailed at smartvalor.com when placing an order. 

 

12. Trading Controls and Market Integrity 

To protect clients from unintended slippage, price spikes, or execution in illiquid conditions, Smart Valor AG employs several price-protection mechanisms: 

  • Price Floor and Ceiling Controls 
    The platform enforces operator-defined minimum and maximum price boundaries for all order submissions. Any order with a price outside these configured limits is automatically rejected by the Order Management System (OMS), ensuring protection against extreme or erroneous pricing. 
  • Cancel Sensitivity 
    Monitors the frequency of order cancellations, especially in volatile markets. If thresholds are breached, the system can trigger alerts or restrict cancellations to prevent manipulative behavior and support market stability. 
  • Maximum Loss Threshold 
    Caps the allowable loss on a single order, session, or user account. Once the predefined threshold is reached, further order execution is halted or open orders are canceled to protect users and the platform from excessive risk. 
  • Market Data Latency Monitoring 
    Continuously monitors incoming market data feeds to detect latency or stale pricing. If delays exceed acceptable thresholds, order execution may be paused or flagged to avoid executing trades based on outdated information. 

 

These controls are calibrated regularly and are key to maintaining a reliable and investor-safe trading environment. 

 

13. Asset Custody 

  • Assets held in custody comply with relevant legal and regulatory standards. 
  • Proof of reserves available through the Smart Valor AG platform. 

 

14. Exchange Availability and Interruptions 

Smart Valor AG retains the right, at its sole discretion, to temporarily suspend trading or platform access to ensure market integrity, including scenarios such as: 

  • Technical disruptions 
  • Volatile or disorderly market conditions 
  • Network or infrastructure disruptions 
  • Regulatory requirements 

In these situations, Smart Valor AG may enforce Maintenance Mode. 

 

15. Scheduled Downtime 

Scheduled maintenance periods and system upgrades are communicated in advance via social networks and email. 

 

16. Market Abuse Prohibition 

Clients must not engage in activities considered as market abuse, manipulation, or insider trading. Examples include but are not limited to: 

  • Wash trading 
  • Spoofing 
  • Layering 
  • Trading based on inside information 

Engaging in such activities will result in suspension or termination of trading privileges and may attract legal penalties. 

 

17. Market Data Transparency 

Smart Valor AG ensures transparency by publicly disclosing: 

  • Bid and ask prices, order book depth 
  • Price, volume, and timing of executed transactions 

This information is available freely and continuously on a non-discriminatory basis.