Trading Rules

Feb. 4, 2019


PLEASE READ THESE TRADING RULES CAREFULLY.  These Trading Rules govern the activities and actions performed on the Level Exchange and other Services as defined in our User Agreement.


We reserve the right to modify these Trading Rules at any time, in our sole discretion.  We may modify these Trading Rules by providing notice via one or more of the following methods; a) by email to the email account used to create your Level account, b) by updating the ‘last updated’ date herein, or C) by your acknowledgement as part of your Level Account login.  We strongly recommend that you frequently review the Trading Rules to ensure that you understand them, and how they apply to your access to and use of the Services and Level Exchange. By continuing to use or access the Service(s) you confirm your agreement to the modified Trading Rules.  If you do not agree, your sole remedy is to discontinue use of the Services and close your account.

1.   Definitions

The following definitions may be used:

  • Account – a Level account
  • Asset – a tradeable asset; currently limited to Digital Assets
  • Available Balance – the Balance, less active Holds
  • Balance – the amount of Asset resulting from applied Transfers
  • Base Asset – the Asset being traded on the Market Pair
  • Digital Asset – a blockchain-based digital currency, app, coin, or protocol token
  • Downtime – a temporary outage of service
    • Scheduled – planned Downtime according to schedule
    • Unscheduled – unplanned Downtime
    • Fill – a Transfer resulting from a match between two orders
    • Hold – restriction on the Transfer of assets due to an active Order or Transfer
    • Limit Order – an order to buy an amount of Base currency at a price in Quote
    • Market Order – an order to buy an amount of Base currency at the best price available
    • Market Pair – a Base/Quote trading pair and associated trading rules
    • Mode – the mode of operation of a Market Pair
      • Limit-only Mode – Only limit orders may be placed
      • Order – an order to buy or sell on a Market Pair
        • Received Order – an order not yet posted to the order book
        • Open Order – an order posted to the order book but not yet filled
        • Done Order – an order that has been fully filled
        • Canceled Order – an order that was canceled before being fully filled
        • Order Book – the Order queue upon which orders are placed within a Market Pair
        • Price-Time Priority – policy prioritizing early Orders over later Orders
        • Quote Asset – the Asset in which trading is denominated on the Market Pair


2.   Trading On Level

Level operates an in-house Digital Asset exchange comprising Order Books on multiple Market Pairs. Available Market Pairs may vary by Account and geography.


To place an Order on a Market Pair, the Account must have sufficient Available Balance to cover the value of the Order. Level does not charge trading fees. For buys, the Available Balance of Quote is considered. For sells, the Available Balance of Base is considered.

A new Order acquires a hold on the relevant Asset, reducing the Available Balance of that Asset while the Order is in effect.

Currently, only Limit Orders are permitted on Level.

Orders can be canceled at any time. Cancels are processed sequentially with order matching with cancels occurring first in the match engine cycle.

2.2  Limit Orders

A Limit Order is an order to buy an amount of Base currency at a price in Quote.

A Limit Order will only fill at the specified price or a better price. For buys, a better price is lower than specified. For sells, a better price is higher than specified.

Currently, Limit Orders may not be placed with a Post-Only setting.

Limit Orders are “Good Til Canceled.” The Order, if opened, will remain on the Order Book until canceled.

2.3 Posting Of Orders

If an Order is posted to the Order Book at the same, or a discounted, price as one or more orders already on the Order book, it will result in an immediate fill.

To the extent that an Order is posted to the Order Book and does not immediately fill from one or more orders, then the Order will remain open on the Order book until:

  • It is canceled
  • It is completely filled by one or more Orders

All Orders posted to the Order Book are subject to a minimum size in Base. The minimum size is determined at Level’s sole discretion and may be determined by interacting with the Level interface.

All Orders posted to the Order Book are subject to a maximum size in Base. The maximum size is determined at Level’s sole discretion and may be determined by interacting with the Level interface.

2.4 Matching Engine And Execution Priority

Level fills orders against the Order Book according to Price-Time Priority.

All trading on individual Market Pairs is subject to the same Price-Time Priority.

Any Order may be matched against multiple Orders at the same price.

Posted orders are matched at the best available price of Orders on the Order Book.

2.5 Fills And Settlement

When an Order is matched against an Order on the Order book, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.

All Fills are settled immediately by debiting and crediting the balances of Assets in both traders’ accounts.

2.6 Trading Fees

Level charges no trading fees. Level trading is only available to Level members, who pay a membership fee.

2.7 All Trades Are Final

All Fills are final and will not be reversed unless:

  • Level is compelled to do so by any applicable law or regulation; or
  • Due to a technical error, Orders or Fills do not occur as specified in these Rules

Level may cancel Orders in the following circumstances:

  • Orders placed by traders who, in Level’s sole discretion, have engaged in abusive use of the platform, for example, Market manipulation
  • Orders which under the circumstances, in Level’s sole discretion, involve an error with respect to price, quantity, or other parameters
  • If required by any applicable law or regulation, including specifically where Level is required to suspend a customer account
  • If required for technical reasons


All traders have equal access to Level.

Level has the authority to take any action deemed appropriate to preserve market integrity. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigation parameters, restring trader access to Level, restricting Order types, canceling Orders, or any other actions deemed to be in the best interest of market integrity.


Traders are not able to place an Order which would result in self-execution, i.e., where the same trader has placed both the buy and sell Orders of a match.

If two Orders of the same quantity would result in self-execution, both Orders are canceled.

If two Orders of different quantities would result in self-execution, the smaller Order is canceled, and the larger Order is decremented by an amount equivalent to the smaller quantity. The remainder of the larger Order remains open.


Traders are prohibited from engaging in Market Manipulation. Market manipulation is defined as actions taken by any market participant or a person acting in concert with a participant which are intended to:

  • Deceive or mislead other Traders
  • Artificially control or manipulate the price or trading volume of an Asset; or
  • Aid, abet, enable, finance, support, or endorse either of the above. This may include actions on Level or outside Level

Market Manipulation includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote-stuffing.


All traders have full and equal access to Market Data. Market Data is made available through the Web Interface. Market Data comprises:

  • Limit Orders placed on the Order Book (price and quantity)
  • Fills and Executions (price, quantity, and time)

Market Data does not include:

  • Any information about which trader placed or canceled any Order


Level is operated by Samsa Technologies, Inc., a company headquartered in Los Angeles, California.


If technical reasons prevent or degrade traders’ ability to place or cancel Orders, or prevent or degrade access to Level, or affect the operation of Order Books or matching engines, then Level may, in its sole discretion. Take one or more of the following actions is respect of one or more Order Books:

  • Temporarily disable depositing or withdrawing Assets
  • Cancel Open Orders
  • Disable the ability to place new Orders
  • Disable sign-in


4 February 2019