TRADING POLICY

On Counter Network, a trade is a peer-to-peer exchange between the maker and the taker.

  • MAKER: User who posts advertisements to buy or sell digital assets.
  • TAKER: User who opens a trade from an available advertisement.

I. REGULATION ON ADVERTISEMENTS

  • The maker will be responsible for all information provided in the advertisement, including but not limited to the advert type, trading currency, prices, location, payment methods, transaction limits and terms of trade.
  • The advert price is determined by the maker by choosing a reference price from an exchange and adding a suitable margin to it. The advert price will be updated when the exchange price from its reference changes. As an additional function, the maker can set a fixed price for the advert that can only be updated manually.
  • Users can post many adverts for each digital asset anytime, regardless of the balance.
  • The advert will continue to run even when the trade has been completed or until the maker decides to deactivate or delete it.
  • In any case that we find any improper or suspicious action related to an advert, the advert will be closed by a Counter Network Admin without prior notice to the advert’s owner.

II. REGULATION ON OPENING AND ACCEPTING A TRADE

  • The taker can open a trade on an advert after reading all of the advert’s information, including but not limited to advert type, trading currencies, price, location, payment methods, transaction limits and terms of trade.
  • The trade price is determined when the trade is opened by the taker. This would mean that the price will not change following the opening of the trade.
  • The maker’s balance must be sufficient when:
    • The maker accepts a trade to sell any digital asset to the taker.
    • The maker accepts a trade to swap digital assets from the taker.
  • The taker’s balance must be sufficient when:
    • The taker opens a trade to sell digital assets to the maker.
    • The taker opens a trade to swap digital assets with the maker.
    • The maker accepts a trade to purchase any digital asset from the taker.

III. REGULATION ON PROCESSING FIAT PAYMENT OF A TRADE

  • The buyer will make a fiat payment to the seller directly, not Counter Network. Counter Network shall not be responsible for any fiat transactions between the seller and the buyer.
  • The buyer is recommended to select “I am making payment” before he or she begins performing the settlement. Or else, the seller can cancel the trade and the digital asset will be transferred back to the seller, and the buyer will lose the fiat settlement.
  • If the buyer has already transferred to the seller, the seller should NOT select “Cancel”. If the buyer cancels the trade, the digital assets will be transferred back to the seller, and the buyer will lose the fiat payment.
  • The buyer must update the trade status to “Payment made” so that the seller can verify the payment and acknowledge the completion of the trade.

IV. REGULATION ON PROCESSING DIGITAL ASSET TRANSACTIONS OF A TRADE

  • All digital asset transactions from a trade will be automatically processed by Counter Network on the users' behalf. Ex: The seller does not need to make a digital asset transfer to the buyer.
  • The maker buys Crypto by Fiat (the maker: the buyer, the taker: the seller).
    • The seller’s coin will be locked after the trade is accepted.
      The seller’s locked amount = trade amount
    • Coin will automatically be deducted from the seller’s account and credited to the buyer’s account after the trade is completed.
      The seller’s deducted amount = trade amount
      The buyer’s net received amount = trade amount - fee
  • The maker sells Crypto for Fiat (the maker: the seller, the taker: the buyer).
    • The seller’s coin will be locked after the trade is accepted.
      The seller’s locked amount = trade amount + fee
    • Coin will be automatically deducted from the seller’s account and credited to the buyer’s account after the trade is completed.
      The seller’s deducted amount = trade amount + fee
      The buyer’s received amount = trade amount
  • The maker buys Crypto X for Crypto Y (the maker: the buyer, the taker: the seller).
    • The seller’s Crypto X will be locked when the trade is opened.
      The seller’s locked amount (Crypto X) = trade amount
    • Coins will automatically swap between the seller and the buyer after the trade has completed.
      The seller’s received amount (Crypto Y) = trade amount
      The seller’s deducted amount (Crypto X) = trade amount
      The buyer’s net received amount (Crypto X) = trade amount - fee
      The buyer’s deducted amount (Crypto Y) = trade amount
  • The maker sells Crypto X for Crypto Y (the maker: the seller, the taker: the buyer).
    • The buyer’s Crypto X will be locked when the trade is opened.
      The buyer’s locked amount (Crypto Y) = trade amount
    • Coins will automatically swap between the seller and the buyer after the trade has completed.
      The seller’s received amount (Crypto Y) = trade amount
      The seller’s deducted amount (Crypto X) = trade amount + fee
      The buyer’s net received amount (Crypto X) = trade amount
      The buyer’s deducted amount (Crypto Y) = trade amount

V. REGULATION ON DISPUTED TRADE

  • The dispute process will be applied for fiat related trades only.
  • The buyer or the seller can open a dispute for the trade when the payment has yet to be settled (in crypto or fiat) after an agreed time.
  • The disputed trade can only be resolved by a Counter Network Admin and will be settled within 3 days (except for some special cases).
  • The disputed trade can be completed or cancelled after a Counter Network Admin carefully assesses the trade conditions, payment proof/s, chat content, user reputation, other data from users and our collected data as part of our privacy policy.
  • If the buyer disputes a trade, the buyer is required to provide proof of payment and other related information. A Counter Network Admin will contact the seller via email to verify the payment transaction. If there is no response from the seller within 8 hours, the dispute will be resolved in favor of the buyer. If we believe the seller has received the payment from the buyer, we will complete the trade and send the digital asset to the buyer.
  • If the seller disputes a trade, the seller is required to provide the evidence of not receiving the payment from the buyer. Counter Network Admin will contact the buyer via email to verify the payment.
    If there is no response from the buyer within 8 hours, the dispute will be resolved in favor of the seller. If we believe the seller has not received the payment from the buyer, we will cancel the trade and release the locked digital asset to the seller.
  • When a trade dispute is in progress, if either party does not provide a good reason within 48 hours, we will proceed to resolve the dispute based on the available data.
  • The seller and the buyer can discuss to resolve the dispute via our chat box and inform the Counter Network Admin via email about the resolution.
  • After the trade is completed by the seller, the trade cannot be disputed, reversed or changed.
  • Providing false information or documents in a dispute or make false statements or attempting to force a certain outcome of a dispute is considered a violation of this Agreement.

VI. REGULATION ON TOTAL BALANCE, PENDING AMOUNT AND AVAILABLE AMOUNT

1. Total Balance

  • This is the total digital asset amount you have in your Counter Network wallet.

2. Pending Amount

  • The pending amount includes:
    • The locked crypto amount (including the fee if have) of pending trades (when the trade status is Pending / Accepted / Making Payment / Payment Made).
    • The locked crypto amount (including the withdrawal fee) of pending withdrawals.
    • The crypto amount of pending deposits.

3. Available Balance

  • Available Balance = Total Balance - Pending Amount
  • You can only:
    • Open a trade if the trade amount is not higher than the available amount.
    • Withdraw if total amount (including the withdrawal fee) is not higher than the available amount.

VII. COUNTER NETWORK FEE

1. For makers

  • There is no fee charged on the maker to post an advertisement.
  • 0.8% of the trading amount of each completed trade (counted in crypto).
    • The fee will be charged on the Maker only, regardless of the advert types (Buy adverts or Sell adverts).
    • The fee will be deducted from:
      • The wallet balance if the maker sells digital assets.
      • The trade amount if the maker buys digital assets.

2. For takers

  • There is no fee charged on the taker to open or complete a trade.

3. Digital asset deposits

  • There is no fee charged for any digital asset deposits into your Counter Network Wallet.

4. Digital asset withdrawals

  • There is a withdrawal fee for each digital asset withdrawal from Counter Network as stated below:
TickerDigital assetWithdrawal fee
BTCBitcoin0.001 BTC
ETHEther0.00105 ETH
USDTTether0.5 USDT
ALGOAlgorand0.15 ALGO
BATBasic Attention Token3.5 BAT
BNBBinance Coin0.01 BNB
CVCCivic8 CVC
DAIDai0.5 DAI
DNTdistrict0x110 DNT
GNTGolem8 GNT
GRINGrin0.01 GRIN
KNCKyber Network1 KNC
LTCLitecoin0.001 LTC
MCOCrypto.com0.2 MCO
MKRMaker0.0011 MKR
OMGOmiseGo0.1 OMG
ONEHarmony20 ONE
PAXPaxos Standard0.5 PAX
SNMSonm21 SNM
SNTStatus16 SNT
TUSDTrueUSD1 TUSD
USDCUSD Coin0.5 USDC
USDSStableUSD0.3 USDS
VNDTVND Token8500 VNDT
XLMStellar Lumens0.1 XLM
XRPRipple0.01 XRP
XZCZCoin0.02 XZC
ZILZilliqa0.1 ZIL
ZRX0x0.6 ZRX

CONTACT US

If you have any questions about this Trading Policy, please contact us at: [email protected].
This document was last updated on 13 August, 2019.