MAX Trading Guidelines

  1. Orders

    1. You must have sufficient balance of Digital Currency or Fiat Currency to cover the total value of the Order plus any applicable fees. Your valid Orders will be immediately placed on the relevant Order Book, and will be eligible to be matched with corresponding. Order(s) placed by other MAX users, at the relevant price and on a first-in-time priority basis.

    2. A Trader can place an Order as either a Limit Order, a Market Order, or a Stop Order.

    3. A Trader may cancel an open Limit Order at any time before it is Filled. No fees are charged for cancelled Orders.

    4. An order can be either a Maker or Taker Order.  A Maker order is not immediately matched with an Order on the Order Book when placed and is subsequently added to the Order Book.  A Taker order is immediately matched with an existing Order on the Order Book.  Fees vary for Maker and Taker orders, please visit

  2. Limit orders

    1. A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price.

    2. A Limit Order will only ever Fill at the specified price or a better price.

    3. A Limit Order is not guaranteed to fill due to low liquidity and large fluctuations on the Order Book.

    4. A Limit Order can be a Maker Order or a Taker Order.  If the Limit Order matches an existing Maker Order, the Limit Order will be a Taker Order.

  3. Market orders

    1. A Market Order is an Order to buy or sell immediately specified quantity of an Asset at the best available price on the Order Book.

    2. There is no guarantee that a Market Order will Fill at the price specified. A Market Order may Fill at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time.

    3. Depending on the volume and prices of Orders on the Order Book at the time when a Market Order is posted, the Market Order may Fill at a price less favorable than the most recent trade price. This is commonly referred to as ‘slippage’.

  4. Stop orders

    1. A Stop Order is an instruction to create an Order to sell a specified quantity of an Asset but only if and when the last trade price on the Order Book is equal to or is higher(buy)/lower(sell) than Stop Price, which triggers the Stop Order.  

    2. A Stop Market Order creates a Market Order when the Stop Price is triggered.

    3. A Stop Limit Order creates a Limit Order when the Stop Price is triggered.

    4. A Stop Market Order is subject to slippage in the same way as ordinary Market Orders.  A Stop Limit Order is not guaranteed to fill.

  5. Matching and Order Priority

    1. MAX matches Taker Orders with Open Maker Orders on each Order Book based on Price-Time Priority.  

    2. Price-Time Priority means that each time a Taker Order is posted, the Taker Order is matched with the best price on the Order Book on a First-In-time basis.

  6. Trading Fees

    1. Max charges a fee for each order that is posted to the Order Book. The fee is calculated as a percentage of the Order quantity and will automatically be deducted.

    2. Current fees can be found at

  7. Market Integrity

    1. All transactions and paid fees are not refundable.

    2. The following behaviors are prohibited:
      1. Any transactions executed with the intent of market manipulation

      2. Trading behavior indicative of intent to exploit known / unknown platform vulnerabilities

      3. Enabling, financing, supporting or endorsing any actions of the above.

      4. MAX Exchange reserves the right to modify or extend the applicable rules at its discretion.

    3.  If there is any violations against the above, or requested by any applicable law enforcement entity or regulatory body, MAX Exchange will take one or more of the following actions:

      1. Disable depositing or withdrawing assets temporarily.

      2. Cancel open orders.

      3. Disable the ability to place new orders (Cancel-Only Mode).

      4. Disable sign-in.

      5. Disable the API.

      6. Disable access to the web interface.

      7. Recovering improper gains

                 * Market Manipulation includes, but is not limited to, behavior that results in:

                    1. Prices, quantities or other situations that are contrary to market conditions

                    2. Malicious manipulation of asset prices and trading volume

                    3. High-frequency trading behavior inconsistent with normal market practices and strategies  

                    4. Unusual trading behaviors from the majority of users

                    5. Deception of other users

                    6. You repeatedly "one up" or "front run" the best bid/ask

                    7. Spam orders that are not cancelled, and therefore not executed

                    8. Front-running and quote stuffing

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