Features described on this page are currently in limited beta, and may not yet be available to all implementers. Contact DriveWealth to learn more about enabling these services.
Crypto, also known as cryptocurrency, such as Bitcoin or Ether, is a digital representation of value built on a cryptographic protocol that is decentralized to secure transactions.
Unlike equities and mutual funds, you can trade crypto 24/7, even during public holidays.
There are two order types when buying crypto: Market Orders and Requests For Quote (RFQ).
A market order is purely accepting the next available price for a crypto. The order will be executed at the next available price.
A Request For Quote (RFQ) order, by comparison, provides the customer a fixed time to accept the price of a particular crypto. The fixed time to accept a quote on the DriveWealth platform is 5 seconds.
Also unique to crypto: transactions must all be pre-funded, as the settlement time is near-instantaneous. For this reason, crypto transactions have a unique money movement model different from traditional securities.
Because crypto trades 24/7, the price and value of positions held will also update at all times.
Customers holding crypto on DriveWealth can only buy and sell those assets on-platform. They cannot yet be moved off platform into other wallets.
Updated about 2 months ago