Our Algorithms

We have named some of our algorithms Hare and Tortoise: don’t be fooled, there is nothing fuzzy and cute about them. We have spent many years on Wall Street developing the most sophisticated algorithms for banks.

  • Algorithm Fee
  • Tortoise 0.25%
  • Hare 0.30%
  • Smart Routing 0.35%
  • Stop Loss 0.35%
  • Instant Trade 0.35%
  • Gorilla 0.50%
  • Polar Bear 0.50%
  • Sniper 0.75%
  • TWAP 0.75%

Tortoise

Optimizes order routing for best price. Tortoise is a slow moving algorithm that prices your order to get you the best price. The algorithm will often try to place your order at the top of the order book.

When to use:

Best used for small size bitcoin trades (less than 20 btc) when the markets are active. If volume in the market is high, then Tortoise is more effective.

Example:

If you are buying 5 bitcoin and are willing to wait to get a better price.

Hare

Hare aims for a better price without compromising execution speed. The goal is get a better price than smart routing. The algorithm will continue to move on price and on exchanges to execute the trade.

When to use:

Best used for small size bitcoin trades (less than 20 btc) when the markets have medium level activity (medium volume).

Example:

If you are buying 5 bitcoin but want to make sure the trade executes (even if it is not the most optimum price).

Smart Routing

Routes your order for best execution. Smart routing routes your order to the exchange with the best price. It will also split the order up to send to multiple exchanges for the most optimum execution price. When to use:

When you want to make sure your order is completed as soon as possible. This algorithm can be used for any size.

Example:

If you are trying to buy/sell bitcoin as quickly as possible

Stop Loss

Places an order once Bitcoin reaches a certain price. The order will sell your bitcoin right away at the market price once the order is triggered. It is designed to limit your loss if Bitcoin price drops, and thus it is only available when you are holding Bitcoin.

When to use:

When you are holding Bitcoin and want to limit your loss by selling if the market drops.

Example:

If you have 2 Bitcoin that you bought at $250 and want to make sure you sell if the price drops to $200.

Instant Trade

Sell a specified amount of bitcoin at whatever price is available or spend a specified amount to get whatever amount of bitcoin it buys.

When to use:

When you want to execute a trade right away with no concern for price.

Example:

You hold 2 bitcoin and you just want to get rid of it immediately.

gorilla

Trade large orders without moving the market. Determines how to execute a large order by showing only smaller pieces on the order book. The goal is to get a better price than smart routing. The algorithm will continue to move on price and on exchanges to execute the trade.

When to use:

When trading more than 20 btc and when the markets have medium level activity.

Example:

If you are selling 100 bitcoin and want to make sure the market doesn’t move.

Polar Bear

A hidden order optimized for price. Once the limit price is reached, Polar Bear will execute by trading on top of the order book on the exchange with the best price, without going deeper in the order book and while minimizing market impact.

When to use:

Looking for stealth execution optimized for price. Best when order book has thin spreads with small quantities on top of the order book.

Example:

If you want to buy 100 Bitcoin, optimizing for price.

Sniper

A hidden order optimized for speed. Sniper will not show up on the order book. Sniper will execute the order quickly on the exchange with the best price, while minimizing adverse impact to the market price.

When to use:

Executing a large (more than 20 Bitcoin) order when the markets are active and you want to execute quickly. Minimizes slippage and adverse impact on price.

Example:

If you want to buy 100 Bitcoin quickly in a very volatile market

TWAP

Time-weighted average price. Trade {n} Bitcoin over {t} hours for {p} avg. price / Bitcoin.

When to use:

When you want to buy or sell a certain number of Bitcoin for an average price over a set amount of time.

Example:

You want to sell 10 Bitcoin for an average of $500 in the next 5 hours.

Bank Charge

All wire deposits and withdrawals will incur a $25 bank charge.