Thank you for clarifying @seidler!
I am just thinking and typing, no confirmation. But this makes sense to me
If I purchase btc with Fiat. Will this pass through the exchange?
I believe so…From where else would you purchase BTC? from the exchange, no?
@seidler Third parties will do the fiat on and off ramp, providing crypto for fiat and vice versa. Doesn’t seem nex will be involved in any way, for the most part at least
Again, need clarification at some point
I believe that off ramps will just bring FIAT to exchange and off exchange, purchasing will be done on exchange. From were will the BTC be available?
Fiat might act like another token.
@seidler From people’s past communications with the team, that isn’t the case. Fiat pairs may come down the line but not any time soon and fiat gateway third parties will be available from launch.
@canesin Just wanna know, will there be NEX fees when someone using Fiat to buy BTC for example?
The API would be a direct link to the exchange so fees should come from that.
@TAT3AN Are you an official employee of NEX team or is this your own assumption? Excuse my question but I am not familiar with all Official NEX Team members. Technically a gateway can be designed and architectured in a way that it entirely bypass the Exchange/MatchingEngine. They might just pickup the current price from somewhere else.
@NEX4EVER I am not affiliated with the NEX team. But you are correct, however the team has stated that the API’s will allow services to swap their tokens by trading through the NEX exchange, thus fees will be generated when the trade is executed. It would happen behind the scenes but its no different from executing a trade directly on the exchange. There is no reason why it would bypass the matching engine since the trade would need to interact with the matching engine to place orders. If this is wrong I open comments from the NEX team but this is based on my understanding from everything that the team has discussed.
Official team members have that title after their nickname like so:
Like already said, the user buys crypto (BTC) with fiat. This is done via die fiat gateway and will not be on the exchange itself. It’s a separate module. After you bought the BTC, then you trade it to whatever you like and all those trades go via the exchange/matching engine and those fees will be paid out as dividends. So only crypto to crypto trades will collect fees that will count towards the dividend.
Source: @canesin after the AMA. But I’m afraid he has to answer himself for people to believe this info
Yeah, I think the confusion here was the fiat gateways vs. APIs for token swaps. I believe you are correct. Fiat gateway fees would most likely be apart from exchange fees since these would be for the provider. Still awaiting team clarification but it makes sense. @NEX4EVER if you were referring to the fiat gateways in your above comment then you would most likely be right. I was under the impression you were meaning API’s for 3rd party token swaps (i.e. nOS, Phantasma, etc.)
Gateway or APIs it is just matter of terminology. My ininital question. If someone exchange FIAT to Crypto or vice versa will that go through the exchange/matchine engine or not. Because only was goes through the matching engine has relevancy for NEX stakers.
The conversation has had some clarification here concerning the gateways themselves but still discussing the direct fiat pairings.
I am still confused. What are “block trades”? Not sure if he basically wanted to say that Fiat to Crypto and vice versa conversion services will not generate dividend relevant fees.
What goes through the matching engine are any change Token-A to Token-B, those pay fees. NEX OTC services will be focused on fiat execution for block trades not tokens.