> For the complete documentation index, see [llms.txt](https://traiex.gitbook.io/whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://traiex.gitbook.io/whitepaper/trading-and-funds/markets-and-trading.md). # Markets and Trading Cryptocurrency Spot and Futures, stock and commodity CFDs, order tools and execution conditions. TRAIEX's manual markets comprise cryptocurrency Spot and Futures and stock and commodity CFDs. Users select the instrument, size, price conditions, and execution instructions, then manage their orders and positions through the account. ## Order Tools and Execution Manual trading includes market and limit orders, Stop Market and Stop Limit, Take Profit, trailing stops, OCO, and execution tools such as TWAP and DCA. Time-in-force and post-only instructions are available where supported. The selected market and order type determine the applicable parameters. | Order tool | Execution purpose | Key consideration | | ---------------------------- | ------------------------------------------------- | ------------------------------------------------------------------------------------------ | | Market | Seek execution against available liquidity | The execution price can differ from the displayed price | | Limit | Set the acceptable price | Price protection does not ensure a fill | | Stop Market or Stop Limit | Activate an order when a trigger condition is met | A trigger is distinct from execution; price and fill depend on the resulting order | | Take Profit or trailing stop | Manage an exit using a target or moving trigger | Liquidity and price movements affect actual execution | | OCO | Link two alternative orders | Cancellation follows the linked order arrangement | | TWAP | Distribute an intended trade over time | Scheduling does not remove market exposure or guarantee the final average price | | DCA | Create periodic buy or sell orders | A schedule does not remove market risk; each order remains subject to execution conditions | An order instruction, a completed trade, and an open position are different states. Execution can fill all or part of the requested quantity. Cancelling an unfilled remainder leaves completed trades and any resulting position in place; closing a position requires an execution that offsets it. Users review order status, open positions, and completed activity in the account. Trai can help examine a scenario and prepare an order for confirmation. The user remains responsible for the instrument, size, and conditions submitted. Contract specifications and trading rules determine the parameters available for each market. ## Cryptocurrency Spot Spot trading purchases and sells cryptocurrency assets. Holdings appear in the relevant exchange account balance and are handled under TRAIEX's custody conditions. Trading takes place through the centralized exchange rather than directly from a wallet for which the user controls the private keys. AI Trading also uses Spot, within its BTC and ETH scope. Manual and automated trading differ in how instructions are generated and managed; both retain exposure to the asset's market price. ## Cryptocurrency Futures Futures provide exposure through contracts with defined size, collateral, settlement, and position conditions. Margin and leverage, where applicable, determine how price movements affect a position and when forced closure can occur. Futures are part of manual trading; AI Trading remains limited to Spot. ## Stock and Commodity CFDs A CFD provides contractual exposure to changes in the price of a referenced asset without transferring ownership. A stock CFD does not make the user a shareholder, and a commodity CFD does not convey title to a physical commodity. The selected contract's specifications define valuation, trading hours, costs, and position obligations. Users review those conditions before submitting an order. ## Exchange API and WebSocket TRAIEX provides an Exchange API and WebSocket connections for integration with its trading services. These support programmatic access and streaming market and account information within the applicable API permissions. Integration details, message formats, and limits are set out in the [Exchange API documentation](https://docs.traiex.com/#?route=overview). These exchange interfaces are separate from the professional AI and Trai integrations described in the Development Roadmap. Access to the core exchange does not require an AI Trading subscription. ## P2P Trading P2P connects buyers and sellers through offers specifying the amount, price, and available payment method. The transaction flow temporarily holds the seller's cryptocurrency for release after the seller confirms receipt of the buyer's payment. A payment confirmation or screenshot does not replace verification of actual receipt. Users follow the transaction's payment, release, and dispute steps; available methods and eligibility depend on the selected market and account conditions. ## Instrument and Route Selection | Instrument | Form of exposure | Trading route | | ------------------------ | ------------------------------------------------------- | ---------------------------------------------- | | Cryptocurrency Spot | Cryptocurrency holdings in the exchange custody model | Manual trading and AI Trading within its scope | | Cryptocurrency Futures | Contract governed by its product specifications | Manual trading | | Stock and commodity CFDs | Contractual price exposure without underlying ownership | Manual trading | ## Related reading * [Custody and Capital Flows](https://traiex.gitbook.io/whitepaper/trading-and-funds/custody-and-capital-flows) * [Risks and Terms](https://traiex.gitbook.io/whitepaper/development-and-reference/risks-and-terms)