Currency conversions
A currency conversion exchanges funds between a client's Axiym accounts. The sell-side account is debited and the buy-side account is credited.
Conversion pairs are permissions
A conversion pair defines a permitted exchange between two Axiym accounts:
- the currency and payment rail on each side;
- the direction from the currency sold to the currency bought; and
- the minimum amount that can be sold.
Available pairs describe the conversions permitted for the selected client’s Axiym accounts. They are not a catalogue of every currency Axiym supports.
For example:
Pair A and pair B are different permissions. If only pair A is returned, you can convert USD to USDT but not USDT back to USD.
In this example, pair A has the symbol USD-USDT: its sell side is USD and
its buy side is USDT. Pair B has the opposite sell and buy sides.
Conversion workflow
Conversions use a two-step quote-and-confirm flow.
1. Select a pair
Choose the permitted direction and the amount to sell. The amount must meet the pair’s minimum, and the sell-side account must have sufficient funds.
2. Create and review the quote
Creating a conversion locks a rate and provides the expected amount to be
received and the fee. Review these terms before confirming. The conversion
is PENDING and has not executed.
3. Confirm before expiry
Confirmation accepts the quote and begins execution. The locked rate has limited validity; an expired quote cannot be confirmed. An unconfirmed conversion does not execute.
4. Follow the outcome
A confirmed conversion is ACTIVE while it executes. It becomes COMPLETED
when the exchange finishes, or CANCELED if it cannot complete.
Conversion lifecycle
| Status | Meaning |
|---|---|
PENDING | The rate is locked and awaiting confirmation. |
ACTIVE | The conversion was confirmed and is executing. |
COMPLETED | The sell-side debit and buy-side credit completed. |
CANCELED | The conversion did not complete. |
Amounts, rate, and fee
| Term | Meaning |
|---|---|
| Sell amount | The amount exchanged from the sell-side account, in its currency. |
| Buy amount | The amount expected in the buy-side account, net of the fee. |
| Rate | Units of buy currency per one unit of sell currency. |
| Fee | The charge for the conversion, with its amount and currency. |
The quote provides the amounts, rate, and fee together so you can review the exchange before accepting it.
Conversion record and account balances
A completed conversion produces two balance movements: a debit on the sell-side account and a credit on the buy-side account. Both account statements link those movements to the conversion.
For selecting a pair, creating and confirming a quote, and tracking the result, follow Execute a conversion.