FAQ

Commonly requested information. How the platform works, Fees, and more.

General

Counter is a high performance, non-custodial digital asset exchange.

Counter leverages the security of decentralized exchange without compromising on user experience. Counter is made up of a smart contract, an order matching engine and a transaction processing arbiter. The smart contracts manage the custody of assets and trade settlement.

Counter is specifically designed to separate the order matching from trade settlement. When a user commits to trade with another, orders are matched by Counter’s off-chain matching engine, the user’s exchange balance is updated in real-time and their private key authorizes the trade to be settled. All instructions are cryptographically signed by users to prevent the initiation of unauthorized trades or repeal of completed trades by users.

Authorized transactions are sorted by a combination of arbiters, to ensure that trades are settled in the correct order and balances are kept in check.

Counter leverages the security of decentralization while maintaining the near-instant trading speed of traditional exchanges. Trading on Counter should provide the robust and lightning-fast experience one should expect.

Counter has adopted a risk-based strategy with respect to token listings. We are therefore unable to list every token.

In line with our vision to create a risk-free trading environment for our users, Counter applies a strict, multi-step token listing process which aims to ensure that only high quality, low risk tokens are added to the exchange.

Fees

Counter charges 0.1% for market makers and 0.2% for market takers.

Counter offers negotiable fees for high volume users. Find out more by sending an enquiry to hello@counter.market.

A user is considered a market maker if he posts trades which are not immediately matched but rather wait for another user’s order to match theirs. A user is considered a market taker if he posts an order which is immediately matched with another order, thus taking that order from the order book.

For example:

The bid price of [ETH] is 200[DAI]. User A submits an order to sell [ETH] at a price of 210[DAI]. This order will not be matched immediately. User A is therefore a market maker.

User B submits an order to sell [ETH] at a price of 200[DAI]. Because there is a bid order at 200[DAI] already, User B’s order will be matched immediately and take the bid order from the order book. User B is therefore a market taker.

All transactions on the Ethereum network cost gas. Gas is a fee which is paid to miners to process transactions and measures the amount of computational resources that is needed to perform an operation on Ethereum. Operations which require more computational resources will cost more than those which require fewer computational resources.

Users cannot adjust the gas price of an order. Counter calculates and sets the gas price to ensure the quick and continuous settlement of trades.

Counter has limited order size to a minimum of 0.1[ETH] (or equivalent) for market makers and 0.1[ETH] (or equivalent) for market takers.

Counter has limited withdrawal sizes to a minimum of 0.02[ETH] (or equivalent) for the given asset.

Yes. At Counter, funds are always under the user’s control. Counter is not able to trade, withdraw or take any other action with your funds without you providing cryptographic permission to do so.

For withdrawals, Counter has built an escape hatch that allows users to withdraw directly from the contract after a fixed period of inactivity.

That means that even if Counter servers are offline, users still have safe access to their funds.

Account Creation and Management

Counter’s identity verification tiers are as follows:

Tier Requirements Daily Trade Limit Monthly Trade Limit
Tier 1
  • Username
  • Email Address
  • Linked Wallet
$2 500 $5 000
Tier 2
  • Tier 1
  • Cell Phone
  • Full Name
  • Country of Residence
$2 500 $20 000
Tier 3
  • Tier 2
  • Full Address
$5 000 $50 000
Tier 4
  • Tier 3
  • Address Verification (submission of utility bill, rental agreement or other)
  • ID Verification (submission of ID, passport or other)
$50 000 $200 000
Tier 5
  • Private onboarding
$Variable $Variable

Identity Document Requirements for Tier 3 and 4:

Verification Required Documents Notes
Identity Documents
  • Passport
  • National Identity Card
  • Driver License
  • Other government ID containing full legal name, photo, date of birth, issue and expiry date
Must meet image requirements:
  • Full colour
  • Legible
  • Uncropped
  • Sufficient Lightning
  • Upright orientation
Residence Documents
  • Statement from an authorised financial institution
  • Utility or insurance bill
  • Payroll or sallary document
  • Tax document
  • Residence agreement

Proof of residence documents must contain your name, address, and be dated less than 3 months ago.

For languages such as Russian, Chinese, Thai, Hebrew, etc. that use non-Latin characters, a notarized translation of your proof of residence document will greatly speed up processing time.

Laws and regulations require that Counter sufficiently identifies its users as a measure to combat money laundering, terrorist financing and other financial crimes. Counter has adopted a risk-based approach to compliance and applies a multi-level verification process. Deposit values are unlimited, however, once you have signed up for an account, you will need to be verified to progress to the next tier of trade limits.

Trading

After you deposit an asset to your Counter wallet, you can make an order to buy or sell other assets on the exchange. When your order is filled, you can withdraw this asset to your own wallet.

A market order is a buy or sell order to be executed immediately at current market prices. Market orders are used when certainty of execution is a priority over price of execution.

A limit order is an order placed with a brokerage to execute a buy or sell transaction at a set number of shares and at a specified limit price or better. Because a limit order is not a market order, it may not be executed if the price set by the investor cannot be met during the period of time in which the order is left open.

The order book is a list of current buy and sell orders, which is used by an exchange to fill orders on a specific market.

The order book consists of both orders to buy or sell at a fixed price ("limit" orders) and orders to buy or sell at the best available price ("market" orders). But since market orders only appear in the order book momentarily, they aren't shown in the publicly viewable order book.

A depth chart is a visual representation of the demand and supply at different price levels. The bid/ask depth available for Counter markets only shows the bid and ask depth of limit orders on Counter’s order book.