> For the complete documentation index, see [llms.txt](https://help.finchtrade.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.finchtrade.com/finery-markets-and-finch-trade.md). # Finery Markets & Finch Trade FinchTrade clients can trade both on the native FinchTrade platform (GUI, API, Telegram bot) and on [Finery Markets](https://trade.finerymarkets.com/) — an independent multi-dealer trading venue. This section explains how the two platforms relate to each other and what you need to know as a client. #### **What is my role on Finery Markets as a FinchTrade client?** As a FinchTrade client, you are a **Taker** on Finery Markets. This means you consume liquidity posted by market makers, including FinchTrade. FinchTrade acts as a **Maker** (Liquidity Provider) — we stream our prices into the FM order book for you to trade against. For more details on the maker-taker model, see [Finery Markets FAQ](https://faq.finerymarkets.com/overview/about-our-products). #### **What is the difference between trading on FinchTrade and on Finery Markets?** On the native FinchTrade platform ([app.finchtrade.com](https://app.finchtrade.com/), [FinchTrade API](https://faq.finchtrade.com/trader-api), [Telegram bot](https://t.me/FTtest_trade_bot)), you trade using the RFQ (Request for Quote) model — you request a price and receive a firm quote. FinchTrade may apply a last look (the right to reject your order) to better manage treasury and risk, which in return allows us to offer tighter spreads. Your only liquidity source is FinchTrade, and settlement happens directly between you and FinchTrade via bank wire or blockchain transfer. On Finery Markets ([trade.finerymarkets.com](https://trade.finerymarkets.com/), FM REST / WebSocket / FIX API), you trade against an aggregated order book. You can see liquidity from FinchTrade and other connected LPs simultaneously. FinchTrade streams **firm liquidity** on FM — once your order is matched, the trade is executed without delay and without last look. You have access to multiple order types: MarketIOC, MarketFOK, LimitIOC, LimitFOK, and Pending Limit Orders (GTC). Settlement goes through FM's settlement messenger before the actual peer-to-peer transfer. See [FM order types](https://faq.finerymarkets.com/overview/about-our-products) for details. #### **How do limits work on Finery Markets?** On FM, both you (Taker) and FinchTrade (Maker) set a **Counterparty Gross Limit** against each other. The platform uses the **smaller** of the two as the effective trading limit. This limit regulates the maximum open position you can hold with FinchTrade. **For example:** if you set a gross limit of $500K and FinchTrade sets $300K, the effective limit is $300K. The visible liquidity in the order book also depends on your available free gross limit. You can manage your limits in FM GUI under Risk Management. See [FM Risk Management](https://faq.finerymarkets.com/product-features/risk-management). #### Do I need to add my wallet/settlement addresses (or repeat the Satoshi test) separately on Finery Markets? No. You add and verify your sending/receiving addresses once in your FinchTrade account at app.finchtrade.com — there is no need to duplicate them or repeat wallet verification on Finery Markets. Address whitelisting and Satoshi-test verification are handled on the FinchTrade side. #### **Why is my limit not restoring after I settled?** On Finery Markets, your limit is only restored once the settlement transaction is **committed** by the receiving party on the platform. If you sent funds but did not register the transaction on FM (enter the TX ID and press "Send Transaction"), or if your counterparty has not yet committed the incoming transaction, the limit will remain utilized. Always register settlements on FM promptly. #### Can I export my account statement / trade history (Excel/CSV)? If you trade via Finery Markets, you can export on-demand CSVs in FM GUI under History → Trades / Settlements → Export .CSV, and you also receive Daily and Monthly reports (PDF and CSV) by email. For a specific statement format, contact your account manager. #### **How competitive are your prices?** If you would like to compare our spreads of selected trading pairs with centralised crypto exchanges, please visit [FM Pulse](https://pulse.finerymarkets.com/dashboard). #### Can I get an aggregate turnover / volume report for a period (e.g. a full year)? We do not produce a single pre-made aggregate turnover report. To calculate your total traded volume for a period, use the Monthly Reports (PDF/CSV) or export the full trade history via FM GUI → History → Trades → Export .CSV and sum the trade volumes. On the native FinchTrade platform, trade history is available at app.finchtrade.com. If you need help compiling figures for a specific period, contact your account manager. #### I get "Settlement order counterparty net limit breached" — what does it mean? This error means your settlement request exceeds the net position limit between you and the counterparty on Finery Markets. Usual causes: your or FinchTrade's available Gross Free is used up, or there are uncommitted incoming settlement transactions still holding the limit. Check that all incoming transactions are committed on FM (the limit restores only after commit), review your current Gross Free in Risk Management, and settle open positions first. If it persists, tell your manager which specific withdrawal you are trying to make so we can check on our side. #### **What happens if I don't commit incoming transactions on FM?** If FinchTrade sends you assets and you don't commit the incoming transaction on FM, the settlement remains in "Received" status. Your limits won't update, and FinchTrade's limits won't free up either. Always commit incoming transactions as soon as you verify receipt. #### **Do settlement requests expire?** Yes. If a counterparty does not complete a settlement request within 7 calendar days, it automatically expires on FM. #### **What does "Fee Paid by Recipient" mean on FM?** When you request a settlement below FinchTrade's minimum threshold (25,000 USD equivalent), you can tick the "Fee paid by me" checkbox. The network fee will be deducted from the requested amount, so you will receive less than the stated amount. The fee is shown in your settlement history. See [FM Settlements](https://faq.finerymarkets.com/product-features/settlements) for details. #### **How do I get trade reports?** On Finery Markets, you receive a **Daily Report** (PDF and CSV via email with trades and settlements for the previous day) and a **Monthly Report** (PDF and CSV for the previous month). You can also export on-demand CSVs in FM GUI under History → Trades / Settlements → Export .CSV. FM PDF reports can also be used as proof of compliance with the EU Travel Rule. See [FM Reporting](https://faq.finerymarkets.com/product-features/control-center/reporting). On the native FinchTrade platform, trade history is available in your account at [app.finchtrade.com](https://app.finchtrade.com/). #### **How do I set up notifications?** On Finery Markets, go to Settings → Notifications. You can configure alerts for risk management events (limit breaches, margin calls), settlement activity, and system updates — delivered to your FM inbox and/or email. See [FM Notifications](https://faq.finerymarkets.com/product-features/control-center/notifications). #### **Can I disable trading with FinchTrade on FM temporarily?** Yes. In FM Risk Management, you can disable trading with any counterparty. Trading will stop, but settlements will continue. This is useful if you want to pause trading while settling. Note that overnight rates still apply. See [FM Risk Management](https://faq.finerymarkets.com/product-features/risk-management). #### **Can I restrict specific pairs or assets on FM?** Yes. FM supports instrument whitelisting (only trade approved pairs) and per-asset limits (cap or block specific assets). Both can be configured in Risk Management and Instruments sections. See [FM Risk Management](https://faq.finerymarkets.com/product-features/risk-management). #### **Can I give my colleague access to my account?** On Finery Markets — yes. Click on your company name in the top right corner, select "Users and Roles", and add a new user with the required permissions. You can assign up to 10 users per account with different roles: View-only, Trading, Settlement operations, Limits management, API Keys, and User management. See [FM Multi-Roles](https://faq.finerymarkets.com/product-features/control-center/multi-roles).