Finery Markets & Finch Trade

FinchTrade clients can trade both on the native FinchTrade platform (GUI, API, Telegram bot) and on Finery Markets — 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.

What is the difference between trading on FinchTrade and on Finery Markets?

On the native FinchTrade platform (app.finchtrade.com, FinchTrade API, Telegram 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, 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 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.

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.

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 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.

On the native FinchTrade platform, trade history is available in your account at 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.

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.

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.

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.