Listing and delisting of digital currency Listing and delisting of digital currency

Listing and delisting of digital currency

Bitvavo lists new digital currencies in three steps: deposit/withdraw, auction, and regular trading. These three steps are typically executed one after the other. In case of delisting, Bitvavo announces it through its blog and Twitter. Trading halts on a specific date, open orders are cancelled, withdrawals are possible until another date, and deposits are declined. If possible, unsold assets are liquidated and credited as EUR balance.

Find listed assets here.

Find delisted assets here

Listing/Adding New Digital Currencies

When we launch a new digital currency on our platform, these three phases are followed:

  1. Deposit & Withdrawal Phase. Bitvavo opens the deposit and withdrawal of the new digital currency. Users can then send the new digital currency to and from their Bitvavo account. Markets are still inactive during this phase.
  2. Auction. After the deposit and withdrawal option but before regular trading is active, the market is inactive. During an inactive market, users can place orders, which are executed during the auction phase and before transitioning to regular trading. The auction process is described at the bottom of the page.
  3. Regular Trading. After the auction, the market transitions to regular trading mode. This trading mode uses a limit order book to execute limit and market orders.

Delisting/Removing Digital Currencies

If a digital currency is delisted, we announce it through a blog post and a message on our Twitter page (also accessible without an account). This keeps you informed. Below is a brief summary of the general procedure:

  1. We announce when an asset is delisted on Twitter and our blog.
  2. Trading in the delisted asset ceases on date X.
  3. All open orders are cancelled if they are not executed before this date.
  4. Withdrawals of the delisted asset are possible until date Y.
  5. Deposits are not credited to the account and can be lost.

If you still hold this asset after the withdrawal deadline, please contact support@bitvavo.com. We will assist you further. If it is no longer possible to withdraw the assets, they *may be* liquidated, and the equivalent EUR balance will be credited to your account. This can't be guaranteed and depends on the availability of a market where we can liquidate the asset.

What Different Market States Can Exist?

Market Status: Halted

When markets are halted, users can:

  • Place new limit and market orders.
  • Cancel existing limit and market orders.

These orders are not executed during a halted market. These orders take place before the market transitions to regular trading mode. This is designed to determine a fair opening price.

Please note: If the markets are halted, there are no updates in the order book.

Market Status: Auction

When markets are in an auction phase, users cannot place orders or cancel existing orders. This process typically takes less than a second.

The opening price is the price at which a digital currency is traded when a new market opens. To determine the opening price, Bitvavo considers all placed orders. The opening price is then set at the point where most units of the base currency are located. All placed orders that can be matched are compared at the same opening price. At a more detailed level, the opening price is calculated with the following steps:

  1. Active limit orders are used to determine the price at which most units of the base currency are traded. If there is no price where transactions take place, all open market orders are cancelled, and regular trading resumes.
  2. If a price is obtained in the previous step, this price is used to prevent self-trade according to the policy specified when the latest order was placed.
  3. The remaining active limit orders are used to obtain a (possibly new) price at which most units of the base currency are traded. If there is no price where transactions take place, all open market orders are cancelled, and regular trading resumes.
  4. Orders are compared based on price-time priority, and all orders are considered "taker" orders. This means that the oldest market orders are filled first, at the price determined in the previous step. Once there are no more orders in the market compared to the established price, all remaining market orders are cancelled, and regular trading resumes.

Market Status: Trading

This is the normal trading mode, where users can place limit and market orders that are executed immediately.