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FAQ
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To complete your KYC process on Inocyx, log into your account, access the KYC section, and upload a valid government-issued ID, a clear selfie, and a recent address proof. Make sure your documents are not expired and the images are sharp. Once submitted, our system will process and review your documents securely. You’ll receive a notification on your registered email once the verification is completed or if corrections are needed.
KYC verification on Inocyx generally takes 1 to 3 business days after submission of proper documents. For institutional KYB, it may take up to 5 working days depending on the accuracy and completeness of your files. Delays may occur if additional reviews are required. You will be notified by email or via your dashboard as soon as your verification status is updated.
Taker:
When you place an order that trades immediately, by filling partially or fully, before going on the order book, those trades will be "taker" trades.
Trades from Market orders are always Takers, as Market orders can never go on the order book. These trades are "taking" volume off of the order book, and therefore called the "taker."
Maker:
When you place an order that goes on the order book partially or fully (such as a limit order placed via the trading screen ), any subsequent trades coming from that order will be as a “maker.”
These orders add volume to the order book, helping to "make the market," and are therefore termed the "maker" for any subsequent trades.
A market order is an order to quickly buy or sell at the best available current price. It needs liquidity to be filled, meaning that it is executed based on the limit orders that were previously placed on the order book.
Unlike limit orders, where orders are placed on the order book, market orders are executed instantly at the current market price, meaning that you pay the fees as a market taker.
A limit order is an order that you place on the order book with a specific limit price. The limit price is determined by you. So when you place a limit order, the trade will only be executed if the market price reaches your limit price (or better). Therefore, you may use limit orders to buy at a lower price or to sell at a higher price than the current market price.
Unlike market orders, where trades are executed instantly at the current market price, limit orders are placed on the order book and are not executed immediately, meaning that you save on fees as a market maker.
