1. Order Placement Rules

1.1 Buying rules:

  • Available balance must cover: purchase amount + spread fee.
  • Combined payment is supported: your Spot Account balance is deducted first, and any shortfall will be covered from your Fund Account or Wealth Account.
  • Fractional share trading supported, with a minimum purchase amount of 5 USDC.
  • The same asset can be bought multiple times, and the position cost is calculated as a weighted average.
  • Unexecuted order limit: once unexecuted limit orders reach 200, you cannot place new orders.

1.2 Selling rules:

  • Stocks bought on the same day can be sold the same day. Trading is not subject to the T+1 restriction.
  • Sale proceeds are received in USDC and credited in USDC.
  • Sale proceeds cannot be withdrawn until T+1 settlement is complete.

1.3 Limit order price protection:

  • A limit buy order cannot be priced below 90% of the best ask price.
  • A limit sell order cannot be priced above 110% of the best bid price.
  • Limit orders outside this range are rejected by the system, preventing losses caused by price input errors.

1.4 Order cancellation rules:

  • Unexecuted limit orders can be cancelled at any time.
  • For partially executed orders, the remaining portion can be cancelled.
  • The executed portion cannot be cancelled.
  • Market orders are usually executed instantly, leaving a very short window for cancellation.

2. T+1 Settlement Mechanism

US stocks follow a T+1 settlement system, meaning formal settlement of funds and shares is completed on the trading day after the trade is executed.

Event Time Description
Order executed T day Trade executed, position updates immediately
Settlement complete T+1 day Shares officially transferred, funds officially settled

 

⚠ Important notice: T+1 settlement does not restrict trading operations. Assets bought on the same day can be sold on the same day. T+1 mainly affects the time of fund withdrawals.

3. Fund Usage Restrictions During Settlement

Before T+1 settlement is complete, the following restrictions apply to funds from sales:

Action Before Settlement (T Day) After Settlement (T+1 Day)
Continue buying stocks ✅ Available ✅ Available
Buy crypto ✅ Available ✅ Available
Use as futures trading margin ✅ Available ✅ Available
Intra-account fund transfers ✅ Available ✅ Available
Transfers between master and sub-accounts ✅ Available ✅ Available
Internal transfer to other users ❌ Not available ✅ Available
Send Crypto Gift ❌ Not available ✅ Available
P2P trading ❌ Not available ✅ Available
Withdrawal to an external wallet (on-chain withdrawal) ❌ Not available ✅ Available
Fiat withdrawal ❌ Not available ✅ Available

💡 Quick summary: Before settlement, withdrawals (on-chain withdrawals), fiat withdrawals, transfers to other users, sending a Crypto Gift, and P2P trading are all unavailable,

but on-platform spending operations such as buying stocks, buying cryptocurrency, and futures trading continue to work normally.