# On spot transactions A spot transaction is the direct purchase or sale of another digital asset by a user using one digital asset as a unit of valuation, thereby effecting a conversion between currencies. In the EXBIT platform, spot transactions follow a collusive trading mechanism whereby assets are exchanged by matching orders. ### I. Transaction pair description spot transactions are usually presented in the form of “transaction-to-transaction” transactions, such as: BTC/USDT This post is part of our special coverage Syria Protests 2011. Buy BTC using USDT or convert BTC to USDT ### II. COLLECTION RULES EXBIT spot transactions apply the following blending principle: 1, Price priority A better-priced order is a priority. 2, time priority Where prices are the same, first-filed orders are prioritized. Adopt the above rules to achieve automatic matching and transaction of orders. ### Description of type of order #### 1. Limited price list (Limit Order) The price limit list is the price that the user sets for purchase or sale. Operating logic When you submit the limit list: Only when the market price is up to the price you set. If the market price does not reach the set price, the order will continue to hang and await completion Hand it over. Statement of rules of engagement The system will be immediately concluded at the best price (market value) if: Purchase prices above current market prices Sale prices below current market prices The system automatically sets the best current prices and completes the transaction as soon as possible. #### 2. List of market prices (Market Order) The market list refers to the type of order in which the user immediately buys or sells a digital asset at the best current market price. Functional description Upon submission of the market list: The system will fix the best price directly from the current order book. It's done at real-time market prices. Prioritize completion of transactions as soon as possible Sold mechanism The list will be implemented in the following order: Priority matches the current best price Continue to set the next price if the current level is insufficient Until all the orders are settled. Thus, the final negotiated price may consist of multiple prices. Explanatory note You don't have to set prices. It's simple. Deal's fast. Fits to buy or sell quickly --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://exbit-1.gitbook.io/exbit-docs/help-center/ying-wen/exbit-help-center/product/on-spot-transactions.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.