Trade on CRX
What does a taker do here?
You lock today's exchange rate for a payment you make later, and settle only the difference in cash — the foreign currency is never delivered. The instrument is the NDF (~3 min): pick the pair, the amount, and the settle date, and the rate you lock is the rate you keep, whatever the fixing does in between.
On the other side is the CRX Network. You never pick a desk or shop competing quotes: you ask for a rate, then take the one firm price or leave it. When you accept, the risk engine (~3 min) opens the position atomically — both sides in one transaction, both sides' collateral locked in the smart contract. One agreement covers every trade you ever make. Your wallet holds the Taker account state, granted once your firm is cleared. It is one of the five states every CRX wallet can hold; see Account States.
Why hedge here?
Certainty is what you buy, and margin is what it costs — not a bank relationship, not a credit line, not months of paper before the first quote. The traditional market asks for all three before it prices you anything.
- Certainty. The rate you lock is the rate you settle at. The fixing moves; the cost in your own books does not.
- Cost. You carry the funding cost of locked margin — a returnable deposit, not a fee, and it counts at full value: no haircut shaves what you post.
- Risk. Your risk is a counterparty that runs out of collateral. Its posted collateral is swept at the margin line, and you are paid from that estate first, before the loss reaches you.
The margin is a returnable deposit, not a fee, and it is sized to the pair's risk by the same standard banks use. The whole arc in numbers is in A Worked Example (~3 min).
Where do I start?
Set up the desk once, then take it through its life in order:
- Set up your desk: connect a wallet, name your desk, accept the agreement. Set up your desk (~5 min).
- Fund your desk: deposit collateral so a quote can lock its margin. Deposit (~1 min).
- Place a trade: ask for the firm rate and lock it. Place a trade (~5 min).
- Manage your positions: watch your open hedges and let them settle. Manage your positions (~3 min).
- Know your margin: how much each trade locks, and why. Margin requirements (~4 min).
- Withdraw: move free collateral back to your wallet. Withdraw (~1 min).
- Set your firm's controls: optional caps, allowlists, and reporting. Advanced Settings (~2 min).
Next: Set up your desk (~5 min). Take a fresh wallet to a desk you can trade from.