What does the trade process look like?

Get yourself ready to make a trade using Cybrid's API

If you haven’t already gone through the Getting Started Guide, you’ll want to complete that before carrying on.

Now that you’ve got your Organization and Bank set up in the Partner Portal, it’s time to get a customer up and running to prepare for trades.

As a reminder, the Organization is the top-level object, and one or more Banks can belong to the Organization.

Likewise, all downstream objects, including Customers, Accounts and Identity Verifications and other objects belong under Banks. The Customer object is the main data model for each individual customer’s actions; accounts, identity verification, quotes, trades and transfers all belong to the Customer.

Understanding Your Configuration

How you proceed depends on how you've configured your Bank, which could be in one of the following configurations:

For more details on these various bank configurations, refer to our How is the Cybrid Platform Structured? article.

Method: Cybrid Based

In this method, you'll be using Cybrid's solution for both KYC and account funding (via Plaid).

To get started, you'll add a Customer, go through user onboarding, create a fiat and crypto trading Account, Transfer a balance into the fiat account, and try out the Quote and Trade API’s.

Executing a successful trade for a Customer requires a number of one time setup steps. At a high level, this is what you’ll be doing:

1. Create a Customer via the /customers API
2. Create a fiat and trading Account associated with your Customer via the /accounts API
3. Use the Web Demo to go through the simulated KYC and bank account connect process (to programmatically drive the bank connect process see How do I drive Plaid Connect programmatically)
4. Use a funding transfer type to fund the fiat account via the /transfers API (note you still need to generate a quote when doing a funding transfer).
5. Generate a Quote for your Customer via the /quotes API
6. Execute a Trade against your Quote via the /trades API

Note: In the sandbox environment KYC and Plaid connected bank accounts are simulated, ensuring easy testing for validating users and test funding accounts.

In the process above, steps 1-3 are a one-time only, and not required for further funding, quote or trade activity.

Method: Partner Based

In this method, you'll be using your own KYC process and will leverage Cybrid's FBO account (also referred to as a "backstopped" account) to pre-fund the platform.

Note: In the sandbox, the backstopped account is auto-funded to simplify testing.

To get started with adding a Customer you'll attach an Identity, create a fiat and crypto trading Account, Transfer a balance into the fiat account, and try out the Quote and Trade API’s.

Executing a successful trade for a Customer requires a number of one time setup steps. At a high level, this is what you’ll be doing: 

1. Create a Customer via the /customers API
2. Create and attach an Identity Record to the Customer via the /identityVerifications API
3. Create a fiat and trading Account associated with your Customer via the /accounts API
4. Use a funding transfer type to fund the fiat account via the /transfers API
5. Generate a Quote for your Customer via the /quotes API
6. Execute a Trade against your Quote via the /trades API

Note: A customer must have a verified Identity Record in order to successfully execute a trade

In the process above, steps 1-3 are a one-time only, and not required for further funding, quote or trade activity.

Hybrid Methods

While the above to method are popular, there are a few ways to approach your integration and operations in a hybrid fashion.

For example, the following types of configurations are possible:

• Using an attestation model, where your organization performs KYC, while using Plaid funding model for on-ramping FIAT currency to the platform
• Using Cybrid's KYC model, while using pre-funded partner accounts to fund FIAT on the Platform
• Using either type of KYC model, while using BOTH types of funding, where pre-funded partner accounts are used to shorten settlement times and more seamlessly enable batch transfers, and plaid-connected customer accounts are used to debit customer bank accounts to fund and reload partner accounts

Our goal is to offer our partners flexibility in how KYC and fund flows are managed, while seamlessly managing the underlying complexity.

What's next?

If you're using KYC attestation in the Partner Based or Hybrid KYC methods, head over to 
Generating a verification key, otherwise continue on to How do I create a customer