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 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
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. Use the auto-generated RSA Verification key, or manually generate your own.
2. Create a Customer via the /customers API
3. Create and attach an Identity Record to the Customer via the /identityVerifications API
4. Create a fiat and trading Account associated with your Customer via the /accounts API
5. Use a funding transfer type to fund the fiat account via the /transfers API
6. Generate a Quote for your Customer via the /quotes API
7. 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 1-4 are a one-time only, and not required for further funding, quote or trade activity.

Method: Hybrid KYC

In this method, you'll be using your own KYC process, but will leverage Cybrid's Plaid Connect integration for end-user account funding.

To get started with adding a Customer you'll attach an Identity, 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. Use the auto-generated RSA Verification key, or manually generate your own.
2. Create a Customer via the /customers API
3. Create and attach an Identity Record to the Customer via the /identity_verifications API
4. Create a fiat and trading Account associated with your Customer via the /accounts API
5. Use the Web Demo to go through the simulated bank account connect process
6. Use a funding transfer type to fund the fiat account via the /transfers API
7. Generate a Quote for your Customer via the /quotes API
8. 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 1-5 are a one-time only, and not required for further funding, quote or trade activity.

Method: Hybrid Funding

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

To get started with adding a Customer you'll 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. Use the auto-generated RSA Verification key, or manually generate your own.
2. Create a Customer via the /customers API
3. Create and attach an Identity Record to the Customer via the /identity_verifications API
4. Create a fiat and trading Account associated with your Customer via the /accounts API
5. Use the Web Demo to go through the simulated bank account connect process
6. Use a book transfer type to fund the fiat account via the /transfers API
7. Generate a Quote for your Customer via the /quotes API
8. Execute a Trade against your Quote via the /trades API

In the process above, steps 1-5 are a one-time only, and not required for further funding, quote or trade activity.

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.