Sell Order Integration Guide

Order Initiation

If you have an interface for your customer to choose which type of coin they want to sell, which fiat currency they want to be paid, and how much coin they want to sell or how much fiat currency they want to be paid, follow the steps below:

  1. Call the Get Prices endpoint for the chosen coin type, fiat currency and amount to get a spot price quote value from Banxa.

  2. Create an Order using the Create Order endpoint:

    a) For Sell Orders, the fiat currency code is entered in the "target" field, and the coin code is entered in the "source" field.
    b) Enter either the "target_amount" or the "source_amount" that was selected by the Customer based on the information from the spot price quote values.
    c) You are required to provide a Customer "refund_address" so that Banxa is able to process a refund if this is required.

  3. If either the "target_amount" or the "source_amount" has already been selected by the Customer and provided in the Order creation request, then the Banxa Order page becomes redundant. Therefore, once the Customer enters the Banxa checkout flow, the Banxa Order page will be skipped and the Customer will go to the next step of the flow.

If you do not have such interface, follow the steps below:

  1. Create an Order using the Create Order endpoint:

    a) For Sell Orders, the fiat currency code is entered in the "target" field, and the coin code is entered in the "source" field.
    b) You are required to provide a Customer "refund_address" so that Banxa is able to process a refund if this is required.

  2. If neither the "target_amount" or the "source_amount" is provided in the Order creation request, then when the Customer enters the Banxa checkout flow, the Banxa Order page will be shown for the Customer to select and confirm which type of coin they want to sell, which fiat currency they want to be paid, and how much coin they want to sell or how much fiat currency they want to be paid.

Once the Customer enters Banxa's checkout flow, they will be guided through the process for Banxa to collect and verify their personal details, KYC documents, and the nominated bank account details for the Sell Order payout.

Order Finalisation

Once Banxa is satisfied that the KYC and compliance requirements for a Customer's Sell order has been sufficiently met, the Order will progress to the 'waitingPayment' status (see Order Status). The transition into this status will trigger a webhook. This webhook will serve as a notification that Banxa is ready to accept the coin to complete the Sell Order.

For Sell Orders, it is required that you are subscribed to receive this webhook. Refer to the Step 9: Additional Integration section for detail and instructions.

The following steps must now be taken:

  1. Request the Get Order endpoint for the Sell Order quoted in the webhook.

  2. Since the Order is now in the 'waitingPayment' status, the Get Order response payload will now contain a value in the "data.order.wallet_address" field. This is the wallet address to which the coin amount for Sell Order should be sent to. We request that this wallet address should not be exposed to Customers to avoid receiving unsolicited coin transfers to this wallet address.

  3. You are now responsible for facilitating the coin transfer to this wallet address with your Customer. The exact coin amount referenced in the order should be sent as soon as possible. We suggest that you ask the Customer to confirm the coin amount they are sending and the wallet they are sending the coin from to complete the Sell Order.

  4. Once the coin has been sent, you must now notify Banxa that the coin has been sent by sending a request to Confirm Sell Order endpoint, providing the following information:

    a) The Sell Order reference.
    b) The sending wallet address from which the coin was sourced.
    c) The destination wallet address to which the coin was sent.
    d) The transaction hash of the coin transfer.

  5. It is important that this information is sent to Banxa as soon as the coin transfer is executed to prevent the Sell Order from expiring. Once Banxa receives this notification, the expiry timeframe for the Sell Order will be extended to cater for any delays on the blockchain.

  6. Once Banxa receives the coin transfer it will be reconciled to the Sell Order and the fiat currency amount will immediately be sent to the Customer's nominated bank account to complete the process.