This page contains the most frequently used terms mentioned in our exchange widget, website, personal account, and communication materials. This list of terms is not comprehensive, and its purpose is not to collect all terms used in blockchain and cryptocurrency. We would like to help you better understand some terms you will encounter when using LetsExchange's products and services.

Note that LetsExchange complies with all AML requirements. AML checks are performed automatically with the solutions provided by our partners – AMLBot and Crystal. More information about our AML policies can be read here: • https://letsexchange.io/blog/crystal-blockchain-solution-for-aml-verification/  • https://letsexchange.io/blog/amlbot-ensures-legitimacy-of-funds-on-letsexchange/  • https://letsexchange.io/kyc-aml | AML verification | | Affiliate program | The affiliate program on LetsExchange allows participants to earn commissions by referring new users to the platform. Participants receive a unique affiliate link to share, and they earn a percentage of the transaction value each time a referred user completes a swap. The standard commission rate is 0.2% of the exchange amount, adjustable based on the participant's strategy. This program provides a flexible way to generate income with access to detailed performance statistics. | Referral program, commission program | | AML signal | Information about a suspicious swap that may be involved in a money laundering process. | | | API key | An API key is a unique code generated in your personal account on LetsExchange, used to integrate LetsExchange’s solutions into your service via an API. An API, or Application Programming Interface, is a set of rules that allows different software applications to communicate with each other, facilitating seamless integration and interaction. | | | B | | | | Blockchain fee | A fee that is charged by a blockchain to process a swap.

All blockchain fees are included in the sum displayed in the You Get field of the exchange widget or in the calculated sum when you use API. | | | Bridge | A protocol that facilitates the transfer of assets between different blockchains. | Cross-chain | | Buy/Sell mode | A widget mode that allows one to buy crypto with fiat and sell crypto for fiat. LetsExchange allows users to buy and sell over 180 cryptocurrencies for over 60 fiat currencies.

This option can be also integrated in a partner widget, but for the operations with fiat, no partner commission is given. | On-ramp/off-ramp | | C | | | | Cryptocurrency | A general term that defines digital assets using blockchain technology. | Crypto, Crypto asset | | Coin | An independent cryptocurrency that uses its own blockchain (e.g., Bitcoin, TON). In rare cases, a coin can be referred to as a (wrapped) token in the context of cross-chain or bridge swaps. However, it's better to use crypto or cryptocurrency on several blockchains or directly specify the currency and network. | | | Cross-chain swap | Functionality that acts as a bridge to facilitate the exchange of tokens between different blockchains (e.g., USDT-TRC20 to USDT-ERC20). This allows for seamless cross-chain swaps. | Cross-chain exchange | | Cashback | An additional amount of funds that is added to the final amount that the user receives (seen in the “You Get” field) when exchanging cryptocurrencies in Swap mode at a fixed rate on LetsExchange using a promotional code. Cashback is accrued by reducing the LetsExchange commission for the exchange. | | | D | | | | Default coin | A coin that is displayed in the exchange widget on default in You Get and You Send fields.

You can set up your preferred default coins when you are creating a widget in your personal account. | | | DEX mode | A mode that allows one to make swaps on a decentralized exchange. You can add this mode to your exchange widget and allow your users to benefit from it.

The affiliate commission for swaps made in the DEX mode is not given. | | | E | | | | Exchange widget (widget) | A B2B tool that allows you to integrate full crypto-to-crypto swap functionality (along with Buy/Sell and DEX modes) into your website or blog using iframe. | | | F | | | | Fixed rate | A mode when a user receives the exact amount of coins calculated before the swap is initiated.

LetsExchange charges an additional fee to fix the exchange rate for the duration of the swap (30 min).

You can set up usage of a fixed rate only or both rate types in your partner tools. | | | G | | | | Gas price | An amount of cryptocurrency needed to complete a swap or execute a contract on the blockchain network. | Gas fees, Network fees | | K | | | | KYC verification | The process LetsExchange uses to verify the identity of its users to comply with regulatory requirements. This process can help prevent fraud and money laundering. | Identity verification, Customer verification | | L | | | | Liquidity | Describes the platform's effectiveness in facilitating the rapid conversion of cryptocurrencies into other tokens or fiat without affecting the stability of asset prices. LetsExchange's liquidity ensures that trades are executed promptly and without causing disruptive price variations. | Market depth, asset availability | | Liquidity provider | A platform from which LetxExchange pulls liquidity for swaps. Our major liquidity providers are Binance, Kucoin, Gate, HTX, WhiteBIT, and OKX, and popular DEXs (Uniswap, PancakeSwap, Sushi, and others) | | | M | | | | Market rate | A mode when a user receives an amount of coins calculated at the moment of swapping. When the swap is initiated, a user sees only an approximate amount. These numbers may differ by 5%.

You can set up usage of a market rate only or both rate types in the partner tools you use. | | | Maximum and minimum swap sum | A maximum (or minimum) number of coins that can be swapped.

The minimums depend on the coin and the blockchain fee. It is set to ensure that a user benefits from swaps after all fees are withdrawn.

Normally, the minimum swap sum is a bit higher than 100 USD.

The maximum swap sum depends on the limitations set by liquidity providers to ensure that there is enough liquidity and that the coins can be swapped at the chosen rate.

Normally, the maximum sum is about 10-15 BTC. | | | O | | | | On-ramp/off-ramp | A widget mode that allows one to buy crypto with fiat and sell crypto for fiat. LetsExchange allows users to buy and sell over 180 cryptocurrencies for over 60 fiat currencies.

This option can be also integrated in a partner widget, but for the operations with fiat, no partner commission is given. | Buy/Sell mode, Buy/Sell tab | | P | | | | Profit | The total sum of money that a user/a company/a project gets as a share from the service fee made through an affiliate link.

Typically, the partner's fee is 0,2% of a sum swapped. But this figure can be discussed. | Income, Revenue | | Partner commission | A share from the commission charged by the platform.

Typically, the partner's fee is 0,2% of a sum swapped. But this figure can be discussed. | Affiliate commission, partner’s fee | | Promo code | A special code (usually consisting of a short word/letters/numbers/symbols) that a platform issues for users after quests, AMAs, or other promo activities or as compensation for inconvenience. Promo codes allow users to get a cashback when swapping crypto. | | | R | | | | Receiving address | A user’s wallet address to which coins have been (or will be) sent. | Receiving wallet address | | Refund address | A wallet address to which the funds will be sent if a swap is not processed.

If the Refund address is not specified, the funds may be returned to the address, LetsExchange got coins from. However, in some cases, this requires consent from the user. | | | Refund MEMO | A unique identifier that is used to identify a swap in some cryptocurrencies. It is an additional feature required to identify a swap recipient beyond a wallet address.

It ties a swap to a particular sender and gives the recipient an easy time identifying them. Depending on the currency users want to exchange, the platform may ask them to provide additional identifiers along with their wallet address. | | | S | | | | Service fee | A service fee is a fee charged by the platform. | | | Slippage tolerance | Slippage tolerance is the maximum price deviation a crypto trader can allow within the period of order and execution. | | | Smart contract | Self-executing contracts with the terms of the agreement directly written into code. Once triggered, they operate automatically without the need for intermediaries. | Blockchain contract, Digital contract | | Stablecoin | A type of cryptocurrency that is pegged to a stable asset like gold or fiat currencies like the US dollar to reduce volatility. | Pegged cryptocurrency | | Staking provider | A staking provider is a specialized entity that offers services to cryptocurrency holders to participate in the staking process of proof-of-stake (PoS) blockchains. These providers manage the technical operations and maintenance of validator nodes on behalf of investors, ensuring optimal performance and security to maximize staking rewards. | | | Swap ID | A unique string of symbols used to identify a swap on LetsExchange or made via B2B solutions: API, exchange widget, referral link, Telegram bot. | Exchange ID | | Swap mode | A mode in the widget and other B2B tools allows one to swap one cryptocurrency to another on-chain and cross-chain.

LetsExchange sends the coins to sell to a liquidity provider, retrieves the coins to buy from there, and sends them to the receiving wallet of the user.

For some coins, LetsExchange uses its own liquidity.

Partners can integrate swap functionality using API and get revenue share (part of the service fee).

Other modes (DEX and Buy/Sell) are not available through API. | | | Swap status | The status in which a swap is currently. There are the following statuses:

Wait (Deposit) – a user’s deposit hasn’t been received yet.

Exchanging – a user’s deposit was received, and the swap is pending.

Success – a swap is completed, and the funds are sent to the user’s receiving wallet.

Refunded – a swap was canceled, and the funds were returned to the user.

Deposit time has expired – a user didn’t deposit crypto to the provided address within 30 minutes.

Canceled – a swap was canceled before, and a user didn’t send crypto to LetsExchange. | Exchange status | | Swap fee | A service fee includes all fees charged by the platform: • A blockchain fee – this fee is charged by a blockchain to process the swap. • An AML fee – a fee for completing an AML check • A liquidity provider fee – a fee charged by a liquidity provider • The platform (or service) fee – this fee is charged by LetsExchange   When the final sum to receive is calculated, all fees are already included there. We don’t charge any additional or hidden fees. | | | T | | | | Telegram bot | An automated program that can be used to swap assets directly in Telegram.

There is an official LetsExchange Telegram bot, and there are bots of partners, e.g., Floki, Duckies, e.Cash.

If you want to create your Telegram bot, you are welcome to apply here. | Mini app | | Token | A cryptocurrency built on another blockchain, such as Ethereum, TON, Solana, etc. | | | Total volume (volume) | The volume (in BTC) your users swapped using an affiliate tool you use.

We track this amount by an Affiliate ID or IDs. | | | Trading pair | A pair of two different currencies that can be traded against each other on an exchange. It consists of a "base currency" and a "quote currency." For example, in the trading pair BTC/USDT, BTC is the base currency, and USDT is the quote currency. This means you can buy or sell Bitcoin (BTC) in exchange for USDT. | Currency pair, asset pair, exchange pair |