Typical Buy Flow
Overview
This document describes the standard cryptocurrency purchase flow using Institutional Crypto Buy/Sell Solution service. The sequence diagram below illustrates the interaction between partner systems and Institutional Crypto Buy/Sell Solution Open APIs throughout the purchase process.
Participants
- User (u): End user purchasing cryptocurrency
- Merchant (m): Partner's system/application
- Institutional Crypto Buy/Sell Solution (c): Institutional Crypto Buy/Sell Solution service
Flow Steps
1. Get Fiat List for Buy
- User initiates the buy flow
- Merchant forwards the request to Institutional Crypto Buy/Sell Solution
- Institutional Crypto Buy/Sell Solution returns available fiat currencies for buy
- Merchant returns the fiat list to the user
2. Fiat Currency Selection
- System displays the available fiat list and sets the default fiat currency
- User selects their preferred fiat currency from the available list
3. Get Trading Pair Info
- User/Merchant requests available trading pairs
- Merchant queries Institutional Crypto Buy/Sell Solution for supported cryptocurrency trading pairs
- Institutional Crypto Buy/Sell Solution returns trading pair info
- Merchant returns trading pair info to the user
4. Display Available Cryptocurrencies
- System displays the available cryptocurrencies to the user
- User selects their desired cryptocurrency
5. Get Fiat and Crypto Amount Limits (optional)
- Merchant requests fiat and crypto amount limits from Institutional Crypto Buy/Sell Solution
- Institutional Crypto Buy/Sell Solution returns limits
- The merchant side can validate the user's input amount before requesting a quote and displaying
valid range to the user
- you can skip this step if not needed and quote API will handle the validation
6. Get Quote
- User inputs the buy amount
- Merchant requests real-time quote from Institutional Crypto Buy/Sell Solution
- Institutional Crypto Buy/Sell Solution returns quote details
- Merchant displays quote information to the user
7. Transfer Fiat to Binance's Account
- User confirms and decides to proceed with the purchase
- Merchant transfers the user's fiat to Binance's designated fiat account on the merchant side
- This is a merchant-internal operation — no Institutional Crypto Buy/Sell Solution API call is involved
- The fiat transfer must be completed before calling Execute Quote
8. Execute Quote
- Merchant sends execute quote request to Institutional Crypto Buy/Sell Solution
- Institutional Crypto Buy/Sell Solution processes the request and returns an order ID
- During the process, Institutional Crypto Buy/Sell Solution will invoke merchant's check transaction API to verify the fiat transfer in step (7) has been received
- If verification fails, Institutional Crypto Buy/Sell Solution will return an error and the order will not be created. Then Institutional Crypto Buy/Sell Solution will invoke merchant's refund API to refund the user.
- Refer to Merchant-side API Requirements for more details
- Order is officially created in the system
9. Transaction Status Monitoring
- System enters a polling loop to monitor transaction status
- Merchant continuously queries Institutional Crypto Buy/Sell Solution for transaction details
- Institutional Crypto Buy/Sell Solution returns current transaction status
- Status updates are relayed back to the user
- Process continues until transaction is completed
- Institutional Crypto Buy/Sell Solution sends webhook notifications to Merchant for status updates
Sequence Diagram
Was this page helpful?
Last modified on