Exchange concept

Exchanges on Txn are requests to convert one currency to another. For instance, you can convert crypto to fiat and vice versa as long as you have a sufficient balance in the currency account from which you are converting funds.

The exchange process consists of two steps: creating a quote and confirming the quote.

When creating a quote, Txn provides you with a guaranteed exchange rate valid for 30 seconds, during which you will need to confirm the quote. If a quote isn't confirmed within 30 seconds, it expires, and no further actions are required from you unless you want to create another quote.

Each successful exchange operation creates a pair of exchange transactions - one transaction for each of your currency accounts involved in the exchange.

In Txn's API terminology, we call these accounts "account charged" and "account received". The exchange transaction in your account charged reduces the account balance, while the exchange transaction in your account received increases the account balance. You can view these exchange transactions in your account transaction history.