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Maker vs. Taker#

Every exchange Anboto routes to prices its trading fees on the maker vs. taker model: orders that add liquidity to the order book (maker) are charged less than orders that remove it (taker), and some venues rebate makers outright. Which side of that split your fills land on is decided on the venue, order by order.

Anboto's own charges are unaffected by the split — your execution fee rate depends on your 30-day volume, and your subscription is a flat plan.

Key takeaway

Prefer maker execution where you can afford the time. The execution algorithms place your resting orders optimally in the order book, which lowers the fees you pay on the venue and captures spread instead of paying it.

Maker#

Maker orders provide liquidity to the market — whether you are buying or selling. When a maker order is placed, a new order is added to the order book.

Maker fills come from limit orders — orders to buy or sell at a specific price — that rest in the book instead of executing immediately. A limit order is not automatically a maker order: a limit order priced through the far side of the book is marketable and fills as a taker. To guarantee maker treatment, the order has to be post-only, which the venue rejects rather than crossing. Resting passively is optimal when your primary goal is a better price, not immediacy.

Taker#

Taker orders take and remove liquidity from the market — again, regardless of side. When a taker order is placed, an existing order in the book closest to your specified price is executed against.

Every market order — an order to buy or sell at the current market price — fills as a taker, and so does any limit order priced aggressively enough to cross the spread on arrival. Taking is optimal when your primary goal is to execute immediately.

Trading styles on Anboto#

When you place an algo order, you choose a trading style that controls how the algorithm balances maker and taker execution:

  • Passive — the algorithm rests maker orders in the book, minimizing fees and spread costs at the price of slower fills.
  • Aggressive — the algorithm crosses the spread as a taker, prioritizing speed of completion.
  • Hybrid — a mix of both: mostly passive, crossing the spread opportunistically in reaction to short-term market conditions.

The trading style is available on all six execution strategies: TWAP, VWAP, POV, Iceberg, Implementation Shortfall, and Scale. See the order types overview for guidance on choosing a strategy.