What is Protected Pair?
Protected Pair is a special matching-engine policy applied to trading pairs whose base asset isn't hedgeable on other exchanges. Today, the only Protected Pair is BEXC/USDT.
What it does
On a Protected Pair, the matching engine works asymmetrically:
- Buy side is fully open. All order types, all time-in-force options. No restrictions.
- Sell side is limit-only and post-only. Sells must rest in the book (no market sells that crash through depth). Sells that would cross the spread are rejected.
- Market-maker bids are skipped for user sells. When a user sells, the matching engine routes them to other users first, then to the market-maker only if no users match. This prevents one-sided dumps.
- Three sell behaviors: Smart Trail / Alert Sell / Standard Limit.
Why this exists
For tokens with no external venue (BEXC, future ecosystem listings), there's no arbitrage to keep price honest. Without protection, a single coordinated dump or a stale order left behind during a rally could distort the entire price history. Protected Pair makes manipulation expensive and price discovery smooth.
Where I see it
On the trading page, look for the teal Protected Pair badge near the symbol selector. The order form will show Smart Trail / Alert Sell / Standard Limit options when you select Limit + Sell.
Is it permanent?
No. Protected Pair is a temporary policy. Once external liquidity exists (e.g., the token gets listed on another exchange), the pair reverts to standard matching.
Related articles
- How BEXC's price is determined
- Smart Trail vs. Alert Sell vs. Standard Limit
- Why is my sell order hidden on Protected Pair?