A cryptocurrency is a digital asset designed to facilitate peer-to-peer financial transactions and smart contracts in a decentralized manner.
A fiat currency is established as a legal tender by a government. Examples include the US Dollar (USD) and Euro (EUR).
In order to trade one currency for another, there must be a market (also known as a "currency pair") linking both currencies. In a currency pair, the price indicates how much of the quoted currency is required to buy one unit of the base currency. For example, a price of 100,000 AED for BTC/AED means that 100,000 AED is required to purchase 1 BTC.
The order book is a list of unfilled buy and sells limit orders. It is used by an exchange to fill market orders at the best available price.
Fasset is not an order book exchange, we leverage the liquidity of other big exchanges and their order books to get the best spot price.
Liquidity describes the amount of activity on a market. High liquidity means a high volume of activity in a market where lots of parties are willing to take the other side of a trade.