The Exchange
The Exchange is a day trading terminal for stocks and crypto that runs on Float, Ledger's in-app currency. It never asks you to fund an account, and nothing on it turns into money.
Updated October 16, 2026
Simple and Advanced
Simple fills at the quoted price, with no fee and no spread. Advanced is a full terminal: it fills against an order book, so it crosses the spread and pays a 0.10% fee in Float. A coin's book can be live from Coinbase or Kraken. Every stock book is simulated from the last price and labelled Simulated book.
Market hours
Stocks keep the session: 9:30 a.m. to 4 p.m. Eastern on trading days. Outside it, a stock ticket says where the session is and refuses the order rather than saving it for later. Crypto keeps a price around the clock.
Closes priced on the server
Signed in, each open and close is written on the server at the server's own quote, and a close pays the Float the server works out. If your screen and the server differ, Ledger tells you the figure it credited.
A stop and a target
A position can hold a stop below the price and a target above it. Whichever crosses first closes the whole position and cancels the other. Neither line can ever open a position.
Size from risk
Pick how much of your Float to risk, 0.5%, 1% or 2%, and where your stop would sit. The ticket works out the size that loses that much at the stop.
Same Tape
Same Tape replays a real past window one bar at a time, with the next bar hidden. You write a stop and a target before you enter. Each trade is read on its plan first and its result last, in Replay Float, which pays nothing and does not carry over.
The weekly mirror
Each week, your closed positions are read per asset: size as a share of your Float, how long you held winners against losers, trades opened soon after a loss, stops moved further away, and days with no trading at all. The mirror is yours alone and pays nothing.
Float only
Every trade here is in Float. It is not brokerage, not advice, and not a cash market. Float cannot be cashed out, and the Exchange is not a rehearsal for trading with money.