One of the key things about an exchange is that they should be completely transparent in how this is done. One of the core things missing from the bitcoin market place is a regulator to enforce these kinds of rules.
I have noticed the same - no clear explanation on how the orders actually work. Perhaps that would be one competitive advantage over the existing players.
With crypto, our matching systems work on price efficiency. You place a buy order for 20 BTC at $148 per. There is a sell order up for 92 BTC at $145 per. Let us pretend that there are many other sell orders in the system, but all higher. This is the only buy order in the universe however.
You're matched with the $145 per and get your $3 per coin back. The 0.18% trading fee is then calculated afterwards in order to ensure the cheapest possible deal for you.
We're working on complete transparency and are currently looking for a reliable firm to do regular public audits of our platform and finances. I agree with you, this all needs to be transparent!