Onboarding
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MidChains currently permits for the following virtual assets or stablecoin to be traded on its trading platform.
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The trading pairs available on MidChains are a match of the Accepted Virtual Assets or Stablecoin listed on the trading platform and the United States Dollar (USD).
Virtual Asset | Virtual Asset Symbol | Trading Pairs |
Bitcoin | BTC | BTCUSD |
Ethereum | ETH | ETHUSD |
Litecoin | LTC | LTCUSD |
Bitcoin Cash | BCH | BCHUSD |
Polygon Matic | MATIC | MATICUSD |
Chainlink | LINK | LINKUSD |
Dogecoin | DOGE | DOGEUSD |
USD Coin | USDC | USDCUSD |
0x | ZRX | ZRXUSD |
AAVE | AAVE | AAVEUSD |
Basic Attention Token | BAT | BATUSD |
Bancor Network Token | BNT | BNTUSD |
Chiliz | CHZ | CHZUSD |
Compound | COMP | COMPUSD |
Curve | CRV | CRVUSD |
Enjin Coin | ENJ | ENJUSD |
Decentraland (MANA) | MANA | MANAUSD |
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Good till Cancelled (GTC)- This is an order to buy or sell an Accepted Virtual Asset or Stablecoin that remains in the Order Book until the order is executed or cancelled.
Immediate or Cancel (IOC)- This is an order to buy or sell an Accepted Virtual Asset or Stablecoin that attempts to immediately execute fully, or partially, otherwise cancels when the order or portions of the order could not be filled.
Good till Time (GTT)- This is an order to buy or sell an Accepted Virtual Asset or Stablecoin and setting an expiration date until which the order will remain in force, or cancel unexecuted Orders at the specified expiration date.
Fill or Kill (FOK)- This is an Order that is directed to be executed immediately and for the full quantity at the market or a specified price or cancelled if not filled completely.
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MidChains permits for Accepted Virtual Assets or Stablecoin to be traded using a combination of Order Types and Time In Force. Order Types are by default configured with its applicable Time in Force (TIF) on MidChains’ trading platform. To place a buy or sell order, a client has the following options to trade:
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First, select either a LIMIT or MARKET (MKT) order from the Order Ticket panel.
Ensure to select the preferred BUY or SELL order option before proceeding with the next step.
Select your preferred trading pair (e.g. BTCUSD) from the drop-down menu on the right-hand side of the dashboard, just above the Order Book/Trade History panel.
The selected pair automatically displays the Accepted Virtual Asset or Stablecoin with your corresponding Available Balance and Withheld Balance below the ORDER TICKET on the left-hand side of the dashboard.
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A Limit Order could be placed as a Limit Buy or Limit Sell Order. The Limit Buy should be the limit price or maximum price you are willing to pay for one unit of the Virtual Asset or Stablecoin. Limit Sell Order should be the minimum price you are willing to accept for one unit of the Virtual Asset for a Limit Sell.
Select LIMIT from the Order Ticket panel.
Select the preferred BUY or SELL order option.
Type in the units of your chosen Virtual Asset or Stablecoin you wish to Buy or Sell in the Amount field.
Type in the price at which you wish to Buy or Sell the selected Virtual Asset or Stablecoin in the Price field. The indicated price in USD will be the LIMIT price at which you wish to either Buy or Sell the Virtual Asset or Stablecoin.
Select your preferred Limit Order type from the drop-down menu next to Type.
Select your preferred TIF (Time In Force) option for your order.
The total notional amount of your Limit Order will be displayed in USD below before submitting.
Select the SUBMIT button to place the order upon confirmation that all the details entered are correct.
Your order will execute immediately against a matching order in the Order Book. All matched Orders will be displayed in the Fills blotter below the Order Ticket panel and the Chart box with further details of the executed trade displayed in the RefNo.
If your order is not immediately executed against any order in the order book, your order will be recorded in either the Bid side or the Ask side of the Order Book, arranged according to the best indicative Bid or Ask price. The best Bid (indicated in green) and best Ask (indicated in pink) are displayed at the mid-point of the Order Book separated by the Spread.
Your Available Balance will reflect your trades less fees charged.
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This type of order guarantees that an order will be executed if there is liquidity but does not guarantee the execution price. A Market order can be placed either by entering the notional Amount you wish to spend on purchasing your preferred Virtual Asset or Stablecoin (Buy) or by entering the preferred number of units of the Virtual Asset or Stablecoin you wish to Sell.
Select MKT (Market) order option for your selected trading pair from the Order Ticket panel.
Choose the preferred BUY or SELL.
Type in your preferred USD value of the Virtual Asset or Stablecoin for a BUY option or the unit of Virtual Asset or Stablecoin for a SELL option in the Amount field.
The only TIF (TIME IN FORCE) option available for Market Orders is IOC (IMMEDIATE OR CANCEL) as a market order would execute immediately against existing Limit Orders in the Order Book or cancel immediately by default if there are no matching orders.
The total notional amount of your order will be displayed in USD before submitting your order.
Select the SUBMIT button to place the order once you have confirmed all the details entered are correct.
Your order will execute immediately against a matching order in the Order Book. All matched Orders will be displayed in the Fills blotter below the Order Ticket panel and the Chart box with further details of the executed trade displayed in the RefNo.
If your Order does not execute immediately against a matching order in the Order Book, the order will be cancelled immediately.
Your Available Balance will reflect your trades less fees charged.
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To view all your executed orders, please select the Fills blotter. The Fills blotter shows all executed orders of the trading pair that you have traded. For more information about a particular order and the Contract Note, please click on the corresponding RefNo to display the executed order’s information.
How do I Check My Positions?
To view your current positions, please select the POSITIONS blotter. This will display all the Accepted Virtual Assets and or Stablecoin that you currently hold a position in. The POSITIONS blotter displays the number of units you hold for a particular Virtual Asset or Stablecoin, the average price at which you purchased the Virtual Assets or Stablecoin and the USD value of the respective Virtual Assets or Stablecoin you hold (the USD value is arrived at by multiplying the Last Traded Price by the Asset’s Position held).
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Your Available Balance for trading will be displayed in the trading view in the Order Ticket panel. MidChains’ trading platform provides both Available Balances and the Withheld Balances of the listed pair in Virtual Asset or Stablecoin and USD.
What Fees are Charged for Trading?
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MidChains offers two options to deposit unto its trading platform, allowing clients to deposit both Virtual Assets and Fiat.
Virtual Asset or Stablecoin Deposit
To send Virtual Assets or Stablecoin to your MidChains wallet. You must have the Virtual Asset or Stablecoin that you wish to deposit from into MidChains. E.g. Depositing ETH can only be done from an Ethereum external wallet.
Navigate to the MidChains trading portal and select Portfolio on the left-hand side of the dashboard.
Select Deposit for the Virtual Asset or Stablecoin you would like to initiate a deposit into under the WALLETS tab and copy the Virtual Asset’s Asset or Stablecoin’s wallet address by clicking the Copy icon.
Paste the copied Virtual Asset or Stablecoin wallet address into your external wallet of the same protocol to initiate a deposit.
Enter the units of Virtual Asset or Stablecoin you would like to deposit into your MidChains wallet for selected network protocol that is also supported by MidChains and send.
Each Virtual Asset or Stablecoin deposit may take a couple of minutes to be fully completed depending on the protocol as they require minimum network confirmations.
Once the transaction is confirmed in the blockchain, return to the Portfolio portal on the MidChains platform and check the History tab for your deposit.
Alternatively, check the Available Balance displayed for each Virtual Asset or Stablecoin as this will reflect the total amount in each Virtual Asset wallet.
Each deposit will have a Transaction Hash (TxHash) to display details of the deposited Virtual Asset into your Virtual Asset wallet with MidChains.
Note: Only deposits of listed Virtual Assets and Stablecoin in the corresponding protocols from your external wallet address will be accepted on the MidChains platform (e.g. you can only deposit Ethereum from your external wallet address into your MidChains Ethereum wallet address).
Network Fees are applicable to all Virtual Asset or Stablecoin deposits. Deposits from your external wallets will incur Network fees at each transfer point on the blockchain before arriving in your Virtual Asset wallet with MidChains. MidChains does not charge fees for depositing Virtual Assets or Stablecoin into your Virtual Asset wallet.
Fiat Deposit
Fiat deposits are initiated in the form of a transfer from your local/international fiat account into your MidChains Funds. Please follow the steps below for Fiat depositing;
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Note: that non USD deposits will be converted to USD at our Bank’s prevailing exchange rate.
Why has my Virtual Asset or Stablecoin deposit not been credited yet?
Virtual asset or Stablecoin deposits could possibly delay due to the minimum required confirmations needed to complete deposits and the source of Virtual Asset or Stablecoin. MidChains reserves the right to withhold all deposits that are considered potentially high risk until cleared.
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No, MidChains only supports bank transfers for fiat deposit at this time. All other Third-Party payment systems are also not supported on the MidChains.
How do I Withdraw?
Virtual Assets or Stablecoin Withdrawal
Navigate to the MidChains trading portal and select Portfolio on the left-hand side of the dashboard.
Click the Withdraw tab for the Virtual Asset or Stablecoin you wish to initiate a withdrawal from, under the WALLETS tab.
Enter the units of the Virtual Asset or Stablecoin you wish to withdraw from in the amount field.
Click on the Destination Wallet Address field beneath the amount field to select the preferred wallet you wish to withdraw into.
Select your preferred external wallet address from the drop-down list in the Destination Wallet Address field and click Submit. The external wallet address will only display wallets that you have added. Please ensure to add your external wallets before initiating the withdrawal process.
Ensure to click the Confirmation check box in the pop-up screen to confirm your withdrawal.
A Withdrawal Confirmation email will be sent to your registered email address with a withdrawal code to be submitted before the withdrawal.
Enter the code into the Withdrawal Code field beneath the Destination Wallet Address field and submit. In case you did not receive the code, click the Resend Code button to resend the Withdrawal Confirmation email.
Again, click the Confirmation check box in the pop-up screen to confirm your withdrawal and submit.
The amount you wish to withdraw will be deducted from your Available Balance and will reflect in the Withheld Balance until the transaction is completed after all confirmations have been successfully received.
Once confirmation is received, your Balance for that Virtual Asset or Stablecoin will reduce by the amount withdrawn.
Select the History tab to displays further details of all transactions that have occurred for the selected Virtual Asset or Stablecoin.
Please Note: MidChains does not support the withdrawal of Virtual Assets or Stablecoin into a Destination Wallet Address of a different network protocol.
Network Fees are applicable to all Virtual Asset or Stablecoin withdrawals. Withdrawals into your external wallets will incur Network Fees before arriving in your external wallet. MidChains does not charge fees for withdrawing Virtual Assets or Stablecoin from your MidChains Virtual Asset wallet.
Virtual Asset deposit and withdrawal minimums and fees
The minimum deposit and withdrawal amount for each virtual asset or stablecoin are stated below. Deposits and withdrawals below the required minimum will not be credited or debited to your account.
MidChains doesn’t charge any deposit and withdrawal fees, but you will be required to pay a network fee. A network fee covers the fee paid to miners for validating your transaction on the blockchain. Network Fees are applicable to all Virtual Asset or Stablecoin deposits and withdrawals on MidChains' platform. Deposits from your external wallets will incur Network Fees at each transfer point on the blockchain before arriving in your Virtual Asset wallet with MidChains. Likewise, Withdrawals into your external wallets will incur Network Fees before arriving in your external wallet.
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It is advisable to always double-check the Destination Wallet Address you wish to send your Virtual Assets or Stablecoin to. MidChains permits you to add your preferred Destination Wallet Addresses with a chosen name to avoid withdrawing your Virtual Assets or Stablecoin into the wrong Destination Wallet Address. MidChains will not be able to stop or reverse any transaction posted to the blockchain.
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