Beginner's Guide to Trading on MidChains

Owned by Kevin Farrelly (Unlicensed)
Last updated: Jun 22, 2021 by Egya (Unlicensed)
7 min read

Trading in Virtual Assets can be volatile and may not be suitable for everyone. A full understanding of the risks associated with trading with Virtual Assets is recommended. Ensure that you are aware and fully understand the nature, complexity and all the risks associated with trading in Virtual Assets. MidChains has the fiduciary obligation of ensuring your safety on the MTF. Please read our Regulations before you proceed to trade.

Requirements:

  1. A verified MidChains account. If you haven’t already registered, you can sign up here.

  2. Funded MidChains account. Follow these steps on how to Add Bank Account and Deposit Fiat or Virtual Asset into your MidChains account.

 

How do I Buy or Sell Virtual Assets on the Trading Platform?

 

i. To place Buy or Sell Orders, use the ORDER TICKET panel. 

  • Select either a LIMIT or MARKET (MKT) order for your selected trading pair from the Order Ticket panel. The example below displays a Limit order.

  • Ensure to select the preferred BUY or SELL order option before proceeding with the next step.

 

 

  • Ensure to select the right trading pair (e.g. LTCUSD) 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 with your corresponding Available Balance and Withheld Balance below the ORDER TICKET, on the left-hand side of the dashboard.

 

 

 

ii. To place a new LIMIT order, please follow the steps below :   

A Limit Order could be placed as a Limit Buy or Limit Sell Order. A Limit Buy Order is the limit price or maximum price you are willing to pay for one unit of the selected Virtual Asset. A Limit Sell Order is the minimum price you are willing to accept for one unit of the selected Virtual Asset.

 

  • Select LIMIT from the Order Ticket panel.

  • Select your preferred BUY or SELL order option, eg. BUY.

 

 

  • Type in the units of your chosen Virtual Asset 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 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.

 

 

  • Select your preferred Limit Order type from the drop-down menu next to Type (in this case, LIMIT is used as an example).  

  • Select your preferred TIF (Time In Force) option for your order. GTC (GOOD TILL CANCEL) is used as an example.  

 

 

  • The total notional amount of your Limit Order will be displayed in USD below before submitting. The notional amount is a computation of how much you are willing to buy the specified units of your selected Virtual Asset at your specified price (Total = Amount x Price).

  • Select the SUBMIT button to place the order upon confirmation that all the details entered above are correct. 

 

 

  • Your order will execute immediately against a matching order in the Order Book (indicated in pink and green). 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.

 

 

 

 

iii. To place a new “MARKET (MKT)” order please follow the below instructions: 

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 indicating the notional amount you wish to spend on purchasing your preferred Virtual Asset (for a Market Buy Order) or by indicating the preferred number of units of the Virtual Asset you wish to Sell (for a Market Sell Order).

 

  • Select MKT (Market) order option for your selected trading pair from the Order Ticket panel. 

  • Choose the preferred BUY or SELL,  (SELL and BTCUSD are used as examples). 

 

 

  • Type in your preferred USD value of the Virtual Asset for a BUY option or the preferred units of Virtual Asset 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 above are correct. 

 

 

  • Your order will execute immediately against a matching order in the Order Book (indicated in pink and green). 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.

 

How do I Monitor Real-Time Market Activities from my Dashboard? 

 

 1. CHART

  • You may use the CHART to monitor real-time market activities such as prices, volumes, highs and lows for any of the listed trading pairs. 

 

  • To customize the CHART to suit your preference for monitoring price movements, please click the Candles icon and choose your preferred Chart type from the drop-down menu.

 

2. ORDER BOOK 

  • You may use the ORDER BOOK to view a list of real-time Buy/Sell Orders and their respective prices for your selected trading pair. The Order book shows the Market depth, as well as the best bid, best offer and the spread. 

 

 

3. MARKET STATISTICS 

  • Click on Show Market Statistics to display all the market data currently in the market, detailing Open and Close Price, Percentage Change in Price, Best Bid and Best Ask and the volume traded per session. 

 

 

How do I Check Orders I have Placed?

 

1. ORDERS 

  • Click on the ORDERS blotter to display details of all your live Limit Orders placed for each trading pair.

  • To get detailed information about a particular Limit Order, please click on the RefNo of the respective order.

 

  • Once you click on the RefNo, the details of the order will be displayed as follows:

 

 

2. FILLS 

  • To view all your executed orders, please select the Fills blotter.  For more information about a particular Order, please click on the corresponding RefNo to display the executed order’s information.  

 

 

 

3. CANCELS

  • To view all your cancelled orders for a trading session, please select the CANCELS blotter.  Cancelled orders will only be visible for a trading session.

 

 

4. POSITIONS 

  • To view your current positions, please select the POSITIONS blotter. This will show you all the symbols that you currently hold a position in. For example, this client holds 6,087.94 BTC, purchased at an Average Price of USD38,741.68 with a USD Value of USD203,039,786.3 (the USD value is arrived at by multiplying the Last Traded Price by the Asset’s Position held).

 

 

5. TRADE HISTORY 

To view all your executed transactions, please select the TRADE HISTORY tab. This panel displays all records of executed Orders by the amount of Virtual Asset executed at its respective execution price and the time of execution as of the Opening of the MidChains trading platform.

 

 

For further guide please visit our FAQ and Definitions pages.