Buy Accepted Virtual Assets or Stablecoin with US Dollars
MidChains allows you to buy Accepted Virtual Assets or Stablecoin to trade with on its platform. To buy Accepted Virtual Assets and or Stablecoin on the trading platform, follow these steps.
Requirements:
A verified MidChains account. If you haven’t already registered. You can sign up here.
Funded MidChains Bank Account. Follow these guides on how to Add Bank Account and Deposit US Dollars into your added bank account on the MidChains platform.
Note: All fiat deposits via wire transfer from your local or international bank account must have your unique MidChains Reference Number for seamless crediting of the remitted funds to your MidChains bank account. Non USD deposits such as EUR, GBP, CHF, AED, SGD, HKD and JPY will be converted to USD at our Bank’s prevailing exchange rate.
Steps:
Log in to your MidChains account.
Navigate to the trading Portal
Select your preferred Virtual Asset or Stablecoin.
Select the MKT (Market) order option for your selected trading pair from the Order Ticket panel for immediate purchase.
Select the BUY order option before proceeding with the next step.
Enter the US Dollar equivalent of the units of Virtual Assets or Stablecoin you wish to purchase in the Amount field using the prevailing market price as a guide. (e.g. if you wish to buy 1.5BTC whose prevailing market price USD40,000.00 for 1BTC, you have to enter USD60,000.00 in the Amount field which is the total value of 1.5BTC).
The Type and TIF for a Market order are set to MKT and IOC by default.
The notional amount of your Market order will be displayed in the Total.
Submit your order to execute against a Sell order in the Order Book (indicated in pink). Your order will execute immediately.
Your Available Balance will reflect your purchased Virtual Asset or Stablecoin less fees charged.
Details of your purchase will be recorded in the Fills blotter below the Order Ticket panel and Chart box.
Note: The Market order guarantees that your purchase will be executed if there is liquidity but does not guarantee the execution price. Always check the Fills blotter for details such as units of the Virtual Assets or Stablecoin, price and fees charged for your purchase.
Alternatively, you may purchase your Accepted Virtual Asset or Stablecoin using the Limit order option if you wish to determine the price. Limit orders on the MidChains platform allow you to specify the price and quantity of Virtual Assets or Stablecoin you wish to purchase.
Steps:
Log in to your MidChains account.
Navigate to the trading Portal
Select your preferred Virtual Asset or Stablecoin.
Select the LIMIT order option for your selected trading pair from the Order Ticket panel.
Select the BUY order option before proceeding with the next step.
Enter the units of the Virtual Asset or Stablecoin you wish to purchase in the Amount field.
Enter the price at which you wish to buy the selected Virtual Asset or Stablecoin in the Price field.
Select your preferred order Type (Limit for illustration purpose).
Select your preferred TIF (GTC for illustration purpose).
The notional amount of your Limit order will be displayed in the Total. The notional amount is a computation of how much you are willing to buy the specified units of your selected Virtual Asset or Stablecoin at your specified price (Total = Amount x Price).
Your order will execute immediately against a Sell order in the Ask side of the Order Book (indicated in pink) if the specified price for your order can be matched. Otherwise, your order will be recorded in the Bid side of the Order Book (indicated in green) and in the Orders blotter until it can be matched.
Your Available Balance will reflect your purchased Virtual Asset or Stablecoin less fees charged.
Details of your purchase will be recorded in the Fills blotter below the Order Ticket panel and Chart box.
Note: for further guide on how to trade on the MTF, please visit our Beginner’s Guide to Trading.