Depositing Emirati Dirhams (AED) to MidChains
MidChains supports bank transfers for AED deposits. Deposits via credit or debit cards and all other Third Party payment systems are currently not supported on the platform. AED deposits into the MidChains trading platform are initiated in the form of a transfer from your Bank Account into MidChains’ AED Client Money Account.
Please note minimum deposit is AED500 and maximum transaction limit for deposits and withdrawals is AED175,000 (for a single transaction).
Please follow the steps below on how to deposit into MidChains.
Navigate to the trading portal and select Portfolio on the left-hand side of the dashboard.
Click the Funds tab, then on the View Options button.
Click Deposit for Emirati Dirham to display the Deposit Details.
Initiate a wire transfer from your local or international bank to the MidChains’ AED Client Money Account and ensure to provide the following details displayed in the Deposit Details section:
The Reason of Payment details - Reason of Payment : /BENEFRES/AE//FIS/
Your MidChains assigned unique Reference Number displayed in this format: MIDC-XXXX-XXXX
Your deposits received in AED currency shall be converted to USD at the exchange rate of 3.68 and credited to your account.
Ensure that all payments are made from an account registered in the same name as your MidChains account, in English characters only.
Please transfer AED if your bank allows it. Otherwise, send CHF (Swiss Franc) to the MidChains’ AED Client Money Account and this will be converted upon receipt. Clients are responsible for conversion fees applied by the bank if payments are not made in USD/AED.
MidChains will credit funds received to your MidChains Bank Account which will reflect in your USD balance after conversion.
You can monitor the status of your deposits by navigating to the USD History tab, since all AED deposit are converted and reflected in USD.
Note: Please do not send USD to the MidChains’ AED Client Money Account as we cannot guarantee receipt.