FAQs

 A “Virtual Asset” is defined by the FSRA of ADGM (Regulator of MidChains) as “a digital representation of value that can be digitally traded or transferred, and can be used for payment or investment purpose [full definition is available in the MTF Rules].

In nutshell, the underlying concept of a Virtual Asset is equal to a crypto currency or crypto assets, that is the most commonly used terminology.

Virtual Assets or crypto assets/currencies, digital securities, fiat tokens, derivatives/ funds, and other digital tokens pertain to the same asset class and are known as Digital Assets.

MidChains currently permits for only Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH) to be traded on its trading platform.

The trading pairs available on MidChains are a match of the Accepted Virtual Assets on the trading platform and the United States Dollar. The trading pairs currently available are BTCUSD, LTCUSD, ETHUSD and BCHUSD.

MidChains’ trading platform is configured to support Market Orders, Limit Orders, Stop Limit Orders, and Post Only Orders. These order types are functional for both the Buy or Sell side of a trade.

1. Market Order – is an order to buy or sell an Accepted Virtual Asset at the market’s current best available price immediately. This order type ensures that your trade executes, but it does not guarantee an execution at a specified price. The market order type is appropriate when you want your order executed immediately. The market order is automatically linked to the Immediate Or Cancel (IOC) Time in Force (TIF) on the trading platform.
2. Limit Order – is an order to buy or sell an Accepted Virtual Asset at a specific price that is restricted to a maximum price to be paid or the minimum price to be received depending on which side of trade you wish to execute. This type of order will only be filled at your specified limit price or better, (i.e. In the case of a buy limit order execution will occur at the specified limit price or lower, and a sell limit order will execute at the specified limit price or higher). Limit orders placed during the Trading Session will execute either fully or partially, determined by market conditions. If the execution of a Limit Order is not immediately possible and the Time In Force (TIF) is Good Til Cancel (GTC) or Good Til Time (GTT), the order remains in the Order Book at the specified price in descending buy-price order or ascending sell-price order.
3. Stop Limit Order – is an order to buy or sell an Accepted Virtual Asset by setting a price known as the Stop Price that will be triggered once the market price of the asset reaches the specified price (stop price) at which the order should become a Limit Order. When the stop price is reached through its last traded price after the Stop Price is triggered, a Stop Limit Order becomes a Limit Order.
4. Post Only Order - is an order that ensures that the limit order would receive a maker rebate when this limit order is filled. This order will only be placed if it will enter the Order Book rather than to be executed immediately.

MidChains Help Center allows you to search through our knowledge base articles and guides.

To access the MidChains Help Center visit our support page or click here.

Learn how to navigate through the onboarding process, deposit and withdraw Fiat and Virtual Assets, place orders and monitor your transaction history.

Visit www.midchains.com to start your registration.
Click on Sign Up to proceed with registration.
Fill out the pre-registration form either as an individual or an entity. Ensure to acknowledge that you have read the Privacy Statement & Data Protection information in order to proceed with registration.
After filling out the pre-registration form, you must provide accurate details of your name, email address and your chosen password.
Ensure to verify your registration by clicking on the email confirmation link that is sent to your registered email address.
Fill out your all personal or entity information accurately and ensure to fill out all mandatory fields before clicking the submit button to proceed to the next Registration Checklist.
Ensure to submit Proof of Residence (utility bill, tenancy agreement, local authority tax bill not older than 3 months) in PDF or JPEG format.
Ensure to capture your required personal identification documents. Your identification documents must be captured with all corners of the documents fully visible in the capture area provided. Captured documents must be visible enough.
Ensure to take the requested selfie of yourself with optimum lighting for a clear picture output.
If you are registering on behalf of an entity, ensure to attach a duly signed and or stamped Board Resolution or Power of Attorney or any other relevant document proving your appointment as an authorised representative of your entity.
Ensure to endorse the electronic signature field before clicking the Submit button.

You must comply with the following requirements to verify your account:

Create your account.
Confirm your email and fully complete the Onboarding form.
Upload the necessary documents required.
Ensure to endorse an electronic signature.

In certain instances, MidChains may request additional documents from you or ask you additional questions where necessary to verify the information you have provided.

MidChains may take few days to verify, review, and approve or reject your application. For any updates regarding the status of your application, we will notify you via your registered email as soon as possible.

If you have any other concerns, you may send your inquiries to our Support team by raising a Registration inquiry ticket in the Support tab of the MidChains website www.midchains.com or send an email to support@midchains.com to have your queries addressed.

At the moment MidChains accepts the following documents as Proof of residence:

• Utility bill of not more than 3 months old
• Lease Agreement / Tenancy Contract
• Posted Mail addressed to the applicant
• Property Tax Receipt

For more information on Proof of residence click here.

MidChains avoids spamming your emails with unwanted mails, thus if you wish to subscribe to updates/announcements follow the steps below;

Navigate to the MidChains Platform Status.
Click the SUBSCRIBE TO UPDATES button.
Select an option to receive updates via Emails or Slack.
For Email updates, type in your email address and click the SUBSCRIBE VIA EMAIL button.
For Slack updates, click on the Slacks Icon at the top and click on SUBSCRIBE VIA SLACK. Select a channel in Slack for MidChains’ updates to be posted to.

MidChains allows for clients to deposit both Virtual Assets and Fiat currency into MidChains’ platform.

Fiat deposits are initiated in the form of a transfer from your local/international Personal Bank Account into MidChains’ Client Money Account via third party Banking Partner(s). In order to copy/locate our Bank Account details, please follow the steps below before processing your wire transfer:

Navigate to the trading portal and select Portfolio under Market and Positions on the left-hand side.
Click the Funds tab and click Deposit.
Ensure to include the Reference Number (e.g. MIDC-XXXX-XXXX) in the inward remittance transfer.
You can review the disclaimers appearing on the right side of the page for more details.

All fiat deposits (wire transfers) initiated from your external bank account must have your unique Reference Number for a smooth process of crediting the funds to your MidChains’ Account.

MidChains permits for bank accounts to be added for the following currencies:

• Euro (EUR)
• Swiss franc (CHF)
• United States Dollars (USD)
• Pounds Sterling (GBP)
• Emirati Dirham (AED)
• Singapore Dollar (SGD)
• Hong Kong (HKD)
• Japanese (JPY)

Please Note: Submitted bank accounts must match your country of nationality, residence and origin of funds. Attempting to use bank accounts from unsupported countries will not be permitted. Bank accounts will only be approved subject to review.

Non USD deposits will be converted to USD at our Bank’s prevailing exchange rate.

MidChains provide its clients the option to Add or Validate their external wallet addresses. To send Virtual Asset to your MidChains wallet, you must have the virtual asset that you wish to deposit from into MidChains. E.g. Depositing ETH can only be done from an Ethereum external wallet.

You can deposit any of the supported Virtual Assets by following these steps:

Navigate to the trading portal and select Portfolio under Market and Positions on the left-hand side.
Select the virtual asset you would like to make a deposit in under the Wallets tab and copy the virtual asset’s Wallet address.
Paste the copied MidChains Wallet address into your external Virtual Asset wallet and initiate deposit.
Enter the amount of virtual asset you would like to transfer to your MidChains wallet and send.
Once the transaction is confirmed, return to the Portfolio page on MidChains platform and click the Deposit and further click Check Deposited Funds to view the status of the transaction or click the History tab to show all transactions made for that virtual asset.

MidChains support the following virtual assets on its platform:

• Ethereum - ETH
• Bitcoin - BTC
• Litecoin - LTC
• Bitcoin Cash - BCH

No, MidChains only supports bank transfers for fiat deposits at this time. All other Third Party payment systems are also not supported on the platform.

The minimum waiting time for confirming each Virtual Asset in a blockchain varies per Virtual Asset. Please find below details of the number of confirmation and their respective estimated confirmation times.