π€Making a Trade
1. Connect Your Wallet & Set Up Your Account
Start: Agree to the Terms, click 'I Accept' and follow the setup instructions from the trading wizard.
Connect: Choose 'Connect Wallet' select your wallet type, and follow the prompts.
Create Account: After connecting, name and create your account following the prompts.
Note: To create a sub-account for position isolation, select 'Create other account' under your main account profile.
2. Deposit Collateral
Deposit Action: Click 'Deposit' input your USDC amount for collateral, and confirm the transaction in your wallet.
3. Select Trading Asset
Asset Choice: Pick your trading asset from the pair dropdown, view the asset chart, and prepare for trading.
4. Configure Leverage & Trade Size
Leverage and Direction: Choose your leverage, decide on a long or short position, and set your trade size. You've now entered your intent to trade!
5. Trade Initiation
Order Type: Choose between Market or Limit Order, confirm the solver's streamed quote, and execute your trade by confirming in your wallet.
6. Trade Execution
On-Chain Request: Confirming your trade sends your 'Request for Trade' to the solver, locking in your collateral until the trade is filled.
Note: Your trade will be listed as 'Pending' until it is accepted by the solver (this typically takes a few seconds). You can cancel the trade at any point while it is pending.
7. Monitor and Manage
Stay Informed: Regularly review your positions and account health to maintain margin and avoid liquidation.
8. Closing a Position
Close Order: Decide on a Market or Limit close, specify your position closure amount, and confirm your 'Intent to Close' in your wallet.
9. Close Execution
On-Chain Closure: Your 'Request to Close' signals the solver to finalize the trade, updating your position status to 'Closed.'
10. Withdraw Collateral
Withdraw: Go to the 'Withdrawal' section, enter your amount, and confirm in your wallet. All withdrawals undergo a 12-hour security phase as mentioned here.
A Note on Fees at LODE
LODE applies a 0.06% platform fee on all positions, charged on open. Additional costs include funding rates and the spreads quoted by solvers. Understanding these fees is crucial for efficient trading and managing your investments on our platform.
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