MPX User Manual
Learn how to trade MARKET Protocol contracts using MPX in under 5 minutes!
On November 12th we announced the beta release of MPX, our decentralized exchange and the first application powered by MARKET Protocol. This beta is a simulated trading environment on Ethereum’s Rinkeby testnet, and it allows you to trade testnet MARKET Protocol contracts against an automated trading bot. With MPX, you can get exposure to on-chain, cross-chain, and off-chain assets by entering into long or short positions on pairs such as BTC/USD, AAPL/USD, and S&P 500/USD.
We have created this step-by-step manual to help you get started trading on MPX. Or if you prefer, check out our explainer video below to watch our CTO Phil Elsasser walk through the steps required to successfully execute your first trade on MPX. Either way, you will need to have MetaMask added to your browser before you can log in to MPX. You can learn more about MetaMask here.
Step 1: Downloading & Setting Up MetaMask
To try MPX, you must use MetaMask, a browser add-on that allows you to connect to the Ethereum blockchain within Chrome, Firefox, Opera, and Brave. With MetaMask, your browser can access Ethereum enables websites, for example, MPX. You can learn more about MetaMask here, or watch this video to get started.
Step 2: Getting Rinkeby Ether
With MetaMask installed and set up, the next thing you will need is Rinkeby testnet ether (ETH). This ether is not real and has no financial value, so you can get it for free from the Rinkeby ether faucet. First, you’ll need your MetaMask wallet address, so just open MetaMask and then click on your address copy it.
To get ether, the Rinkeby faucet requires you to first post your copied wallet address to Twitter or Facebook (Fig. 1 below), and then copy-paste the URL of that post into the input field on the Rinkeby faucet webpage (Fig. 2 below). Your Twitter or Facebook post must include your wallet address, but for the sake of your followers we encourage you to also mention the reason for your post, for example, you could say you’re trading with MPX!
Step 3: Accessing MPX
After you have some Rinkeby testnet ether, you are ready to get started with MPX. Navigate to MPX and click “Start trading”. If you receive a message that says “In order to trade on the exchange, you must unlock your MetaMask account”, then you will need to first log in to MetaMask by opening MetaMask, entering your password, and clicking “LOG IN”.
Now to use MPX you will need to switch MetaMask over to the Rinkeby testnet. Just open MetaMask, click the dropdown box at the top, and then select “Rinkeby Test Network”. After you switch over to Rinkeby, reload MPX by refreshing the browser page. You should see a green icon in the top right corner of the page, which means that MetaMask is properly connected. You are good to go!
Step 4: Requesting & Depositing Collateral
Now that you’ve successfully connected to MPX, you will need some collateral to use to trade MARKET Protocol contracts. Like testnet ETH, this collateral is not real and has no financial value, so we will give it to you for free. All you have to do is ask! To get collateral for trading, click “REQUEST COLLATERAL TOKEN” in the upper left box within MPX, and then confirm the transaction through MetaMask (Fig. 3 below).
After you’ve received collateral, enter the amount you want to make available for trading, click “DEPOSIT”, and then confirm the transaction through MetaMask (Fig. 4 below). Please note that when you request and deposit collateral, you will have to wait a brief amount of time while your transaction is processed by the Rinkeby testnet.
Step 5: Making Your First Trade
With MPX you can create a new buy or sell order for a specific contract, or you can fill an existing order. To fill an order, select one of the orders from the order book, enter the quantity you wish to trade, click “BUY ORDER” or “SELL ORDER”, and then confirm the transaction through MetaMask (Fig. 5 below). There will be a brief delay while your transaction is processed.
Congratulations, you completed first trade with MPX!
You can view your filled order on the “FILLS” tab below the chart near the middle of the page, and you can also view your new position on the “POSITIONS” tab.
To create a new order, select “BUY” or “SELL” in the bottom left box within MPX, choose a quantity, price, and expiration, then click “PLACE BUY ORDER” or “PLACE SELL ORDER”, and finally sign the order through MetaMask. You can view your new order on the “OPEN ORDERS” tab next to the “POSITIONS” and “FILLS” tabs.
Step 6: Giving Us Feedback
We are hard at work improving MPX, so we want to hear from you how your experience was! Please complete our user survey to let us know which features and assets you would like to see added to MPX in the future.