On June 20, EDX Markets, a new cryptocurrency trading platform backed by Citadel Securities, Fidelity Investments and Charles Schwab, has begun executing transactions in recent weeks and is expected to be announced later on Tuesday. As a new generation of "crypto darling" endorsed by Wall Street giants, EDX has become an object that many crypto institutions must pay attention to.

Unlike "popular" crypto trading platforms such as Binance and Coinbase, EEDX Markets does not directly provide services to individual investors, and there is no terminal trading app. All activities are completed through API. On the contrary, EDX will provide order routing services by retail brokers, sending retail investors' buy and sell orders to the trading platform. So, what are the specific steps for crypto institutions, especially retail investors, to "open an account" on EDX? BlockBeats sorted out the information provided by the EDX official website.

1. Fill out the application form

In order to become a member of EDX Markets LLC ("EDX Markets" or the "Exchange"), an applicant ("Applicant") must complete and submit all materials listed on the Application Checklist and email it to the EDX Onboarding email address (onboarding@edxmarkets.com). All original signed forms must be sent to the EDX Chief Compliance Officer at 101 Hudson Street, 21st Floor, Jersey City, NJ 07302. If the Applicant is seeking membership in a Retail Membership Organization, a supplemental form will be required.

EDX Application Document Checklist

Completion of the application is required to qualify and trade as an EDX Retail Member Organization member. A “retail order” is an order that originates from an individual’s request and is submitted to EDX Markets by an RMO, provided that the terms of the order do not change in price or market and the order is not derived from a trading algorithm or any other computerized method, except that an RMO may use an algorithm to facilitate routing of orders to an exchange (“Smart Order Router”). For purposes of this application, the term “individual” means an order that is generated based on a request made by a human being, rather than an order generated by a computer algorithm.

Individual orders may include orders on behalf of accounts held in a corporate legal form, such as an individual retirement account, a corporation, or a limited liability company formed for the benefit of an individual or a group of related family members, provided the order is from an individual.

If an RMO uses an algorithm or smart order router to determine the routing of an existing retail order to a trading platform, the order is acceptable and is not considered a trading algorithm derived from the company's algorithm, provided that the RMO ensures that the retail order complies with the basic rule requirements, including that the algorithm does not change the terms of the order with respect to price or market side. In addition, the provisions preventing the change of order terms (e.g., price or side) do not undermine the better execution experience for RMO retail customers.

Basic information that needs to be filled in when applying for a retail organization.

In the first step, applicants need to fill in and review the following materials:

1. EDX Membership Application Form

2. "Retail Membership Application Form"

3. EDX User Rules Agreement

4. Summary of EDXM User Due Diligence Review

5. EDX Markets Participant Due Diligence Questionnaire

6. UBO and CP Requirements

7. EDX Rulebook

8.《Go to Fee Schedule》

2. Conduct an initial onboard meeting

The EDX Membership Team will contact the applicant to schedule an introductory meeting with the EDX Business Development Team to discuss the applicant’s company goals, answer questions and schedule an initial technical Onboard meeting.

3. Technology Onboard

During the technical onboarding session, the applicant company will be introduced to the EDX technical onboarding team, who will guide the applicant through the connection and certification process. EDX will provide a dedicated person to discuss network connectivity, application interface, functionality, and operational issues.

EDX official website has a detailed description of the platform's trading technology and market data. For more details, please visit the official website. At the same time, similar to traditional financial trading platforms, EDX has relatively fixed trading and settlement times, as well as relatively fixed transaction types. See the figure below for details.

EDX Day Trading Schedule

4. Prepare to trade

Once the above three steps are completed, the EDX technical team will coordinate the conformance testing of the applicant's trading application and guide the applicant to set up a session in the member portal. The EDX team will also continue to work with the applicant to access all member reports.

After completing the above process, you can place orders on EDX Markets according to your needs!