> For the complete documentation index, see [llms.txt](https://fx100.gitbook.io/fx100-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://fx100.gitbook.io/fx100-docs/start-here/your-first-trade.md).

# Your first trade

From a referral code to an open position.

{% hint style="warning" %}
FX100 is on private testnet, running on **Base Sepolia**. Access requires a referral code, and all trading uses mock tokens with no real value.
{% endhint %}

## What you need

* A **referral code**. On private testnet this is the access requirement — without one you cannot connect a wallet or trade.
* A wallet on **Base Sepolia**.

On testnet you don't need real funds. Collateral and gas are both mock tokens you claim from the faucet inside the app — see step 2.

## 1. Enter your referral code and connect

The referral code gates access. Once accepted, connect your wallet.

FX100 is non-custodial: the protocol never holds your funds, and there is no account balance to top up. Each position is backed by its own collateral, posted when you open it and returned when you close.

## 2. Claim testnet tokens from the faucet

FX100 testnet runs on Base Sepolia, so nothing here uses real money. Once your wallet is connected, use the in-app faucet to claim mock **ETH** for gas and mock **USDC** for collateral. Both are testnet-only tokens with no value, provided so you can trade.

Once the tokens arrive in your wallet, you are ready to open a position.

## 3. Choose a market and a side

Pick from the [supported markets](/fx100-docs/markets/supported-markets.md), and choose long or short.

Before you size the order, glance at the open interest skew in the market panel. If you are taking the lighter side you will get a better fill through the [skew component of the spread](/fx100-docs/trading/pricing-and-execution.md), and possibly positive [funding](/fx100-docs/how-the-system-works/funding.md). Neither is a reason to take a trade you don't want, but both are free money on a trade you do.

## 4. Set collateral and leverage

Enter the collateral you want to post, then the leverage. The order value is derived from the two.

The maximum leverage available is 100x.The preview shows the current maximum. See [leverage and margin](/fx100-docs/trading/leverage-and-margin.md).

Each position is isolated. Collateral posted here backs this position only, and nothing else you have open is affected by what happens to it.

## 5. Read the preview before confirming

The order preview is the authoritative statement of what your order costs. Check three things:

* **Execution price.** Not the oracle mid. The gap is the spread, and it widens with order size.
* **Fees.** The open position fee, plus the execution fee.
* **Liquidation price.** This is your real risk number, not the leverage figure.

If you are placing a market order, set your slippage tolerance. If the fill would fall outside it, the order is cancelled rather than filled worse. Slippage settings have **no effect on limit or stop orders** — see [order types](/fx100-docs/trading/order-types.md).

## 6. Confirm

The order executes against the vault immediately. There is no book to wait for and no partial fill.

## 7. Your protection window starts now

The position opens with 15 minutes during which **it cannot be liquidated, whatever price does**. The countdown appears in the position panel.

If price moves against you and crosses your liquidation level, you have until the timer expires to add margin or reduce leverage. See [liquidation protection](/fx100-docs/start-here/liquidation-protection.md).

## 8. Set a stop loss

Once the position is open, attach a stop loss. Two things to know:

* It fills at market once triggered. The trigger price is not a floor on your fill.
* It closes at the ordinary close fee, which is cheaper than being liquidated.

## Next

[**Managing a position**](/fx100-docs/trading/managing-a-position.md) — reading the position panel, the protection countdown, and acting on both.