The first thing that comes to mind when you discover there’s more than Bitcoin is “How can I trade altcoins?”.
This question is often asked by first time traders who are interested in getting involved. While it can be difficult at first, it’s actually very easy to get started! In this tutorial, we’ll help you create an account so that you can start your trading journey!
What is Bibox?
First off, you can signup for Bibox and get a 10% discount on fees here: https://www.bibox.com/login/register?id=11100306&lang=en
Bibox is an AI Encrypted Digital Asset Exchange. It’s founding team was created by China’s top blockchain giants (Houbi and Okcoin core team). This team consists of early Bitcoin enthusiasts, investors, established entrepreneurs, Venture Capitalists (VC), and the best A.I. experts within the industry.
Also, Bibox uses an advanced distributed cluster system to handle its 10 million user capacity and prevent errors from occurring within the network. Bibox can handle more than a million trades a second, which reduces the execution time for each trade that occurs.
One of the main aspects of Bibox is its ability to use a “microwave splitting” design which is used to break down multiple transactions into smaller segments. Doing this allows for more efficient and secure transactions to take place on its platform.
Due to the various crypto communities such as Bitcointalk, Medium, and Steemit, there is a large community behind Bibox. These members are experts in a multitude of fields such as finance, AI, and blockchain.
Another great feature about this product is its efficiency. For instance, we notice that Bibox uses a “memory matching system” that delivers speeds in the “megabits per second” region.
One of the main areas why Bibox is better than its competitors is because of its platform stability. Through distributing a “distributing cluster” framework, its ability to give users a seamless crypto experience.
How to Sign Up?
First, you’ll have to create a Bibox account. You’ll need your name, email address, and a password to open one. Similar to KuCoin and Binance, you can start trading immediately as Bibox is a crypto-to-crypto online exchange.
To start, go to the sign-up menu, enter your email, password and then click CONTINUE.
Once you’ve done that, Bibox will send you an email to verify your account. Click the link so that you can activate your account and get started with trading!
You’ll arrive at the user center when you start with Bibox. Here are some of the most common settings you should get to know when using it.
- Funds Password: You must create a second password to withdraw funds from Bibox. This prevents a hacker from stealing your funds in the event they get your account password. You’ll be able to keep your funds safe unless they find that password as well.
- SMS Authentication: Once this feature is enabled, you’ll receive a text message with a code that you’re required to enter. You will have to add this code, your username, and password each time you log into Bibox. However, SMS authentication is known for being less secure than 2-factor authentication because its easier for hijackers to hack your cell phone.
- Use BIX for fees: BIX is the native cryptocurrency pair for Bibox. Usually, Bibox charges .10% for trading fees for taker orders and 0% for maker orders. But, these fees are reduced by 50% if you pay using BIX coin.
- Google Authentication: It’s important that every user uses two-factor authentication via Google Authenticator.
- Profile Verification: With Bibox, you can withdraw up to 2 Bitcoin a day. If you create verified information such as a passport, proof of residence, and a photo, you can increase that value up to 30 BTC.
How to Deposit Funds
Before you can start trading, you’ll have to deposit funds into your Bibox account. Click FUNDS on the upper right-hand menu and see a list of cryptocurrencies to choose from. Each cryptocurrency pair will have an option to deposit and withdraw from it. Except, cryptocurrencies that are not able to be traded are shaded out in your Funds menu.
How to Withdrawal
Withdrawing your cryptocurrency is easy with Bibox! You may simply want to transfer your currencies to another exchange, mobile wallet, desktop wallet, or a hardware wallet. Press the withdraw button right next to the pair that you want to withdraw.
For instance, we’ve used Withdrawal for BIX tokens we’ve recently purchased. To start the withdrawal process, select the address that you’d to withdrawal from. Also, you can select the maximum amount in the auto-fill box to send all of your total holdings into that wallet.
If your wallet or exchange asks for a note (which is uncommon), also click the remark box for appropriate information. Click SUBMIT to start the withdrawal.
Remember, Bibox uses a transaction fee on each withdraw box and a withdrawal minimum for each cryptocurrency. The transaction fee and withdrawal minimum will change depending on the cryptocurrency pair. Make sure that you check the numbers before starting any transaction.
How to Trade
To trade, go to the Token Trading section that’s located on the top menu. You’ll notice a lamp icon that’s located on the upper right-hand corner that switches between white and black versions of the interface.
And, Bibox’s trading interface has a drop-down menu which you can use to select cryptocurrency pairs, technical indicators, order book trade history, sell and buy boxes for orders, and your trade history.
Select the cryptocurrency pair you’d like to trade by pressing the upper left-hand corner of the interface. You can trade pairs using USDT, DAI, ETH, and BTC. You can also use the selection box to find the pair that you want as well.
Disclaimer: Invest at your own risk. All of our information is used for educational purposes only.
Now that you’ve learned how to trade, you can now begin to buy your favorite crypto pairs. But remember, you have to be smart when trading. When trading, pick pairs that you feel comfortable using and take out only as much as you can afford.
Ultimately, trading can be interesting once you start learning about it. Don’t be afraid to apply different strategies to your trading methods and see which one works best for you!