This Step-by-Step Guide to Bibox reviews how to use Bibox to trade cryptocurrency. Learn how to create an account and deposit, buy, and withdraw cryptocurrency on Bibox, one of the fastest growing crypto-to-crypto exchanges in the world. Bibox has a clean one-page trading interface and is rapidly expanding with more supported cryptocurrencies and features. This guide will have you trading cryptocurrencies on Bibox within minutes. Let’s get started!
The first step is to create a Bibox account by entering a name, email address, and password. If you like our content at Crypto Space Guides, sign up for Bibox with any link from Crypto Space Guides to Bibox (Bibox will pay us a small commission on trades at no cost to you). Press sign up to continue.
Bibox will send an email for account activation. Click the emailed link to complete account activation.
Let’s next talk about important account settings. The account page includes options to use Bibox’s native token BIX for fees, change login password, set up funds password, and set up SMS and Google authentication. Users can also verify their profile (from the upper right) to gain access to higher daily withdrawal limits.
BIX is Bibox’s native token. While Bibox ordinarily charges trading fees of 0.10%, users will pay 50% less in trading fees if paying in BIX.
Two-factor authentication is vital on a cryptocurrency exchange. By enabling Google authentication, Bibox will require that you enter a temporary code that is sent to the Google Authenticator app on your mobile phone every time you login and initiate other important transactions. Bibox will provide a “key” during Google authentication setup that you should write down and store in a safe place. That key is necessary to setup the Google Authenticator app with Bibox if you change mobile phones in the future. Bibox also makes SMS Authentication available, but it is considered less secure than Google authentication.
The funds password on Bibox is a second password required to withdraw funds from Bibox. With a separate funds password, any hacker needs to acquire both access to your Bibox account and access to your funds password before stealing funds. Remember to write down your funds password as a backup and store it in a safe place.
Bibox’s ordinary users can withdraw up to 2 bitcoin in value each day from Bibox. However, verified users can withdraw up to 20 bitcoin in value in each day because they submit additional identification information such as a photo, passport, and proof of residence. Verified users can also margin trade through a margin account.
The funds page on Bibox is another important section of your account. This step-by-step guide is concerned only with the master account funds, which are the cryptocurrencies that you own and may trade on Bibox. This step-by-step guide does not cover margin accounts or margin trading.
The funds page includes fund details about each cryptocurrency you own, deposits history, and withdrawals history.
You must deposit cryptocurrency into Bibox to start buying and selling cryptocurrencies. The funds page is also where you go to deposit cryptocurrency into Bibox. Uncheck the box for “Hide 0 Balance” if you need view the entire list of cryptocurrencies supported by Bibox for withdrawals and deposits. We will deposit ethereum (ETH) in this Step-By-Step Guide to Bibox. The process is similar for each coin. First, choose the deposit button next to the cryptocurrency that you want to deposit. Second, copy the address for the cryptocurrency that you want to deposit. Finally, paste the address into the sending wallet or exchange and initiate the transfer to Bibox.
Go to Funds –> Deposits History to review your pending, completed, and failed deposits to Bibox. We were impressed that our deposit of ETHfrom Gemini to Bibox appeared within 10-15 seconds as pending on Deposits History and was confirmed within about two minutes. Bibox will also reflect the completed deposit in the your balances when you select Funds –> Funds Details.
Select token trading and full screen to access Bibox’s full screen trading interface. It is of our favorite ways to trade because it is well-designed, simple to use, and works flawlessly.
Go to Token Trading from the top menu on Bibox to view the trading interface for buying and selling cryptocurrencies. Note that a lamp icon in the upper right of the trading interface switches between black and white versions of the trading interface. The Bibox trading interface includes a drop-down menu for selecting cryptocurrency pairs, order book, chart with technical indicators, depth chart, order book trade history, buy and sell boxes to place orders, and your open orders and trading history. Let’s review each of these.
Choose the cryptocurrency pair you want to trade by selecting it from the upper right of the trading interface. You can choose trading pairs with ETH, BTC, USDT, DAI, and BIX. The selection box and search function worked perfectly for us. In this Step-By-Step Guide to Bibox we chose the C20/ETH trading pair because we want to buy C20 with ETH.
Bibox’s trading order book is excellent. Located on the right side of the screen, the order book displays current sell orders, buy orders, and last price paid in both cryptocurrency and USD. You can choose the number of decimal places to display in the order book, which helps identify buy and sell walls. One missing feature is that the order book does not include a transparent bar to show the relative volume of each order amount, which is a feature offered by Binance and KuCoin.
Bibox displays the trade history for the selected trading pair on the right side of the screen. This may help you evaluate trends in the price movement, liquidity, and speed of trading.
Bibox displays your open orders and trade history on the bottom of the screen. We liked that a simple checkbox restricts the display to just the selected trading pair, rather than your entire list of open orders and trade history.
The price and volume chart works great for analyzing price, volume, and several commonly-used technical indicators. You can set the chart to show price and volume in increments from 1 minute to 1 week long and enable technical indicators from the top left. Bibox’s chart is on-par with the best charts available from exchanges such as Bittrex, Binance, and GDAX.
You can switch between the trading chart and a depth chart in the upper right of the chart. In showing the size and value of buy orders and sell orders, the depth chart is enough for you to identify large buy or sell walls or a large spread between buy and sell orders. It’s better than the depth charts on KuCoin and Binance, but we would like to see Bibox make it easy to zoom in and out on the depth chart.
You can switch between the trading chart and a depth chart in the upper right of the chart. In showing the size and value of buy orders and sell orders, the depth chart is enough for you to identify large buy or sell walls or a large spread between buy and sell orders. It’s better than the depth charts on KuCoin and Binance, but we wish it were easier to zoom in and out on the depth chart.
The order box in the lower right is where users place buy and sell orders on Bibox. To enter a price, either manually type the price or click on a price in the order book or trade history. To enter an amount to purchase, either manually type the amount to purchase or click on the percentage of your funds to use (25%, 50%, 75%, or 100%). Bibox supports three order types. Limit orders are buy or sell orders set for a specific price that sits on the order book until filled at the specified price. However, for example, a limit order to buy will likely execute almost immediately if set at a price equal to or above the lowest price of sell orders. Limit orders are the most common order type.
Trigger orders are designed for buying cryptocurrency when you believe the market price will quickly surge at a certain “trigger’ price or selling cryptocurrency when you believe the market price will quickly collapse at a “trigger price.” We demonstrate a trigger order below in this guide. Iceberg orders are designed for a trader to buy or sell a large amount of cryptocurrency in smaller increments over time and without shifting the market price too much. For example, a single buy order for $500,000.00 of cryptocurrency ordinarily will move market price dramatically on Bibox, resulting in paying higher prices. With an iceberg order, a trader sets a total amount to buy or sell (ex. 100 ETH, the average amount of each order (ex. 0.1 ETH), the price variance between each order (ex. 0.1%), and the maximum price that Bibox will enter for an order.
This Step-by-Step Guide will show you how to place a limit order to buy C20 on Bibox. First set the price to pay. We selected 0.00214217 ETH/C20 from the order book to auto-fill the amount and then edited the amount field in the order box to 0.00214216 ETH/C20. This will set our limit order near the top of the order book. If we had wanted our limit order immediately filled, we could have entered a price equal to the sell orders currently on the order book.
Next select the amount to buy. The below screenshot shows that we had an ETH balance of 0.41563596 to spend on C20. To sell all of our ETH for C20, we selected the 100% button in the order box and Bibox automatically filled in the amount of C20 we could buy as 194.0265 C20. We are now ready to place the limit order to buy.
Select “LIM Buy” to place a buy order. Our limit order buy is now on the order book on the right and in our open orders on the bottom. You will notice that our limit order buy is below the lowest sell order (0.00217602), the last price traded (0.00217499), and the highest buy order (0.00217178). A limit order like ours is ordinarily promptly executed when the price is moving down, but may sit on the order book for awhile if the price is moving up. If we had wanted our limit order immediately executed, we could have entered a price equal to the sell orders currently on the order book. Our order history will show the order as soon as it is executed.
This Step-by-Step Guide will show you how to place a trigger order to buy BIX on Bibox. With a trigger order, a trader sets a “trigger price,” which once reached will cause Bibox to create an order for a set price (or better). Trigger orders are used for traders attempting to profit from cryptocurrency surging or collapsing once it reaches the trigger price.
To enter a trigger buy order, first set the trigger price at which Bibox will send in your order. We entered 0.00214700 ETH/BIX as the trigger price. Next, enter the order price that Bibox will send once the trigger price is reached. It’s important to understand that the order price is the maximum price, i.e., Bibox will fill the order at a lower price if available. We entered 0.00214900 as the order price. Finally, enter the order amount. We entered 10 BIX. In summary, our trigger order will result in Bibox entering an order to buy 10 BIX at a price of 0.00214900 (or better) once the trigger price of 0.00214700 is reached.
Bibox will immediately display your trigger order in the open orders with the date, trading pair, order type, trigger price, order price, amount, and total.
Our trigger ordered executed 20 minutes later when the price reached 0.00214700 ETH/BIX. Select the detail button from order history to review the filled trigger order. In this particular trigger order, the price did not surge once the price reached rather 0.00214700 ETH/BIX. Therefore, Bibox filled our buy order set at 0.00214900 ETH/BIX for the then-available lowest price of 0.00214697 ETH/BIX. In fact, looking at the order book below, our trigger buy order was not an immediately profitable trade because the price went down (not up) after it reached the trigger price!
You will likely decide to withdraw cryptocurrency to another exchange or a hardware wallet, desktop wallet, or mobile wallet. Go to your master account funds from the top menu to view your cryptocurrency holdings. Select the withdraw button for the cryptocurrency you want to withdraw. Bibox will display the withdrawal fee and three fields to complete: address, amount to withdraw, and the “remark the withdrawal minimum, and the withdrawal fee.
First, enter the withdrawal address for the receiving address. Next, enter the amount you want to withdraw or select max to withdraw all of your holdings for that cryptocurrency. Finally, enter a note to yourself for record-keeping purposes or anything you want into the “remark” field. It is nonsensical that Bibox makes the remark field required, but you can always enter random characters into the “remark” field. Press submit to initiate the withdrawal.
You Are Ready To Get Started With Bibox.