Bicnex.

Bicnex is built for all types of investors. Whether you are a beginner or an advanced trader, it's always easy to start your crypto journey here. This article will guide you through the process of making your first trade.

A. How to start trading

First of all, if your account type is anonymous, you have to upgrade your account to approved account by completing your account contact information. Anonymous accounts cannot trade on market.

Step 1. Log in to your account, click on the Market tab, then click Spot Market.

Step 2. Find the trading pair you want to trade. Bicnex offers a variety of markets such as Stable Coins (USD Ⓢ), Bitcoin (BTC), Ethereum (ETH), and a variety of Altcoins (BNB, TRX, and more).

For instance, if you want to buy ETH with USDT, click on the ETH/USDT pair.

Step 3. Enter your 6-digit Trading Password to start placing an order. For security reasons, you will be asked to provide the trading password once every 3 hours.

Step 4. Choose the order type, enter your order details such as price and amount, then click the Buy or Sell button.

Bicnex supports the Limit, Market, Stop Limit, and Stop Market order types. This article will elaborate on each order type later.

Step 5. Once the order has been placed, it can be found in the Open Orders section. Once filled, the order will be moved to the Order History and Trade History sections.

B. Understanding Different Trade Orders

1. Limit Order: A Limit Order is an order placed to buy or sell at a specified limit price.
2. Market Order: A Market Order is an order placed to buy or sell at the best available price in the current market.
3. Stop Limit Order: A Stop Limit Order is an order placed to buy or sell at a limit price when the price reaches the configured trigger price.
4. Stop Market Order: A Stop Market Order is an order placed to buy or sell at the current price when the price reaches the configured trigger price.

Tips:

The Market Order is matched by the best available price in the current market. Considering price fluctuations, the filled price can be higher or lower than the current price, depending on the market depth.

We upgraded the Stop Order function on October 28, 2022. After the upgrade, the system will no longer pre-freeze the assets in your account for the Stop Order until it has been triggered.