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August 22, 2018

How to trade at ZB.COM?

The Essentials of Trading at ZB.com

Welcome back to the next chapter in our series of articles about trading at exchanges listed on our dashboard. It looks a lot like this:

We encourage you to familiarize yourself with the structure of our previous articles on the topic, so you can gain a better understanding of how it works. The articles are split into three sections: The Basics, Advanced, and Pro.

We recommend reading all three sections if you want to familiarize yourself with the chosen exchange completely, so you know all about it before you start trading. Better yet, have a look at all the articles in this section and compare the exchanges so you can make an educated guess as to which exchange fits you best. Let’s get straight down to business.

Protection

As usual, please make sure you take the usual precautions like not storing all your funds on one exchange and using colds wallets. Some traders find it cumbersome to use cold wallets because they’re using large volumes and prefer to spread their funds evenly across a few exchanges.

Whatever you do, we recommend using a good antivirus, monitoring the address in the address line is not changed, using 2FA at all times, and so on. Taking your security seriously is a good idea, and it becomes a great idea when you progress from novice to an advanced trader and then crucial if you’re after becoming a pro.

What is ZB.com

Even though ZB.com hasn’t been around that long, it is rather promising. You know we always recommend checking age and rep and reviews as the three whales that the world of cryptocurrency exchanges stands on.

Is it always true the oldest and most established exchanges are the best? Could it be true that the new exchanges that haven’t been around for very long and have achieved success are better? It’s up to you to decide. ZB.com is less than a year old, but it’s fifth in terms of market cap, getting quite close to the all-time giants like Huobi, Bitfinex, and OKEX. Weigh the pros and the cons and go ahead. Editor’s choice? Simplicity, reliability, and safety of the relatively young Kucoin exchange.

Registering

When you enter ZB.com, you will see a whole lot of Chinese. Don’t be put off by it, however, because on the left, about halfway down, you will see a picture of a flag (we think...the flag seems to travel but it will be there somewhere). If you hover over it, you will see more flags underneath, and by clicking the English one you will land yourself the version you can understand (unless you already speak Chinese, in which case respect to you because we hear it’s a really difficult language to learn).

Click the Sign-Up button next to the flag. You will be taken to the form, which looks standard but really isn’t. Fill in your email, password, drag the slider to the right, and immediately a code will be sent to your email address. Use that code to get in.

By the way, we have to say there are very quick scripts on this page, which is hopeful. Don’t let the, sometimes, broken English on the website fool you: the programming behind GB.com is actually very impressive, although the interface is quite simplistic.

Check your spam and junk folder in case the letter doesn’t arrive and don’t use the same password for other websites, as the site correctly suggests.

Expansion

We also want to congratulate ZB.com on expanding its operation to Malta. Malta has long been famous as the hub of all things relating to new technologies and futuristic developments. They are also very strict when it comes to licensing, so this latest move will leave you in no doubt about ZB.com’s future prospects, in case you were wondering if it was worth trusting because it hasn’t been on the market for that long.

Forbes also considers it a reputable exchange, which is worth something. We hear there are plans of fiat-to-crypto conversions too, which is a good news. By the way…

Depositing

In case you were attracted by ZB.com’s small commission and large potential, you will highly likely want to ignore the downsides like the lack of instruments and simplicity of the interface and get straight into trading.

One of the limitations we have already mentioned is the fact that only crypto depositing is allowed. On the one hand, it makes things easier. On the other, as we said, there aren’t as many opportunities as we would like. What’s more, we’re not really sure about the fact that coins will be deposited after 1 network configuration is a good thing.

Go to https://www.zb.com/ and click Deposit. Click on the currency you’re after, and the system will provide the address for you.

Note that sending another type of coins will not get you automatic conversion or anything of the sort! You may lose you coins, and probably will so be careful. Use an outside platform to transfer your funds to this address.

Trading

In order to start trading now that you have what you need in your wallet, you need to click “Exchange” and choose the trading pair. You will see this:

We can’t really say ZB.com is an all-you-can-eat buffet in terms of trading functionality, because, as you can see, there are only bare essentials here. However, it is not a bad exchange to start with if you ’re a beginner, because all those graphs won’t scare you off - but if you’re into skilled trading, we recommend Huobi in terms of functionality.

Make sure you memorize the types of orders which we will go into in depth in the next article, but for now: market orders mean that you will Buy or Sell at best available price (which can be a pain if you’re buying 20 shares for $200 and end up with 5 for $200, 5 for $190, and 10 for $180).

A market order will basically get you whatever the best price is now, which can differ depending on what’s on offer, and your average price can be much lower than what you were after, to begin with.

That’s what limit orders are for. They execute only when the price set by you has been fulfilled. Stop orders are for traders who know that at some point, if the price falls drastically, for example, it makes sense to sell, even if you’re not making profits.

So, once again:

  1. Market orders - get everything now (simple, but not always effective).
  2. Limit orders: buy this stock when it reaches a low (good thinking).
  3. Stop orders: sell my stock when it falls too low and I want out before I go broke (wise thinking).

So, now you get the order type, all you have to do is to choose the number of coins, price, and click “Buy” or “Sell”. Again, we hope you are pleased with the low commission, which is one of the reasons for choosing this platform for beginner users.

Regulation

We believe, going on the information we have, that ZB.com is not regulated at this time, so we would like you to bear in mind the warning provided by SEC. This basically means that, if you’re choosing an exchange that is not, strictly speaking, verified, you take your chances with it.

If you check the T+Cs with exchanges like these, you will find often there are clauses that will relieve the exchanges of all responsibility to protect or compensate you. Ultimately the choice is yours, but we prefer to do everything by the book:

“A platform that trades securities and operates as an "exchange," as defined by the federal securities laws, must register as a national securities exchange or operate under an exemption from registration, such as the exemption provided for ATSs under SEC Regulation ATS. An SEC-registered national securities exchange must, among other things, have rules designed to prevent fraudulent and manipulative acts and practices. Additionally, as a self-regulatory organization ("SRO"), an SEC-registered national securities exchange must have rules and procedures governing the discipline of its members and persons associated with its members and enforce compliance by its members and persons associated with its members with the federal securities laws and the rules of the exchange. Further, a national securities exchange must itself comply with the federal securities laws and must file its rules with the Commission.”

Finally

We hope you enjoyed the ZB experience. We certainly did, although there is still room for improvement, we think, but then again, it’s been a very short time and a lot of progress.

Getting registered is easy, the trading volume is high, everything works, anyone can get in, and there is a more or less decent protection. We hope the language gets fixed sometime soon, and we hear fiat currencies are to make an appearance, so overall there are more reasons to like this exchange than not. Have a great day and keep in touch!

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