At the time of writing, there are up to 22000 markets (tradable pairs) for cryptocurrencies. That means there could be an infinite number of crypto exchanges already established in 2020. Of course, this is good news for the crypto community as it shows an increased rate of adoption. However, it is a realm of nightmares to a newbie who has no idea what exchange to use.
Well, for that matter, a team of experts in Crypto Adventure has decided to survey all the exchanges, and luckily Bithumb Global made the cut in our long series of crypto exchange reviews.
Bithumb Global not to Be Confused with Bithumb
Bithumb main exchange (not Bithumb Global) was launched in 2014. Since then, the exchange has grown exponentially to become Korea’s most influential digital assets exchange. As of 2020, it has 8 million users and a current cumulative transaction volume above $1 trillion.
Fun Fact: Did you know that Bithumb (again, not to be confused with Bithumb Global) facilitates 59.19% of Korea bitcoin transaction volume and 15% of the global market?
Well, that’s true! Bithumb has only focused on one region, and 80% of the platform users are from South Korea. Therefore, in an attempt to diversify and address the issue, Bithumb launched Bithumb global.
Quick Bio of Bithumb Global
Launched in early 2019, Bithumb Global is a sub-station of Bithumb aimed at connecting liquidity and market potential worldwide. Currently, most cryptocurrencies are focused on one specific country. Bithumb Global enables each global user to trade, participate, or contribute to the digital assets ecosystem.
In fact, the launching statement read:
“With an aim to build up a better and friendlier digital assets ecosystem, Bithumb Global is launching new tools to help create inclusive community resources and a new “Unleash” program which strives to bring awareness to their vision.”
Key features of Bithumb Global
Overall: It Has a Better Trading Ecosystem
As an independent entity with its own internal resources, Bithumb Global provides a better trading environment with a whole new experience and community standards. Also, with technology that includes advanced order matching engines, and coin staking capabilities, Bithumb Global is undoubtedly the next-generation crypto exchange for global communities.
“Since Bithumb Global’s beta launch in May of 2019, it has onboarded more than one million users worldwide, and have had their daily trading volume exceeded over $381 million,” said Javier Sim, Co-founder and CEO of Bithumb Global in the launching statement. He went on and added that, “it has become the only exchange established in 2019 that was ranked among the top trading platforms in the world.”
This is one of the unique features of Bithumb Global. It makes it possible for pre-selected projects to reach Bithumb Global’s users’ community and compel extensive attention.
Crypto pleasantries such as IEOs (Initial Exchange Offering) and other fundraising processes, motivate users to hold platform coins so as to participate. They enact pricing pressure due to the required investment from traders. Traders are incentivized to recover their investment as quickly as possible, or if not careful, they can fall victim to ‘herd mentality’ given the liquidity that crypto exchanges bring.
On the other hand, a BG Staging event does not require participants to invest in crypto or fiat in a fundraising round. Participants just need to stake their digital assets to show their interest. This way, the staging process does not consume mainstream fiat or currency, which is similar to freely launching high-quality asset tokens for platform users. In the end, participants will receive back their stake and probably reward vouchers at no risk. Weighing all these on a logic scale, BG staging could be denoted as more of a “raffle give away event.”
These vouchers are awarded based on staking commitment levels. Higher commitments are more likely to receive vouchers, which are granted based on a weighted dispensing methodology.
Bithumb Global Margin Trading
Margin trading allows investors to use borrowed funds in order to increase their potential profits. Users can leverage their existing cryptocurrency by borrowing funds to increase their buying power.
While it is a great way to trade, margin trading is a high-risk strategy, as it can as well compound losses if unsuccessful.
To note, according to the launch statement, “Bithumb Global restricts the use of the service for users in accordance with the regulations and laws of the service jurisdiction or specific country. Users who register via a Bithumb account with respect to their specific countries will be restricted from using the margin trading function.”
BG credit card
To further improve adoption to the platform, Bithumb Global is rolling out new fiat to crypto on-ramps. Traders across the globe can now purchase digital assets with credit cards. The benefit of using a credit card includes additional time savings with instant crypto to wallet transfers and low fees.
Supports different fiat currencies
Bithumb Global provides support for different FIAT trading anywhere around the world with proven technology. To achieve this, Bithumb Global works with partners who make it possible for users to trade digital currencies using Fiat currencies. Some of the partners include Xanpool and MoonPay and recently Simplex.
Xanpool supports several fiat currencies, including INR (Indian Rupee), SGD (Singapore dollar), and HKD (Hong Kong dollar), among others. MoonPay, on the other hand, supports, among others: AUD (Australian dollar, EUR (Euro), ZAR (South African rand), and USD (United States Dollar).
Smart token (1x short BTC)
A smart token is an Ethereum-based programming code presented in smart contracts built on the Ethereum network.
Launched on May 7, 2020, the BTCS (1x short BTC) is a Bithumb Global’s smart token that “seeks an expected return associated with -1 time BTC yield. For example, when BTC falls by 5%, BTCS will rise by 5%; When BTC goes up 3%, BTCS will go down 3%.”
Selection of Cryptocurrencies
Bithumb Global allows users to select tradable cryptocurrencies. Users have access to most of the underrated assets unlisted in the other exchanges. This gives users of Bithumb Global a competitive edge as they benefit from a wide array of cryptocurrencies that are not available on other platforms.
For a long time, the Know Your Customer (KYC) process was not an important venture. At least not for most cryptocurrency exchanges. Users were able to onboard any exchange with no geographical limitations. This, however, changed with time! Regulations became stricter, imposing KYC requirements for any legal digital asset exchange.
Even so, the location of Bithumb Global and local laws does not restrict it, unlike other exchanges. This allows its users to withdraw up to 1 BTC every 24 hours without any KYC. How cool is that?
Bithumb Global Fee
For every digital asset exchange, the competitive fee plays a vital part in determining the best exchange. This is a substantial percentage given to the exchange for every revenue generated.
Based on currency and other promotions, Bithumb Global charges between 0 to 0.1 percent of every transaction or trades.
Considering the above merits, it is without a doubt that there are many reasons why crypto traders should consider Bithumb Global. Starting with the platform’s global support, beginner friendliness, quick fiat to crypto trading, and low fees, other perquisites of Bithumb Global include tight security measures, low latency order matching engine with proprietary technology and advanced algorithms, and a friendlier user interface.
Stay Home, Stay Safe, Trade Safely with Bithumb Global!
Originally published at https://cryptoadventure.org on May 19, 2020.