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The basics of crypto trading

Bithumb

bithumb
Year 2015
Founders Daesik Kim
Origin South Korea

Bithumb is a South Korean bitcoin exchange that plans to become a global leader on the cryptocurrency market in the near future. Traders are attracted by a rapid pace of development and prospects of the platform.

The Korean platform Bithumb is popular on the national market. Nowadays, traders from all over the world pay much attention to it.

History

Cryptocurrency exchange Bithumb started providing services to clients in 2015. A new platform gained popularity almost immediately. The head office of the company is located in the capital of the Republic of Korea. Despite the fact that the project is highly demanded and serious, the wide audience knows nothing about the real owner and developer of this cryptocurrency platform. For whatever reason, this fact is successfully kept secret.

The Bithumb Company keeps developing. At the end of summer 2015, an offline center for providing professional help to the clients was established. This is the only exchange on the cryptocurrency market that offers such a service. Almost immediately, well-known titles Bloomberg and Fortune noticed the site. The mass media constantly introduce the company’s new products and services.

The website of the cryptocurrency exchange was translated into several languages. The sign up process and access to information has been made as simple as possible. Any client can cope with obtaining important information in a usual way or through API. For smartphone and tablet users, a special mobile application has been developed, which has almost the same functions as the official website.

In the summer 2017, an unpleasant incident took place. The exchange got hacked. As the result this successful attack, the users’ personal data and funds were stolen. The hackers gained access to confidential information through a computer belonging to one of the company’s employees. This unpleasant incident didn’t cause the mass exodus of customers. Two weeks later, the cryptocurrency exchange became the leader in traded volume again.

The company development forecast

According to well-known analysts, the cryptocurrency platform is a good trading tool for its region. It’s too early to speak about high popularity abroad. Many specialists believe that it will be able to achieve quicker success if developers simplify the verification process and secure support of various fiat currencies. Despite some disadvantages, the Bithumb exchange still has significant impact on the cryptocurrency market. More than once, it has been proved to the users. After introduction of new coins, their value increases significantly almost in any case.

Within the next two years, analysts predict an increase in the traded volume. This is due to the rapid development pace and broad prospects of the site. At present, it is the first popular exchange in Korea and the leader of the cryptocurrency market in Japan. According to Korea Herald, the platform accounts for up to the half of the South Korean trading operations with Ethereum and more than 70% with Bitcoin. If it becomes possible to use not only Korean won for trading on Bithumb but other fiat money as well, this volume can significantly increase.

The company plans to introduce a decentralized platform Bithumb DEX that will become available in autumn 2018. The new exchange will ensure a high security level of trading and may become a leader of the global market against the constant internal problems with business.

How to use services of the exchange?

A user needs to sign up. He will have to fill in many fields with his personal data. The submitted information must be reliable and verifiable. Verification begins as early as at the registration stage. The service will require confirming a new user’s phone number. To avoid mistakes, a user is recommended to read the notes next to the form fields carefully. Particular attention should be paid to the pin code. A user will require these 4 digits to confirm all the transactions, including withdrawing of funds.

On Bithumb exchange, a user can register as a private person or a legal entity. Corporate clients will have to provide basic information about the company they represent and its management.

Verification

Verification of the data submitted by a user is a mandatory procedure. Before receiving access to trading, a client is to submit copies the documents confirming his identity and other personal data.

Trading

On the main page of the Bithumb exchange website, a client will find information about all the traded pairs. Cryptocurrencies are quoted towards South Korean won. A trader can find the current price, view and customize the quotation chart, analyze the price changes of a financial instrument, monitor open orders, close them and open new positions.

Developers offer to create market, simplified, pending orders. A user can learn how to trade in different modes on his own by trying to open a position using various methods.

Advantages and disadvantages

By analyzing popular cryptocurrency sites and thoroughly checking the functionality and working efficiency of the Bithumb exchange we were able to identify the advantages and disadvantages of the object. The platform’s peculiarities can help a user to make the right choice.

Advantages:

Disadvantages:

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LH-CRYPTO is an online service for crypto-traders

LH-CRYPTO is an online service for crypto-traders. The service is available to everyone, except for the citizens of particular countries and several categories of people listed in the License Agreement. LH-CRYPTO is a free software for making conversion operations with CFDs on various financial assets nominated in cryptocurrencies.

The project does not manage funds and does not guarantee profits. The project only offers a service that allows to make conversion operations with cryptocurrencies on a specially configured software.

This website is maintained and supported by the following legal body:

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All the settlements in this project are processed solely in cryptocurrencies. Conversion operations are processed on the terms of margin trading without a direct supply of underlying assets. According to the generally accepted term, these operations are called operations with OTC (over the counter) CFDs (contracts for difference).

Trading with OTC CFDs involves considerable risks. We recommend you pay the utmost attention to both theory and practice of margin trading before making any of such operations.

The services provided by this project are not available for: residents of USA, North Korea, Sudan and Syria.

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