The basics of crypto trading
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.
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.
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.
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 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.
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.
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.
Bithumb, the widely popular exchange platform, has recently added the token of Crypto.com to its list of altcoins for trading. It is the pioneering payments and cryptocurrency platform Crypto.com that has announced about the availability of its Crypto.com Chain Token (CRO) on Bithumb.
Being the largest exchange platform in South Korea founded in 2013 by BTC Korea.com Ltd company, Bithumb offers trading services covering more than 60 digital assets. As it has turned out later, CRO was added to the Bithumb Global list in June 2019.
The Crypto.com Chain Token (CRO) supports a high-performing native blockchain Crypto.com Pay. It allows customers to do financial operations and transactions in cryptocurrency, no matter where a user resides. Thus, customers reap good cashback rewards through Crypto.com Pay, and merchants avail of significantly reduced processing commissions and instant operation settlement.
In June 2019, the South Korean prosecutor’s office initiated an investigation into the Bithumb digital asset exchange in connection with the 2017 incident. This happened after a huge data leak that took place on the exchange and around 31,000 user’s entries such as real names, phone numbers, and other sensitive information got to the malefactor’s hands. It is almost certain that this information was later used to steal 7 million USD from the associated wallets on the exchange.
One of BitHumb’s representatives, who was responsible for the safety of personal information of users, is now being charged for the violation of the law on managing information networks and the law on information protection. According to the prosecutor's office, he is the one who was responsible for the leakage due to the fact that he was allegedly infecting the employees’ computers with malware that was later used to conduct this attack. Additionally, the company wasn’t able to take sufficient measures to get the user data encrypted, which is a direct violation of the security guidelines.
The person representing the prosecutor’s office has made a statement that the decision to actually proceed with the investigation and the case itself was made due to the fact that new victims of the attack were discovered. Meanwhile, the company claims that these events have nothing in common and are a mere coincidence.