There are many cryptocurrency exchanges, and the search for the best is rather challenging. Many pose the challenge of language barrier amongst other issues. Finding a great exchange site that offers great services can be a relief, especially when you don’t need to spend too much. Bithumb is a cryptocurrency trading exchange based in Seoul, South Korea and it may be just what you need. The exchange platform ranks high among other exchanges with 24- hours volume exchange. So, what do you need to know to use this exchange?
What is Bithumb?
Bithumb is the largest South Korean exchange platform with its headquarter in Seoul. It has been categorized as one of the leaders of the global market in recent times. It is known for its low trading cost as sellers and buyers have a basic fee of 0.15% which can reduce to 0% if coupons are used.
How it Works
It has a great trading platform which has not be associated with lagging issues when switching through different tabs. No charge is collected for depositing cryptocurrencies except on withdrawal whereby a fee is deducted for each transaction, depending on the cryptocurrency in question. As this exchange is primarily designed for the South Korean audience, it uses the KRW (South Korean Won). Buying cryptocurrencies from another country requires buying BTC or ETH and sending it to Bithump for conversion in KRW. Bithumb also provides e-wallet services and money transfer services for Bitcoins and KRW.
The exchange platform offers three trading option you can choose from. They are the General trade; the Easy trade which provides automatic transactions using pre-ordered amounts with real-time price and Reserved trade which places orders as per the amount requested by the client at the reserved base price.
No doubt, this cryptocurrency trading exchange is easy to use and requires a low cost for transactions. But it is primarily designed for the South Korean populace and accepts only KRW fiat which makes it limited in its reach.