Bitkub Review
The world of finance has seen a lot of transformation since the advent of cryptocurrencies which has greatly influenced how we do business and pay for goods and services. More importantly, people now have a new means of investment; the cryptocurrency market which offers investors vast potential gains and opportunities via exchange platforms such as the Bitkub exchange which serve as gateways into the crypto market.
The crypto industry has continued to grow seeing numerous exchanges get established offering various trading services to investors and traders. And out of the so many exchanges present in the crypto market, one that stands out in the Kingdom of Thailand is the Bitkub exchange platform. This is the Bitkub exchange review.
As a new investor looking to have financial success in the crypto market, choosing a decent exchange platform should be of topmost priority as it has a great influence on trade outcomes and the overall trading experience of traders. And out of the many decent exchanges we’ve picked the Bitkub exchange to talk about.
In this review, we’ll be discussing the exchange’s overall operation, features, benefits, and products it offers investors and traders across the globe. And more importantly its competitive advantage over other exchanges in the crypto market.
| Exchange Platform | Bitkub exchange |
| Website | http://Bitkub.com |
| Security | Secure Socket Layer (SSL) encryption, Two-Factor Authentication, DDoS protection |
| Withdrawal Fee | 0.0002% |
| Trading assets | Ethereum, Bitcoin, Ripple, Bitcoin Cash, Zilliqa, Wanchain, Stellar (XML). |
| Trading Fee | 0.20% |
| Trading Fee | 0.20% |
| Trading platform | Mobile App, and Web-based platform |
The Bitkub exchange platform is one of the top-performing exchange platforms in the crypto industry. In fact, it ranks second on the list of top exchange platforms in terms of traffic and volume in Thailand. Bitkub was established in February 2018, having the biggest seed investment in the history of Thailand’s startup.
In January 2019, Bitkub became fully registered and regulated under the authority of the Thailand Government along with the Satang Pro exchange making it the only crypto exchange to be officially licensed in Thailand. The exchange platform since its establishment has its headquarters based in Bangkok, Thailand where it controls and oversees its trading operations across the globe.
Being a new and innovative crypto exchange platform, Bitkub welcomes both newbie and experienced traders and investors all over the world who are looking for a simple and easy way to buy and sell various digital coins. The exchange platform was established to provide a simple and secure trading atmosphere for traders and investors in the crypto market.
The Bitbuy exchange platform lists about 26 various digital coins on its trading platform offering traders enough flexibility to diversify their portfolio. Asides from the major cryptocurrencies such as Ethereum, Bitcoin, Ripple, Bitcoin Cash, the exchange platform also lists various altcoins like Zilliqa, Wanchain, Stellar (XML), OmiseGO Coin, and so on.
At a glance, the Bitkub exchange seems decent enough to meet the diverse trading needs of traders. But let’s delve into the basic features, services, and products of the Bitkub exchange to have a comprehensive insight into the exchange platform.
Registering with Bitkub exchange
The registration process involved in opening an account with the Bitkub exchange platform is very simple and straightforward. The first step to visit the Bitkub exchange website where you will see an “Open account” button. A click on the button will then take you to a registration page where you will be required to input your email and password.
The exchange requires a minimum of 8 characters for the password which must include numbers, letters, non-capital and uppercase letters including a special character. Upon filling the form, you click the “Join Bitkub”.
A confirmatory email is sent to your email to verify your email address. After verifying your email you can then login to your Bitkub trading account.
Verification of Account
After registering with the exchange platform, what comes next is the verification of your trading account as, without that, trading activities on the Bitkub platform are quite limited.
To begin the verification process, you click on the “VERIFY NOW” button which leads you to another page where you have to click on “NEXT”, followed by “BEGIN VERIFICATION”. On this page, you will be asked to choose if you are a foreigner or a Thai citizen. After that, you will be required to submit your personal information such as first name, last name, province, phone number, age, and so on.
You will also be asked to submit proof of identities such as a passport or government ID card and proof of address. You will also need to upload a passport photograph. After uploading all necessary documents, some follow-up questions would be asked to further make proper verification.
The whole verification process takes about 1-2 working days before you get approved to start trading fully.
Trading Platform
As a new investor that is just looking to invest in the crypto market, a very important feature to look out for is the trading platform being offered by such an exchange. For many investors, the trading platform is the most crucial feature offered by an exchange as it is the software algorithm that oversees and supervises the entire trading activities performed by a trader. These trading activities include market execution, withdrawals, price analysis, and the use of various indicators and tools.
As you may expect, the trading platform offered by crypto exchanges differs from one another and this is because exchanges focus on different aspects and use varied metrics when developing their trading platform. That is why trading platforms offered by most exchanges differ in terms of design, interface, and customization.
However, regardless of the differences among these trading platforms, it is believed that an excellent trading platform must be user-friendly, easy to navigate, simple and straightforward, and incorporated with either basic or advanced trading tools. This ensures that traders and investors have a decent trading experience in the cryptocurrency market.
The trading platform is also usually integrated with various trading tools to assist traders and investors have a smooth trading experience in the cryptocurrency market. And that is why traders look to choose an exchange with a standard trading platform equipped with the latest trading tools and advanced technology. Going by this definition of a decent exchange platform, this is what Bitkub has provided.
The Bitkub exchange platform offers a very simple web-based platform as well as a mobile trading app to its clients. The web-based platform is of simple design having a very simple user interface, easy navigation, and integrated with advanced trading tools and indicators. Just like a regular crypto trading platform, the web-based trading view consists of order history, various price charts, buy and sell-boxes, order books, and many more.
The mobile trading app is also of very simple design and allows investors to trade and monitor their portfolio anywhere and at any time. The mobile trading platform is available for download on Google Play Store and Apple Store which implies that the mobile app can be downloaded on Android OS and iOS.
Liquidity and Full Reserve
The Bitkub exchange platform offers impressive liquidity for a relatively new exchange platform. On the 27th of November 2018, Bitkub recorded a daily trading volume of $632,000 which saw the exchange platform hold the 147th position on the Coinmarketcap’s list of top exchange platforms in terms of the daily trading volume.
On the 23rd of March 2020, right at the center of the global COVID-19 pandemic, the Bitkub exchange platform recorded a daily training volume of $ 4.1 million. This is definitely a great improvement compared to the daily trading volume in 2018 and it can only get better as there is lots of room for improvement.
In terms of the exchange’s reserve, the Bitkub exchange platform claims to be a full reserve taking the responsibility of protecting and safeguarding 100% of clients’ investment funds and never to be used for different purposes. The exchange platform keeps a huge sum of capital frozen to reimburse clients in the case of unforeseen circumstances.
This comes off as a huge burden to the exchange platform but this practice seems to be one of the best ways to ensure that clients’ investments can be repaid in the event of cyberattacks or hacks.
Security Protocol
As much as investors are ready to face the investment risks associated with the crypto market, another risk lurks at the corner and that is the risk of cyberattacks and various fraudulent activities that has now become a menace in the crypto market of today.
A lot of traders and investors in the crypto market have seen various successful cyberattacks and fraudulent activities that have carted away the investment funds of many investors while also leaking various personal sensitive information. With these experiences, both the exchanges and investors in the crypto market have become very security conscious.
To this end, a lot of exchange platforms have set up robust and advanced security protocols and measures that are efficient enough to protect and safeguard clients’ personal data and funds in the crypto market. As a trader, you must now endeavor to select an exchange platform that is adequate enough to provide standard security measures.
The Bitkub exchange really does well in providing adequate security technologies and policies to ensure the safety of the exchange platform as well as clients’ personal data and investment funds. Being a customer-oriented exchange platform, Bitkub makes use of different technologies with different objectives to ensure that its security level is well optimized.
To this end, Bitkub integrates the Secure Socket Layer (SSL) encryption, DDoS protection, Two-Factor Authentication among so many others. Let’s have a look at each of these security measures
- Secure Socket Layer (SSL)
The SSL is an encryption technology integrated by the Bitkub exchange to protect and secure its databases from being hacked by any third party. The Secure Socket Layer sets up a network of computer system communicating with one another to immediately detect any beach or threat to the database while also automatically taking actions to prevent such attacks
- Two-Factor Authentication (2FA)
Two-Factor Authentication is a basic security measure employed by most exchanges. It is the first line of defense in the case where login details are already compromised. It offers a double layer of security to susceptible trading activities like withdrawals, logins, password reset, and lots more performed by clients.
The 2FA prevents unapproved third-parties login to clients’ trading accounts. By activating the 2FA, a six-digit code is sent to clients on every withdrawal, password reset, and logins to approve such activity.
- DDoS protection
The Bitkub exchange in making use of No Scrubs technology established its DDoS protection on Cloudflare to safeguard and secure the trading platform against Distributed Denial Of Service (DDoS) attacks. It does this by automatically intercepting malicious requests on the server.
Fees and Commissions
Participating in the cryptocurrency market isn’t free as exchanges charge various fees and commissions on trading activities performed by traders and investors. It’s quite normal for exchanges to charge these fees as that is how they make their profits and finance their overall trading operations.
However, investors must be very careful in choosing these exchanges as some charge fees that are way more than the industry’s average which eventually cuts into trader’s profits. As a result of this investors look to register with an exchange platform that offers low fees and commissions.
In the crypto market, exchanges usually charge fees and commissions on order executions, deposits, and withdrawals and this fee can be of a fixed rate or in percentages as determined by the exchange platform. For the Bitkub exchange platform, the commissions and fees charged are very cheap and can be afforded by most traders in the crypto market.
- Trading Fee
The Bitkub exchange platform does not divide its trading fees into makers and traders fees as its trading fee is of flat rate. For every trade executed on the Bitkub exchange platform, it charges a trading fee of 0.25% which in line with the industry’s average. This trading fee isn’t bad at all but it does not offer Bitkub any competitive advantage
- Withdrawal fees
The Bitkub exchange platform charges 0.0002 BTC as withdrawal fee on every Bitcoin withdrawal on the exchange platform. This withdrawal fee is considerably lower than the industry’s average which is around 0.0008 BTC. This withdrawal fee gives Bitkub a great competitive advantage over other exchanges in the crypto market.
Withdrawals and Deposit
It’s quite common in the crypto market to see various exchanges offer multiple payment methods to their clients. By doing this, clients get to have enough flexibility in selecting a payment method that suits their present situation in terms of deposits and withdrawals of funds.
The Bitkub exchange platform follows suit with this model and offers its clients various payment method options that can effortlessly withdraw or deposit funds into their trading account using either cryptocurrencies or fiat currencies.
For the deposit of fiat currencies, the exchange platform makes available wire transfers, however, clients can’t make use of debit or credit cards. Using the wire transfer to withdraw or deposit funds takes about 10 minutes to 2 hours to get processed and approved. The time taken to process payments mostly depends on the bank used by the investor.
Clients of the Bitkub exchange platform also have the opportunity to transfer their preferred digital assets from their external crypto wallet into the Bitkub trading platform and vice versa. The processing time is mostly instantaneous allowing clients to quickly withdraw or deposit funds.
Customer Service
One of the vital features you should also check out before choosing an exchange platform is the customer support being offered. As a newbie investor, you must try to avoid choosing an exchange that doesn’t provide decent customer service. Because why should you choose an exchange platform that offers little to zero support?
The trading business is a difficult task in itself and it can sometimes get overwhelming especially when unexpected situations come up. In times like this, traders need all the assistance and help they can get. And in understanding this reality, the Bitkub exchange ensures its clients get the needed support in the crypto market.
Another competitive advantage of the Bitkub exchange platform is the customer support put in place. Its customer representatives are highly professional and ready to answer all requests and complaints. The customer support is available 24 hours a day and 7 days a week. The representatives can be reached via phone call and email.
Final Thought
A lot of things have been discussed about the Bitkub exchange platform and looking at its features, benefits, and competitive advantage it isn’t far-fetched to conclude that it is an incredible crypto trading platform.
So if you reside in Thailand, the Bitkub exchange is one of your best shots at buying and selling various digital coins effortlessly. In comparison with other exchanges outside Thailand, Bitkub also does well offering a significant competitive advantage in terms of fees and security.
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