A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bitkub consists of four parts: general information, fees, deposit methods and security.
Bitkub Online Co. Ltd or Bitkub.com is the second largest exchange in Thailand in terms of volume and traffic. Bitkub was launched in February 2018, closing the largest seed investment round in Thailand’s startup history. Together with Satang Pro, Bitkub Online is one of the two currently operational exchanges that have been officially licensed by Thailand Government earlier in January 2019. After receiving the official license, the exchange was also the first one to launch a mobile trading app for cryptocurrency in Thailand, with 24/7 customer support.
On the day of first writing this review (27 November 2018), the 24 hour trading volume was USD 632,000. This placed Bitkub at place 147 in the list of exchanges rated after 24 hour trading volume. On the date of last updating this review (25 July 2019), the 24 hour trading volume was USD 353,000 so there’s still surely some room for improvement there.
With 26 coins listed, Bitkub provide traders with a few different choices depending on their personal needs as well as risk acceptance rate. Beside major coins such as Bitcoin, Bitcoin Cash SV, or Ethereum, Bitkub also trade many other cryptocurrencies like OmiseGO Coin, Wanchain, Stellar (XML), Litecoin, Zilliqa etc.
Being based in Bangkok – the world’s most visited city, Bitkub welcomes traders and users of all nationalities, whoever is interested in trading cryptocurrency in THB.
With an aim to make the platform accessible to everyone, whether it is a beginner or expert trader, Bitkub provides a quite thorough guidelines for new users in their FAQs totalling to 130 writeups.
In terms of protecting their users, Bitkub states to be a full reserve, as well as guarantees 100% deposit funds is well-kept and never used for any other purposes. A huge amount of capital is currently frozen by Bitkub with an aim to default in case any unexpected situations crop up. While this seems like a burden to digital asset exchange, this practice is reasonable as to make sure that exchanges can repay their customers.
Bitkub’s Coin Directory
Besides the FAQs , Bitkub, with a stated mission of revolutionizing people’s financial way of life as well as educating the young generation on Blockchain and cryptocurrency, dedicates a separate section on its website called “Coins Directory”. The Directory covers information and basic knowledge of all coins listed on Bitkub. These articles are also updated frequently every month, in order to keep the users as up to date as possible. Therefore, if you ever have any inquiries during the trading process, you can go straight to their knowledge base and try searching your questions out.
Bitkub Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Bitkub:
Bitkub Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. They have set their flat fee at 0.25% which is exactly in line with global industry average. In other words, the trading fees are not bad, but not a competitive advantage either.
Bitkub Withdrawal fees
The withdrawal fees at this exchange when withdrawing BTC is 0.0005 BTC. This is almost 50% lower than the global industry average BTC-withdrawal fee which is 0.0008 BTC. Accordingly, the withdrawal fee is competitive.
At the moment , Bitkub’s main deposit method is through wire transfer, bank accounts from almost every Thailand banks are welcomed. The deposit and withdrawal time ranges from 5 minutes up to 2 hours. The time depends largely on the bank as well as the time of the transactions.
One of the best features of Bitkub is its 24/7 support services and hotline. The support function works 24 hours every day including weekends. The supporting system makes it easier for traders to ask questions, send suggestions and solve their problems as soon as possible, instead of having to wait for the office hours.
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Bitkub only received an F-score in this test.
As a cryptocurrency exchange, Bitkub deploys various technologies with different purposes to optimize its security level. With regard to accounts’ protection, Two-factor authentication, which adds an extra layer of security, preventing unauthorized access of username or passwords, is available for all Bitkub’s accounts. In terms of system security and safety, Bitkub.com’s traffic runs completely on encrypted SSL, DDoS protection on Cloudflare using No Scrubs technology.
Organization security also plays a very significant role in every exchange. All Bitkub’s employees are required to comply with the company’s financial standards. Password management system as well as two-factor authentication are optimized to prevent any unauthorized access into the company’s data storage and network. Furthermore, in order to best secure your information, Bitkub hashes/ encrypts all passwords in the database. This makes sure that your account can only be accessed from authorised personnel and devices.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):