Getting Started with Bithumb Global: The Definitive Guide

Minter ceases to be just a community of crypto enthusiasts and developers and begins to see fairly large projects built on top of it, the blockchain itself is constantly improving, and BIP is getting more and more liquidity.

Like any asset, BIP must and will be traded. The point where supply and demand meet is the market price. It’s perfectly fine to exchange coins with each other at a pre-agreed price, but it’s time to enter professional exchanges. This article is the first in a series looking at the basics of trading.

BIP’s listing on Bithumb Global is a great opportunity to start learning it. But before placing your first order, you must get to understand key terms and interfaces, so we’ll be moving one step at a time, at our own pace. This guide is for beginners, and many definitions and explanations have been simplified on purpose.

Vocabulary

Let’s start with the fundamental terms you’ll come across quite often.

Exchange. A trading platform where you exchange cryptocurrencies
Order. A request you make when you want to buy or sell an asset
Order book. A list of all buy and sell orders for a specific asset
Asset. A digital good (currency, coin, token) that will be traded on an exchange
Trading pair. Shows the price of a base currency in terms of the quoted one. For example, in the BTC/USDT pair, “BTC” is the base currency, and “USDT” is the quoted one
KYC. Identity check, verification
Two-factor authentication. A way to protect your account by having to confirm all important actions you take (logging in, withdrawing funds, changing password or settings) through the Google Authenticator app (iOS / Android)
Deposit. Topping up your balance using external wallets or other exchanges
Withdrawal. Transferring funds on your balance to external wallets or other exchanges
Trading. A process of buying and selling assets through the placement and execution of orders
Trader. Someone who is taking part in the process described above
Listing. A procedure in which an exchange adds a new asset to a list of trading pairs it offers

Bithumb Global: Overview

Bithumb Global is a trading platform that is part of global expansion led by Bithumb, South Korea’s largest exchange. The Russian market is one of the top priorities.

Website: bithumb.pro
Launch: May 2019
200 trading pairs
Daily trading volume: $100M
Fee: 0.1% (there are exceptions)
Languages: English, Russian, Korean, Chinese, Japanese, Spanish, Turkish
Verification (KYC): optional
Markets (quoted currencies): USDT, BTC, ETH, RUB, TRY
Apps (iOS/Android)
Announcements
Support (tickets)
Telegram chat
CoinMarketCap / CoinGecko

Signing Up

First off, let’s create an account. It’s simple.

If you’d like to support the author of this article, enter invitation code 8c9vat when you sign up.

In the Verification Code field, press Send. After that, you’ll need to insert a code that’s been sent to your e-mail address.

Security

Two-Factor Authentication

Once you’re in, you’ll be redirected to your account, where you’ll be offered to enable two-step verification via Google Authenticator or SMS. I recommend Google Authenticator because it’s more secure.

How to enable Google Authenticator?

Depending on your device, download an app for either iOS or Android
Open an app, press +, and add a new site by scanning barcode or entering manually
In the Login Password field, enter a password to your account; in the Google Verification field, enter a code that’s shown in the Google Authenticator app (make sure you do it fast enough as codes are valid for half a minute only)
Press Confirm

From now on, all important activity on your account will require Google Authenticator-based confirmation: logging in, withdrawing funds, changing settings, etc.

Fund Password

In security settings, you also have to set a payment password for managing funds, or Fund Password. You’ll need it for withdrawals.

I suggest coming up with a password different from the one you use to sign in to your account. Click Send and enter a verification code that’s been sent to your e-mail; then type a code from Google Authenticator; and finally, press Confirm.

How to Top up Your Balance

Deposit the currency you’re planning to use for trading. For example, BIP, USDT, BTC.

You can always find the deposit page in the account menu. To see it, hover over your e-mail address in the top right corner:

So you got to the deposit page. Now, how do you move your BIP or USDT onto the exchange?

Depositing BIP

In the Coin field, look for BIP (Minter Network)
In the Address block, you’ll see an address to which you have to send your BIP. You can simply copy it by clicking on the button

Now open a wallet from which you want to top up your balance on BG, go to the section where you normally send coins, paste the address from the previous step, and make a transfer.

Pay attention to the block that’s highlighted in red on the deposit page: it contains important details, such as minimum deposit amount or required number of confirmations. If you’re not 100% sure that you’re doing everything right, try sending a small amount first.

Depositing USDT

In the Coin field, look for USDT
In the Address type field, select the type of token you have:
— USDT-OMNI: if it’s on the Bitcoin blockchain
— USDT-ERC20: if it’s on the Ethereum blockchain
— USDT-TRC20: if it’s on the Tron blockchain
If you’re withdrawing from the other exchange or wallet, make sure you choose a proper type of token for transfer.
In the Address block, you’ll see an address to which you have to send your USDT. You can simply copy it by clicking on the button

Paste this address to the corresponding field wherever you hold your USDT and make a transfer.

Below on the deposit page is the history of your deposits with:

Time
Coin
Amount
Hash
Status

Account Balance

The balance of your account is displayed on the Assets page.

Click on the 👁 icon to show or hide the amounts.

Estimated Value(BTC). The worth of all your assets expressed in BTC and USD
Loan Valuation(BTC). The amount of borrowed funds
Net Asset Valuation(BTC). The net worth of your assets

Below are all assets listed on the exchange with your balances and quick links for deposit, withdrawal, and trading. For convenience, you can tick the Hide Small Balances box so that the page only displays assets worth over 0.001 BTC.

As in this article, we’re breaking down the fundamentals, let’s focus on spot account and trading (Spot means that the operation is performed immediately).

How to Withdraw

To withdraw funds from your account, go to the Withdrawal page.

The process isn’t much different from depositing:

Select a coin for withdrawal, e.g., BIP
In the Withdrawal Address field, enter the address to which you’d like to send your coins (Receive section in BIP Wallet)
Specify the amount to be withdrawn
Type Fund Password
Paste a Google Verification code
Confirm withdrawal by pressing the Submit button

Please note the amounts in Fee and You Will Get so that there’s no misunderstanding or confusion.

Trading

Here comes the most exciting part: trading. The terminal is accessible via Spot. I suggest going Advanced right away as the basic version is limited in functionality.

The interface is five-part, we will review each in detail:

Charts (price and order book/depth)
Order book
Order history
Order placement form
Your orders (open and history)

You can choose the trading pair in the upper menu by hovering over the corresponding button. Though it’s much easier to use Search:

1: Charts

Charts are one of the most important elements of any trading terminal.

Price chart

The price chart visualizes all transactions made on the exchange. The X-axis is time; the Y-axis is price. On the chart you can see

Candlesticks: depending on the timeframe you choose in the upper part of the chart, the candlestick is comprised of four parameters:

Open. The price at which the candlestick opened
High. The maximum value of price within the candlestick
Low. The minimum value of price within the candlestick
Close. The price at which the candlestick closed

Green candles mean that the close price is higher than the open price (increase), red—vice versa (decrease). You can read more about candlesticks, for example, on Investopedia.

This guide is only beginner-level, so we will not dwell on the details here and leave them for future articles.

Volume: under the candlestick chart is a chart of volumes in the form of bars. Trading volumes visualize the amount of the traded asset. Example: if within one candlestick, there were two transactions—namely, the purchase of 1,000 BIP and sale of 1,500 BIP—the trading volume will be 2,500 BIP. This indicator allows you to evaluate the activity of traders and size of trades for a given period of time.

Depth chart

Depth shows volumes of orders placed in the order book. The green color indicates buy orders, the red, sell orders. The gap between them is the spread, that is, the difference between the first purchase price (for example, $0.067) and the first sale price (for example, $0.069) in the book. Using this chart, you can quickly assess the situation, see the nearest walls, and figure out the prices the big players are “sitting” on.

You can get back to this chart later, after exploring other elements of the trading interface.

2: Order Book

Order book is summarizing information about all orders on the exchange. Here we see three columns:

Price. The price at which placed orders of all traders are summed
Amount. The amount of the base currency (for example, BIP in the BIP/USDT pair) in all orders placed at this price
Total. The amount of the base currency in all orders placed at this and all other prices that are lower (if we’re talking about sell) or higher (if we’re talking about buy)

At the top of this block, you can switch the order book to only sale/only buy and set the rounding as well.

3: Order History

In this block, all executed orders appear. Time, price, amount. Everything is quite simple: this is a feed of orders that have been filled.

4: Order Placement Form

We’re finally about to do the one thing we’re all here for: place an order. Consider two types of them:

Limit

A limit order is the one you place in a book at a fixed limit price. The order remains there until the market price reaches your limit price. Thus, you can purchase or sell an asset above or below the market price.

Available. The amount of coins available for purchase or sale
Price. The price at which you want to buy or sell an asset
Amount. The amount of coins you want to buy or sell (you can choose 25, 50, 75, or 100 percent of the available coins in one click)
Total. The amount you’ll spend if your order is filled

Once the order has been created, it gets in the book.

Market

We switch the tab and find the form for a market order. Buying or selling “at the market” is the execution of orders from the book. By specifying the required number of coins, you will immediately buy or sell an asset at the best available price for this quantity. That’s exactly how you execute other people’s limit orders. Your limit orders will be filled by other traders in the same way.

5: Your Orders

After you’ve created a limit order, it will be displayed in the corresponding block in the Open Orders tab, just like all of your open (not executed) orders.

Time. Shows when exactly the order was placed
Side. Buy or sell
Type. Limit or market
Price. The price you specified when placing an order
Amount / Filled. The amount of coins to be purchased or sold / The amount that’s actually been filled (sometimes, your order may be executed only partially and not in full)
Avg. The average price at which your order has been executed
Total. The amount of the quoted currency that’s been spent
Status. The stage of execution
Operation. Shows actions you can take (cancellation)

In the Order History tab are your latest executed orders (completed or canceled).

A full list of the orders you have open & and a full history of the orders that have been completed are available here: Exchange Orders.

The columns are the same, but here you can filter by specific pairs, period, and export the history to a file.

To Conclude

This article is the first in a series about trading, and its purpose is to help newcomers work with a professional cryptocurrency exchange Bithumb Global.

Follow this blog to stay tuned!