Testing the new Bithumb DEX – Looking good so far!

Bithumb recently launched their brand new DEX (Decentralized exchange), and for the first month, we can all trade there without any trading fees. The only fees you will have to pay is the fees for the transactions happening on the Ethereum blockchain.

The Bithumb DEX - looking good!
The Bithumb DEX – looking good!

Most people do all their trading on centralized exchanges like Binance, Bittrex, HitBTC, Kucoin, Bibox, and Bithumb. But, most people agree that the decentralized exchanges will be way more important in the future, and they are better following the ideology behind cryptocurrencies. How come? At a centralized exchange, all your funds are protected by the exchange. But, in case someone hacks that exchange, they are capable of stealing funds of everyone, and if there are “bad” people working at the exchange, they can also put your funds at stake.

With a decentralized exchange, nobody can control your funds. You control them fully yourself, and there is no middle-man taking part in the trade. The DEX will facilitate the trade (and sometimes take a trading fee), but the funds are entirely yours and owned by you until you sell them. All this data is stored in smart-contracts, and it is a safer and better way to trade.

At first, using a DEX might seem more complicated, but once you get a hold of how it works, it is easy to trade. We have earlier written an article on how to trade on IDEX; so read it if you want to find out how you can that decentralized exchange.

Back to the Bithumb DEX

I like the look of the Bithumb DEX. It is very simple and understandable. There are only 10 tokens available at the Bithumb DEX at the moment, but it is a nice start. The following tokens can currently be traded at the Bithumb DEX:

  • OMG
  • DENT
  • ZIL
  • WTC
  • INS
  • POA20
  • KNC
  • ELF
  • CTXC
  • RNT

bithumb trading pairs

As expected, the volume is fairly low in the start, but once this gets started, it might get big. Bithumb has also promised a big airdrop to the 1000 biggest traders on their dex within the first weeks, which again is expected to attract traders to the platform. As I am writing this article, the ZIL/ETH and the DENT/ETH pair are quite hot on the DEX. The first has had a volume of almost 500 ETH in the last 24 hours, while the second has had a volume of 350 ETH in the last 24 hours. For a start, that should be considered fairly good, especially considering that the well-known IDEX only had one pair with volume exceeding 500 Ethereum in the last 24 hours (MAS/ETH).

To use the Bithumb DEX, you will need to have Metamask installed on your computer and, of course, have funds in your Metamask wallet. Once this is done, visit the exchange, deposit funds from your Metamask wallet to the exchange, and you are ready to do your first trades on the brand new Bithumb DEX!

Happy trading!

 

Spread the love
  •  
  • 1
  •  
  •  
  •  
  •  

Leave a Reply

Your email address will not be published. Required fields are marked *