[Korean Exclusive News]
Author: Shin Yi Jin, South Korea
*Bithumb Pro offers a 0.05% trading fee only for a time being
There are three reasons why Bithumb developed Bithumb Pro.
- To prevent server overload
- To provide a more fast-paced environment
- To provide a safer transaction option
Aside from the differences shown above, the main difference between Bithumb and Bithumb Pro is that Bithumb Pro adopts an HTS (Home Trading System)-based system, which is widely used by stock companies, while Bithumb adopts a web-based system. According to Kyeonggi Daily news, HTS-based web system which Bithumb Pro system uses has been praised by various users for its convenience of transaction and high level of security.
2.The industry View
When Bithumb first appeared in June 2015, it was a rising star in the industry which alarmed its competitors. On 28 June 2017, two years after its appearance, Bithumb was recorded to be the World’s top exchange market based on trading volume. Out of the 115 exchange markets around the world, Poloniex had been maintaining its top position with its competitiveness in the number of listed coins. Considering the fact that Bithumb only had 6 different coins listed in its system, the record extremely surprised its competitors. Although its ranking fell after a few months, its fast growth rate and significant results that it delivered left its competitors in awe nonetheless.
However, the reputation of Bithumb quickly went downhill as it remained status quo while its competitors absorbed its users by constant upgrades and greater benefits. The strengthening of regulations on Korean exchange markets did not help the situation. Now, it records a much lower amount of user inflow as compared to its competitors and it is becoming less of a concern to its competitors.
Although Bithumb Pro was ambitiously launched and aimed to distinct itself from the competitors by adopting an HTS-based system, it failed to create a shock among its competitors. This is largely due to the users’ distrust in the new system after the case involving POPCHAIN listing in which Bithumb Pro was accused of a fraud case.
Bithumb was well-recognised by investors in early 2017 as evident from its huge trading volume. However, after the case of 36,000 users’ private information being hacked on an employee’s home PC. This was a case which revealed Bithumb’s weakness in safeguarding its users’ private information. Moreover, frequent server connection problems since November 2017 due to overloading has made many users lose faith in the company.
Nonetheless, Bithumb’s efforts to restore its credibility among the investors, such as establishment of offline Customer Service Centres and planning security enhancement campaigns have helped the exchange remain as one of the top exchanges in South Korea.
When a teaser for Bithumb Pro was released, users were filled with anticipation especially because of its “automatically-supervise-order system”. The system had 5 options for users to choose from: Fixed price, Fixed profit rate, Highest price, Lowest price and Loss. Once a user chooses an option, the system will automatically supervise orders according to the settings. For example, if a user sets a Fixed price and the price reaches that price, the system will automatically buy and sell the currency according to the user’s settings.
However, the general view of crypto-investors after the launch of Bithumb Pro in March 2018 is that its trading volume is too low for them to risk switching to it. Moreover, the case involving POPCHAIN made users be suspicious of the intention of the launch of Bithumb Pro.
The advantages of convenience, security and speed that Bithumb Pro has presented have not appealed to the users greatly and now, users are still confused as to whether the advantages outweigh the above disadvantages that they will switch to the new system.
Nevertheless, South Korean crypto investors are anticipating improvements and changes to be made for both Bithumb and Bithumb Pro in the near future.