(DAI)<\/a><\/li><\/ul>\n\n\n\nThis development allows users to sell these cryptocurrencies above the market rate to users who may not make a card or bank payment on Binance. <\/p>\n\n\n\n
Words of the writer: <\/strong>I tested the service and sold 500 USDT to a man in Vietnam for $535. The whole process took around 15 minutes, and we were taken to a transaction page with a live chat to talk to each other. We confirmed my PayPal details, and once the $535 hit my account, I released the USDT. Of course, PayPal took a cut, but selling a stablecoin at $1.07 per USDT allowed the transfer fees to be absorbed so that I could keep more of my money. <\/p>\n\n\n\nWinner: <\/strong>Both platforms offer great versatility, but Binance\u2019s P2P area tips this comparison section in their favor.<\/p>\n\n\n\nTrading Experience<\/h2>\n\n\n\nBithumb: The King of Korean Trading Platforms<\/h3>\n\n\n\n Our team here at Coin Clarity ran a test on Bithumb, making some trades and moving crypto in and out. Whereas some international projects have figured out how to build a platform with the global trader in mind, we think Bithumb needs some development. One problem we suffered was the English language preference wouldn\u2019t stick, so each time we tried to make an action, the following page loaded in Korean. That wasn\u2019t the first time either. When we made the account, all of the emails came in Korean, and when we contacted customer support, bad news, all communication was in Korean. <\/p>\n\n\n\n
<\/figure><\/div>\n\n\n\n <\/figure><\/div>\n\n\n\nEventually, we got past the language problems, and now we can see that the cryptocurrency exchange features themselves are pretty high quality. It’s no wonder they have around one million traders signed up. <\/p>\n\n\n\n
On top of the 150+ coins and trading pairs, they have a section on their platform called \u2018BG Learning.\u2019 This is similar to Coinbase\u2019s educational \u2018Earn\u2019 scheme; however, this is more community-based. Aimed at beginners, those who take part in a project’s learning experience will be rewarded with tokens in that cryptocurrency and thus support their technology development. <\/p>\n\n\n\n
Participants of BG Learning will also be rewarded with \u2018votes,\u2019 not only for their correct answers but also on their wallet holdings. These votes can be used to support smaller projects as they grow, and once they reach 10,000 votes, Bithumb will list them on the exchange — allowing all-new token listings to go through a process of community quality control. These new exchange listing announcements get a lot of social media interest and in their community, presenting an opportunity to capitalize for those who are quick enough. <\/p>\n\n\n\n
Binance: Mega Trading Volume<\/h3>\n\n\n\n Binance didn\u2019t rise above all other trading platforms for no reason; it was thanks to a skilled team of developers and design specialists fulfilling Founder Changpeng Zhao’s ambitions. Thanks to their development work, trading on Binance is smoother than smooth, incredibly user-friendly, and highly-intuitive. The most confusing parts of making a trade have been simplified, with users being able to move directly from their wallet to the trading interface with the order form open and ready to use. Digestible data, percentage options, and sliding toggles help the trader execute their trade without a problem.<\/p>\n\n\n\n
<\/figure><\/div>\n\n\n\nWith a bigger trading volume than their rival exchanges, the project is now the dominant force in the exchange marketplace, making it a reliable place to put your money and trade coins. More advanced users can take advantage of DeFi staking options, margin trading, and futures, as well as the P2P marketplace and available derivatives.<\/p>\n\n\n\n
Binance’s P2P marketplace helps users sell their crypto for fiat through a number of payment methods, for above-market prices<\/figcaption><\/figure><\/div>\n\n\n\nAs many of our readers are based in the US, we cannot fail to mention the Binance.US platform, which is almost identical in appearance and function but offers fewer cryptocurrencies due to financial regulations.<\/p>\n\n\n\n
Winner: <\/strong>Both platforms offer excellent products, but Binance has mastered trading experience to become the industry leader.<\/p>\n\n\n\nReputation and Security<\/h2>\n\n\n\nBithumb Security Measures<\/h3>\n\n\n\n Some exchanges are rock solid, and some have terrible security. Sadly for Bithumb, they are in the latter category. They have one of the industry’s worst security records, with three major hacks over the past five years.<\/p>\n\n\n\n
July 2017 hack:<\/strong> $7m worth of Bitcoin and Ethereum (now worth hundreds of millions) and 30,000 sets of customer data. They were made to pay $28m in fines for their liability.<\/p>June 2018 hack: $30m worth of Ripple. All users were reimbursed from Bithumb\u2019s coffers. North Korea\u2019s Lazarus hacking group claimed the hack.<\/p>
March 2020 hack:<\/strong> $13.4 EOS, $6m Ripple. Users were reimbursed, but nobody has claimed responsibility for the hack. <\/p><\/blockquote>\n\n\n\nBithumb offers one phone number for the US and a support ticket system for all other international users for customer service.<\/p>\n\n\n\n
Binance: In Recovery<\/h3>\n\n\n\n User reviews have improved over the last 18 months, but many fail to forgive the 2019 hack that saw Binance lose 7,000 BTC, worth over $300m at today\u2019s rate. Users were immediately reimbursed, but as an exchange provider, their traffic suffered in the short term. People took the option to try other exchanges in pursuit of more secure trading products. Fortunately for Binance, many of them returned. <\/p>\n\n\n\n
<\/figure><\/div>\n\n\n\nWinner: <\/strong>Neither wins this category. Both need to improve their security in the long run.<\/p>\n\n\n\nBithumb vs Binance: Who is the winner?<\/h2>\n\n\n\n Binance wins, but Bithumb is a worthy competitor. The South Korean exchange has some work to do for their international audience, but they are on the right path. Binance can continue doing what it\u2019s doing; for now, it\u2019s setting the pace.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
*Please note that Bithumb no longer accepts customers outside of South Korea. Welcome! Feast your eyes upon our latest 2021 comparison piece, this time assessing…<\/p>\n","protected":false},"author":2,"featured_media":61827,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[399],"tags":[410,449,470],"acf":[],"taxonomy_info":{"category":[{"value":399,"label":"Comparisons"}],"post_tag":[{"value":410,"label":"Binance"},{"value":449,"label":"Binance US"},{"value":470,"label":"Bithumb"}]},"featured_image_src_large":["https:\/\/coinclarity.com\/wp-content\/uploads\/2023\/11\/Coinmama-vs-Binance.png",400,210,false],"author_info":{"display_name":"Nick Mitchell","author_link":"https:\/\/coinclarity.com\/author\/nick\/"},"comment_info":0,"category_info":[{"term_id":399,"name":"Comparisons","slug":"comparisons","term_group":0,"term_taxonomy_id":399,"taxonomy":"category","description":"","parent":0,"count":82,"filter":"raw","cat_ID":399,"category_count":82,"category_description":"","cat_name":"Comparisons","category_nicename":"comparisons","category_parent":0}],"tag_info":[{"term_id":410,"name":"Binance","slug":"binance","term_group":0,"term_taxonomy_id":410,"taxonomy":"post_tag","description":"","parent":0,"count":29,"filter":"raw"},{"term_id":449,"name":"Binance US","slug":"binance-us","term_group":0,"term_taxonomy_id":449,"taxonomy":"post_tag","description":"","parent":0,"count":6,"filter":"raw"},{"term_id":470,"name":"Bithumb","slug":"bithumb","term_group":0,"term_taxonomy_id":470,"taxonomy":"post_tag","description":"","parent":0,"count":5,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/posts\/61820"}],"collection":[{"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/comments?post=61820"}],"version-history":[{"count":1,"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/posts\/61820\/revisions"}],"predecessor-version":[{"id":61826,"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/posts\/61820\/revisions\/61826"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/media\/61827"}],"wp:attachment":[{"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/media?parent=61820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/categories?post=61820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinclarity.com\/wp-json\/wp\/v2\/tags?post=61820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}