Bitkub cryptocurrency exchange was founded in February 2018 with a mission to introduce blockchain and cryptocurrency services to users in Thailand. The exchange platform provides a range of services which includes a cryptocurrency exchange with multi-crypto wallets, multiple payment gateways, user-friendly analysis tools, access to quality crypto assets, and more. The platform is officially licensed to operate by the Thai government.
To identify and verify their users, Bitkub crypto exchange uses a robust Know-Your-Customer (KYC) verification system. All trading accounts must be opened individually as the company does not support third-party accounts or trading. It does not support anonymous accounts or accounts with fake names as well. All users must verify their phone numbers, and email addresses and upload a copy of a government-issued identity card. Furthermore, although the platform is based in Thailand, users all over the world can perform operations on it, however, they must do so using the Thai Baht (Thailand’s official currency).
Markets
As earlier mentioned, all trading and other activities are carried out using the Thai Baht or THB. This is because the THB market is the only market available on the platform. Bitkub crypto exchange supports spot trading. With this feature, supported coins and tokens can be traded against THB. There are over 75 Bitkub trading pairs available. These include Bitcoin, Ethereum, Tether, DogeCoin, Ripple, Bitkub coin, and more. The platform does not currently support margin or leverage plans.
Also, the Bitkub spot supports limit orders, market orders, and stop-limit order types. However, the stop-limit order type is only available for coin pairs with the most liquidity, like Bitcoin and Ethereum. Besides, there are some coins that are listed on the exchange but are not traded because of liquidity. The coins include Donnie Finance (DON), Cortex Coin (CTXC), Illuvium (ILV), Songbird, and GuildFi.
Bitkub cryptocurrency exchange has its native token called KUB and it has a maximum supply of 1 trillion tokens. The KUB token is used to give trading discounts and credits to users who hold it in their wallets. It can also be used as staking rewards and as gas fees in the Bitkub Chain ecosystem. Check out the Bitkub crypto price right here.
Deposits on the Bitkub crypto exchange can be performed through bank transfers or the QR code method. For bank transfers, while there is no maximum amount that can be deposited, the minimum Bitkub crypto price for deposits is 40 thousand Baht, and it takes about 3 working days before the deposit is cleared and credited. The QR method is faster as it takes just 24 hours and has a low deposit minimum of 40 Bhat and no maximum deposit amount. There are no Bitkub exchange fees for deposits made on the platform, however, banks charge processing fees incurred during bank transfers.
The platform charges withdrawal fees for all withdrawals made on the platform. Due to a special agreement with Kasikorn bank, users only get to pay 20 Baht for all withdrawals. The maximum daily withdrawal limit for users using Kasikorn bank is 5 million Baht, while other banks have a maximum of 2 million Baht. For other banks, withdrawals below 100 thousand Baht incur a fee of 20 Baht, while those above that range are charged 75 Baht. However, withdrawals between 500 thousand Baht, and up to 2 million Baht are charged 200 Baht.
Bitkub exchange fees include a 0.25% trading fee on all trades. However, there are various ways you can earn discounts on these fees. These ways include holding the KUB token, fee credits, and referring friends or family to the platform. As an added bonus, you get to earn 20% cashback on trades they make. Bitkub crypto fees may change from time to time and these could be dependent on Bitkub volume or other factors.
Other Services
The platform has an indexing service. It was created as a digital asset index with the objective to offer a benchmark and more insights into the movement of digital assets traded on the Bitkub crypto exchange. The index service comprises two indices – the Bitkub Daily index (BITKUBDAY) and the Bitkub Real-Time index (BITKUB).
Published at 05:00 PM (GMT+7) every day, BITKUBDAY measures and calculates daily crypto exchange rates against Thai Baht for assets traded within the platform. On the other hand, BITKUB measures daily crypto exchange rates against the Thai Baht for assets traded on Bitkub every minute. There are various time frames available on both indices.
Bitkub cryptocurrency exchange also supports staking activities. Users can stake their KUB tokens for rewards in more KUB tokens and discounts on Bitkub exchange fees.
About the Company
Bitkub was founded in 2018 in Thailand by Jirayut Srupsrisopa. It is one of the major trading platforms in Thailand with a registered capital of 290 million Baht. Bitkub trade volume averages 3520 BTC per day as of the time of writing this article. In the first nine months of 2021, it amassed a profit of about 1.53 billion Baht from revenue of 3.28 billion Baht. Between November 2021 and November 2022, Bitkub's trading volume achieved a high trading volume of over $700 million.
In November 2021, Siam Commercial Bank acquired 51% of Bitkub, making it Thailand’s second tech unicorn company. A tech unicorn company is a company that has a valuation of over $1 billion.
Jirayut Srupsrisopa is also the CEO of Bitkub Capital Group Holdings, which is the parent company of Bitkub.com and Bitkub Blockchain Technology. Besides Bitkub, he also co-founded coins.co.th, one of Thailand’s leading bitcoin wallet solutions. Before blockchain emerged, Jirayut worked as an investment banker, financial consultant, and central banker. Additionally, note that he holds an MPhil in Economics from Oxford University.
