Tycoon Token on Bithumb global – complete guide
Bithumb Global is a top tier exchange from Hong Kong with a solid reputation and a wide range of tradable coins. Let’s learn how to deposit and trade TYC.
When it comes to top tier crypto exchanges, Bithumb Global is one of the big boys in town. This Hong Kong-based exchange has quickly gained popularity and a solid reputation, as well as a plethora of tradable coins. When it comes to security and user interface, it’s one of the best. This is why it’s a pleasure to see the TYC token finally making its debut on this platform. Let’s take a look at how we can set up an account and proceed with trading. It’s more straightforward than you might imagine.
Setting up your Bithumb Global account
When you land on the main page, you’ll notice that it looks eerily similar to many other big exchanges. We start with setting up your account with the usual email confirmation and the login using the puzzle piece captcha. So far, so good. Let’s move on.
After you confirm your phone number, you will receive your security code that you will need to input in the required popup window. When you are using a centralised exchange, it’s very important to keep in mind that the best form of protection is a 2 Factor authentication such as SMS or Google authentication. The most secure method is of course Google Authenticator phone app (or something similar). Simply put, you are not exposing yourself to a sim card swapping attack when you use this method. Another way of limiting your risk is to always keep just a part of your crypto holdings on an exchange at any given time. Now we got the risks covered, let’s move on.
After the quick authentication and login, it’s time to hit the “Assets” dropdown menu ( in the top right corner and select “Deposit”. Here you will also notice the option of checking your balances. As you can notice, the whole interface is quite intuitive to anyone who has ever dealt with any crypto exchange in the past.
From here things become very clear. When we want to send a coin to Bithumb Global, we simply select it from the “Coin” section on the left side of your deposit interface. You will be presented with the correct deposit address for the crypto asset you wish to send. Now we have to put on our “paranoid hat” and do the following, to avoid any common mistakes.
First of all, we have to check, double-check and triple-check that our deposit address is correct. Now we can make our “test” transaction. From the total sum that you plan to send, you can send 2 to 5% in order to limit your risk. This is THE prudent rule of the paranoid crypto OG’s that will save you a lot of headache and sleepless nights. Only after you literally see your test transaction in your “Balance” section on Bithumb Global, you can safely breathe out a sigh of relief and send the complete “Big” transaction.
Yes, yes we can hear the penny-pinchers screaming and squirming about “paying double network fees” for 2 transactions, but ask yourself this: Would you rather pay a small amount in transaction fees, or would you rather lose your total amount of crypto if you screw up the receiving address? It happens way more than you might imagine. After you have sent both of your transactions and verified that they have arrived safely, it’s time to move on and check out the trading interface.
We’re right back in the “Assets” section ( on the top right corner ). Now we can locate the TYC token and check the option “Trading”. Here we will see the correct trading pair for the Tycoon token. From there it’s a matter of exchanging your original deposited coin to the correct one on the trading pair and we are ready to rock!
The trading interface of Bithumb Global is very simple and intuitive. Don’t get discouraged by the overwhelming amount of data on your screen! It’s easier than you might think. On the left-hand side, we have our price action, while the trading pairs of all the coins are on the right side. Let’s select our trading pair and move to the lower part of the trading interface so we can fill in our very first order.
Again let’s not get too confused by the data. On the right-hand side, we flow of orders, on the left side, the classic “bids” and “asks” that make the process of price discovery possible and in the middle is where the order is placed. Let’s take a closer look.
If you like to fire off a quick order and purchase your TYC token, simply hit the “Market” order option and fill in the amount you wish to purchase. Now simply hit the “Buy” button and voila! Your order will be placed and executed with the current market price. Congratulations!
If you wish to purchase your TYC token for a set price ( that you feel that TYC will likely revisit in the future ), you can always use the “Limit” order option and set YOUR price that you feel comfortable buying at. In this case, it’s a matter of being patient, because if your price is set too low, you will miss the train and won’t get your order filled. Some people prefer the “Limit” order option in case they don’t want to babysit the price action for days on end.
After your order is completed, we can revisit the “Assets” section ( in the top right corner of your screen ) and verify that your TYC token has been purchased. As a final step, let’s remember some important pearls of wisdom regarding any centralised crypto exchange.
Only the paranoid survive
Any Investor, hodler and trader alike should always remember a few common rules when using a centralised crypto exchange. First of all, crypto space is risky! There is no way around it. We take literally 100% control, and responsibility over our funds, so let’s be very careful to ensure their safety.
If you plan to hodl, never keep all of your coins on a centralised exchange ( no matter how reputable it may be ). The crypto history is littered with bones and decaying carcasses of once great exchanges. Luckily for us when it comes to the TYC token, the Tycoon platform already has a deposit option where you can store your tokens behind military-grade security. Some say there will be some pleasant surprises for the TYC token holders. At this point, they are only rumours.
Your most important rule is, of course, to use a test transaction for ANY deposit or withdrawal. This cannot be understated. There are literally MILLIONS of dollars of cryptocurrency that’s permanently lost because of disrespect for this one simple rule. Always be careful and check your deposit and withdrawal addresses very carefully. If you have doubts or questions, it’s better to relax, have a cup of coffee and contact the support department for further guidance. Patience and vigilance are your friends in this bull market. Now that you finally got in the saddle of Bithumb Global, you can see that there is nothing complicated about it, and it’s actually one of the coolest exchanges out there. Use it to your fullest advantage. Happy trading!
Risk Note: Trading cryptocurrencies is subject to high risks and may result in the loss of your capital. Please make sure you fully understand the risks associated with trading cryptocurrencies and only invest as much as you can afford to lose. Be clear about your investment objectives and experience, and seek advice from an independent financial advisor if necessary. It is your responsibility to determine whether you are permitted to use Tycoons’s services under the laws of your country of residence. Investments in cryptocurrencies are not protected by a Financial Services Compensation Scheme.