- What Is Bithumb?
- How Does Bithumb Work?
- History of Bithumb
- Key Features
- Is Bithumb Regulated?
- Services and Products
- Pros and Cons
- Registration Process
- Bithumb Trading Accounts
- User Interface
- Fees & Charges
- Deposit and Withdrawal Method
- Accepted Payment Method
- Supported Currencies and Countries
- Security & Privacy
- Mobile App
- Customer Support
Bithumb is a cryptocurrency exchange based in South Korea, which was established in the year 2014. They use innovative technological solutions to make digital trading easy and accessible. Traders can trade using various cryptocurrencies through the Bithumb cryptocurrency exchange. It is one of the top cryptocurrency exchanges in the world in terms of trading volume. Their objective is to utilize their experience with blockchain technology to become future leaders of the digital financing revolution. Hence, know more about this exchange by reading this Bithumb review below and learn all the services details of it in one place.
|Supported Fiat Currencies||KRW|
|Supported Countries||Many, but majorly South Korea|
|Minimum Deposit||1B KRW|
|Transaction Fees||Ranges in betweem 0.04% to 0.25%|
|Withdrawal Fees||Varies in Different Cryptocurrency|
|Customer Support||24/7 via Mail, Live chat, Social media, & Help Center Support|
What Is Bithumb?
Bithumb is an online cryptocurrency exchange based in South Korea which supports crypto bot trading. They have been able to capitalize on their years of blockchain exchange in order to create facilities for reliable and accurate cryptocurrency trading. Users can trade multiple altcoins through this exchange. They have one of the highest trading volumes of all cryptocurrencies in South Korea because their security solutions and features and 24 x 7 safety monitoring attract a lot of traders regularly.
How Does Bithumb Work?
- Bithumb is a third party online cryptocurrency exchange.
- Traders can buy, sell, or exchange multiple cryptocurrencies.
- Crypto deposits, as well as fiat currency deposits, are accepted for funding trade orders.
- For cryptocurrencies, only the South Korean Won is supported.
- Users have to sign up, complete registration, and go through a verification process.
- Institutional accounts are also available for corporations.
- Bithumb is known for having one of the lowest trading fees according to international standards.
- They also have access to large liquidity pools.
- The daily maximum trade volume through the Bithumb exchange in 2020 was 700 KRW.
History of Bithumb
The company was first launched in 2014 as the first information service for digital market asset prices. In 2014, it was named Xcoin, and in 2015, it was renamed Bithumb. In 2016, Bithumb launched its mobile website service for increased ease of access. In 2017, it became the world leader in daily trading volumes by hitting the 1 trillion KRW mark on July 19. In 2018, they were chosen as the number one company among digital asset brands by the Korean Reputation Institution. In 2019, Bithumb was able to achieve the highly coveted British Standard 10012.
In 2020, the Korea Reputation Institution awarded Bithumb as the number one digital asset exchange for multiple months of the year. In the same year, Bithumb also collaborated with the University of Korea for further research into the world of blockchain technologies. In 2021, it already earned multiple Korean Reputation Institution awards. They have also been recognized as the number one company in the digital assets market by Korea Mobile Awards.
Key Features of Bithumb
Very High Trading Volume
Bithumb crypto exchanges regularly deal with huge volumes of trade. But the trading practices are organized in such a way that no specific forces can unfairly manipulate market prices.
Huge Liquidity Pools
The access to large liquidity pools makes it easier for Bithumb users to complete their buying and selling at prices they prefer.
The Bithumb cryptocurrency exchange is one of the most secure crypto trading platforms for digital assets. Bithumb uses ISMS (information security management system) for its customer security solutions. They also have an option for OTP verification of trades for added security. In 2020, it was selected as an excellent enterprise at a Cyber Crisis Response Training simulation by MSIT.
24×7 Trade Monitoring
While making this Bithumb review, we observe that this platform ensures high security and reliability of trade by introducing a 24 x 7 trade monitoring system for the exchange.
Bithumb has a very prompt and professional customer service system in operation 24 x 7 to solve customers’ problems at all times.
Is Bithumb Regulated?
The Bithumb exchange is not yet a regulated exchange in South Korea. But they are in the process of getting their registration. Bithumb has recently introduced some changes to its operations in order to become compliant with FIU (Financial Intelligence Unit) and FSC (Financial Services Commission), the internationally recognized financial regulatory authorities of South Korea.
Services and Products Offered by Bithumb
- Bithumb allows its users to trade in multiple cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Ripple, and many more.
- Bithumb Cash is a special feature of Bithumb, which is a sum of the total cash users have in their accounts. Users can use this Cash for making online and offline payments.
- Auto trading and staking services are also available on the Bithumb cryptocurrency exchange.
- New users who sign up for Bithumb get a free coupon for their first trade and transaction.
- Bithumb also offers crypto trading bot feature.
- Bithumb has the lowest cryptocurrency trading fee in South Korea at around 0.04% on average.
- A special feature called Bithumb Prime is available for institutional account holders with offers for large trading volumes.
- It also has an app.
- Bithumb API services are available as well, which also supports trading bots.
Bithumb Review: Pros and Cons
|The exchange interface is easy to navigate for amateur traders as well.||Bithumb has a slow account verification process.|
|Very low trading prices, one of the lowest in the domestic industry.||The only supported fiat currency is KRW for deposits and withdrawals.|
|ISMS and OTP verification features for added security of digital assets.||Not regulated yet by any financial. regulatory authorities.|
Bithumb Account Registration Process
Creating an account with Bithumb is very easy, users only need to follow the correct process.
Steps to Create an Account with Bithumb:-
- Users from only certain supported countries can open their trading accounts on Bithumb.
- Users first have to go to the Bithumb website from their browser and click sign-in.
- Then they have to put in basic details such as their username and email id.
- They need to do a small verification test to prove that they are not robots.
- Next, users are required to add their nationality, address, and phone number.
- They have to create a strong password for their account.
- Bithumb customer service teams advise users to never share their account passwords with anyone in order to ensure utmost security.
- Users then receive a verification code on their phone, which they need to enter on the website.
- Once this is complete, users receive a confirmation email.
- They are quired to click on the link provided in that email.
- Now the user is registered for an account and ready to start trading. They have to fund their deposits with cryptocurrency or KRW.
- But for very large volumes of trading, further ID proof verification is necessary.
Bithumb Trading Accounts
When users sign up for their Bithumb account, they open a Level 1 account. This account also has low trading fees and access to many different types of services and features. But users who want to trade very large volumes need to open up an institutional account. This is for large corporations and companies. They get access to special Bithumb Prime features and lower trading fees. In order to sign up for a high trade volume account, users need to submit additional identity proof and verification documents.
Bithumb User Interface
The user interface is very user-friendly and easy to navigate as per Bithumb review. Beginner traders, as well as experienced professionals, can all use this crypto exchange. There is never any lag or glitch when switching between different tabs and content pages of the Bithumb website. On the Bithumb exchange platform interface, the order book is displayed on the right of the screen, while all supported assets are displayed on the left. The order book shows the current buy and sell rates of the currencies at that given time. The crypto exchange also constantly updates prices with real-time market data.
Bithumb Fees & Charges
As per our review, Bithumb has one of the lowest trading fees in all of South Korea compared to other cryptocurrency exchanges. The maker fee or the taker fee for all KRW market and BTC market trading ranges between 0.04% and 0.25%. The exact trading fees depend on the kind of coupon purchased by the user.
New traders can have a 0.25% coupon. The high-frequency traders can have 0.04%-0.045% coupons. For more detailed information on the Bithumb fee structure click here.
Bithumb Deposit and Withdrawal Method
Bithumb only accepts deposits in the form of cryptocurrencies or KRW. Most Bihumb reviews mention that the support of only Korean fiat money has been a cause of complaints about the Bithumb exchange. But most deposits in KRW or cryptocurrencies are free of cost. Users can make their deposits from digital wallets or even debit or credit cards.
While the deposit fees are usually free, a small fee is charged on the withdrawal method. Users can withdraw their digital assets in the form of KRW or in the form of cryptocurrencies. For Bitcoin (BTC) and Ethereum (ETH), the withdrawal fee is 0.01, but for Ripple, it is 1. There are no withdrawal limits on Bithumb for general accounts.
Bithumb Accepted Payment Method
Users need to be registered on Bithumb with their own verified account to start trading. Account-holders can fund their trading accounts with cryptocurrency or fiat money. But only KRW fiat currency is accepted. Payment methods like credit card or debit card payments or transfers from digital wallets are accepted.
Bithumb Supported Currencies and Countries
At present, Bithumb is supported in many different countries of the world. But the majority of business is centered in South Korea. It also supports a large number of cryptocurrencies. Popular currencies like Bitcoin, Ethereum, and Ripple are available alongside lesser-known altcoins like Cortex, ChainLink, Orbs, and many more.
A Brief Overview of Bithumb Hack
In June 2017, digital criminals hacked into Bithumb’s servers and siphoned off nearly 1 billion won worth of assets. Thirty-one thousand user accounts were hacked, and total losses amounted to almost $94 million at the time. Bithumb went on to compensate users for their losses up to $900 for each account holder.
Bithumb Security & Privacy
But since their major breach in 2017, Bithumb has been consistently trying to improve its security systems. Bithumb reviews mention the multiple security measures in place of it. Users cannot trade without a registered account. There is also an OTP verification process for opening the account and for trades. Bithumb now has an ISMS service that helps them protect their clients’ sensitive information and keep their customers’ digital assets safe.
Bithumb also has a 24 x 7 trade monitoring system that constantly keeps a watch on the crypto exchange and ensures that there are no market manipulations, security red flags, or unscrupulous trading practices going on through the exchange. Users are also advised not to share their account details with unfamiliar persons in order to avoid all possibilities of data leaks and digital asset theft.
Bithumb Mobile App
The Bithumb mobile app makes it available for Android and iOS, which makes cryptocurrency trading accessible and fast.
Bithumb Customer Support
The Bithumb customer support service is always available. Users can access their customer service teams 24 x 7. There is a live chat option on the Bithumb website for users to ask any questions about trades. It can also be accessed through its different social media platforms like Twitter, Youtube, and Medium. The platform’s customer service is known for its quick response to all customer issues.
Bithumb Review: Conclusion
Bithumb reviews are generally positive, which mention smooth, successful trading experiences. Their quality of service can be discerned from the multiple awards they have received in the world of Korean business awards. But there are still some questions about their security. The mid-2017 hacking incident is still mentioned in some Bithumb reviews. Bithumb is also not yet regulated, so Bithumb Global is not allowed to operate in certain countries.
Using Bithumb is allowed in the USA as well, and traders can utilize Bithumb’s low trading fees to their advantage that makes it one of the best crypto exchanges. But it is now in the process of getting its registration in South Korea, which may help to dispel any remaining doubts about its security and safety.
Is Bithumb Safe?
Bithumb is an unregulated cryptocurrency exchange, but it has established itself as one of the leading digital asset service operators in South Korea. In recent years, Bithumb has also introduced a string ISMS and 24 x 7 trade monitoring system to prevent any security breaches and unscrupulous market manipulations.
Is Bithumb Global Good?
Bithumb Global is the international branch of Bithumb. At present, Bithumb Global is only allowed to operate in certain countries which follow AML regulations. But residents of all countries besides South Korea can only deposit and withdraw funds in the form of cryptocurrencies.
What Is the Difference Between Bithumb and Bithumb Global?
Bithumb was originally started in South Korea in 2014. Bithumb Global has been created to take Bithumb services to the rest of the world. At present, residents of many different countries can use Bithumb Global.
Can I Trade on Bithumb?
Users can trade, buy, and sell cryptocurrencies through Bithumb at internationally competitive rates by paying very low Bithumb fees for trading.
Where Is Bithumb Located?
Bithumb is originally located in South Korea. The company was established there in 2014. Now Bithumb Global operates in many different countries.
Who Should Use Bithumb?
Bithumb can be used by both amateur traders as well as experienced investors. Bithumb’s trading platform is designed to be accessible to all demographics. Users can simply register for an account and then start trading through the website.
How Can I Start Trading with Bithumb?
In order to start trading with Bithumb, users just need to create their accounts and get started. They will have to fund their account with cryptocurrency or KRW and then pick the cryptocurrency they want to trade by looking at the listings and analysis charts on the Bithumb platform.
Is My Money Safe With Bithumb?
As per our Bithumb review, we can say that Bithumb is not yet a regulated crypto exchange. So there are some safety risks associated with using the platform. In 2017, there was a major security breach in Bithumb, and many users lost a significant amount of their digital assets. But in recent years, Bithumb has really improved its security features with ISMS services.