Cryptocurrency exchanges have become an integral part of the digital asset ecosystem, allowing users to buy, sell, and trade their cryptocurrencies with ease.
Bithumb is one such cryptocurrency exchange that has gained popularity in recent years. Launched in 2014, It has become one of the largest cryptocurrency exchanges in South Korea and the world. It offers a range of features that make it stand out from other cryptocurrency exchanges.
In this blog post, we will take a deep dive into the Bithumb exchange and provide an in-depth review of its features, services, and overall user experience.
Bithumb
Summary
Bithumb offers trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, among others. The Exchange is highly secure and offers a range of trading Features like Lending and borrowing, Bot trading, and Margin Trading,
Bithumb: Key Specifications
| Topic | Description |
|---|---|
| Name | Bithumb |
| Location | South Korea |
| Launch Date | January 2014 |
| Trading Pairs | Over 250 cryptocurrencies including BTC, ETH, XRP, and more |
| Fiat Currencies Supported | KRW (South Korean Won) |
| Trading Fees | Maker fee: 0.15%, Taker fee: 0.25% |
| Deposit Methods | Bank transfer (KRW only), cryptocurrencies, credit/Debit cards |
| Withdrawal Methods | Bank transfer (KRW only), cryptocurrencies |
| Security | 2-factor authentication, cold storage, regular security audits |
| Mobile App | Available for iOS and Android |
| Customer Support | Email, live chat, and telephone support (Korean language only) |
| Regulatory Compliance | Registered with the Korean Financial Intelligence Unit (KFIU) |
Bithumb Exchange Overview
Bithumb Exchange is one of the leading cryptocurrency exchanges in South Korea, established in 2013. It provides a platform for users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin, among others.
The Exchange has a user-friendly interface, making it easy for both novice and experienced traders to navigate. The platform offers various trading tools, including market analysis, charting, and indicators, enabling users to make informed decisions.
It has an extensive security system in place, including two-factor authentication, SSL encryption, and a cold wallet storage system, ensuring the safety of users’ funds. Additionally, the exchange undergoes regular security audits to ensure the platform’s integrity.
The exchange offers a variety of payment options, including bank transfers, credit cards, and even cash payments through convenience stores. This feature makes it easy for users to deposit and withdraw funds.
It offers 24/7 customer support, which users can access through various channels, including email, phone, and live chat. This support system ensures that users’ queries and concerns are addressed promptly.
In terms of fees, The Exchange charges a flat fee of 0.15% for all trades, which is competitive compared to other cryptocurrency exchanges.
Pros and Cons of Bithumb
| Pros | Cons |
|---|---|
| Wide variety of cryptocurrencies available for trading | Limited fiat currency options (only KRW supported) |
| User-friendly interface with advanced trading features | Limited customer support options |
| Low trading fees for both makers and takers | Security concerns (has experienced hacking incidents in the past) |
| Mobile app available | Limited geographic availability (only available to users in certain countries) |
| Strong liquidity in many markets | |
| The quick and easy account creation process |
History and Background
Bithumb is a South Korean cryptocurrency exchange that was founded in 2013 by a company called BTC Korea.com Co. Ltd. It has quickly become one of the largest cryptocurrency exchanges in South Korea and one of the most popular exchanges in the world. By 2017, it had surpassed 1 million registered users and was handling over 1 billion KRW worth of trades per day.
In 2018, It launched its global platform, Bithumb Global, which operates in other countries and offers trading services in more than 150 different cryptocurrencies.
In 2019, Bithumb partnered with seriesOne, a U.S.-based digital securities fundraising platform, to launch a regulated securities token exchange in the United States. The exchange, called Bithumb DEX, aimed to provide a compliant and secure platform for the issuance and trading of digital securities.
Despite these efforts to expand and diversify its offerings, It has continued to face challenges in the competitive cryptocurrency exchange market. In 2021, the exchange faced regulatory scrutiny from South Korean authorities over its compliance with anti-money laundering (AML) regulations.
Bithumb Fees
Bithumb’s fee structure is relatively straightforward and competitive compared to other cryptocurrency exchanges. The exchange charges a flat trading fee of 0.15% for both makers and takers, regardless of the trading volume or cryptocurrency being traded. This fee is lower than the industry average, which can range from 0.1% to 0.25%.
In addition to trading fees, Bithumb also charges a withdrawal fee for each cryptocurrency. The withdrawal fee varies depending on the cryptocurrency being withdrawn and can range from 0.001 BTC to 0.01 ETH.
One thing to note is that Bithumb only accepts deposits and withdrawals in Korean Won (KRW). This means that users who want to deposit or withdraw other fiat currencies will need to exchange them for KRW first, which may result in additional fees.
Bithumb Security
Bithumb has experienced security incidents in the past, which has raised concerns about the safety and security of the exchange. In 2017, the exchange was hacked and lost over $30 million worth of cryptocurrencies. However, The Exchange has taken measures to improve its security since then.
Some of the security measures implemented by Bithumb include:
- Two-factor authentication (2FA) for user accounts
- Cold storage of the majority of its users’ assets to prevent hacking attacks
- Regular security audits and risk assessments
- Compliance with South Korea’s strict regulatory framework for cryptocurrency exchanges
- Real-time monitoring of its systems and assets to detect potential security breaches
It also maintains a Security Center on its website, where users can learn about best practices for securing their accounts and protecting their assets.
Bithumb Supported Cryptocurrencies
Bithumb supports a wide variety of cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Stellar (XLM)
- TRON (TRX)
- Cardano (ADA)
- Chainlink (LINK)
- Cosmos (ATOM)
- Polkadot (DOT)
- Uniswap (UNI)
- Filecoin (FIL)
- And many more.
In total, Bithumb supports over 213 cryptocurrencies for trading on its platform, making it one of the more diverse exchanges in terms of digital asset offerings.
Bithumb Payment Methods
Bithumb supports wire transfers and credit/debit card deposits, and wire transfers and cryptocurrency withdrawals. Fees may vary depending on the payment method used, and users may be subject to verification and compliance checks.
Users can withdraw fiat currency (KRW) from their Bithumb account via bank wire transfer. Bithumb processes withdrawals within one business day, and users typically receive their funds within 1-3 business days.
Bithumb Lending Services
Bithumb offers a virtual asset lending service, allowing users to lend Bitcoin and Ethereum for a period of 3 or 7 days. The basic service fee is 1%, and the daily service fee is 0.0001%. The maximum limit for the lending service is 300 million KRW.
It offers “Bear Lending” and “Bull Lending” options, which allow users to borrow crypto with KRW or crypto as collateral, respectively.
Bear Lending is intended for profit during bear markets, while Bull Lending is intended for greater profits during bull markets.
Bithumb Customer Support
Bithumb provides customer support through various channels, including email, live chat, and a dedicated phone line. The exchange also offers a detailed FAQ section and a support ticket system for users to report issues or ask for assistance.
However, the quality and speed of customer support can vary depending on the volume of inquiries and the severity of the issue.
Bithumb Mobile App
Bithumb offers a mobile app for both iOS and Android users, allowing them to access the exchange and manage their accounts. The app provides users with a user-friendly interface, real-time market data, and trading features, such as buying and selling cryptocurrencies, checking order status, and managing their wallets.
In addition, the Bithumb mobile app includes security features, such as two-factor authentication and fingerprint recognition, to help protect user accounts.
How to Get Started With Bithumb Exchange
- Sign up for a Bithumb account and verify your email and phone number.
- Complete the KYC verification process.
- Deposit funds using your preferred payment method.
- Start trading by selecting a cryptocurrency and trading pair, and placing an order.
- Withdraw funds using your preferred withdrawal method.
- Review the fees and limits for trading and withdrawals.
- Always check the terms and conditions before trading on Bithumb.
Alternatives Comparison
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Review |
|---|---|---|---|---|---|
| Bithumb | 250+ | 0.15% to 0.25% | 4.4/5 ★★★★☆ | Up to $100 welcome bonus | – |
| Bybit | 300+ | 0% – 0.1% (spot) and 0.06% / 0.01% (leverage) | 4.8/5 ★★★★★ | Deposit bonus up to $30,000 | Bybit Review |
| KuCoin | 750+ | 0.1% | 4.6/5 ★★★★☆ | Up to 500 mystery box | KuCoin Review |
| MEXC Global Exchange | 1521 | Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker) | 4.3/5 ★★★★☆ | up to $1000 bonus | MEXC Global Review |
Final Thoughts
The exchange supports various cryptocurrencies and offers competitive fees for trading, deposits, and withdrawals. Bithumb also provides users with a mobile app for convenient trading. However, there have been concerns over the exchange’s security measures and customer support quality.
Overall, Bithumb is a solid choice for those looking to trade cryptocurrencies, but it’s important to do your own research and exercise caution when using any exchange.
