Hello, everyone. Today, we will take a look into one of the most renowned platforms in the cryptocurrency field, Bithumb Exchange. Whether you are advanced in trading or new in the world of cryptocurrency, Bithumb avails a multitude of services for you to manage the trades.
Due to its high level of security, large volumes of currencies available for trading, and developed systems of trading such as margin and future trading, Bithumb has revolutionized the ease with which investments are managed. Let’s see in what ways this exchange can elevate your trading experience to the next level!
Introduction
Bithumb is a leading South Korean cryptocurrency exchange. Established in 2014, Bithumb has become a platform of choice for many users looking to buy, sell, or trade a variety of cryptocurrencies.
Bithumb was renowned for its user-friendly interface, advanced trading features, and high level of liquidity.
Currently, it is one of the largest exchange platforms in the region. The platform also has noticed spot and margin trading services where user’s accounts are secured through multi-signature wallets and two-factor authentication systems.
Know Quick Details About Bithumb
| Feature | Details |
|---|---|
| Founded | 2014 |
| Headquarters | South Korea |
| Supported Cryptos | Bitcoin, Ethereum, Ripple, Litecoin, and more |
| Trading Types | Spot and Margin Trading |
| Fees | Varies by trading volume and transaction type |
| Security | Two-Factor Authentication (2FA), Multi-Signature Wallets |
| Mobile App | Available for iOS and Android |
| Languages Supported | Korean, English, Chinese, Japanese, and more |
| Customer Support | 24/7 support through email and live chat |
| Payment Methods | Bank transfer, crypto deposits, and withdrawals |
Some Popular Token Available On This Exchange
| Token Symbol | Token Name | Category | Key Use Case | Blockchain |
|---|---|---|---|---|
| BTC | Bitcoin | Cryptocurrency | Digital currency, store of value | Bitcoin Blockchain |
| ETH | Ethereum | Cryptocurrency | Smart contracts, decentralized apps | Ethereum Blockchain |
| XRP | Ripple | Cryptocurrency | Cross-border payments and remittances | XRP Ledger |
| LTC | Litecoin | Cryptocurrency | Peer-to-peer payments | Litecoin Blockchain |
| ADA | Cardano | Cryptocurrency | Decentralized applications and smart contracts | Cardano Blockchain |
| DOT | Polkadot | Cryptocurrency | Interoperability between blockchains | Polkadot Blockchain |
| LINK | Chainlink | Cryptocurrency | Decentralized oracle network for smart contracts | Ethereum Blockchain |
| DOGE | Dogecoin | Cryptocurrency | Peer-to-peer payments and tipping | Dogecoin Blockchain |
| SOL | Solana | Cryptocurrency | Decentralized apps and smart contracts | Solana Blockchain |
| SHIB | Shiba Inu | Cryptocurrency | Meme-based token with community-driven projects | Ethereum Blockchain |
Trading Fees on Bithumb
Fees are important in determining the best crypto exchange. Most exchanges charge both makers and takers the same fee, often called as a flat fee.
Bithumb is one of those exchanges which has a flat trading fee of 0.25% on all transactions.
Bithumb’s flat fee has been competitive in the market for some time, though, recently, there has been a shift to lower fees, with averages crossing 0.10%. In comparison Bithumb’s trading fees have become high in relation to other exchanges who have lower fee structures.
Bithumb Withdrawal fees
Bithumb’s withdrawal fee when withdrawing BTC is 0.001. This is lower than the previous rate of 0.003. Furthermore, it is consistent with industry standards and perhaps even noticeably lower than what is charged by competitors.
Deposit Methods
Bithumb permits deposits through credit card payments as well as wires. Many crypto investors of course consider this as very positive.
Users should be observant of the deposit fees that exchanges charge for receiving deposits of fiat currencies through wire transfer or credit cards. While it might be neutral to you whether the deposit is done through wire transfer or credit card, the fees might be completely different.
This exchange, however, does not charge anything for deposits of KRW, which is the only fiat currency that you can deposit on this exchange.
Futures Trading Fees
How to Start Trading on Bithumb
Create an Account
Proceed to Bithumb’s website and register using your email. You will also be required to set a strong password.
Verify Your Identity
Complete KYC for account verification by submitting identification documents.
Deposit Funds
Fund your Bithumb account by bank transfer or crypto transfer of cryptocurrency or Fiat currency.
Explore Markets
Select tradable crypto pairs you would like to trade in the markets such as BTC/KRW or ETH/USDT.
Place Orders
Place market or limit orders to buy or sell your assets.
Secure Your Account
Activate two-factor authentication (2FA) for heightened security on your account.
Start Trading
Trade on Bithumb’s platform with the funds you deposited and keep an eye on the market trends and place orders.
Bithumb Services and Features
Spot Trading
Bithumb permits buyers and sellers to engage in crypto spot trading with reasonable fees for different tokens and altcoins.
Margin Trading
Users have an option of leveraging trade, giving them chances to borrow funds to scale up their trades and increase probable gains.
Staking
Clients are able to stake on some types of cryptocurrencies to earn money by using Bithumb’s platform to hold their tokens.
Bithumb Global
The exchange also has Bithumb Global, which serves international traders with access to a variety of tokens and coins globally.
Mobile App
Users can now trade seamlessly on Bithumb’s mobile application available on both IOS and Android devices.
Security Features
The platform is equipped with sophisticated security features, including security 2FA and cold-wallet digital asset storage.
Who Are the Bithumb Founders?
Dae-sik Kim is a South Korean entrepreneur who is the CEO of Bezant and was the CEO of Bithumb until 2018, when he resigned from the company and took on the role of Chief Cryptocurrency Officer at Bezant.
Another notable person in Bithumb’s leadership is Javier Sim who is the co-founder and Managing Director of Bithumb Global Holdings. Sim’s educational background includes HSBC and BOCI (Bank of China International) and The City University of Hong Kong and Cardiff University. Currently, the head of Bithumb is Back Young Heo.
Here’s a table showing the supported countries and banned countries for Bithumb :
| Supported Countries | Banned Countries |
|---|---|
| ✅ South Korea | ❌ United States |
| ✅ Japan | ❌ Canada |
| ✅ Singapore | ❌ Iran |
| ✅ Thailand | ❌ North Korea |
| ✅ Hong Kong | ❌ Cuba |
| ✅ Vietnam | ❌ Syria |
| ✅ Malaysia | ❌ Crimea (Ukraine) |
| ✅ Philippines | ❌ Afghanistan |
Bithumb PROS & CONS
| Pros | Cons |
|---|---|
| ✅ Wide Selection of Cryptocurrencies | ❌ High Trading Fees compared to newer platforms |
| ✅ User-Friendly Interface | ❌ Limited Fiat Options for some regions |
| ✅ Advanced Trading Features (Margin, Staking) | ❌ Regulatory Challenges in certain countries |
| ✅ Strong Security Measures (2FA, Cold Storage) | ❌ KYC Process Can Be Time-Consuming |
| ✅ Global Reach (Bithumb Global) | ❌ Limited Customer Support Options |
| ✅ Mobile App for On-the-Go Trading | ❌ Occasional System Downtime |
Is Bithumb Secure?
Bithumb’s security measures. Bithumb gives utmost importance to security and employs numerous features to protect user assets.
For account protection, the platform has two factor authentication (2FA). Furthermore, Bithumb keeps a large proportion of users’ funds within cold storage, thereby minimizing the risks associated with hacking.
The exchange performs regular security audits and has a withdrawal whitelist feature as extra layers of protection. Regardless of previous security issues, Bithumb remains committed to enhancing its regulation and providing a secure trading environment.
Bithumb Customer Support
Bithumb’s customer service support. Bithumb provides a support service that is reachable throughout the day and night to help users with any problem or inquiry they might have.
Customers can contact the support staff via live chat, email, or through the help center on the platform. The help center contains an extensive FAQ section pertaining to popular matters users often face like account balance, managing the account, deposit, withdrawal, and trade.
The support service is helpful, although there can be a waiting period during peak hours. The company also has slogans which can be understood by consumers from all over the world and are thus capable of providing several languages for consumer assistance.
Conclusion
Bithumb has preserved its market position as one of the top players in the cryptocurrency exchange market because of its advanced features like margin and spot trading, affordable fees for withdrawing funds, as well as mobile applications.
While there have been recent changes concerning trading fees within the competition, the firm’s security measures, which include, but are not limited to, two-factor authentication and multi-signature wallets, make the platform safe for users.
Moreover, the company’s varied payment options and customer support in different languages enable the platform to appeal to users from all over the world.
