bithumb

What is bithumb？

Back in 2013, Bithumb popped up as a big player in South Korea for cryptocurrency trading, a super busy marketplace for cryptocurrencies. This exchange offers a huge collection of over 200 coins, with more than $2.5 billion worth trading volume every single day there. Bithumb's fees are actually on the low side. When you make a trade, it's 0.04% (taker fee), and if you're the one making things happen, it's even less at 0.02%( maker fee). Bithumb ranks among the globe's top 20 cryptocurrency exchanges in terms of trading volume, however, it's exclusively accessible to investors based in South Korea.

Pros and cons

Bithumb excels in these areas:

• Favorable Fee Structure: Bithumb boasts cost-effective trading fees, allowing users to keep more profits.

• Diverse Cryptocurrency Selection: With a wide array of over 200 cryptocurrencies, Bithumb offers ample choices.

• Significant Trading Activity: Bithumb's high trading volume indicates vibrant market engagement.

• Strong Liquidity: The platform's good liquidity ensures smooth trades with minimal price fluctuations.

Bithumb lacks these areas:

• Only available in South Korea: Unfortunately, Bithumb is only accessible to South Korean investors.

• Language Barrier: The official website is exclusively available in Korean, posing challenges for non-Korean speakers.

• Slow Support Responsiveness: Users have reported slow customer support response times.

• Security Concerns: Past hacking incidents raise concerns about platform security.

• Restricted Trading Pairs: Bithumb offers a limited variety of trading pairs for users.

• Lack of Security Information: The platform provides inadequate details about its security measures.

Pros	Cons
Low trading fees	Only available in South Korea
Wide variety of cryptocurrencies over 200	Offcial website only available in Korean
High trading volume	Customer support can be slow
Good liquidity	Has been hacked in the past
	Limited trading pairs
	Lack of security information

Regulations

Bithumb holds regulation by the Repository of Korea's Corporate Filings (RKCF) with license 220-88-71844, but bears an “Exceeded” regulatory classification. This oversight comes from the Repository of Korea's Corporate Filings (DART), a platform overseen by South Korea's Financial Supervisory Service (FSS). This portal enables access to corporate documentation like financial statements and annual reports, encompassing companies subject to external audits within South Korea.



Trading Markets

Bithumb, a prominent South Korean digital currency exchange, offers various trading products besides standard cryptocurrency trading. These include:

• Margin Trading: This allows traders to borrow funds to increase their trading position, amplifying potential profits (and losses).

• Over-the-Counter Trading: A service for large-volume trades that might impact the market if placed on the open exchange.

• Staking: This involves holding cryptocurrencies to support the operations of a blockchain network and, in return, earning rewards.

These additional trading services complement Bithumb's offerings in the cryptocurrency market, catering to both retail and institutional traders. However, during my search, I was unable to find more detailed information on the complete range of trading products Bithumb might offer beyond these. For the most up-to-date and comprehensive information, it would be best to refer directly to Bithumb's official website or contact their customer support.

Cryptocurrencies available

Bithumb lists over 200 cryptocurrencies, a large selection for users to pick from. The coin listing speed on Bithumb is not publicly available information. However, based on the exchange's past history, it can take several weeks or even months for a new coin to be listed on Bithumb. This is because Bithumb has a rigorous listing process that it must adhere to in order to ensure the safety and security of its users.



You can find the full list of cryptocurencies available on the exchange here: https://www.bithumb.com/react/.

Other Services

Besides crypto trading, Bithumb offers a variety of services including:

Crypto Lending:

• Bear Lending and Bull Lending: Users can borrow Bitcoin (BTC) or Ethereum (ETH) for 3 or 7 days with varying interest rates depending on the type of loan.

Staking:

• Stake your cryptocurrency holdings for a certain period to earn rewards.

Auto-Trading:

• Automated algorithmic trading with 24/7 operation. Set your own parameters for buy and sell orders to achieve consistent profit.

Payment Services:

• Bithumb provides payment solutions for businesses willing to accept cryptocurrencies as payment.

Gift Vouchers:

• Purchase Bitcoin gift vouchers that can be redeemed for their equivalent value in Bitcoin.

Other:

• Bithumb also offers educational resources, news updates, and research reports related to the cryptocurrency market.

Blockchain Consulting:

• Bithumb offers consulting services for businesses looking to implement blockchain technology into their operations.

For details, please refer to Bithumb's official website or contact their customer support for more information.

How to open an account？

The registration process of Bithumb involves the following six steps:

1. Visit the Bithumb website and click on the “Sign Up” button located at the top right corner of the page.

2. Provide your email address and create a strong password for your account. Make sure to comply with the password requirements specified by Bithumb.

3. Agree to the terms and conditions and privacy policy of Bithumb by checking the corresponding boxes.

4. Complete the email verification process by clicking on the verification link sent to the provided email address.

5. Provide your personal information, including your full name, date of birth, and contact number.

6. Submit any additional required documents for verification, such as proof of identity.

After completing these steps, your registration with Bithumb will be processed, and you will be able to access and utilize the features and services offered by the exchange.

How to buy Cryptos？

Creating an Account on Bithumb

• Start by visiting Bithumb's website. Look for and click the “Sign Up” button.

• You'll need to provide an email address and create a password, then accept the terms of service.

• Check your email for a verification link from Bithumb and click it to confirm your email address.

Completing Identity Verification

• Bithumb mandates identity verification to align with regulatory standards.

• This step involves uploading a photo of a government-issued ID and confirming your home address.

• A selfie may also be required for further identity confirmation.

Depositing Funds

• After verifying your identity, you can add funds to your Bithumb account.

• Deposits can be in fiat currencies (like KRW, USD, EUR) or in cryptocurrencies.

• The methods for depositing funds will depend on your geographical location and the currency you choose.

Purchasing Cryptocurrencies

• To buy cryptocurrencies, navigate to the “Buy Crypto” section on Bithumb.

• Choose the cryptocurrency you wish to purchase.

• Specify the amount you're spending in fiat or the amount of cryptocurrency you want to acquire.

• Review your order and confirm it by clicking the “Buy” button.

Storing Your Cryptocurrencies

• The cryptocurrencies you buy will be stored in your Bithumb wallet.

• You can hold them in this wallet for investment purposes or transfer them to another wallet if needed.

Fees

Bithumb levies fees spanning 0.04% to 0.25%. By acquiring paid coupons, customers trim fees towards the lower limit. Investors can purchase coupons, like an 80,000 KRW one for a hefty 68% discount, potentially slashing fees to a mere 0.04%. While beginners might not immediately benefit from coupons, they would typically face the 0.25% fee.

Transaction	Fees
Trading Fee	0.04% to 0.25%
Deposit KRW	Free

Deposit & Withdrawal

When it comes to cryptocurrency deposits, Bithumb keeps them fee-free, but sending from your personal wallet might incur network fees. When withdrawing cryptocurrencies, Bithumb applies varying withdrawal fees for each coin, specified in the “Withdrawal” section on their website. As an example, the withdrawal fee for Bithumb Bitcoin (BTC) stands at 0.001 BTC (approximately $26.05).

Educational Resources

Bithumb prioritizes the importance of education and provides ongoing educational content and resources on their website. Users can access trading guides, video tutorials, and webinars, which can help enhance their knowledge and understanding of virtual currency trading.

Regarding community support and communication platforms, specific information about forums, social media groups, or other community channels is not provided. Therefore, it is not possible to describe the extent of Bithumb's community support and communication platforms based on the given information.

Customer Support

Here is the detailed contact info for clients to get in touch with this exchange:

Customer Care phone: N/A

Email: info@bithumbcorp.com

Website: https://en.bithumb.com/

Bithumb Contact Form

Bitfinex Twitter Contact

Bithumb registered office address

Gangnam17, Yeoksam-ro 7-gil, Gangnam-gu, Seoul, Republic of Korea.

Working hours: 9:30 AM to 6:30 PM (excluding Sat, Sun, and holidays).

Is bithumb a Good Exchange for You？

bithumb may be a good exchange for traders in the following types:

Traders who come from South Korea and pursue low trading fees.

Traders who priorize large selection of cryptocurrencies for trading.

Traders who trade cryptocurrencies often with substantial trading activities and high trading volumes.

Has Bithumb experienced any controversy？

Bithumb has experienced a number of controversies over the years. Here are some of the most notable ones:

• In 2017, Bithumb was hacked and over $30 million worth of cryptocurrency was stolen. The exchange was forced to suspend trading for several days while it investigated the incident.

• In 2018, Bithumb was fined by the Financial Services Commission (FSC) of South Korea for violating regulations. The FSC found that Bithumb had not properly implemented security measures and had not properly registered with the commission.

• In 2020, Bithumb was again fined by the FSC for violating regulations. This time, the FSC found that Bithumb had not properly disclosed information about its operations to investors.

• In 2022, the CEO of Bithumb's parent company was found dead shortly after he was accused of embezzlement and stock price manipulation. The incident led to a number of investigations into Bithumb's operations.

Compare with other exchanegs

Features
Trading Fees	0.04% maker and 0.25% taker	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	200+	500+	11	200+
Regulation	Registered with RKCF ( in South Korea)	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

User Reviews

Benjamin Mitchell

January 22, 2021

“ And let's talk about the coin buffet they serve! I'm talking about a whole menu of cryptocurrencies to choose from. It's like a crypto wonderland in there. Not to forget, they keep the liquidity high, so trades happen real quick. Now, let's give a shoutout to their customer support – these folks are patient and actually help you out. The trading fees are decent; I'm not feeling like I'm giving away my firstborn with every trade. Oh, and my privacy？ They've got that covered too. I feel like I'm in control of my data. Deposit and withdrawal speed？ It's like magic! My funds appear and vanish just when I need them to. And those order types？ Bithumb's got a whole playbook of them, giving me options to play with.”

James Anderson

March 28, 2022

“Ugh, where do I start with Bithumb？ I've had a rollercoaster ride with this exchange. First off, I'm not sure about their security chops. Heard some rumors about hacks, and that just doesn't sit well with me. And regulation？ Like, I need to know my money's in safe hands, but with Bithumb, it's like, ”Is it, though？

Now, the interface – I feel like I'm back in the early 2000s, trying to figure out a maze. It's cluttered and not user-friendly at all. Liquidity？ Yeah, maybe if you're trading Bitcoin, but anything else？ Good luck waiting for your orders to fill.

Okay, they have a bunch of cryptos, but it's like quality over quantity, you know？ Plus, customer support – let's just say it's like pulling teeth. Slow and unhelpful. And don't get me started on the fees! It's like they're charging me just for breathing on their platform.

Conclusion

In conclusion, Bithumb presents a mix of advantages and limitations for users. While offering low trading fees, a wide array of over 200 cryptocurrencies, and boasting high trading volume and liquidity, its exclusivity to South Korea and the availability of the official website only in Korean limit its global accessibility. Therefore, potential users should carefully weigh these factors to make an informed decision about their engagement with Bithumb.

FAQs

Q： What are the supported countries for Bithumb？

A： Bithumb is only available in South Korea.

Q: How can I register an account with Bithumb？

A: To register an account with Bithumb, visit their website, click on the “Sign Up” button, provide your email address and password, agree to their terms and conditions, complete the email verification process, provide your personal information, and submit any necessary verification documents.

Q: How can I contact Bithumb's customer support team？

A: Bithumb's customer support team can be contacted through email, live chat, or phone, ensuring prompt assistance and guidance to users whenever they have questions or encounter any issues.

Q: What are the fees for trading on Bithumb？

A： The fees for trading on Bithumb vary depending on the type of trade and the amount of cryptocurrency being traded. For example, the taker fee for Bitcoin is 0.04% and the maker fee is 0.02%.

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.