So many regional cryptocurrencies are now stepping to become global cryptocurrency exchanges. With the experience they gained in the initial years, can they meet the expectations of global users? Today, let us check a Korea-based cryptocurrency exchange – Bithumb. Bitglobal is the Global exchange of Bithumb. Let us understand the Pros, Cons and compare them and then decide whether you should use them!
Bithumb is a South Korea-based digital asset exchange formed in 2014. It was initially known by the name Xcoin but, it was rebranded as Bithumb in 2015. In 2017 it reached a trading volume of 1 trillion KRW equivalent to $764 million. Their headquarter is in Seoul, Korea.
Bithumb offers customers services such as cryptocurrency trading, auto trading, Bot trading, lending, deposit & interest. It offers an easy-to-use platform and with its advanced trading features, it is suitable for both beginners and seasoned traders. It also offers bot trading for users who don’t want to indulge in emotional trading.
It primarily serves Korean users and has KRW (Korean Won) as its main Fiat currency. All the cryptocurrencies in the exchange have been paired with KRW for easy buying for Korean users.
The exchange has robust security features like 2FA, anti-phishing code, whitelisting, SMS & email notification. It has got the highest number of users from Korea. It has got dedicated customer phone support in Korea.
In 2019, Bithumb launched Bitglobal – a cryptocurrency exchange dedicated to its Global Users
Timeline
| 2014 | Launched Xcoin – a BTC exchange |
| 2015 | It renamed as Bithumb |
| 2016 | Opened Mobile Website for wire service |
| 2017 | Reached 1 trillion KRW in trading volume |
| 2018 | Launched DEX – a decentralized exchange |
| 2019 | Launches Bitglobal exchange for Global users |
| 2020 | Established own R&D laboratory |
| 2021 | Ranked as the No.1 digital exchange by Korean Brand reputation Institution |
| Bithumb | Bitglobal |
| Korean-based Cryptocurrency exchange for Korean users Founded in 2014 Headquarters – Seoul, Korea Official website – https://www.bithumb.com/react/ High trading volume0.25% trading fees Offers Spot & Margin trading Offers staking180+ cryptocurrencies listed Call Center support for users and has won award for best services Supports only KRW fiat currency254k followers on Twitter Good reviews from users based in Korea Supports 2 languages on the website 30% trading fee commission for the referral program It has Mobile App in Korean and English | Korean-based cryptocurrency exchange for Global users Launched in 2019 Headquarters – Seychelles Official Website – https://www.bitglobal.com/en-us Low trading volume0.10% trading fees Offers Spot, Margin & Smart Tokens Offers staking, staging & mining 80+ cryptocurrencies listed Customer support restricted to email and 24/7 chat support Supports 7 fiat currencies73.4k followers on Twitter Mixed and biased reviews by global users Supports 8 Languages on the website It does not have a referral program currently It has Mobile App that supports 7 languages |
With more than 180 cryptocurrencies available on the platform it is suitable for the investor who is in need of a broader portfolio. However, the global platform offers only 80+ cryptocurrencies. Some of the popular cryptocurrencies are:
Let us learn how to create a Bitglobal account
Let us learn to buy cryptocurrency on Bithumb
Let us learn how to sell cryptocurrency on Bithumb
Let us learn how to deposit crypto on Bithumb
You will get a notification once the transaction is completed
Let us learn how to withdraw crypto from Bithumb
You will get a notification once the transaction is completed
There is a withdrawal fee for each cryptocurrency and it varies from each cryptocurrency. There are no deposit charges for most cryptocurrencies, however, if you deposit a very minor amount, then a small fee is charged. You can view the fee details for each cryptocurrency deposit and withdrawal here.
The exchange recommends waiting till cryptocurrencies reach the required amount and avoiding small deposits as it is chargeable.
The number of small deposits of cryptocurrencies
| Bitcoin | Bitcoin Cash | Bitcoin Gold | Nervos Network | Polkadot | Kusama |
| 0.005 | 0.03 | 0.15 | 61.99999999 | 2 | 0.00999999 |
The trading fee (both maker & taker fee) is 0.25% for a new user. However, if you purchase KRW coupons and reach a required high trading volume, your trading fee can go as low as 0.04%
Bithumb offers a referral program where the referrer earns 30% of the trading fees as commission for the first 90 days. The referee earns 10% of trading fees as a commission. You can invite unlimited referees to the exchange.
Bithumb, a leading exchange in the Korean community, is available in both Apple and Google Play stores. It has a rating of 3 stars from around 26k reviews. It allows you to manage your portfolio, keep a track of market trends and stay up to date on market events. The mobile app is secured with 2FA and device restriction features.
You can raise an email ticket if you have any issues with your account. If there is any urgent issue, you can contact 24/7 online customer support. The learning section is with a good amount of articles on How to create an account, how to deposit/withdraw crypto etc.
Recent Updates
Feb 2023 – Bithumb has issued a warning regarding impersonation cases involving their website. The legitimate domain for Bithumb’s services is exclusively https://www.bithumb.com/. However, instances of fraudulent websites with similar domain addresses (such as bithumb.mobi) or designs resembling Bithumb have been reported.
Bithumb is a cryptocurrency exchange based in Korea. It was launched for Korean users. The website is available in both English and Korean. It has a good rating for live chat support and also won appreciation from Korean Brand Reputation Institution for its services.
However, users from other user review sites report that priority is given to Korean users. Even though they launched Bitglobal to focus on international users, the exchange is facing many bad reviews for slow verification, less guidance for account troubleshooting, etc.
The exchange has been hacked in the past and more than 31 thousand user accounts were affected. It was also hacked in 2018 & 2019 where it lost a considerable amount of assets. The company said that user accounts were not affected this time as they had kept it in cold storage. The security of this exchange is doubtful for many users. The customer review on many rating sites is biased and mixed. Mostly it has negative reviews due to website issues or delays in response to the international user.
If you are a Korean, we recommend this exchange as it gives prior support to Korean users. Korean users have call center support also. Even though they launched Bitglobal for global users, some of the functions are in their infancy. With high rates of negative reviews from Global users, the service offered by Bitglobal is questionable.
The exchange is based in South Korea and has been awarded as the best digital asset exchange by Korean Brand Reputation Institution. Even though it has been hacked in the past, the security features have been improved, and has a 24/7 risk management team to monitor malicious account behavior. We recommend you do your own research before investing in this exchange.
Bithumb focuses on Korean users and Bitglobal focus on international users. Bitglobal is the international wing of Bithumb. However, only deposits and withdrawals are allowed in other countries that don’t follow AML regulations.
In 2017, Bithumb was hacked and it lost more than 1 billion KRW worth of assets. More than 31 thousand user accounts were affected. Bithumb has given compensation of around $900 for each account holder. It was also hacked in 2018 & 2019 where it lost $30 million & $13 million respectively.
To use the full features of Bithumb, you need to complete KYC verification. A fully verified user can have unlimited withdrawals and other benefits like priority customer support.
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