Trade more than 100 Cryptocurrencies for fees as low as 0.25%
Hey there welcome to my Bithumb Exchange Review.
Bithumb is one of the Largest Korean Cryptocurrency exchanges and among the top 10 crypto exchanges in the world. Popular for its 24-hour high trading volume, trading speed, and security measures.
Are you based in South Korea and planning to invest in Bitcoin? Or Trade Cryptocurrencies in Korea? I bring you something you will need to read before choosing the best Crypto exchange in Korea for your crypto exchange needs.
Let me walk you through one of the largest cryptocurrency exchanges based in South Korea – Bithumb. In this article, you will learn about the basics of exchange, trading fees and limits, some amazing features of these exchanges and a guide to help you get started.
Did you know ? With 24hr volume amounting to $211,385,952; Bithumb is at the 6th position in the spot exchange category according to the CoinGecko.
- What is Bithumb exchange?
- What makes Bithumb Exchange the leader?
- Let’s Read about Bithumb Exchange Fees and Security
- How to trade on Bithumb?
- How to create an account on Bithumb?
- Recent Updates:
- Verdict – Bithumb Exchange Review –
What is Bithumb exchange?
Headquartered in Seoul, Korea; the Bithumb exchange was established in 2013. The CEO of Bithumb is Kim, Dae Shik and it is one of the major exchanges in South Korea.
While Bitcoin is the main cryptocurrency for trading, the platform also has a lot of other cryptos. Bithumb trading achieved one of the highest volumes by any cryptocurrency exchange in its country.
The exchange is also ranked as one of the top exchanges in the world in terms of Bitcoin trading volume.
What makes Bithumb Exchange the leader?
Let us see some of the USPs of this exchange.
Easy to use Interface –
The exchange has a web-based and extremely simple to use trading platform. Apart from Korean, the Bithumb website is also translated into several other languages such as English, Chinese, Japanese, Hind, and Spanish.
Trade Options –
The exchange provides 3 different trading options based on the level of the users – easy trade, general trade and finally reserved trade. These options provide traders an easy trading experience.
The exchange announced it’s highly awaited native token Bithumb Coin(BT). The token allows transactions within the Bithumb Chain which enables a plethora of different use-cases. The Chain is a decentralized open-source protocol of Bithumb Family. It is not yet released to the crypto industry yet. However, 25% of BT tokens depends on Chain development.
Supported Currencies –
Bitcoin is the main cryptocurrency traded on the exchange. However, the platform supports Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), Qtum (QTUM), Ripple (XRP), Zcash (ZEC) & 95+ more.
The exchange boasts to have one of the best customer support. The service is available 24/7 with English for international support. You can contact the support team either through email or by calling them directly on the phone.
Other features –
The exchange is known for its high-speed transactions. It has a real-time trading system and charging occurs through viral accounts. It also has real-time withdrawals. Thus, any transaction whether a deposit, withdrawals or exchange occurs in a very small span of time.
Did you know? You can trade on the Bithumb exchange, even if you are not a resident of South Korea through your Coinbase account.
Let’s Read about Bithumb Exchange Fees and Security
Bithumb charges 0.25% basic maker and taker fees. If you use a discounted coupon, then the fees are 0.04% ~ 0.2%
Deposit is free for most of the coins, But for a few coins for example bitcoins, dash, litecoin there are fees for a small deposit.
Bithumb exchange withdrawal fees vary for different currencies, refer to the official website table for complete withdrawal amount. https://en.bithumb.com/customer_support/info_fee
How Secure is Bithumb exchange?
Bithumb doesn’t offer any anonymity to users due to the South Korean government guidelines for identity verification for cryptocurrency trading. Hence, users and companies need to submit to Bithumb various verification documents.
In order to make a withdrawal, you need to be at level 2 verification. Users need to submit a copy of their passport and address. The verification process can take as long as 24 hours to 48 hours but most of the time it only takes a few hours.
The exchange uses the following security measures for the exchange: Two-factor authentication, SSL encryption, 24/7 monitoring of servers.
Gathering all important aspects of the exchange, now you decide to start trading on the exchange. In this Bithumb exchange review, I bring to you a guide on how to create an account and trade on Bithumb
How to trade on Bithumb?
- Click ‘wallet’ on the right side above, then select ‘deposit’ .
- Click ‘generate new address’.
- Copy that new address and deposit the respective coin to the correct address.
- Click ‘wallet’ on the right side above, then select ‘withdrawal’.
- Enter the cryptocurrency address for the withdrawal.
- Enter the withdrawal ‘quantity’.
- Withdrawal fees will be deducted from your quantity, after completing the SMS verification and entering the security passcode proceed with the withdrawal.
Bithumb Exchange offers Normal transaction, Quick transaction, and Pending transaction methods.
- Normal transaction
Here you can complete your order at your desired price. Orders cannot be processed for amounts that vary by 90% or more from the current market price. Also, for your transaction safety, sell at a price above the current market price and buy at a lower price will be immediately completed at the market price.
- Quick transaction
Here you can have quick order completions at the market price. If you provide the amount and quantity you wish to sell/buy (instead of designating the desired price), the transaction is completed immediately at the market price.
- Pending transaction
Pending transactions can only be used for Bitcoin (BTC) transactions and are provided in the PC version.
Market price pre-order: If the set pre-order standard price is completed in the market, Quick transaction will also get automatically progressed.
Designated price pre-order:
If the set pre-order standard price is completed in the market, the pending transactions will also get automatically progressed at the designated price.
: A portion of the quantity may be completed first if there is insufficient quantity remaining at the designated price.
How to create an account on Bithumb?
Here is a step-by-step guide on how to register on bithumb exchange
- Login to the Bithumb exchange – https://www.bithumb.com/
- Then, click on the Sign-Up button.
- Bithumb exchange asks for few details to abide by the Korean regulations.
- The exchange asks for an email address, phone number, nationality, etc. Entering false information will prevent you from deposits and withdrawals from the exchange.
- The agreement terms are extra but necessary. Make sure to read and accept the terms.
- Click on Signup after checking on “I’m not a robot”
You are now a Level 1 user. Start trading easily. However, for large amounts of trading, the exchange asks for verification like passport, ID proof, etc.
The exchange continuously strives to make the trading experience for its users easy. Here are some recent changes in the exchange –
Jan 23, 2020: Bithumb has warned users against a phishing scam in their latest tweet. The exchange believes in transparency. It has taken some strict measures to avoid scams and keeps on updating users about such issues.
Nov 12, 2019: Bithumb Coin, Native Token of Bithumb Global is Announced
Bithumb Global announced it’s highly awaited native token Bithumb Coin(BT). “The token allows transactions within BithumbChain which enables a plethora of different use-cases,” explains Javior Sim, Co-founder of Bithumb Global
Verdict – Bithumb Exchange Review –
Bithumb is the largest cryptocurrency exchange, which says it offers deep liquidity. Low fees and a wide range of cryptocurrencies makes it an ideal choice. However, it attracts the unwanted attention of the hackers, as it already did and the users may suffer. Of course, being so big, Now the platform has focused more on security.
Overall, the exchange has an amazing user interface and provides a variety of tokens. Also, Bithumb is very good especially for South Koreans, as it offers fiat currency trading. Western users can compare or can try other options.
Bithumb exchange is the most popular and largest cryptocurrency exchange based in South Korea. Bithumb Ranked 10th in Global Cryptocurrency Exchange Rankings
I was deluded by a Bithumb phishing scam. What is the scam?
Bithumb has warned users against a phishing scam in their latest tweet.