Bithumb exchange is the most popular and largest cryptocurrency exchange based in South Korea, according to data of the site Coinmarketcap. Its regularly feature in lists of the world’s 10 largest crypto exchanges in 24-hour trading volume. The exchange offers world’s top crypto coins and tokens for trading. So let us look in detail more about this platform in this review.
Quick Navigation :
- About Bithumb
- Working of Bithumb
- Bithumb Trade
- Bithumb Fees and Security
- Other features
- Recent Updates
Bithumb is a crypto exchange by BTC Korean Co. Ltd. Bithumb Exchange is also the first exchange of cryptocurrency in Korea. The CEO of Bithumb is Kim, Dae Shik. Its headquarters are in South Korea and is one of the major crypto exchanges.
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.
Bithumb generates a great volume of exchange. As per data, it generates $1,099,566,628 in coinmarketcap and ranks 1st. Bithumb has a lot more to offer other than exchange. It has gift cards and other remittances. The extra services include coupons, sending price notifications and 24*7 customer support service for all its users.
Bithumb Exchange has all the features a trading community would look for. It has very low processing rates or a minimal fee for a transaction. Thus, allowing the traders to benefit more. It has high security by using SMS authentication, monitoring the server 24*7, and preventing data tampering by using high SSL. Bithumb uses advanced encryption thus, preventing any cyber crimes.
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.
Therefore, it is a platform for buying, selling and storing cryptocurrency. Also, the interface is user-friendly, easy and convenient.
Trading 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 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, pending transaction 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.
Bithumb Exchange Fees and Security
Bithumb charges 0.15% basic maker and taker fees. If you use a discounted coupon, then the fees are 0.08%- 0.14%.
Deposit is free for most of the coins, But for few coins like example bitcoins, dash, litecoin there are fees for a small deposit.
Bithumb exchange withdrawal fees varies for different currencies, refer to official website table for complete withdrawal amount.
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.
The exchange has created it’s own native cryptocurrency. Bithumb Cash is an internal cryptocurrency. The exchange offers it as a reward for users who deposit funds into a live account.
Bithumb Global is an innovative trading platform. It provides FIAT and Cryptocurrency trading anywhere around the world with proven technology and trading volume.
Bithumb DEX, a decentralized trading platform launched by South Korea’s cryptocurrency exchange on October 15, 2018. The launch follows, ‘Airdrop’ and ‘free transaction fee.’ events as per the exchange’s official twitter announcements.
Bithumb DEX Grand Open Event！— Bithumb (@BithumbOfficial) October 16, 2018
In order to celebrate the opening of the Bithumb DEX, the following event will be held.
1. Free Transaction Fee Event
2. Airdrop Event
For more information, Please check the link below.
* https://t.co/dxhXaHM7Nl pic.twitter.com/5Z5oIhEcne
The exchange announced it’s highly awaited native token Bithumb Coin(BT). .The token allows transactions within 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 the Chain development.
Jan 23, 2020: Bithumb has warned users against a phishing scam in their latest tweet.
Nov 12, 2019: Bithumb Coin, Native Token of Bithumb Global is Announced
Nov 8, 2019: The exchange upgraded the API in order to improve and stabilize the exchange.
Aug 28, 2019: The exchange now supports projects running on Binance Chain basically to meet user demand for quality projects.
June 19, 2019: Bithumb Ranked 10th in Global Cryptocurrency Exchange Rankings
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.