Crypto Currency Exchange

Why Bithumb Exchange Is The Largest Cryptocurrency Exchange In The World?

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 and

So lets us look in detail more about this platform.

Bithumb Review

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About Bithumb

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 is 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 volume by any cryptocurrency exchange in its country.

Working

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. Moreover, 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

Deposit

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.

Withdrawal

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.

Trade

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

Fees

Bithumb charges 0.15% basic maker and taker fee. 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.

Withdrawal fee varies for different currencies, refer this table for complete withdrawal amount.

Security

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.

Bithumb uses the following security measures for the exchange: Two-factor authentication, SSL encryption, 24/7 monitoring of servers.

Final verdict

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.

Latest updates and announcements

  • May 03, 2019 : Bithumb lists CONUN (#CON) and ANKR NETWORK (#ANKR). Timeline for the listing was May 3 at 5:00 PM (KST) and  Open date of Deposit address: May 3 (Fri) at 5:00 PM (KST). As of today, the Conun is priced at $0.052 and ANKR network $0.008.
  • April 26, 2019 : There was ORBS Airdrop –  Just Trade ORBS and get total 2,000,000 ORBS  from April 29, 2019 10 AM to April 30, 2019 Midnight [KST].
  • April 17, 2019 : Bithumb lists ORBS (#ORBS) and SMART VALOR (#VALOR) ■Timeline: was on April 18, 2019  3:00 PM (KST) and Deposit address open was April 18, 2019 3:00 PM (KST). As of today, the ORBS is priced at $0.033 and valor $4.52.

Latest News

Ask us a question! What is your opinion on Bithumb reviews? Share your views on our Twitter and Facebook pages. Also, read our reviews of some more exchange sites.

Bithumb exchange

8.6

Over all

9.0/10

Interface

9.0/10

Bonus and offers

8.0/10

Withdrawal and Deposit

8.5/10

Pros

  • 24*7 customer support
  • competitive trading fees
  • Easy and simple platform
  • popular platform with high liquidity

Cons

  • fiat deposit only for korean users
  • Security still need to be more effective
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Bithumb Exchange review
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Bithumb Exchange review
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Why Bithumb Exchange Is The Largest Cryptocurrency Exchange In The World?
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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