Founded in 2013, this cryptocurrency exchange is headquartered in Seoul, Korea by BTC Korea.Com Co. Ltd. Bithumb is a cryptocurrency trading platform that primarily serves Korean users by pairing cryptocurrencies with South Korean Won (KRW). In addition to Bitcoin, which is the primary cryptocurrency being traded, Bithumb provides a wide range of Altcoins. Bithumb boasts one of the biggest trade volumes recorded by any cryptocurrency exchange in Korea. Besides, it is regarded as one of the world’s leading exchanges in terms of Bitcoin trading volume. The Bithumb website also supports many different languages, including English, Chinese, Japanese, Hindi, and Spanish, in addition to Korean.
Bithumb Advantages
Many exchanges assert that security and safety are fundamental characteristics of their system. Nevertheless, Bithumb goes one step further and confidently states it has the “Most Secure System in the Industry.” They mention separate wallets, the 5-5-7 regulation, an ISMS certification, and “various security solutions.” Although it is impossible to verify, it is the fact that they even claim that their system is the safest in the business indicates that they have faith in its security measures.
The Bithumb offers a web-based that is extremely simple to use. The platform is perfect for new traders because its features are self-explanatory. Additionally, the platform does not provide sophisticated features to guarantee that consumers will not get confused while trading.
There are three different trade options available on Bithumb: reserved trade, general trade, and easy trade, which helps traders choose which ways they want to purchase or sell cryptocurrencies. Bithumb also offers Bitcoin gift coupons besides cryptocurrency. You may exchange these coupons to get the equivalent value in Bitcoin. The smallest amount for these gift cards is 10,000 KRW ($9).
The following cryptocurrencies are now available for trading on the Bithumb exchange:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash (DASH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Qtum (QTUM)
- Ripple (XRP)
- Zcash (ZEC)
Deposit and Withdrawal Options
Bithumb only accepts KRW points and cryptocurrency for deposits and withdrawals. You can purchase KRW points through KB escrow service, which are converted on 1 to 1 basis. It will take 30 to 45 minutes for the transaction to reflect in your Bithumb wallet after depositing KRW into the KB escrow account.
On the other hand, you can deposit the following cryptocurrencies into your Bithumb wallet:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash (DASH)
- EOS (EOS)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Qtum (QTUM)
- Ripple (XRP)
- Zcash (ZEC)
The following withdrawal options are offered by Bithumb:
- KRW (KRW)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Qtum (QTUM)
- Ripple (XRP)
- Zcash (ZEC)
Bithumb provides 2 types of membership: General membership, and corporate membership.
The general membership requires the following informations:
- Name
- Phone number
The corporate membership requires you to provide the following documents:
- Business address
- Company name
- Phone number
Fees Structure at Bithumb
Regarding Bithumb’s fees, the exchange charges the fees as follows:
- 15% basic commission (Taker/Maker fees)
- 0% – 0.075 % (fixed amount coupon transactions)
The following fees will be charged for withdrawals:
| KRW | 1,000 KRW |
| Bitcoin(BTC) | 0.003 Bitcoin |
| Ethereum(ETH) | 0.01 Ethereum |
| Dash(DASH) | 0.01 Dash |
| Litecoin(LTC) | 0.01 Litecoin |
| Ethereum Classic(ETC) | 0.01 Ethereum Classic |
| Ripple(XRP) | 1 Ripple |
| Bitcoin Cash(BCH) | 0.005 Bitcoin Cash |
| Monero(XMR) | 0.05 Monero |
| Zcash(ZEC) | 0.001 Zcash |
| Qtum(QTUM) | 0.05 Qtum |
Privacy and Security
Bithumb does not offer any anonymity in terms of privacy because identificatin verification is required by the South Korean authorities for bitcoin trading. For this reason, both people and businesses must provide Bithumb with a variety of verification documents.
Note that you must have level 2 authentication to make a withdrawal. In order to upgrade from level 1 to level 2 authentication, you must provide a copy of your passport along with proof of residence. In reality, the process of verification only takes a few hours, but sometimes it might take up to 24 or 48 hours.
Furthermore, Bithumb implements the following safety measures to ensure their security:
- Two factor authentication (2FA)
- SSL encryption
- Monitor the server 24/7
Customer Service
Customer service is generally unsatisfactory on other cryptocurrency exchanges, thus Bithumb’s customer service should be expected to be no different. However, Bithumb’s customer service deserves praise. They provide 24/7 in English for international assistance. You can get in touch with the customer team via either email or calling them directly by phone.
Advantages and Disadvantages of Bithumb
Pros
- 24/7 customer support
- Competitive fees structure
- Multi-lingual support
- User-friendly trading platform interface
- A variety selection of cryptocurrencies
Cons
- Major fiat currencies are not supported
- Cryptocurrency pairs are not offered
- Security of the exchange is in doubt
Frequently Asked Questions (FAQs)
-
How much time will it take for my withdrawal to be approved?
There would be a delay of 72 hours for the first withdrawal as a security reason.
-
How Can I Check My Bitcoin Deposits And Withdrawals?
The “My transaction” section of the Bithumb website allows you to check your deposit and withdrawal history.
-
Where Can I Send My Verification Documents?
You can email to global@bithumb.com to provide your documents.
-
Why is my IP Address Restricted?
After five unsuccessful attempts at logging in, your IP will be restricted as a security protection. The restriction will be removed after your identification has been confirmed.
-
I Am A Foreigner. Why Can’t I Make A Withdrawal?
You must have level 2 verification on your account before you can make a withdrawal. You may complete level 2 authentication by submitting a copy of your passport and confirming your email address.
>>> Bitthumb will launch their IPO in 2025
Conclusion
The exchange is a particularly user-friendly platform for beginners because it does not have a lot of features. Additionally, Bithumb is a great option to participate in due to its reasonable fee structure and a large selection of supported cryptocurrencies. However, you must also consider the conversion and transfer fees if you are a non-domestic account owner, which might negate any benefit you receive from lower fees. Besides, the exchange was hacked in the past and it creates some doubt as to the security of the exchange.
It is necessary to register for an account in order to start trading cryptocurrencies on Bithumb. Under their terms of service, you are permitted to register for an account if you are not:
- Under the Korean age of 19
- Using third-party names or information for registering
- Providing fake or unverified documents
How to create an account?
To create a Bithumb account, follow these steps:
- Visit the Bithumb official website and click the “sign-up” button in the top right corner of the screen.
- You’ll be directed to the registration page. To confirm the phone number in your name, click “Mobile ID Verification.”
- After that, you must choose your mobile carrier and continue with either the PASS or text message (SMS) authentication processes.
- Enter your name, phone number, and the required captcha to verify with PASS. Then, click “Confirm” to proceed. To proceed with SMS authentication, enter your phone number, name, gender, and captcha. Then, click Confirm.
- Once your name and phone number have been verified, you may use your email address as your Bithumb ID and real name to sign up as a regular member. The resident address verification process then needs to be completed to ensure a secure trading environment for all users.
Betomon is a website that reviews, analyzes and knowledge shares about safe and stable financial investment projects on the theme of crypto forex blockchain… Projects to make money online for free
Visit the website betomon.com or register to receive the latest information here.
