Bithumb exchange review
Bithumb is a centralized exchange that occupies #26 on Guru InvestingExchange Tracker. Bithumb trading volume is US$1,263,829,479 in the last 24 hours and US$258,386,041,945 in the last 7 days.
Bithumb currently has 282 cryptocurrencies, 1 paper currencies and 289 markets (cryptocurrency trading pairs). The most popular trading pair on Bithumb: WLD/KRW.
You can read the full expert review of Bithumb here: Bithumb Review.
Compare Bithamb next to other exchanges here: Exchange comparison tool.
Bithumb is a centralized cryptocurrency exchange (CEX) located in South Korea. Founded in 2014, it offers spot market, lending and staking for individual and institutional traders. It does not support derivatives trading. Trading on the Bithumb spot exchange requires KYC verification.
Customers outside of South Korea must comply with mobile KYC requirements. Some or all of Bithumb’s cryptocurrency exchange services are limited to 20 countries, including Iceland, North Korea and Myanmar.
Markets
The exchange provides both cryptocurrency and cryptocurrency trading across over 180 assets. The default deposit currency is Korean Won (KRW). In total, there are more than 280 Bithumb trading pairs available. Margin or leverage trading is not available.
There are two main markets on the Bithumb spot exchange:
- Korean won market – bidding based on Korean Wok (KRW)
- BTC market – trading based on Bitcoin (BTC)
Besides the usual spot marketclients can use automated or bot trading. Auto trading is a service that uses artificial intelligence recommendations to customize trading strategies based on results. Bot trading is a tool that allows traders to choose from several trading bots to automatically execute trades without manual supervision.
Bithumb exchange fees use a producer-receiver model. In both markets, the commission rate can range from 0.04–0.25%. Customers can purchase coupons depending on their shopping model. There are four main templates that offer a discount on Bithumb cryptocurrency:
- Newbie – no coupon
- Retail trader — Coupon 0.08%-0.20%
- Day trader — Coupon 0.05%–0.065%
- High frequency trader — Coupon 0.04%–0.045%
The trading pattern is determined by Bithumb’s 30-day volume. Clients with a volume of up to 10 million won are considered Newbies, and clients with a volume exceeding 3 billion won are considered High Frequency Traders.
Customers are not charged any Bithumb fees for deposits. There is a minimum recommended deposit amount. Customers who make small deposits below established criteria may be charged a fee to maintain transaction speed and security requirements. The minimum price of Bithumb cryptocurrency for a small deposit in Bitcoin is 0.005 BTC.
Withdrawal fees may vary depending on the selected asset and withdrawal amount. For internal withdrawals between accounts, Bithumb does not charge any cryptocurrency fees. All fees are subject to change at Bithumb’s discretion.
other services
Apart from the Bithumb spot market, clients can also access virtual asset lending services. They provide Bitcoin (BTC) And Ethereum (ETH) loans. There are two types of loan – Bearish lending and bullish lending.
Users can take out loans for 3 or 7 days for up to 300 million won. There are some fees for Bithumb exchanges, such as a base (1%) and daily (0.0001%) service fee.
Virtual Asset Deposit is a service that allows users to deposit their dormant assets to receive passive rewards in the form of stable interest. Contributed assets cannot be used for active trading on the Bithumb crypto exchange. There are minimum and maximum deposit restrictions that apply on a first-come, first-served basis.
Crypto exchange Bithumb supports bid. Customers can deposit one of the eligible betting assets and receive annual interest based on the amount and duration of the bet. The minimum bid value for Bithumb cryptocurrency varies depending on the asset.
Additionally, Bithumb plans to support Ethereum 2.0 staking after the merger. Customers staking ETH are eligible for BETH and other rewards. Rewards are distributed among interested parties depending on the amount of their blocked assets.
About company
The Bithumb cryptocurrency exchange was founded as Xcoin To Kim Daesik in January 2014. A year later the name was changed to the current “Bithumb”. This counts one of the oldest cryptocurrency exchanges in South Korea. The company’s headquarters is located in Seoul.
In 2017, customer data was compromised when hackers gained access to a computer belonging to one of Bithumb’s employees. The breach affected nearly 5,000 accounts, or 3% of the total user base. More than 36,000 pieces of data have become public.
It was reported that in 2019 Bithumb’s total trading volume exceeded $1 trillionand there are more than 8 million registered users on the platform.
In January 2021, the Bithumb cryptocurrency exchange launched its BTC market. It allows users to trade digital assets using BTC. In April 2021, Bithumb was one of the first cryptocurrency exchanges in South Korea to open traditional customer centers.
In January 2022, the company announced plans to develop its own NFT marketplace, which will be launched in the foreseeable future. In June of the same year, it was announced that FTX was in talks to acquire Bithumb. However, no further details of the acquisition were announced at that time.
Kim Daesik is the founder and former CEO of the crypto exchange Bithumb. In addition to this service, he has also served as CEO of several technology companies, including IT consulting firm Jehmi. He is currently the Director of Cryptocurrencies at Bezant Foundation Limited.
Ho Baekyong is the CEO of the Bithumb cryptocurrency exchange. He initially joined the company as head of compliance in 2017 and took over as CEO in May 2020. Khio has spent nearly two decades in the financial technology sector, working with companies such as Citibank and ING Securities.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
