Bithumb Review

Understanding Bithumb

This article highlights what is Bithumb and where it is located. It also discusses the popularity of the crypto exchange platform and how it works. Readers gain insight into the cryptocurrencies listed for trade together with the fees charged on the Bithumb exchange. In addition, it provides the Bithumb exchange most popular coins and its exchange ranking.

What is Bithumb?

Bithumb is a third-party exchange platform for buying, selling, or trading cryptocurrencies. The digital asset platform was established in 2013 by BTC Korea.Com Co Ltd.

The Financial Intelligence Unit(FIU) has registered the platform to operate these digital assets.

Where is Bithumb located?

The company has its headquarters based in Seoul, South Korea.

Who Owns Bithumb?

The majority owner of Bithumb is Lee Jung-hoon.

Why is Bithumb so popular?

Bithumb has grown into one of the largest and most established exchange platforms due to its high daily trading volume. It is also amongst the leading exchanges globally on Bitcoin trading volume.
It is the leading crypto exchange platform for Ether. It is also popular in trading Ripple.

How does Bithumb work

Bithumb offers traders financial assets to trade such as:-

• Forex Trading
• CFD Trading
• Spread Betting
• Social Trading
• Share Dealing

Several traders on the platform are based in South Korea. However, the platform also provides for the following languages:

• English
• Chinese
• Japanese
• Spanish
• Hindi.

Which cryptocurrencies can you trade in on Bithumb?

The following are some of the cryptos you can trade:-

• 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)

What deposits and withdrawal payment methods are available at Bithumb

Bithumb allows its users to deposit and withdraw using the following:-

• KRW points: You can acquire KRW points through the KB escrow account.
• Cryptocurrencies

Users of Bithumb that are outside Korea uses other cryptocurrencies for their deposits. You can register an account with other exchange platforms and deposit a fiat currency by debit/credit card or bank account. You can then purchase a cryptocurrency and transfer it to Bithumb.

You can deposit or withdraw using the earlier mentioned cryptocurrencies via the Bithumb wallet.

What fees does Bithumb charge?

According to the fxempire, the following are Bithumb fee charges on account users:-

• 15% commission fee on buying or selling
• Approximately 0.075% on coupon transactions

For withdrawals, the following charges apply:-

• 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

How do I get Bithumb?

There are two types of trading accounts on Bithumb. These are:-

• Level 1 account: It has low trading fees and access to various features.
• Level 2 or institutional account: It has prime features and lower trading fees. You require this account when trading large volumes. It requires verification of your identification.

The following are steps taken to acquire a Bithumb account:-

1. Only users in particular countries that support Bithumb can sign up on Bithumb

2. Access the Bithumb website and click on the sign-in button

3. Input personal details that include the following:-

• Username
• Email ID.
• Nationality
• Address
• Phone number

4. Create a strong password to protect your account

5. Read and agree to the terms and conditions

6. You will receive a verification code on your phone number

7. You receive a confirmation email and click on the link.

8. You successfully create an account and you can trade as soon as you wish

Bithumb vs Bithumb Global

Bithumb global is a worldwide trading platform for digital assets. Bithumb Korea initiated Bithumb global. The founders initiated it to meet the diverse needs of users globally. However, it only operates in particular countries that adhere to the AML regulations.

Residents outside South Korea can only deposit and withdraw funds on Bithumb global via cryptocurrencies.

Bithumb API

The Bithumb API facilitates developers to use REST calls to access crypto exchange market information. It includes the current price, transaction history, Bithumb crypto index, and buy and ask information.

Most popular coins on Bithumb and their current prices

The Bithumb exchange has been able to support the following coins with their current prices as of 19th December 2021:-

• Bithumb icx: Current price of $1.27 with a trading volume of 1 million USD.
• Bithumb wozx: Current price of $0.290
• Roya Bithumb: Current price of $0.052

Bithumb exchange ranking

According to coinranking.com, the Bithumb exchange ranking is 12 as of 19 December 2021.

Is there a Bithumb app?

Yes, there is a Bithumb app for both Android and iOS.

When was Bithumb hacked?

In June 2018, Hackers infiltrated the Bithumb digital asset platform and stole about $31 million worth of cryptocurrency.

Bithumb is not yet a regulated crypto exchange hence some safety risks. However, the platform has improved its security features and customer support. It has the following security features:-

• Two-factor authentication
• SSL encryption
• 24/7 monitoring of servers

Summary

From the above text, the Bithumb exchange is a reputable platform. It is user-friendly for beginner traders. Additionally, it has attractive low fees and a variety of leading cryptocurrencies.

It has improved its security features from previous hacking experiences. It continues to be amongst the topmost leading exchanges, especially, after the introduction of Bithumb global. You should sign up and experience its features and trade to beat the market.