Cryptocurrency exchange Bithumb: Overview and Outlook

Blockchain technology is widely used in Asia. The cryptocurrency exchange Bithumb was founded in 2013 in Seoul, South Korea. It now boasts some of the largest trading volumes. It uses the latest developments from the Tokyo-based exchange. But that's not the only thing that attracts traders to the site. They note the platform's high speed of development and prospects.

What is it?

The Bithumb exchange, founded by BTC Korea, is a modern and secure platform for trading cryptocurrency pairs. The firm is headquartered in downtown Seoul, but the creator's name has not been disclosed.The site's interface is translated into several world languages, but Russian is not among them. The list of coins includes both top cryptocurrencies (Bitcoin, Ethereum, Lightcoin) and little-known ones. New coins appear on a daily basis. By 2020, the number of registered users reached 8 million.

How Bithumb works

The cryptocurrency exchange Bithumb allows you to exchange some coins for others, as well as buy and sell them. Their value depends on the actions of buyers and sellers, namely their overall manipulation. You can say that the system functions like the stock market model, but with only one condition - the exchange is open 24 hours a day.

History

The name of the developer of Bithumb stock is still kept secret, but this does not prevent the company from developing at a great pace. Today, it is regulated by the Financial Services Commission - FSC.

In the summer of 2017, the platform experienced a massive account hack. Fraudsters gained access to the personal data of 32,000 customers. But the incident did not lower the platform's rankings, as around 3% of the total number of registered users were attacked. The company gave a guarantee that all losses would be recovered.

A year later, analysts from an independent organization began to investigate the exchange and concluded that it was falsifying trading volumes. A month before that, the company announced it was moving to a decentralized basis. In 2020, chairman Lee Jong-hoon was illegally accused of fraud. In this connection, the police tried to seize Bithumb shares from him.

A new round of development of the exchange was the Bithumb Global platform. The developers have put forward a desire to start partnerships with overseas companies in order to attract a large number of new customers. The subsidiary crypto exchange has been operating in the CIS market since 2019. Trailers from Russia have also received a convenient trading platform that opens up access to the latest developments in the crypto industry.

How is Bithumb different from other crypto exchanges?

Unlike other cryptocurrency exchanges, Bithumb's customer support is offline and accepts requests around the clock. It's quite a successful marketing move that sets the site apart from hundreds of others. The offline center opened in 2017. Users can get advice at any time of the day or night by simply coming into the office.

Key features of Bithumb

When doing a Bithumb review, many traders only focus on the trading volume and the number of cryptocurrency pairs.Other key features of the exchange are:

1. Interface translated into several world languages (Bithumb Korean, Bithumb Spanish, Bithumb Japanese, Bithumb Hindi, Bithumb English).
2. Mandatory verification for all users. Without passing the procedure, customers won't be able to access any of the features.
3. Bithumb official website has a simple design, users can easily navigate sections and find the information they need.
4. The platform supports 1 fiat currency and the South Korean won. To buy or sell coins, you can only use this currency.
5. Despite the past hacking attack, the platform has a high level of security.

In addition to earning money through trading, customers can earn passive income through deposit programs. It is possible to trade in automatic mode with the help of a customizable bot.

Pros and cons of the exchange

If you compare the Bithumb Korea exchange with other major cryptocurrency exchanges, at first glance, they would benefit from more trading pairs. But on the other hand, the more instruments the system has, the higher the chance of malfunction. The platform, like other projects, has its own pros and cons, which means it is still ahead of the competition in some respects.

Pros	Cons
24x7 offline customer support	Many fiat currencies are not supported
Transaction fee 0.15%	Problems with English translation
Convenient and modern interface	Complicated verification for CIS citizens
A mobile app is available	The platform has been hacked once and therefore is distrusted by new clients
High-security level	Fiat currency deposits are only available to South Koreans
Wide range of cryptocurrencies	Focused mainly on South Korean citizens

 Exchange advantages and disadvantages

The advantages and disadvantages of the exchange are determined by the conditions of work on it. Users note not only the high level of security and user-friendly interface but also more significant advantages.

Advantages	Disadvantages
Regular replenishment of trading pairs	A slow process of verification of the increased limits
Highly liquid instruments	Obligatory verification
Suitable both for beginners and professionals	The exchange does not support altcoin transactions
Opportunity to lower commissions

 Who should use Bithumb?

The official website of the exchange Bithumb pro has a user-friendly simplified interface and is correctly translated into English. It is great for beginners, as all the charts and indicators are well-labeled. This makes trading easier. New users can activate the "demo mode" with virtual credits if they wish. Before testing the platform, you should create an account.It is important to understand that clients can not perform anonymous operations. Even if a trader only wants to make deposits and withdrawals, he/she will have to undergo verification by providing the administration with a full list of documents.

Services and products offered by Bithumb

There are about 250 pairs traded on the portal. To get into the trading terminal, one has to go to one of the sections "Margin", "Spot" and "Markets". At the same time, traders want to know what additional features the platform has to offer.

For example, the absence of the Bithumb futures is compensated for by the fact that the company has another exchange. The Bithumb global pro service offers not only spot and margin trading, but also smart contracts trading. The options in the BG category are worthwhile for additional earnings. The "Learn" tab offers educational material for beginners, while the "Staking" section offers options for interest-stacked cryptocurrency trading.

Bithumb deposit and withdrawal options

Customers of Bithumb US and other countries can make deposits and withdrawals. To do so, they need to enter the Remittance section, click on Deposit and make a deposit. The transactions will become available only after verification.To withdraw funds, you need to go to the Withdrawals section. Next, you will select the currency and request the payment. The transaction must be confirmed via sms. Citizens of CIS countries face the problem that sms codes do not come to them. It is better to register using the Korean phone number or to describe the problem to the technical support team.

The first transfer of funds takes 3 days. This is a forced measure introduced to prevent money laundering.

Cryptocurrencies available on Bithumb

The list of cryptocurrencies available on the exchange includes 237 coins and tokens. Any crypto exchanges are interested in collecting the maximum number of pairs on the site. Coins need to be trustworthy, so the Bithumb global listing requires cryptocurrency project creators to follow certain rules. In return, the company will act as a guarantor that the project is of true quality.Some recent Bithumb news states that the company's board may delist a particular coin at any time, as was the case with Monero. In 2020, a Bithumb spokesperson claimed that malicious users were using the Monero currency to distribute pornographic material. For this reason, the coin was temporarily removed from the list.

Available cryptocurrencies
For trading	For deposit	For withdrawal
Bitcoin (BTC)	Bitcoin (BTC)	KRW (KRW)
Bitcoin Cash (BCH)	Bitcoin Cash (BCH)	Bitcoin (BTC)
Bitcoin Gold (BTG)	Bitcoin Gold (BTG)	Bitcoin Cash (BCH)
Dash (DASH)	Dash (DASH)	Dash (DASH)
Ethereum (ETH)	EOS (EOS)	Ethereum (ETH)
Ethereum Classic (ETC)	Ethereum (ETH)	Ethereum Classic (ETC)
Litecoin (LTC)	Ethereum Classic (ETC)	Litecoin (LTC)
Monero (XMR)	Litecoin (LTC)	Monero (XMR)
Qtum (QTUM)	Monero (XMR)	Qtum (QTUM)
Ripple (XRP)	Qtum (QTUM)	Ripple (XRP)
Zcash (ZEC)	Ripple (XRP)	Zcash (ZEC)
	Zcash (ZEC)

Many crypto exchanges are creating their own tokens. Bithumb decided to keep up and issue its own Bithumb tokens. Anton Gulin, the company's CIS representative, said it would be cost-effective and feasible.

The price of Bithumb Coins has not been named. However, the product had several goals, namely to increase activity on the platform, strengthen its position in the global market and further develop the ecosystem.

The issued Bithumb token is to be used to pay Bithumb fees for trading transactions and for withdrawals. In addition, token holders will be able to participate in voting and hedge risk.

Bithumb account registration process

Bithumb global login option is available only after registering and verifying your account. To create a profile, you need to go to the exchange website and fill in the form. Sometimes, similar services that copy the main portal appear in the search results. The real one is the site that has the Bithumb logo in the shape of an orange 'b'.Registration algorithm:

1. Enter your email address;
2. Click "Submit";
3. Get the code in the email and enter it in the box;
4. Agree to the terms and conditions;
5. Click "Create".

Registration in Bithumb global proceeds in the same way. After creating a profile, the user will still not have access to basic functions. He needs to go through verification.

Bithumb trading accounts

The Exchange offers to open one of two account types: Bithumb general and Bithumb corporate accounts. Individuals provide their name, email, and phone number in the registration form, while companies are required to provide a legal address.

Bithumb user interface

When writing a Bithumb and Bithumb global review, customers note the user interface is user-friendly. Pages can be translated into different languages. Each trading type has additional interface tools. To trade anywhere, anytime, you should use the Bithumb app on your Android or iOS smartphone. The interface of the program is even more user-friendly than the desktop version of the website.

Mobile app

The company offers to download the Bithumb global app to your phone so that you can always access your wallet, deposit it or see important notifications.

You should not download the Bithumb global apk file from third-party sites, as there is a risk of infecting your device with a virus. Programs for mobile devices can be found in-game and app shops — App Store and Play Market.

Bithumb commissions and fees

Bithumb crypto commissions vary depending on the type of transaction. The trading fee is fixed at 0.1%. When withdrawing funds, the fee varies for each currency.

Crypto	Commission
KRW (KRW)	1000 WON
Bitcoin (BTC)	0,003 BTC
Bitcoin Cash (BCH)	0,005 BCH
Dash (DASH)	0,01 DASH
Ethereum (ETH)	0,01 ETH
Ethereum Classic (ETC)	0,01 ETC
Litecoin (LTC)	0,01 LTC
Monero (XMR)	0,05 XMR
Qtum (QTUM)	0,05 QTUM
Ripple (XRP)	1 XRP
Zcash (ZEC)	0,001 ZEC

Is Bithumb regulated?

The exchange is officially registered in Seoul and complies with legal regulations. The company is responsible for its users' privacy and complies with laws related to electronic transactions and online data protection. The firm is regulated by the Financial Services Commission. This is South Korea's main financial agency, the FSC.

Bithumb security and privacy

The platform has a high level of security despite past hacking attacks. The Bithumb global website is only accessed after verifying the account. This procedure is stricter than on other similar platforms. Users and companies submit documents for verification. Additional security is provided through SSL encryption, and two-factor authentication, and 24/7 server monitoring.

Bithumb customer support

The company understands the importance of supporting Bithumb's UK, US, Asian, and CIS customers, so it provides quality service. User queries are handled around the clock, both offline and online.

In addition, there is an international Bithumb support line for foreign nationals. If they wish, traders can write inquiries to the company's email or via chat.

The final verdict — is Bithumb legal?

The operation of the Bithumb global exchange is completely legal, as it is officially registered and headquartered in South Korea.

Countries where the exchange is banned

The operation of the company is permitted in 180 countries of the world. If a citizen resides in a country from the list of banned countries, he will not be able to access the portal.

Yemen	Pakistan	Iran
Sri Lanka	Serbia	North Korea
Ethiopia	Bahama	China
Syria	Botswana	The USA
Trinidad and Tobago	Ghana	The Independent State of Samoa
Tunisia	Cambodia

 Conclusion

Access to the platform from the USA	Payment Methods		Contacts
	Deposit funds	Funds withdrawal
Prohibited legally, but there are several detours	Wire transfer	Wire transfer	bithumb.com

 

Company Info
Criteria	Information
Country headquarter	South Korea
Year of foundation	2013
Exchange type	Cryptocurrency
Trading is allowed	Yes

Frequently Asked Questions

Is Bithumb safe?

Bithumb is a fully secure cryptocurrency marketplace. It meets all security standards, offering users cold wallets to store funds, SSL encryption and two-factor authentication.

Is Bithumb Global any good?

The name of the exchange translates to Bithumb global crypto. It is a trading platform designed to increase international cooperation. Many users are happy with the service.

Can US citizens use Bithumb?

Access to Bithumb is open in the US, so American citizens can register and use the platform. In addition, Bithumb Global USA is planning to expand its presence in the Americas. Singapore-based Bithumb has already signed an agreement with Blockchain Industries.

How to withdraw money from Bithumb?

 To withdraw funds, go to the Withdrawals section. Then you will need to specify the currency and account details and then create a request. The transaction is confirmed by entering a secret code received via sms.

What commission does Bithumb charge?

At the moment of withdrawal, the commission amount varies and depends on the currency of the transaction.

What is the difference between Bithumb and Bithumb Global?

 The difference between the two exchanges is that the former is aimed at working with citizens of South Korea and nearby Asian countries. The portal with the prefix Global was created with the aim of increasing international cooperation.

Can I trade on Bithumb?

Any adult citizen living in the country that cooperates with the exchange has the right to trade on the exchange. Initial registration and then verification is required.

How can I start trading with Bithumb?

First, you need to register on the portal and pass Bithumb KYC verification. After that, all exchange features will be available to you, including cryptocurrency trading.