Bithumb is a leading South Korean cryptocurrency exchange that was founded in 2013. The exchange has since become one of the world’s largest and most popular cryptocurrency exchanges, focusing on the Korean market. Bithumb’s mission is to provide its users with a safe, reliable, and user-friendly platform to buy, sell, and trade cryptocurrencies.
Bithumb was launched by the parent company BTC Korea.com Co. Ltd., headquartered in Seoul, South Korea. The company’s founders, Kim Dae-shik and Kim Jae-wook, were both early adopters of Bitcoin. They saw an opportunity to create a platform allowing users to buy and sell cryptocurrencies quickly and easily. Today, Bithumb has a team of over 200 employees and is widely regarded as one of the most successful and innovative companies in the cryptocurrency industry.
Bithumb’s success can be attributed to several factors, including its commitment to user security and transparency. The exchange has implemented various security measures to protect its users’ funds, including multi-factor authentication, SSL encryption, and cold storage of funds. Bithumb is also fully compliant with Korean regulations and has established partnerships with leading banks and financial institutions in the country.
In addition to its commitment to security and compliance, Bithumb has also invested heavily in user experience and technology. The exchange offers a range of features and tools designed to make trading cryptocurrencies easy and accessible for beginners and experienced traders. These include advanced charting tools, real-time market data, and a mobile app allowing users to trade.
Bithumb has also been at the forefront of innovation in the cryptocurrency industry, launching a range of new products and services to meet the evolving needs of its users. These include a decentralized exchange (DEX) platform, Bithumb Chain, which allows users to trade cryptocurrencies peer-to-peer without needing a central authority.
Overall, Bithumb’s mission to provide a safe, reliable, and user-friendly platform for buying, selling, and trading cryptocurrencies has made it a leading player in the industry. With its commitment to innovation, user security, and compliance, Bithumb is well-positioned to continue its growth and success in the years to come.
Trading on Bithumb:
Trading cryptocurrencies on Bithumb is a straightforward process that can be completed in just a few simple steps. To get started, users must create an account on the Bithumb platform.
Creating an account on Bithumb is quick and easy. Users must provide basic personal information, such as their name, email address, and phone number. Once their account is set up, users can deposit funds into their Bithumb account using various payment methods, including bank transfer, credit/debit card, and cryptocurrency deposit.
Once funds have been deposited into the user’s Bithumb account, they can begin trading cryptocurrencies. Bithumb offers many trading pairs, including Bitcoin, Ethereum, Ripple, and Litecoin. Users can select the trading pair they want to trade, enter the amount they want to buy or sell, and then place their order.
Bithumb offers a variety of trading options, including market orders, limit orders, and stop-limit orders. Market orders are executed immediately at the current market price, while limit orders allow users to set a specific price at which they want to buy or sell a cryptocurrency. Stop-limit orders are similar to limit orders but include a “stop price” that triggers the order if the market moves in a particular direction.
In addition to its standard trading platform, Bithumb also offers a range of advanced trading tools and features, such as margin trading and futures trading. These tools help experienced traders maximize their profits and minimize their risks.
Overall, trading cryptocurrencies on Bithumb is a straightforward process that can be completed quickly and easily. With its user-friendly interface, wide range of trading pairs and advanced trading tools, Bithumb is an excellent platform for beginners and experienced traders.
Cryptocurrency offerings:
Bithumb offers a diverse range of cryptocurrencies for trading, including many of the most popular and well-established cryptocurrencies and some newer and emerging ones. Some of the cryptocurrencies available on the Bithumb platform include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and EOS, among others.
One of the key benefits of trading cryptocurrencies on Bithumb is the wide range of available trading pairs. For example, users can trade Bitcoin against the Korean Won (KRW), US Dollar (USD), or Ethereum, among other options. This allows users to use different trading strategies and maximize their profits.
Another benefit of trading on Bithumb is the platform’s commitment to user security and compliance. Bithumb fully complies with Korean regulations and has implemented various security measures to protect its users’ funds, including multi-factor authentication, SSL encryption, and cold storage.
Bitcoin (BTC) is the world’s first and most well-known cryptocurrency, and it remains one of the most popular cryptocurrencies for trading on Bithumb. Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without a central authority. It has a finite supply of 21 million coins designed to be deflationary, meaning its value is expected to increase over time.
Ethereum (ETH) is another popular cryptocurrency available on the Bithumb platform. Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications (DApps). Its native cryptocurrency, Ether (ETH), powers transactions and applications on the Ethereum network.
Ripple (XRP) is a cryptocurrency that facilitates fast and low-cost international payments. It has partnerships with many of the world’s leading financial institutions, and its technology is being used to revolutionize how money is moved worldwide.
Litecoin (LTC) is a cryptocurrency that was created in 2011 as a “lite” version of Bitcoin. It is designed to be faster and cheaper than Bitcoin, making it a popular choice for users who want to send and receive payments quickly and cheaply.
Bitcoin Cash (BCH) is a cryptocurrency that was created in 2017 as a result of a hard fork of the Bitcoin blockchain. It is designed to be a faster and more scalable version of Bitcoin, with a larger block size that allows more transactions to be processed per second.
Overall, Bithumb’s diverse range of cryptocurrencies and trading pairs and its commitment to user security and compliance make it an excellent platform for trading cryptocurrencies. Whether you are a beginner or an experienced trader, Bithumb has the tools and features you need to succeed in the fast-paced world of cryptocurrency trading.
Fees and Limits:
Bithumb charges various fees for its services, including deposit, withdrawal, and trading fees. These fees may vary depending on the currency and payment method used.
Firstly, for depositing funds into a Bithumb account, there are no fees for deposits made in Korean Won (KRW). However, if you are depositing funds in another currency, there may be fees associated with the deposit method. For example, if you are depositing US dollars (USD) via wire transfer, the cost is 0.15% of the deposit amount.
Similarly, for withdrawing funds, some fees vary depending on the currency and payment method used. For example, the withdrawal fee for Bitcoin (BTC) is 0.001 BTC, while the Ethereum (ETH) withdrawal fee is 0.01 ETH. It is important to note that minimum and maximum withdrawal limits may apply.
Regarding trading fees, Bithumb uses a maker-taker fee model, a standard fee structure used by many cryptocurrency exchanges. The maker fee is charged when a user adds liquidity to the order book by placing a limit order that is not immediately filled. The taker fee is charged when a user removes liquidity from the order book by placing a market or limit order is immediately filled.
The trading fees on Bithumb vary depending on the user’s trading volume and whether they are a maker or a taker. For example, for users with a trading volume of less than 50,000 KRW per month, the maker fee is 0.15%, and the taker fee is 0.25%. However, for users with a trading volume of more than 50,000 KRW per month, the maker fee is 0.10%, and the taker fee is 0.20%.
In addition to fees, Bithumb has certain limits that users should be aware of. For example, the minimum deposit amount is 10,000 KRW, and the minimum withdrawal amount varies depending on the currency. Maximum withdrawal limits also vary depending on the user’s verification level.
Overall, Bithumb’s fees and limits are competitive and transparent, making it easy for users to understand the platform’s costs. Users can make informed decisions about their trading activities and minimize costs by knowing these fees and limitations.
Security measures:
Bithumb takes the security of its users’ funds and personal information very seriously. To this end, the exchange has implemented various security measures to protect against hacking, fraud, and other security threats.
One of the critical security measures that Bithumb uses is two-factor authentication (2FA). 2FA is a process in which users must provide a second form of identification, such as a one-time code or fingerprint, in addition to their password, to access their account. This helps to ensure that only authorized users can access the account and helps to prevent unauthorized access.
Bithumb also uses multi-signature technology to store user funds securely. Multi-signature technology requires multiple signatures or approvals to authorize a transaction, which helps to prevent fraudulent transactions and ensures that funds are only moved with the user’s explicit consent.
In addition to these measures, Bithumb stores most of its users’ funds in cold storage, an offline storage method not connected to the internet. This makes it much more difficult for hackers to access users’ funds, as they would need physical access to the storage device.
Furthermore, Bithumb conducts regular security audits and employs a dedicated security team to monitor potential threats and vulnerabilities. The exchange also offers a bug bounty program, which incentivizes security researchers to identify and report any vulnerabilities they discover in the exchange’s security systems.
Bithumb also requires users to complete a Know Your Customer (KYC) process to verify their identity and prevent fraud. This process involves submitting government-issued identification and other personal information, which is then reviewed by the exchange’s compliance team to ensure that the user is whom they claim to be.
In the event of a security breach or hack, Bithumb has a robust incident response plan to minimize the impact on users’ funds and personal information. The exchange has also established partnerships with leading security firms to help respond to and mitigate any security incidents that may occur.
Overall, Bithumb’s security measures are designed to protect users’ funds and personal information from potential threats and ensure that the exchange is a safe and secure platform for cryptocurrency trading. By implementing these measures and remaining vigilant for potential security threats, Bithumb can provide its users with high security and peace of mind when using the platform.
Customer support:
Bithumb offers a range of customer support options for users who need assistance or have questions about the platform. These options include email support, phone support, chat support, and an extensive FAQ section.
Users can contact Bithumb’s customer support team via email by submitting a support ticket through the exchange’s website. The support team typically responds to inquiries within 24 hours, although response times may vary depending on the volume of inquiries received.
Users can contact Bithumb’s customer support team for more urgent inquiries via phone. The exchange provides a dedicated phone line for customer support during regular business hours. This option benefits users who require immediate assistance with deposits or withdrawal problems.
Bithumb also offers chat support through its website, which allows users to connect with a customer support representative in real time. This option is ideal for users who require quick answers to questions or prefer to communicate via chat rather than email or phone.
In addition to these support options, Bithumb has an extensive FAQ section on its website that covers a wide range of topics, including account registration, deposit and withdrawal procedures, trading rules, and security measures. The FAQ section is organized by topic and is easy to navigate, making it a valuable resource for users who are new to the platform or who have questions about specific features or procedures.
Bithumb also provides educational resources for users who want to learn more about trading cryptocurrencies. The exchange offers a variety of educational materials, including tutorials, webinars, and articles that cover topics such as market analysis, technical analysis, and trading strategies. These resources can be accessed through the exchange’s website and are designed to help users make informed trading decisions and manage their investments effectively.
Overall, Bithumb’s customer support options are comprehensive and user-friendly, providing users multiple channels to seek assistance and access educational resources to improve their trading skills. The exchange’s commitment to providing reliable and efficient support services is a testament to its dedication to ensuring a positive user experience and building long-term customer relationships.
Bithumb Pro:
Bithumb Pro is Bithumb’s professional trading platform that caters to advanced traders who require advanced trading tools and features. The platform offers a range of features and benefits that enable traders to execute trades with incredible speed, efficiency, and precision.
One of the critical features of Bithumb Pro is its advanced trading interface, which provides traders with a high degree of customization and flexibility. The interface allows traders to create customized trading layouts, set up advanced charting tools, and configure advanced order types. This enables traders to optimize their trading strategies and execute trades more efficiently.
Another critical feature of Bithumb Pro is its extensive range of trading pairs. The platform offers many trading pairs, including BTC/USDT, ETH/KRW, XRP/BTC, and many others. This enables traders to diversify their portfolios and exploit opportunities in multiple markets.
Bithumb Pro provides traders with various advanced order types, including limit, market, stop-loss, and stop-limit orders. These advanced order types allow traders to execute trades with greater precision and control, enabling them to take advantage of market fluctuations and minimize risk.
In addition to these features, Bithumb Pro offers a range of analytical tools and resources that enable traders to perform in-depth market analysis and research. The platform provides traders access to real-time market data, advanced charting tools, and trading signals, allowing them to make informed trading decisions based on the latest market trends and data.
Bithumb Pro also provides traders with access to margin trading, which enables them to trade with leverage and increase their potential profits. Traders can choose from various leverage options, depending on their risk appetite and trading strategy.
Overall, Bithumb Pro is a robust and comprehensive trading platform that provides advanced traders with the tools and resources they need to execute trades with greater speed, efficiency, and precision. The platform’s range of features, advanced order types, and analytical tools make it an ideal choice for traders who require a high level of customization and control over their trading strategies.
Mobile app:
Bithumb offers a mobile app that enables users to trade cryptocurrencies on the go from anywhere in the world. The app is available for Android and iOS devices and provides users access to all the features and functionality of the Bithumb web platform.
The Bithumb mobile app is designed to be user-friendly and intuitive, with a clean and streamlined interface that enables users to navigate the app quickly and efficiently execute trades. The app provides users access to a wide range of trading pairs, including BTC/USDT, ETH/KRW, XRP/BTC, and many others, enabling them to diversify their trading portfolios and take advantage of the opportunities in multiple markets.
One of the critical features of the Bithumb mobile app is its real-time market data and analysis tools, which provide users with up-to-the-minute information on the latest market trends and developments. The app also provides users access to advanced charting tools, enabling them to perform in-depth technical analysis and research to inform their trading decisions.
The Bithumb mobile app also provides users with various order types, including limit, market, and stop-loss orders, enabling them to execute trades precisely and in control. The app also allows users to set up alerts and notifications to stay up-to-date on market developments and price fluctuations.
To download and use the Bithumb mobile app, users can visit the App Store or Google Play Store and search for “Bithumb” to find the app. Once downloaded, users can log in to their Bithumb account and start trading cryptocurrencies immediately. The app is free to download and use, and no additional fees or charges are associated with using the mobile app.
Overall, the Bithumb mobile app is a powerful and user-friendly trading tool that enables users to trade cryptocurrencies on the go from anywhere in the world. Its range of features and advanced analytical tools make it an ideal choice for traders who require flexibility and mobility in their trading activities.
Regulations:
Bithumb operates in several jurisdictions, including South Korea and Singapore, which have both implemented regulatory frameworks for cryptocurrency exchanges.
In South Korea, Bithumb must comply with the country’s Virtual Asset Service Provider (VASP) Act, which was introduced in March 2021. The VASP Act requires cryptocurrency exchanges to register with the Financial Services Commission (FSC) and obtain a license to operate in the country. In addition, exchanges must adhere to strict anti-money laundering (AML) and know-your-customer (KYC) regulations, including implementing robust customer identification and verification procedures.
Bithumb was one of the first cryptocurrency exchanges to obtain a license under the VASP Act, receiving approval from the FSC in August 2021. This license allows Bithumb to operate legally in South Korea and offer its services to local customers.
In Singapore, Bithumb is regulated by the Monetary Authority of Singapore (MAS), which has implemented a regulatory framework for cryptocurrency exchanges under the Payment Services Act (PSA). The PSA requires cryptocurrency exchanges to register with the MAS and obtain a license to operate in the country. Exchanges must comply with AML and KYC regulations and implement robust cybersecurity measures to protect customer funds and prevent hacking or fraud.
Bithumb is registered with the MAS as a Major Payment Institution, which allows it to offer its services to customers in Singapore. The exchange must adhere to the regulatory requirements set out in the PSA, including regular reporting and compliance reviews.
In addition to these regulatory frameworks, Bithumb implements its internal policies and procedures to ensure local laws and regulations compliance. The exchange’s dedicated compliance team monitors regulatory developments and implements necessary changes to ensure ongoing compliance.
Overall, Bithumb operates in jurisdictions with robust regulatory frameworks for cryptocurrency exchanges. The exchange holds the licenses and certifications to work legally in these jurisdictions and is committed to ensuring ongoing compliance with local laws and regulations.
Conclusion:
In summary, Bithumb is a well-established cryptocurrency exchange that offers a user-friendly platform for buying, selling, and trading a range of cryptocurrencies. The exchange strongly focuses on security and has implemented robust measures to protect user funds and prevent hacking or fraud.
Bithumb offers a range of cryptocurrencies for trading, including some of the most popular coins, such as Bitcoin, Ethereum, and Litecoin, as well as newer altcoins. The exchange also offers a professional trading platform, Bithumb Pro, designed for advanced traders and provides various advanced tools and features.
Regarding fees and limits, Bithumb charges competitive fees for deposits, withdrawals, and trades. However, users should know the minimum and maximum transaction limits, which may vary depending on the cryptocurrency being traded.
Bithumb has various customer support options, including email, phone, chat, and a comprehensive FAQ section. The exchange also offers a mobile app for convenient trading on the go.
In terms of regulation, Bithumb operates in jurisdictions with robust regulatory frameworks for cryptocurrency exchanges. The exchange holds the licenses and certifications to operate legally in these jurisdictions and is committed to ensuring ongoing compliance with local laws and regulations.
Bithumb is a reliable and secure cryptocurrency exchange suitable for beginner and advanced traders. The exchange offers a range of cryptocurrencies for trading, competitive fees, and strong customer support. However, users should be aware of the minimum and maximum transaction limits and take necessary precautions to ensure the security of their accounts.
Suppose you’re considering using Bithumb as your crypto exchange of choice. In that case, we recommend taking advantage of the range of cryptocurrencies available for trading and the user-friendly platform while implementing appropriate security measures to protect your funds.