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Wednesday, December 2, 2020

Is The Largest Crypto Exchange In The World?

Overview

Legal Name Bithumb Exchange
Headquarters Seoul, South Korea
CEO Back Young Heo
Year Founded 2013
Exchange Type Centralized
Trading Fees Maker: 0.25%/ Taker: 0.25%
Deposit Methods WireTransfer, Credit Card, and Cryptocurrency
Supported Cryptos 100+ supported coins including Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), and more
Fiat United States Dollar (USD), Euro (EUR), United Kingdom’s pound sterling (GBP), Japanese Yen (JPY), and more.
Customer Service Email, Phone
Trading Options Spot Trading, Margin Trading

With the rise in the popularity of cryptocurrencies, There are a large number of exchanges that are rising and offering their services. One such major cryptocurrency exchange that is hugely popular with online traders is Bithumb Exchange

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If you are thinking about opening an account with Bithumb, ensure you read our article. We will cover everything from fees, features, supported coins, pros and cons, and much more. Let us look in detail into this review now,

Did you know ? With 24hr volume amounting to $211,385,952; Bithumb is at the 6th position in the spot exchange category according to the CoinGecko.

What is Bithumb Exchange?

Bithumb is a cryptocurrency exchange that is based in Seoul, South Korea. It is one of the biggest trading volume exchanges in the world and enables its users to trade 100+ major cryptocurrencies against the South Korean Won (KRW).

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It was created by a company named BTC Korea.com Co. in the year 2013. Their headquarters are based in South Korea. Apart from Korean, the Bithumb website is also translated into several other languages such as English, Chinese, Japanese, Hind, and Spanish.

Bithumb Features

  1. Supported Coins: There are more than 100+ different coins that you can buy, sell and trade at Bithumb. The type of coin available depends on what you are looking for.They support the majority of popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.
  2. Supported Coins: There are more than 100+ different coins that you can buy, sell and trade at Bithumb. The type of coin available depends on what you are looking for.They support the majority of popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.
  3.  Security: Bithumb allows you to set up two-factor authentication. This means that every time you log in or attempt to withdraw funds, you need to enter a number that is sent to your mobile phone.The website also uses encryption technology which further protects your personal details from outside hackers.
  4. Customer Support: The Bithumb exchange has a 24/7 live chat facility when it comes to customer service, as well as phone support too. This ensures you can still get support should you have any problems with your account.

Did you know? You can trade on the Bithumb exchange, even if you are not a resident of South Korea through your Coinbase account. 

Bithumb Fees and Limits

There are a number of top crypto exchanges that do not charge different fees between takers and makers. Usually, it is called that such exchanges’ trading fees are “flat”. Bithumb is one of the exchanges that charge flat trading fees. Their flat trading fee is 0.25%.

Bithumb charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. Bithumb accepts deposits through credit cards, cryptocurrencies, and wire transfers. Bithumb only accepts fiat currency (KRW) deposits from Korean residents. All other users will need to fund their accounts with cryptocurrency deposits.

Bithumb Supported Currencies

Currently, there are 100+ cryptocurrencies supported on the Bithumb exchange. Some of the major ones include:

  • 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)

Bithumb Mobile App

Bithumb offers a native mobile app on both Google Play and the iStore, free of charge. The app allows you to trade, access your wallet, fund your account, receive notifications, and check your transaction history on the go

How to register on Bithumb?

  1. Step 1:

    Go to the official website and then click on “Sign Up.”

  2. Step 2:

    Enter the information needed like email address, password, cell phone number, etc. 

  3. Step 3:

    Tick the small boxes to agree with the terms and conditions, the Captcha, and then hit “Sign Up.”

  4. Step 4:

    After signing up, a link will be sent to your email to confirm your account. Click on the link that will redirect you to your Bithumb account.

  5. Step 5:

    Enter the email address and password you have registered and then click “Sign In”

  6. Step 6:

    On your Bithumb account, go to the “OTP Authentication” tab on the left side of the main page. Follow the instructions provided and click on “Next” to complete the authentication.

How to recover the Bithumb password?

In certain cases wherein you have to recover the Bithumb password, Got to the login page and click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password. 

How to deposit on Bithumb?

  1. Step 1:

    Log in to your account and navigate to the homepage.

  2. Step 2:

    Now select the “Wallet” tab at the top and choose “Deposit.”

  3. Step 3:

    You can also click on “Deposit/Charge” at the upper right side of the page.

  4. Step 4:

    Select the token to be deposit (take BTC as an example), click and copy the address of token, and paste the address in the address bar of the corresponding asset transfer (withdrawal) platform.

  5. Step 5:

    You have successfully made a deposit to your Bithumb account.

How to withdraw on Bithumb?

  1. Step 1:

    Log in to your account and navigate to the homepage.

  2. Step 2:

    Now select the “Wallet” tab at the top and choose “Withdrawal”

  3. Step 3:

    Select the token that needs to be withdrawn (take BTC as an example), fill in the withdrawal address first, and “Add withdrawal address” is required for the first withdrawal.

  4. Step 4:

    After the addition is completed, select the added withdrawal address and enter the amount you want to withdraw in the “Quantity”.

  5. Step 5:

    Then enter the asset password and Google verification code, and click “Submit” to complete the withdrawal.

  6. Step 6:

    You have successfully made a withdrawal from your Bithumb account.

How to buy cryptocurrencies on Bithumb?

  1. Step 1:

    Click on “Exchange,” the first tab at the top bar beside Bithumb Cash. Next, select the currency you wish to trade.

  2. Step 2:

    Let us say you want to buy Bitcoin. Click on it, and you get directed to the trading page.

  3. Step 3:

    Enter the amount you desire to trade, and then hit “Buy.” You need to always check your order before proceeding.

  4. Step 4:

    You can check your transaction history at the bottom of the page in the “History” section.

  5. Step 5:

    It can also be viewed by clicking on the “Pending Order” and “Completed Orders” buttons at the bottom of the vertical tab on the right side.

How to sell cryptocurrencies on Bithumb?

  1. Step 1:

    Click on “Exchange,” the first tab at the top bar beside Bithumb Cash. Next, select the currency you wish to trade.

  2. Step 2:

    Let us say you want to sell Bitcoin. Click on it, and you get directed to the trading page.

  3. Step 3:

    Enter the amount you desire to trade, and then hit “Sell.” You need to always check your order before proceeding.

  4. Step 4:

    You can check your transaction history at the bottom of the page in the “History” section.

  5. Step 5:

    It can also be viewed by clicking on the “Pending Order” and “Completed Orders” buttons at the bottom of the vertical tab on the right side.

Bithumb Pros and Cons

Pros

  • 24/7 customer support in multiple languages
  • Competitive 0.15% commission on trades
  • User-friendly trading platform
  • A wide selection of cryptocurrencies
  • Range of order types available

Cons

  • Major fiat currencies not supported
  • Targeted mainly at South Korean users
  • Some translation issues on the English version of the website
  • Fiat deposits only available to Korean residents
  • Does not provide cryptocurrency pairs

Conclusion

Overall, the exchange has an amazing user interface and provides a variety of tokens. Also, Bithumb is very good especially for South Koreans, as it offers fiat currency trading.

Some of the excellent features on the bithumb exchange makes it a very user-friendly platform, especially for beginner cryptocurrency traders. In addition, the low fees and a wide range of cryptocurrencies that are supported on bithumb certainly make the exchange an ideal choice.

Bithumb FAQ’s

  1. Does Bithumb offer margin trading?

    Yes, Bithumb offers margin trading with up to 5x leverage on selected crypto-asset pairs.

  2. How Do I Check My Bitcoin Deposits And Withdrawals?

    You can check your deposit and withdrawal transactions under “My transaction” on the bithumb’s website.

  3. How Long Do I Have To Wait For A Withdrawal Approval?

    There is a delay of 72 hours for the first withdrawal as a security measure.

  4. What are the trading fees on Bithumb?

    Bithumb is one of the exchanges that charge flat trading fees. Their flat trading fee is 0.25%.

  5. Does Bithumb have a mobile app?

    Yes, Bithumb does have a mobile application for both Android or IOS.

Bithumb Ratings 

Reviewed By Qadir AK

Summary

Bithumb is a cryptocurrency exchange that is based in Seoul, South Korea.

Summary

Reviewer

Qadir AK

Review Date

Reviewed Item

Bithumb exchange

Author Rating

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