Bithumb is a relatively safe exchange, but it has been hacked in the past. In 2017, the exchange was hacked for $36 million worth of cryptocurrency. Bithumb has since implemented a number of security measures to improve its security, including two-factor authentication, cold storage, and insurance.

What are the fees for trading on Bithumb?

Bithumb charges a fee between 0.04% and 0.15% for maker and taker orders. This means that if you place an order to buy or sell cryptocurrency, you will be charged between 0.04% and 0.15% of the value of the trade.

What are the supported cryptocurrencies on Bithumb?

Bithumb supports a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, EOS, and many others.

What are the payment methods accepted by Bithumb?

Bithumb accepts a variety of payment methods, including wire transfer, credit card, and bank transfer.

How do I deposit funds into my Bithumb account?

To deposit funds into your Bithumb account, you can use a variety of methods, including wire transfer, credit card, and bank transfer. Once you have deposited funds into your account, you can use them to buy and sell cryptocurrencies.

How do I withdraw funds from my Bithumb account?

To withdraw funds from your Bithumb account, you can use a variety of methods, including wire transfer, credit card, and bank transfer. Once you have requested a withdrawal, it will typically take a few days for the funds to be processed and deposited into your account.

What is Bithumb's customer support like?

Bithumb's customer support is available 24/7 and can be reached by email, phone, and live chat. Bithumb's customer support is generally responsive and helpful.

Bithumb

Introduction

Website: https://www.bithumb.com/

Bithumb is a South Korean cryptocurrency exchange that was founded in 2014. It is one of the largest cryptocurrency exchanges in South Korea, with over 8 million registered users. Bithumb offers a wide variety of trading pairs, including Bitcoin, Ethereum, Litecoin, and many others. The exchange also offers margin trading, staking, and other features. Bithumb is a popular choice for both beginners and experienced traders.

Founders and Leadership

Dae-sik Kim, a South Korean entrepreneur, founded Bithumb and served as its CEO until 2018. He later joined Bezant as the Chief Cryptocurrency Officer. Javier Sim, another key figure, is the co-founder and managing director at Bithumb Global Holdings. Prior to his involvement with Bithumb, Sim worked as an investment banker at HSBC and BOCI (Bank of China International). The current CEO of Bithumb is Back Young Heo.

History and Launch

Bithumb was created by BTC Korea.com Co. Ltd in 2013, formally established in 2014, and headquartered in Seoul, South Korea. Initially launched as Xcoin, the exchange was rebranded as Bithumb in 2015. The mobile version of the platform was introduced for Android and iOS users in 2016.

Trading Pairs

Bithumb supports 220+ different cryptocurrencies and offers 230+ trading pairs including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Ethereum Classic (ETC), Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Bitcoin Cash (BCH), Litecoin (LTC), and many more. The XRP/KRW pair has been the most actively traded, with a 24-hour volume of $131,156,846 as of 5th June 2023.

Security

Bithumb prides itself on having what it claims to be the “most secure system in the industry,” citing an ISMS certification and 5-5-7 regulation, separated wallets, and various other security solutions. However, it has faced a number of controversies, including several hacking incidents and a government raid related to alleged tax evasion and investment fraud. Some other security measures include:

Two-factor authentication (2FA)

Bithumb requires all users to enable 2FA for their accounts. 2FA adds an extra layer of security by requiring users to enter a code from their phone in addition to their password when logging in.

Cold storage

Bithumb stores the majority of its user funds in cold storage, which is a type of storage that is offline and not connected to the internet. This makes it much more difficult for hackers to access user funds.

Insurance

Bithumb has partnered with a third-party insurance company to insure user funds up to $30 million. This insurance policy will cover user funds in the event that Bithumb is hacked.

Fees

Transaction fees on Bithumb range from 0.04% to 0.25%. The basic commission for trading (maker fee or taker fee) in KRW market is set at 0.04% to 0.25% of the total transaction amount. For BTC market, there is no maker fee but taker fee is from 0.04% to 0.15%. The exchange also offers lower rates and vouchers to users through their accounts. Bithumb does not provide leverage or margin trading options.

Deposits can be made via wire transfer and credit card, and there are no fees for deposits of KRW, the only fiat currency that can be deposited.

Cryptocurrency Products

Bithumb offers a wide variety of cryptocurrency products, including:

Spot trading: This allows users to buy and sell cryptocurrencies at market prices.
Deposite and interest: This allows users to earn interest on deposited cryptocurrencies on the Bithumb platform.
Lending: This allows cryptocurrency borrowing and selling. It involves borrowing cryptocurrencies when their prices are high, selling them for cash, and then waiting for the prices to drop. Once the prices have fallen, the person buys back the same amount of cryptocurrencies at a lower price and returns them to the lender.
Bot trading: Bithumb supports crypto bot trading. Crypto trading bots are computer programs that use algorithms to automate the buying and selling of cryptocurrencies based on pre-determined rules and market conditions. These bots can help traders save time and effort by automating their trading strategies and can also help them make more informed decisions by analyzing market data in real time.

Pros & Cons

Pros

Wide range of cryptocurrencies available for trading (over 200)
Low trading fees vary from 0.04% - 0.25% depending on the purchased coupon
Excellent customer support available in various languages

Cons

Only available in South Korea
The English translation is confusing
Limited trading pairs
Lack of security information

Regulatory Considerations

While primarily serving the people of South Korea, Bithumb is accessible globally. However, there are certain countries, including Yemen, Syria, Myanmar, Barbados, Iceland, Iran, and North Korea, that are restricted due to non-compliance with FATF recommendations.

Bithumb exchange is not regulated but is on its way to complying with the requirements of international financial regulators such as FIU and FSC1. Users cannot trade without a registered account. They must complete an OTP verification process. The network applies a progressive identity protection system (ISMS service), uses advanced AML verification, and also introduces a 24x7 trade monitoring system for the exchange.

January 2023, South Korean cryptocurrency exchange Bithumb was ordered by the Supreme Court to pay damages to investors for a service outage that occurred in 2017. The damages amount to approximately $202,400 and will be paid to 132 investors involved in the case. The court ruled that the responsibility for technological failures lies with the service operator, not the users who pay for the service. Bithumb is the largest cryptocurrency exchange in South Korea and experienced an outage due to a sudden increase in order volume, causing transaction delays.
May 2023, the offices of Bithumb were raided as part of an investigation into the price manipulation of an unidentified coin. Prosecutors were looking into transactions related to an individual or entity manipulating the coin’s price for profit. The investigation will also extend to other exchanges where the coin is listed. The raid is unrelated to Bithumb itself, according to an official from the Seoul Southern District Prosecutor’s Office. Bithumb is currently under investigation by tax authorities for alleged tax evasion, and its chairman and two other executives have been charged with embezzlement and fraudulent transactions.

Bithumb Alternatives

You may also check below alternatives to Kraken exchange:

FAQs

Is Bithumb safe?: Bithumb is a relatively safe exchange, but it has been hacked in the past. In 2017, the exchange was hacked for $36 million worth of cryptocurrency. Bithumb has since implemented a number of security measures to improve its security, including two-factor authentication, cold storage, and insurance.
What are the fees for trading on Bithumb?: Bithumb charges a fee between 0.04% and 0.15% for maker and taker orders. This means that if you place an order to buy or sell cryptocurrency, you will be charged between 0.04% and 0.15% of the value of the trade.
What are the supported cryptocurrencies on Bithumb?: Bithumb supports a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, EOS, and many others.
What are the payment methods accepted by Bithumb?: Bithumb accepts a variety of payment methods, including wire transfer, credit card, and bank transfer.
How do I deposit funds into my Bithumb account?: To deposit funds into your Bithumb account, you can use a variety of methods, including wire transfer, credit card, and bank transfer. Once you have deposited funds into your account, you can use them to buy and sell cryptocurrencies.
How do I withdraw funds from my Bithumb account?: To withdraw funds from your Bithumb account, you can use a variety of methods, including wire transfer, credit card, and bank transfer. Once you have requested a withdrawal, it will typically take a few days for the funds to be processed and deposited into your account.
What is Bithumb's customer support like?: Bithumb’s customer support is available 24/7 and can be reached by email, phone, and live chat. Bithumb’s customer support is generally responsive and helpful.