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What you need to know about Bithumb exchange

Asia is one of the most active regions in terms of crypto adoption. Despite constant regulation battles with state authorities from China and Korea, cryptocurrency is still making headway especially in East and Southeast Asian countries.

With this, there’s no better time to choose which exchange is the best place for you to start trading crypto. The crypto industry is teeming with exchanges offering a variety of exciting features and competitive services. In Asia, one of the leading platforms is the Bithumb exchange.

Find out here at Cryptoshimbun if Bithumb is the exchange that would suit your crypto trading activities!

Bithumb history

Bithumb is a cryptocurrency exchange based in South Korea. It was launched in 2014 and is currently managed by a private company called BTC Co. Ltd. Originally, the exchange was a payment service that uses Bitcoin (BTC) for transactions called Xcoin. The company was renamed Bithumb the following year.

Currently, the platform allows users to trade major cryptocurrencies in the market and offers a total of 103 digital coins in its portfolio. This makes it suitable for crypto traders that are interested in altcoin investments.

Bithumb’s massive trading volume in Korea and Japan makes it one of the largest platforms in the crypto market. By 2018, Bithumb exchange further expanded its services by launching a barcode payment service and opening its Korean kiosk food service payments called Touch B.

With these expansions, Bithumb attempts to make cryptocurrency more accessible to the Korean consumerist market. Additionally, the exchange breached over US$100 million in trading volume in the same year.

Bithumb’s features and platform options are tailored to Asian users’ crypto activities. It mostly targets Korean users, as well as those in East and Southeast Asian countries. However, it is still available for crypto users all over the world.

Bithumb features

Interface and language

One of the appealing features of the Bithumb exchange is its easy-to-use web interface. Beginners can navigate through the platform without hassle because the features are self-explanatory. However, it lacks advanced trading options that can limit Bithumb services from expanding to hefty crypto investors.

You can also access the site through various languages including English, Mandarin, Japanese, Spanish and Hindi. Moreover, additional languages will be added in the future to accommodate users from other parts of the world.

Trading view

Bithumb offers three modes of trading options namely: easy trade, general trade and reserved trade. These options allow users to decide how they want to buy or sell the cryptocurrencies that they have on their accounts.

Moreover, the Bithumb trading view is straightforward. With just one click, you can select which cryptocurrencies you want to trade. Data will appear on your screen showing live charts on recent trends and movements.

Accepted assets and payment options

Since the exchange is based in South Korea, the only fiat currency it accepts is the South Korean won (₩). However, you can still use the platform even without using the country’s fiat currency by funding your account with cryptocurrency deposits from supported coins. It’s also possible to connect your debit and credit cards to your account.

The main currency traded in Bithumb is BTC but there are also a variety of other digital coins you can trade for in the platform including Ethereum (ETH), Ripple (XRP) Litecoin (LTC), Bitcoin Cash (BCH) and EOS. Other lesser-known altcoins and fledgling assets are also available on the platform.

Moreover, there’s also an option of purchasing crypto assets on other platforms such as Coinbase before transferring them to Bithumb.

Transaction fees

Similar to other crypto exchanges in the market, Bithumb applies transaction commission on trades. The fees will depend on your transactions and coupons available on the platform but the charge ranges from 0.04% to 0.25%.

Bithumb also has deposit and withdrawal features on the platform since it has a built-in wallet for your digital assets. Deposits are free of charge for most cryptocurrencies unless you’re making small deposits. BTC, LTC and Polkadot (DOT) are among the digital assets that require a minimal fee for small deposits.

On the other hand, fees are collected from users who withdraw funding from their accounts. Below is a list of Bithumb withdrawal fees:

Currency Fee
South Korean Won ₩1,000
Bitcoin 0.001 BTC
Ethereum 0.01 ETH
Ethereum Classic 0.01 ETC
Ripple 1 XRP
Litecoin 0.01 LTC
Bitcoin Cash 0.001 BCH

Bithumb Cash

A Bithumb account’s total collected assets can be turned into Bithumb Cash. This makes it easier to track transfers and payments using the platform because all of your assets are summed up and converted into Korean won.

Using the Bithumb Cash feature, it’s more convenient to access online and offline payments to service providers as well as Bithumb features including QR remittances and SMS money transfers.

Privacy and security

The South Korean government is strict in regulating crypto activities and transactions in the country. This means that you won’t have anonymity when creating an account. The state requires Korean-based exchanges including Bithumb to have identity verification so users can access services on the platform.

Bithumb compensates for the lack of anonymity with its security encryption. The platform operates on a 2-factor authentication and a Secure Socket Layer (SSL) encryption to keep your assets safe.

You’ll need to present proper identification to deposit or withdraw assets in your account. Moreover, the security also extends to the data you input into your account.

Customer support

Bithumb exchange takes customer service up a notch with its 24/7 support team. You can contact the platform’s support team through email or phone call whenever you need help. What’s more impressive is that this service isn’t limited to Korean users. There’s also an English support team ready to help international customers.

Bithumb: A friendly platform for beginners

Bithumb’s success is linked to its user-friendly interface, simplistic services and accommodating customer support. Moreover, its cheap and competitive fees can entice crypto beginners to start trading.

It’s no surprise that it’s one of the leading web-based platforms in the crypto industry. If you’re looking for a platform that can help you navigate crypto trading with ease, Bithumb is a great choice for you.

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