Bithumb is a South Korean crypto exchange with 8 million registered users. It offers over 170 tradable coins with crypto bot trading support, which allows you to start trading with only $1.
This exchange does not charge a fee for trading in the BTC market, but a maximum 0.25% commission is charged for KRW-market trading.
Bithumb; Company Information & Regulation
This exchange is a South Korean company established in 2014 by Dae-sik Kim and Javier Sim. Its current CEO is Jaewon Lee with its headquarters located in Seoul, South Korea. This project was created by BTC Korea.com Co. Ltd in 2013.
This exchange, like many other ones in the industry, is not regulated by any authority, but it has taken some measurements like 5-5-7 regulation, insurance, network separation, and ISMS certification to level up the security.
Summary of Specifications
In this section, we will have a glance at the key specifics of this exchange. Table of features:
Exchange | Bithumb |
Launch Date | 2014 |
Levels | 4 |
Trading Fees | 0.04%-0.25% |
Restricted Countries | Iran, Yemen, Syria, North Korea, Iceland, Barbados, Myanmar, Syria |
Supported Coins | Over 170 Assets |
Futures Trading | No |
Minimum Deposit | $1 |
Deposit Methods | KRW, Cryptocurrencies |
Withdrawal Methods | KRW, Cryptocurrencies |
Maximum Leverage | 1:1 |
Minimum Trade Amount | From 0 |
Security Factors | 5-5-7 Regulation, Insurance |
Services | Investment Programs With Annual Income |
Customer Support Ways | |
Customer Support Hours | 24/7 |
Fiat Deposit | Only Through South Korean Won |
Affiliate Program | No |
Orders Execution | Not Indicated By The Exchange |
Native Token | None |
Bithumb User Levels
This exchange employs a tiered user verification system that determines withdrawal limits. Here's how it breaks down:
Level | Requirements | Features |
Level 1 | Email And SMS Verification | Unlimited Crypto Deposits, No Fiat Transactions |
Level 2 | Passport Submission And I-PIN ID Confirmation | Some Fiat (KRW) Withdrawal Allowed |
Level 3 | Written Pledge + Level 2 Verification | Higher Withdrawal Limits |
Level 4 | Proof Of Residency + Level 3 Verification | Highest Withdrawal Limits |
Bithumb Commission and Fees
Bithumb has made waves with its competitive fee structure. It offers some of the lowest numbers in the industry. Fees Overview:
Market Type | Commission |
KRW Market | 0.04% to 0.25% |
BTC Market | None |
Deposits incur no fee except those below the minimum amount for certain cryptocurrencies. Withdrawal commissions depend on the asset used.
What Coins Does Bithumb Support?
Bithumb isn't shy about offering a wide range of cryptocurrencies. It provides access to more than 170 digital assets, including but not limited to:
- BTC
- ETH
- XRP
- ETC
- ADA
- DOT
- MATIC
- BCH
- LTC
Bithumb Futures and Margin Trading: Complete overview
Unfortunately, this exchange does not offer any futures market trading or margin options. If you are really looking to trade futures, you need to look elsewhere.
How to Sign Up and Verify Your Account on Bithumb
For signing up on the exchange, there are a few steps ahead, which will be discussed in the following list:
- Visit the official website and click "Sign Up";
- Provide your mobile phone number for verification with your name (the number should be registered under your name);
- Provide an email address with your residence location details;
- Write a strong password for your account.
For verification, there are different user levels from 1 to 4. These levels have been discussed earlier in this article.
Bithumb Security Evaluation
Security is paramount in the crypto world, and Bithumb has taken significant steps to protect its users. The exchange's security features:
- Bithumb adheres to the "5-5-7 Regulation": 5% of personnel are IT specialists, 5% of IT personnel are data security specialists, and 7% of the budget is dedicated to data protection;
- The exchange has implemented comprehensive security solutions used by commercial banks;
- Bithumb has purchased cyber insurance coverage of up to 6 billion KRW;
- The company maintains network separation and intrusion prevention systems monitored 24/7;
- Bithumb has obtained ISMS certification and plans to acquire additional global security certifications like PIMS and ISO27001.
However, it's not all smooth sailing. Bithumb experienced a major hack in 2017, losing about $31 million worth of cryptocurrencies.
What Options Do You Have for Payments?
When it comes to funding your Bithumb account, options are somewhat limited. Payment Methods:
- Deposits and withdrawals in Korean won (KRW) for South Korean residents;
- Deposits and withdrawals using cryptocurrencies only for international users;
- No support for other fiat currencies or payment methods.
This limitation might be a significant drawback for international users looking for more diverse payment options. It's clear that the exchange's primary focus remains on the South Korean market.
Trust Scores Overview
When it comes to finance and funds, trust acts as a very important asset. Bithumb's reputation has taken some hits, especially on Trustpilot, and the overall scores are lower than average. Trust Reviews:
- Trustpilot: 1.4 out of 5, based on over 30 reviews
- REVIEWS.io: 1.4 out of 10, more than 10 reviews
However, there aren't many users and reviewers who have evaluated this exchange; therefore, we can't be sure of the reliability of these scores.
Bithumb Copy Trading and Investment Options: Does It Offer Any Services?
This exchange does not provide any methods to copy trade from professionals. However, it offers investment programs with average annual income of 7% up to a maximum of 20% on deposits. To start, the user needs to choose an available option, then freeze the required amount of the asset desired.
Writer's Opinion And Conclusion
Bithumb exchange has more than $300,000,000 in daily trading volume and over 8 million registered accounts. The platform has received a 7/10 evaluation score on CoinGecko and a 1.4/5 rating on Trustpilot.
The company was founded by Dae-sik Kim and Javier Sim, but currently, it's led by CEO Jaewon Lee.
