Everything you need to know about Bithumb

The crypto sphere is teeming with exchanges where users can buy, sell, and trade their assets. However, only a handful of the platforms can deliver the speed, efficiency and transparency you need.

One of which is Bithumb, a Korean-based exchange site that offers a wide selection of digital assets in their portfolio. Since its launch in 2013, it has been known for its massive volume in Bitcoin trading.

Operated by a private company called BTC Korea, Bithumb is one of the leading exchange sites in the market today. Moreover, it is well-received among users because of its easy-to-navigate interface that caters to both experienced traders and beginners.

Bithumb quickly expanded its services and by 2018, was able to offer 68 coins in its portfolio, becoming one of the top exchanges for traders in East Asia. In the same year, the exchange made itself more accessible to users by offering its payment services in food kiosks in South Korea.

2018 was also the year where Bithumb breached over US$100 million trading volume, and during the last quarter, the trading volume increased to US$ 1.4 billion.

However, in 2019, the exchange took a nosedive when its system was breached and a staggering amount of more than 3 million EOS and 20 million XRP tokens were stolen.

In a statement, Bithumb announced that all the embezzled tokens were owned by the company and all user funds were safely stored in a cold wallet. The exchange site said that the theft was devised by insiders, which made the breach possible. Bithumb reclaimed some of the stolen assets but the culprits were able to get away with US$17 million.

Features and advantages of Bithumb

Accommodates users from all over the world

Bithumb caters to users all over the world with an easy-to-navigate site that can be accessed through various languages such as English, Chinese, Japanese, Spanish and Hindi. They are currently adding more languages to accommodate more customers from different parts of the globe.

Flexible payment options

When it comes to payment options, Bithumb offers a wide range of choices for its users. Depending on your needs, you can opt to trade using various cryptocurrencies, fiat currencies, and debit and credit cards. For fiat currencies, the site only accepts KRW in transactions made by locals in South Korea.

Beginners also have the option to create an account at Coinbase where they can purchase top cryptos and have them transferred to their Bithumb account.

Reasonable transaction fees

Each token offers a different exchange fee, however, a minimum deposit is required to execute a transaction. Compared to other exchange sites, Bithumb has fewer fees for every transaction but the price depends on the token you’re going to use. Here are the trading fees of some of the cryptocurrencies offered at Bithumb:

Before proceeding with your transaction, please note that these prices can change depending on the tokens’ price in the market.

Wide selection of cryptocurrencies

Aside from its cheap, efficient and transparent service, Bithumb also offers a wide range of cryptocurrencies in its portfolio. Currently, there are 103 tokens to choose from, ranging from popular to lesser known coins. You can find Bitcoin, Ethereum, and Ripple, as well as fledgling assets such as Ethos, Augur, and Aeternity.

Accommodating customer support

One of the most remarkable features of Bithumb is its customer service that operates 24 hours a day for 7 days a week. If you’re experiencing technical issues, you can send the customer support a message and they will help you with any issues you’re experiencing.

It allows 2FA authentication for your account

As an added layer of security to your account, Bithumb requires a 2FA authentication when logging in or making withdrawals. To access your account and make transactions, you must first enter the code sent to your mobile device to ensure that it matches.

The exchange site also has encryption technology to increase the protection of their users’ account and personal details.

How to make your Bithumb account

Now that you know everything Bithumb has to offer, you can now make your account and start trading. Here’s an easy-to-follow guide to get you started:

Step 1

Go to the Bithumb page and click the Sign Up button. Once done, the site will ask for more details such as your name, gender, and address to complete your registration. Fulfill the requirements so you can proceed to the next step. Enter your email address and click the ‘Check Duplicate’ button. This is a process you cannot skip because it allows the site to verify your identity.

Once your email address has been verified, you need to provide your nationality and phone number. They will send you code that will verify your cell phone number.

Step 2

Once you’ve fulfilled all the information required, you need to provide a strong password for your account. Make sure that you use a unique set of characters. Don’t use obvious details such as your birthday and phone number.

Step 3

Afterwards, check the terms and conditions provided on the website. Once you’re done, the site will send you a confirmation link. Authenticate the link so you can proceed with trading on Bithumb.

Start trading with Bithumb

It’s an undisputed fact that Bithumb is one of the leading and promising exchanges in the market. If you’re looking for a platform that can help you start with crypto trading and investing, Bithumb’s efficient and user-friendly site is what you’re looking for! Now that you know the basics of this exchange, create an account now and start trading.