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Bithumb

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2014 (11 Years)

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2.77/5

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1.67

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Company Information

Get to know Bithumb

Bithumb is a South Korean cryptocurrency exchange. Founded in 2014, Bithumb Korea has 8 million registered users, 1 million mobile app users, and a current cumulative transaction volume has exceeded USD $1 trillion.

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Sahir Safar

Direct review

Excellent

Overall Thought

For those new to the crypto game, bihumb is a top-notch platform that's both reliable and beginner-friendly. With a user interface that's simple to navigate, bihumb is the perfect entry point for anyone looking to dip their toes into the world of crypto. And don't let its simplicity fool you - bihumb packs a powerful punch with a wide range of features and services that'll impress even the most seasoned crypto vets.

Aug 15, 2023
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Direct review Dot icon15 Aug

Overall Thought

Excellent

For those new to the crypto game, bihumb is a top-notch platform that's both reliable and beginner-friendly. With a user interface that's simple to navigate, bihumb is the perfect entry point for anyone looking to dip their toes into the world of crypto. And don't let its simplicity fool you - bihumb packs a powerful punch with a wide range of features and services that'll impress even the most seasoned crypto vets.

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s
Direct review Dot icon12 Aug

Overall Thought

Excellent

A popular platform with great reliability, and it is considered one of the platforms that has an easy and simple interface, especially for new users

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Summarization

Bithumb Crypto Exchange Review: A Comprehensive Guide

Overview and General Information

Bithumb, established in 2013 in South Korea, rapidly ascended to become a leading cryptocurrency exchange globally, boasting a peak daily trading volume exceeding $1 billion. While its history showcases significant growth and a large user base, understanding its current standing requires a nuanced perspective, balancing its achievements against past controversies and its ongoing regulatory journey.

Background and History of the Company

Founded in 2013, Bithumb's journey has been marked by periods of substantial growth and significant challenges. Its rapid rise to prominence in the South Korean cryptocurrency market solidified its position as a major player, though this success wasn't without its setbacks. The exchange has faced considerable scrutiny regarding its security practices, notably a major hack in 2018. Despite this incident, Bithumb continues to operate and maintain a substantial user base.

Certifications and Licenses Held

Bithumb holds an Information Security Management System (ISMS) certification, signifying a commitment to robust security measures. However, it's crucial to note that while Bithumb is actively pursuing compliance with international financial regulators like the FIU and FSC, it is not yet fully regulated. This lack of full regulatory oversight represents a notable risk factor for potential users.

Products and Services Offered by Bithumb Crypto Exchange

Main Products

Bithumb offers a range of cryptocurrency trading services, supporting a diverse selection of digital assets including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others. The exchange provides a platform for both novice and experienced traders to engage in buying and selling cryptocurrencies. However, it’s important to differentiate between Bithumb’s core offerings and those available on its international platform, Bithumb Global.

Advanced Trading Options

While the main Bithumb platform does not currently offer margin trading, providing leverage to amplify potential profits (and losses), Bithumb Global caters to a more sophisticated clientele by providing access to futures and options trading. These complex instruments carry higher risk and are generally not recommended for inexperienced traders. The availability of these features on Bithumb Global highlights the exchange's efforts to expand its services to a broader, more internationally-focused audience.

Mobile Wallet and Payment Gateway

Bithumb enhances user convenience by offering a mobile wallet, facilitating easier access and management of cryptocurrency holdings. Furthermore, a payment gateway allows users to seamlessly integrate their fiat currency transactions with their cryptocurrency activities, streamlining the overall experience.

Additional and Special Services

Beyond its core trading functions, Bithumb also offers deposit programs, enabling users to earn passive income on their cryptocurrency holdings. This feature adds an element of financial diversification to the platform, appealing to users looking to maximize their crypto investments. In addition to these features, Bithumb emphasizes its 24/7 customer support, aiming for a user-friendly experience throughout the trading journey.

Product Features and Conditions

Key Attributes and Requirements

Understanding the fee structure is critical for any trader. Bithumb's trading fees vary, ranging from 0.04% to 0.25%, with a typical commission of 0.15% applied to both maker and taker trades. Withdrawal fees also apply; for example, withdrawing Bitcoin (BTC) incurs a fee. While these fees may appear competitive on the lower end, the higher end of the range is comparatively higher than some other exchanges.

Contact Channels and Customer Support

Contact Methods

Bithumb provides 24/7 chat support, enabling users to receive assistance promptly. While specific phone numbers and email addresses aren't prominently displayed, the website typically includes a contact form for submitting inquiries. The lack of readily available direct contact information might be a minor inconvenience for some users.

Service Hours and Support Quality

The availability of 24/7 customer support is a significant advantage, ensuring that assistance is readily accessible regardless of time zones. However, the quality of support can vary, and user experiences may differ. It’s advisable to review user testimonials and feedback to gauge the general effectiveness and responsiveness of the support team.

Pros and Cons of Bithumb Crypto Exchange

Pros

  • Security Measures: Bithumb emphasizes its robust security systems, including ISMS certification and other security protocols. While certifications offer a degree of reassurance, past security breaches highlight the ongoing need for vigilance.
  • Global Reach: Bithumb’s international presence, particularly through Bithumb Global, offers accessibility to a wider audience and supports multiple languages, broadening its appeal to a global user base.
  • User-Friendly Interface: Many users praise the platform's ease of use, making it navigable even for those new to cryptocurrency trading. A straightforward interface significantly lowers the barrier to entry for beginners.

Cons

  • Regulatory Status: The lack of complete regulatory compliance represents a considerable risk. While working towards full compliance is positive, the absence of full regulation increases potential vulnerabilities.
  • Trading Fees: The range of trading fees, particularly at the higher end, can be less competitive than some rival exchanges, potentially impacting profitability for high-volume traders.
  • Security Controversies: The 2018 hack serves as a stark reminder of the inherent risks in the cryptocurrency space. Although Bithumb has implemented security enhancements, the past incident casts a shadow on its overall security record.

Summary of Bithumb Crypto Exchange Review

Who is it Best Suited For and Why?

Bithumb is best suited for experienced traders comfortable navigating the complexities of advanced trading features such as futures and options (available on Bithumb Global). Its strong presence in the South Korean market also makes it an attractive option for those focusing their trading activities on that region.

Final Thoughts on Value and Choosing the Company

While Bithumb boasts high trading volume and a large user base, potential users must carefully weigh its advantages against the significant security concerns arising from its past security incidents and its current lack of full regulatory oversight. The decision to use Bithumb should be made after thorough consideration of these factors.

Frequently Asked Questions about Bithumb Crypto Exchange

Is Bithumb Regulated?

No, Bithumb is not fully regulated but is actively working towards compliance with international financial regulations.

Does Bithumb Support Margin Trading?

No, Bithumb's main platform does not support margin trading. However, margin trading might be available on Bithumb Global, its international platform; this should be verified directly through Bithumb Global's platform.

What are the Trading Fees on Bithumb?

Bithumb's trading fees range from 0.04% to 0.25%, with a standard commission of 0.15% for both maker and taker trades. Withdrawal fees also apply, varying depending on the cryptocurrency.

Key Takeaways

  • Established in 2013, Bithumb is a significant cryptocurrency exchange with a large user base and high trading volume.
  • It offers various cryptocurrencies for trading but lacks full regulatory compliance, posing a risk for users.
  • Trading fees range from 0.04% to 0.25%, which is comparatively higher in some instances than other exchanges.
  • Bithumb's security has been questioned due to past hacking incidents, despite having an ISMS certification.
  • Advanced trading options like futures and options are available on the international platform, Bithumb Global.
  • The exchange provides 24/7 customer support but lacks readily available direct contact details.

References

[1] https://coinmarketcap.com/exchanges/bithumb/

[4] https://digitaltriggers.io/bithumb-global-review/

[5] https://www.cryptowisser.com/exchange/bithumb/

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