This Bithumb exchange review discusses most of the things about the exchange and its features. However, this article should not be taken as financial advice. Instead, we urge the traders and investors to do their own research before getting involved in cryptocurrencies.
Bithumb is one of the most famous and leading exchanges in South Korea. In fact, Bithumb ranks as one of the top 50 exchanges in CoinGecko. Furthermore, the Bithumb exchange is also available on mobile phones. Hence, users can download the exchange using their Android and Apple devices.
In addition, the platform offers various trading features that enable traders to choose their desired trading appetites. For example, margin trading with up to 10x leverage and remittance allows traders to send funds internationally using Bithumb. These features mentioned above are just some of the trading options available inside the exchange.
Best of all, the Bithumb exchange continuously maintains a good trading volume across its listed cryptos. As a result, all users and traders of the platform can expect good liquidity of their assets using the exchange. Above all, Bithumb provides 24-hour customer support with both live chats and phone calls.
Despite being in South Korea, the exchange supports various languages aside from Korean. For instance, Spanish, Chinese, Japanese, English, and Hindi, to name a few. Through this, users worldwide can enjoy the platform using their preferred languages. Truly, Bithumb makes trading convenient and so much easier.
Table of contents
Bithumb Exchange Details
|Available on mobile||Yes|
|Number of supported coins/tokens||248|
|Number of supported trading pairs||333|
|Supported fiat currencies||KRW|
|HQ Location||Seoul, South Korea|
In 2014, the Bithumb exchange was created by the BTC Korea.com Co. Ltd. with its founder Javier Sim. At first, the exchange was called Xcoin exchange BTC. However, in 2015, the Xcoin exchange changed its brand name to Bithumb exchange.
Furthermore, the Bithumb exchange is headquartered in South Korea. For this reason, users of the platform in South Korea can easily deposit and withdraw funds in the exchange using KRW.
After rebranding in 2015, the exchange immediately started its customer service in 2016. Specifically, the Bithumb exchange opened up its office in Gangnam, one of the cities in Seoul, South Korea.
As a result, the trading volume of the Bithumb exchange skyrocketed to 1 trillion KRW in July 2017. Indeed, this is a great achievement made by the platform in a short period of time. In the following year, 2018, the exchange obtained several awards for its outstanding service. As a result, the Bithumb exchange expanded its popularity not just in South Korea but also on the foreign stage.
In 2020, the Bithumb exchange became the first ranking exchange in Korea. What’s more, Bithumb got third place in a world competition in crypto trading volume.
Hacking and Other Incidents
In the year 2017, the Bithumb employees were attacked by hackers. As a result, the hackers successfully stole user data/info stored in the exchange.
Furthermore, the following year, 2018, after the user data hacking incident, the exchange was raided for alleged tax evasion. However, Bithumb was able to win the case but was still subjected to pay $28 million in taxes.
Meanwhile, the exchange was successfully penetrated by hackers once again in 2019. This time, the hackers succeeded in stealing $20 million worth of EOS and Ripple tokens. In the same year, the exchange also reported a net loss of $180 million.
Last but not least, in 2020, the exchange was raided by the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit. Specifically, the raid was all about suspected investment fraud.
Nowadays, Bithumb offers one of the friendliest exchange platforms in the crypto world. For this reason, all users, whether beginner or professional, can easily buy and sell crypto in a seamless way. Moreover, the platform supports various languages, making it easier for all its users to navigate the platform.
Key Features and Functions
- Support Tradingview charting functions
- Offers various trading features such as Spot and Margin to name some
- Bull/bears trading option
- Available on Google Play and App Store
- Peer-to-Peer Trading
- Integrated Wallet
- Customer Support
Interestingly, this Bithumb exchange review will help you identify the list of cryptos that the Bithumb exchange supports. In addition, the list of cryptos listed on the Bithumb exchange can be traded directly with each other and can be staked to earn more token rewards. But, of course, the staking depends on the availability of the staking pool provided by the exchange.
|Bitcoin (BTC)||Polkadot (DOT)|
|Ethereum (ETH)||Tether (USDT)|
|Ripple (XRP)||Solana (SOL)|
|Qtum (QTUM)||USD Coin (USDC)|
|EOS (EOS)||Shiba Inu (SHIB)|
|Litecoin (LTC)||Compound (COMP)|
|Cardano (ADA)||THORChain (RUNE)|
|WINkLink (WIN)||Bitcoin Cash (BCH)|
Note: The crypto’s shown above are just some of the digital assets supported by the Bithumb exchange. Hence, for a full list of supported crypto’s you can click the link in this Bithumb exchange review.
One of the most important parts that traders and investors should consider in choosing a good exchange is the fees. Here in this Bithumb exchange review, you will be able to see the reduced fees that Bithumb offers.
Accepted Payment Methods
The exchange payment method is one of the most frequently checked things before users create an account in the exchange. In this part of the Bithumb exchange review, you will discover the accepted payment method in the Bithumb exchange.
Currently, the Bithumb exchange accepts deposits and withdrawals of fiat currency. However, the Bithumb exchange, for now, takes only KRW currency and is mostly open only to the residents of South Korea. Therefore, traders and investors who are not a resident of the country might not fund their Bithumb account using other fiat currencies.
But, of course, there is always another way to fund and use the Bithumb exchange without using fiat. In other words, all users of the exchange can use cryptos to fund their Bithumb exchange. For instance, the BTC, ETH and USDT are some of the cryptos that can be used to fund the Bithumb exchange.
Pros and Cons
- Huge availability of crypto assets to choose from
- Friendly user interface
- Buy crypto using fiat currency
- Available on Play Store and App store
- Large trading volume
- Live customer support
- Has a history of hacking and tax evasion incident
- Slow in the verification process
- Supports only limited fiat currencies
Finally, the final score of the Bithumb exchange. As a result, this final score is based on the analysis and personal view of Coin Quora. Meanwhile, this rating does not serve as financial advice. In other words, traders and investors must do their own research before investing money in crypto exchanges.
- Services offered: 3/5
- Cryptocurrency support: 4/5
- Fees: 4/5
- Supported fiat: 1/5
The Bithumb exchange is one of the top exchanges in South Korea that continues to run today. In addition, the exchange has the ISMS certification and 5-5-7 regulation which as per Bithumb is the most secured system.
Yes, the Bithumb exchange offers a demo account feature inside its platform. Therefore, traders can practice trading before investing real funds in the exchange.
Bithumb offers one of the simplest ways to buy, sell and trade crypto using the exchange. In other words, users just have to use their email in creating their accounts. Then wait for the verification of the admin.
Bithumb offers a variety of trading options to all its users with low fees. With that, we can say that Bithumb can be considered as a good broker.
Bithumb holds the ISMS certification, which is one of the most secured systems in the crypto world as per the platform. Therefore, it is safe to say that your fund is safe with Bithumb.
Yes, Bithumb, just like other exchanges, charges fees for every successful transaction made on the platform. Furthermore, this Bithumb exchange review discusses the fees that the exchange charges for every transaction. To know more about the fees, hover your mouse in the upper part of the article.
The funding methods for Bithumb as of today are mostly by using KRW currency and depositing other cryptos in the exchange. Hopefully, the exchange will expand its supported currency in the years to come.
Currently, Bithumb is headquartered in South Korea. However, the exchange has branches around the world such as China and South Korea to name a few.
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets