bithumb

What is bithumb？

Back in 2013, Bithumb popped up as a big player in South Korea for cryptocurrency trading, a super busy marketplace for cryptocurrencies. This exchange offers a huge collection of over 200 coins, with more than $2.5 billion worth trading volume every single day there. Bithumb's fees are actually on the low side. When you make a trade, it's 0.04% (taker fee), and if you're the one making things happen, it's even less at 0.02%( maker fee). Bithumb ranks among the globe's top 20 cryptocurrency exchanges in terms of trading volume, however, it's exclusively accessible to investors based in South Korea.

Pros and Cons

Pros	Cons
Low trading fees	Only available in South Korea
Wide variety of cryptocurrencies over 200	Offcial website only available in Korean
High trading volume	Customer support can be slow
Good liquidity	Has been hacked in the past
	Limited trading pairs
	Lack of security information

Regulations

Bithumb holds regulation by the Repository of Korea's Corporate Filings (RKCF) with license 220-88-71844, but bears an “Exceeded” regulatory classification. This oversight comes from the Repository of Korea's Corporate Filings (DART), a platform overseen by South Korea's Financial Supervisory Service (FSS). This portal enables access to corporate documentation like financial statements and annual reports, encompassing companies subject to external audits within South Korea.



Trading Markets

Bithumb, a prominent South Korean digital currency exchange, offers various trading products besides standard cryptocurrency trading. These include:

• Margin Trading: This allows traders to borrow funds to increase their trading position, amplifying potential profits (and losses).
• Over-the-Counter Trading: A service for large-volume trades that might impact the market if placed on the open exchange.
• Staking: This involves holding cryptocurrencies to support the operations of a blockchain network and, in return, earning rewards.

Cryptocurrencies available

Bithumb lists over 200 cryptocurrencies, a large selection for users to pick from.



Other Services

Besides crypto trading, Bithumb offers a variety of services including:

Crypto Lending:

• Bear Lending and Bull Lending: Users can borrow Bitcoin (BTC) or Ethereum (ETH) for 3 or 7 days with varying interest rates depending on the type of loan.

Staking:

• Stake your cryptocurrency holdings for a certain period to earn rewards.

Auto-Trading:

• Automated algorithmic trading with 24/7 operation. Set your own parameters for buy and sell orders to achieve consistent profit.

Payment Services:

• Bithumb provides payment solutions for businesses willing to accept cryptocurrencies as payment.

Gift Vouchers:

• Purchase Bitcoin gift vouchers that can be redeemed for their equivalent value in Bitcoin.

Other:

• Bithumb also offers educational resources, news updates, and research reports related to the cryptocurrency market.

Blockchain Consulting:

• Bithumb offers consulting services for businesses looking to implement blockchain technology into their operations.

How to open an account？

The registration process of Bithumb involves the following six steps:

1. Visit the Bithumb website and click on the “Sign Up” button located at the top right corner of the page.

2. Provide your email address and create a strong password for your account. Make sure to comply with the password requirements specified by Bithumb.

3. Agree to the terms and conditions and privacy policy of Bithumb by checking the corresponding boxes.

4. Complete the email verification process by clicking on the verification link sent to the provided email address.

5. Provide your personal information, including your full name, date of birth, and contact number.

6. Submit any additional required documents for verification, such as proof of identity.

How to buy Cryptos？

Creating an Account on Bithumb

• Start by visiting Bithumb's website. Look for and click the “Sign Up” button.
• You'll need to provide an email address and create a password, then accept the terms of service.
• Check your email for a verification link from Bithumb and click it to confirm your email address.

Completing Identity Verification

• Bithumb mandates identity verification to align with regulatory standards.
• This step involves uploading a photo of a government-issued ID and confirming your home address.
• A selfie may also be required for further identity confirmation.

Depositing Funds

• After verifying your identity, you can add funds to your Bithumb account.
• Deposits can be in fiat currencies (like KRW, USD, EUR) or in cryptocurrencies.
• The methods for depositing funds will depend on your geographical location and the currency you choose.

Purchasing Cryptocurrencies

• To buy cryptocurrencies, navigate to the “Buy Crypto” section on Bithumb.
• Choose the cryptocurrency you wish to purchase.
• Specify the amount you're spending in fiat or the amount of cryptocurrency you want to acquire.
• Review your order and confirm it by clicking the “Buy” button.

Storing Your Cryptocurrencies

• The cryptocurrencies you buy will be stored in your Bithumb wallet.
• You can hold them in this wallet for investment purposes or transfer them to another wallet if needed.

Fees

Bithumb levies fees spanning 0.04% to 0.25%. By acquiring paid coupons, customers trim fees towards the lower limit. Investors can purchase coupons, like an 80,000 KRW one for a hefty 68% discount, potentially slashing fees to a mere 0.04%. While beginners might not immediately benefit from coupons, they would typically face the 0.25% fee.

Transaction	Fees
Trading Fee	0.04% to 0.25%
Deposit KRW	Free

Deposit & Withdrawal

When it comes to cryptocurrency deposits, Bithumb keeps them fee-free, but sending from your personal wallet might incur network fees. As an example, the withdrawal fee for Bithumb Bitcoin (BTC) stands at 0.001 BTC (approximately $26.05).

Has Bithumb experienced any controversy？

Bithumb has experienced a number of controversies over the years. Here are some of the most notable ones:

• In 2017, Bithumb was hacked and over $30 million worth of cryptocurrency was stolen. The exchange was forced to suspend trading for several days while it investigated the incident.
• In 2018, Bithumb was fined by the Financial Services Commission (FSC) of South Korea for violating regulations. The FSC found that Bithumb had not properly implemented security measures and had not properly registered with the commission.
• In 2020, Bithumb was again fined by the FSC for violating regulations. This time, the FSC found that Bithumb had not properly disclosed information about its operations to investors.
• In 2022, the CEO of Bithumb's parent company was found dead shortly after he was accused of embezzlement and stock price manipulation. The incident led to a number of investigations into Bithumb's operations.

Compare with other exchanegs

Features
Trading Fees	0.04% maker and 0.25% taker	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	200+	500+	11	200+
Regulation	Registered with RKCF ( in South Korea)	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)