Cryptocurrencies have taken the world by storm. With the rise of digital assets, everyone started investing in them. It has become one of the most profitable investment opportunities of our time.
Cryptocurrencies are decentralized and unregulated, which makes them a perfect target for hackers and cheaters.
However, trading platforms offering users fair opportunities to trade digital currencies safely and securely are leveling the game.
Finding a safe, profitable, and trusted cryptocurrency exchange platform can be complex.
Different platforms fit different needs. Users’ preferences will depend on variable factors like the type of coins they want to trade, whether they need fiat or crypto funds, the reputation of the trader, fees, security standards, and the particular requirements of each platform.
One platform that stands out from the competition due to the nature of the business is Bithumb Crypto Exchange. The trading platform is to the eyes of its most passionate users, the best platform for cryptocurrency.
So with all the hype, we wanted to discover everything we could about the South Korean Based platform. Read on, the findings of our Bithumb review may surprise you.
Some Background Info
The South Korean crypto market is one of the most fertile markets for cryptocurrencies worldwide.
The high level of adoption, increasing trading volume, and technological infrastructure are fundamental for the South Korean crypto market. But other elements make the South Korean crypto market unique and worthy of attention.
Why is Cryptocurrency Popular In South Korea?
South Korea has one of the highest levels of cryptocurrency adoption rate. According to Statista, in 2020, South Korea had the third-highest trading volume of cryptocurrencies, following only the United States and Japan.
Additionally, a survey conducted by the Korea Financial Investors Protection Foundation found that 7.4% of South Korean adults have invested in cryptocurrencies. Which is significantly higher than the global average of 5%.
This high level of adoption reflects in the fact that South Korea has several crypto exchanges, including Bithumb, Upbit, and Coinone, which rank among the top 50 largest exchanges in the world, according to CoinMarketCap.
All these elements have contributed to the growth of the crypto industry and increased demand for cryptocurrencies in the global market.
An Advanced Technological Infrastructure
The country is known for its advanced technological infrastructure, which has contributed to the growth of the crypto industry in the country. Multiple South Korean companies are developing innovative blockchain-based applications and platforms, attracting investment and attention from global investors and businesses.
Regulation to Help Improve Security and Prevent Fraud
The South Korean government has taken a proactive approach to the crypto industry to improve security and reduce fraud.
The role of the government in market regulation has been significant, making the South Korean crypto market more attractive to investors and businesses who are confident their investments are protected.
Influence on the Global Market
The South Korean crypto market influences the global crypto market due to its large trading volumes. According to reports from Sep 2021, the trading volume of cryptocurrencies on the four leading South Korean crypto exchanges totaled about 402 trillion South Korean won (around US$358 billion.
The South Korean Won (KRW) is the second-most traded currency on the global cryptocurrency market, behind the US dollar.
The changes in the South Korean market can have ripple effects on the global market, making it worthy of attention for crypto investors and businesses.
Meet Bithumb
Born in 2013 the South Koren cryptocurrency exchange quickly became one of the most popular and reputable cryptocurrency exchanges in the world, with a reported daily trading volume of over $1 billion.
The exchange platform allows people to buy, sell, and trade multiple cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin. Bithumb Global also offers advanced trading features, including margin trading, futures, and options trading.
Apart from this insignia product, Bithumb has also launched other products and services, like a mobile wallet, a payment gateway, and a Bithumb Global cryptocurrency exchange, aimed at an international audience and supports multiple languages.
Bithumb has experienced some controversies in its history, including a major hack in 2018 that saw the loss of over $30 million worth of cryptocurrency.
However, the company has implemented additional security measures and continued growing and expanding its offerings.
The South Korean platform is a major player in cryptocurrency trading and has established itself as a leading exchange with its products and services.
Its popularity and reputation are a testament to its commitment to providing a secure and reliable platform for users to trade and invest in cryptocurrencies.
Who Uses Bithumb Crypto Exchanges?
The Cryptocurrency exchange primarily caters to Korean investors. However, it gained popularity among cryptocurrency traders worldwide because it offers a user-friendly platform, competitive trading fees, and a wide offer of digital assets for trading.
Bithumb cryptocurrency exchange has become one of the largest in the world, with a reported daily trading volume of over $1 billion.
Some trading pairs include Korean won (KRW) pairs, particularly popular among Korean traders.
Additionally, Bithumb is known to list new and emerging digital assets before other exchanges, making it an attractive option for investors looking to get in on the ground floor of new projects.
Bithumb Exchange Key Features
To understand the popularity of this exchange, it is essential to break down the key features and services it offers. You may not use all of them, but it is fundamental to know the full potential of the product before committing to it.
Multiple Cryptocurrency Trading
Bithumb exchange supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and more. This allows users to have a diverse portfolio and invest in a range of different digital assets.
Advanced Trading Options at the Bithumb Exchange
Bithumb offers advanced trading features, like margin trading, futures trading, and options trading. These tools allow experienced traders to take advantage of market volatility and potentially increase their profits.
Global Crypto Exchange
Bithumb operates a global crypto exchange, Bithumb Global, which is aimed at an international audience and supports multiple languages. using this product, international users can access Bithumb’s services and trade cryptocurrencies.
Mobile Wallet
The Bithumb Wallet allows users to securely store and manage their cryptocurrencies on the go. The wallet supports multiple digital assets and is available for both iOS and Android devices.
Payment Gateway
So far, we have seen a couple of products that make Bithumb a very interesting product, but there is more because it has its payment gateway for merchants to accept payments in cryptocurrencies.
This feature is aimed at businesses that want to offer their customers an alternative payment option and talk directly to the new generations who want to make things on their terms.
User-friendly Interface
Bithumb has an easy-to-use interface, even beginners can use it without hassle. The platform is designed to be intuitive and accessible, which helps to attract and retain users.
Strong Security Measures
After experiencing security issues (2018) they learned from their experience and added security measures to protect the Bithumb trading platform from hacking attempts. These measures include two-factor authentication, multi-signature wallets, and regular security audits.
Customer Support
Bithumb Global offers customer support through a variety of channels, including email and live chat. The platform also has a comprehensive FAQ section that provides answers to many common questions.
High Liquidity
Bithumb Global is known for its high liquidity, which means that traders can quickly and easily buy and sell cryptocurrencies without having to wait for their orders to be filled.
What Are the Payment Methods?
Bithumb offers several deposit and withdrawal options for users to fund their accounts or withdraw their funds. This is a sample list of the available options:
Deposit Options
users can use cryptocurrency deposits and bank transfers to add funds to their wallets. If they decide to use crypto assets they can use Bitcoin, Ethereum, Ripple, Litecoin, and many others.
On the other hand, if users feel more confident using a traditional bank transfer to add funds Bithumb Global supports deposits in USD, EUR, KRW, JPY, and many other currencies.
Withdrawal Options
Flexibility is fundamental for this kind of platform. If users can withdraw their crypto assets to an external wallet by providing the destination address. Users can also withdraw via bank transfer to their linked bank account. Bithumb Global supports withdrawals in USD, EUR, KRW, JPY, and other currencies.
Bithumb Fees
Bithumb is worth considering. One of the things you’ll want to keep in mind, however, are the fees associated with trading and withdrawing funds. Bithumb charges a competitive trading fee for each transaction you make based on your trading volumes.
The more you trade, the lower your trading fees will be, making it a great option for frequent traders. The withdrawal fee is also very reasonable, which is fundamental if you plan on moving your funds around frequently. For detailed information, you can check their website.
Currencies
Some of the most popular cryptocurrencies available on Bithumb include: :
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Stellar (XLM)
- Tron (TRX)
- Cardano (ADA)
- Polka Dot (DOT)
Cryptos are an evolving market, so check if your desired asset is still available.
Countries Where Bithumb Works
The popular South Korean crypto exchange expanded its operations to several countries across the globe and it is now available in countries like Japan, Thailand, and the United States, among others. The crypto exchange has gained a strong reputation for its user-friendly interface and top-notch security features.
In addition to a strong presence in Asia, Bithumb has made inroads into the European market. The platform is available in countries like the United Kingdom and Germany.
The expansion into these countries has been driven by the increasing demand for cryptocurrencies, and the growing interest in blockchain technology.
Bithumb’s success is also a consequence of its ability to adapt to the regulations of each country it operates in. The crypto exchange has worked closely with regulators to ensure compliance with local laws and regulations.
It has helped build trust with users and has helped Bithumb establish itself as a reliable and trustworthy platform.
Bithumb’s expansion into multiple countries has made it one of the most popular crypto exchanges worldwide.
Its user-friendly interface, top-notch security, and ability to adapt to local regulations made it a favorite among traders and investors alike.
What Are the Pros and Cons of Using Bithumb?
We like including a pros and cons section to our articles to help you have a clearer idea of what to expect when using a product or platform, we build our pros and cons list based on our research. For our Bithumb Global review the list is as follows:
List of Pros:
- Bithumb Global is known for its high liquidity, meaning traders can quickly and easily buy and sell cryptocurrencies without waiting for their orders to fill.
- Bithumb Global has a user-friendly interface that is easy to navigate, making it accessible to both beginner and advanced traders.
- A responsive mobile app that allows users to trade on the go, making it a convenient option for busy traders.
List of Cons:
- The exchange platform only supports a limited range of payment options, including bank transfers and credit card payments.
- It is banned in many countries due to local regulations and restrictions.
- The platform has been subject to security breaches in the past. This is a concern for users who prioritize security on a cryptocurrency exchange platform.
Alternative Cryptocurrency Exchanges
Bithumb has increased its popularity, but the exchange market is similar to other industries, and the product needs to adapt to your specific requirements.
Here are a few alternatives to Bithumb that you may want to consider:
Binance
It is a global cryptocurrency exchange that offers a wide range of trading pairs and low fees and has a mobile app for trading on the go.
Coinbase
A well-established US-based exchange that is popular among beginners. It has a user-friendly interface and features, including staking and trading.
Kraken
It is a US-based exchange that offers advanced trading features and a wide range of cryptocurrencies. It has a good reputation for security.
Bitfinex
A Hong Kong-based exchange that offers advanced trading features and margin trading. It also has a mobile app for trading on the go.
KuCoin
A Singapore-based exchange with multiple cryptocurrencies and low trading fees. It also has a mobile app for trading on the go.
Remember, it is fundamental to conduct your research and compare the features and fees of each exchange before deciding which one to use.
FAQs
How Do I Create an Account on Bithumb Global?
To create a Bithumb account visit the Bithumb website and click on the “Sign Up” button.
You will be redirected to a registration page where you will be required to provide your email address, password, and country of residence. After filling in the necessary details, click on “Create Account” to complete the process.
Bithumb Global ensures that all accounts are KYC verified as a security measure to protect users. Once you have a verified account you can start trading.
Is Bithumb Global Safe and Secure?
When it comes to cryptocurrency exchanges, safety, and security are top concerns for investors.
Bithumb Global is one such exchange that has caught the attention of many in the crypto community. However, the question remains: is Bithumb Global safe and secure?
The good news is that the platform has taken steps to ensure the safety of its users’ funds and personal information. Bithumb Global uses advanced security measures, like SSL encryption and two-factor authentication, to protect its users’ data.
The platform has partnered with third-party exchanges to ensure liquidity and reduce the risk of market manipulation.
Bithumb Global is a reliable and secure choice for those looking to trade cryptocurrencies globally.
Does Bithumb Global Offer Customer Support?
Bithumb Global understands the importance of customer satisfaction and, therefore, offers exceptional customer support to its users.
If you are a Bithumb user and have concerns regarding your account, you can contact their knowledgeable and friendly customer support team, who are available 24/7 to assist.
Bithumb Global’s customer support team is prepared to handle any issues you may encounter while using their platform, be it related to deposits, withdrawals, or trading.
Bithumb customer support provides prompt and efficient assistance whenever you need it. If you are looking for a reliable cryptocurrency exchange with excellent customer support, Bithumb Global is worth considering.
Wrapping Up
The combination of decentralization, security, anonymity, global accessibility, and potential for high returns made cryptocurrency an attractive option for people seeking an alternative to the traditional financial system.
There are many big players in the crypto scene, and while the preference for a particular platform depends on individual requirements, the uniqueness of Bithumb has made it an attractive alternative to many traders.
Bithumb Global’s security measures have failed in the past, and it is still a concern for some users. Despite these drawbacks, Bithumb Global remains a popular choice among cryptocurrency traders and investors, and its features continue to evolve and improve over time.
Whether you’re a seasoned trader or just starting in cryptocurrency, Bithumb Global is worth considering for your investments.
