Bithumb offers several crypto assets, including the following: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, BitcoinSV, Stellar Lumens, Tron, Cardano, ChainLink, Ethereum Classic, Qtum, Ox, Omisego, BitTorrent, Augur, Monero, Dash, NEM, Crypto.com Chain, Zcash. The platform has now added five new tokens; FAB Token, FNB Protocol, DVP, Function X, and Origo.
Trading Fees, Deposits, Withdrawals, and Trading are all examples of market expenses.
Bithumb has some of the lowest fees in the market. Depositing and withdrawing cryptocurrencies is also subject to various fees, depending on the type of crypto coin you wish to deposit into your account. Some are completely free, as seen in the table below. Others incur a fee regardless of their popularity.
The exchange also has a minimum deposit limit that you have to consider. However, when we looked into Bithumb's background, we discovered that the figures were quite modest. For example, Ethereum Classic requires a minimum deposit of 0.1 ETC, whereas Litecoin necessitates a minimum deposit of 0.1 LTC.
The cost of withdrawing money from Bithumb is also determined by the kind of crypto coin being taken out. Bitcoin will set you back 0.001 BTC, while Ethereum will require 0.01 ETH. It's also necessary to keep an eye on the exchange's official website to ensure you're kept up to date on price changes at all times.
Fees are not as costly as they may appear, and can be reduced by using their coupons when trading. On the platform, the standard trading cost is 0.15% of the total amount one is buying or selling. So, if you buy $1,000 worth of ETH and use a deal that can be obtained on the platform, the fees are quite reasonable because they are discounted. The fees range from 0.01% to 0.075%.
Before enrolling, it's important to check if the exchange accepts payments by the method you intend to use. The good news is that Bithumb has mechanisms in place to handle fiat deposits and withdrawals.
The good news is that this choice is only available in South Korean Won (KRW). However, if you are not located in Korea or do not have access to KRW, you can still pay into your account using cryptocurrencies. If you're a novice who's just getting started with cryptocurrency trading, you may open an account on a platform that accepts fiat funds like Coinbase and then send the coins to Bithumb.
Bithumb can be accessed from various countries around the world, including the United States, despite its primary focus on South Korea. To obtain a detailed list of nations supported, you may directly contact the platform.
Most centralized cryptocurrency exchanges are not particularly concerned with user privacy. Of course, they don't provide user information to third parties — at least if those exchanges are genuine. Exchanges, however, must gather identification data from consumers due to laws in the cryptocurrency space. Crypto exchanges have been hacked on numerous occasions, resulting in the release of customer data and funds.
In terms of privacy, Bithumb does not provide anything unique. The government of South Korea has mandated that all cryptocurrency traders must provide proof of identification. Users must verify their identities by providing copies of documents in order to trade on Bithumb. Joining the platform is not difficult, but when you attempt to cash out, you will be asked to produce documentation. You will not be able to withdraw funds without proving your identify. A copy of the passport or other form of national identification that can be used to confirm the user's residency is needed for the requested verified data. Those who don't want to provide this information should seek out a privacy-focused platform.
Non-anonymous exchanges offer better prospects of government assistance in the event of misconduct. If your cash is stolen, you will be able to seek help from police. On the other hand, when you make your personal information public, the security of the platform depends on it. Bithumb has had prior data breaches, so handing over your data to this exchange might be a source of concern.
Bithumb employs numerous security measures to ensure the safety of its consumers' money and data. The servers are kept under 24-hour surveillance. When suspicious activity is discovered, it is immediately halted. The firm's data is secured using SSL encryption. Users can avoid account breaches by turning on 2-factor authentication (2fa).
Bithumb understands the importance of providing excellent customer service, and the exchange has established a customer help team that is available 24 hours a day, seven days a week to answer clients' questions. There is also an international customer support hotline that provides foreign customers with multilingual assistance.
It's also possible to submit questions to the support team via email or engage in live online help via a chat by logging on to your account. In addition, the site maintains a tiny FAQ database that contains all of the most asked questions (FAQs) as well as solutions.
Bithumb has faced a number of difficulties in its six-year history, and several issues have plagued the platform throughout that time. We'll look at some of the challenges that have bedeviled Bithumb over the years, from data breaches to hacks and accusations of fraudulent volume reporting. Bithumb disclosed in June 2017 that hackers had stolen user information from one of its employees' personal computers, despite the fact that they did not claim whether the incident resulted in any negative consequences for the platform.
In January 2018, the exchange was raided by the South Korean government on tax evasion charges. The platform was not found guilty of any crime. nHowever, it was compelled to return almost $28 million in taxes. In June of that year, the platform was hacked, and cryptocurrency worth $32 million was stolen. On March 29, 2019, the exchange announced that it had been hacked once again—this time blaming insiders.
It was found that over $20 million worth of XRP and EOS tokens had been stolen. Bithumb, meanwhile, has been accused by CER, a crypto rating firm, of fabricating as much as 94 percent of its trading volume late last summer, when cryptocurrency prices were plummeting. The exchange has long been plagued by this problem, which has persisted over time, as recent studies reveal that the exchange continues to fake its volumes, albeit not by large margins.
Is it really safe to use Bithumb, given all of the information presented above? If we examine the data provided by reputable cryptocurrency industry-related websites, we learn that Bithumb is still operational and among the most liquid exchanges. The exchange has lately been inconsequentially involved in news about security breaches, data leaks, money theft, and so on. The previous issues might be a cause for concern. What matters is that users who were affected by Bithumb's security breaches have been compensated and the exchange is working to improve its security standards. The recent history shows that Bithumb improves with time. Despite the fact that decentralized exchanges are immune to hacking, no exchange is safe from it.
Bithumb isn't the most secure exchange on the market, but it's at least reassuring to know that if it gets hacked and your money is stolen, you'll be able to get compensation. Bithumb's reputation for being a dependable firm probably means more than the platform's degree of security, as it is an indication of a responsible business that doesn't put its consumers in danger.
On a personal level, crypto heists are not uncommon. When cryptocurrency users (exchanges, mining pools, wallets, etc.) fail to take basic security precautions, their personal accounts may be hacked. It's essential to create a strong password that isn't used anywhere else. It's best to set up a unique email address just for cryptocurrency trading. It's also vital to avoid phishing websites.
Bithumb users should immediately turn on two-factor authentication (2fa) after signing up. This security measure is utilized by most major centralized cryptocurrency platforms. It's easy to see why 2fa is so popular — it makes it nearly impossible for crooks to steal your money. They'll need to supply a one-time password that's generated on the account holder's device locally. So, if criminals are unable to get access to a user's mobile device, they will not be able to pass this security layer. The required code is refreshed every 30 seconds, ensuring that the thorough search isn't worthwhile.