Bithumb is a South Korea–based centralized cryptocurrency exchange (CEX). Established in 2014, it offers a spot market, lending, and staking for individual and institutional traders. It doesn’t support derivatives trading. Trading on the Bithumb spot exchange requires KYC verification.
Customers outside South Korea must comply with mobile KYC requirements. Some or all Bithumb crypto exchange services are restricted in 20 countries, including Iceland, North Korea, and Myanmar.
The exchange facilitates both crypto-crypto and fiat-crypto trading with over 180 assets. The default fiat deposit currency is the Korean won (KRW). Overall, there are more than 280 Bithumb trading pairs available. Margin or leverage trading is not available.
There are two main markets on the Bithumb spot exchange:
- KRW Market – trades based on the Korean Wok (KRW)
- BTC Market – trades based on Bitcoin (BTC)
In addition to the regular spot market, customers can use Auto or Bot Trading. Auto Trading is a service that uses AI recommendations to set up performance-based trading strategies. Bot Trading is a tool that allows traders to choose one of several trading bots to conduct trades automatically without manual monitoring.
Bithumb exchange fees use the maker-taker model. In both markets, the fee rate can fluctuate between 0.04%–0.25%. Customers can purchase coupons based on their trading pattern. There are four general patterns that offer a discounted Bithumb crypto price rate:
- Beginner – no coupon
- Retail Trader – 0.08%-0.20% coupon
- Day Trader – 0.05%–0.065% coupon
- High-Frequency Trader – 0.04%–0.045% coupon
The trading pattern is determined by the 30-day Bithumb volume. Customers that have a volume of up to 10 million won are Beginners, while those exceeding 3 billion won are considered High-Frequency Traders.
Customers are not charged any Bithumb crypto fees on deposits. There is a minimum recommended deposit amount. Customers that make small deposits below the criteria may be charged fees to support transaction speed and security requirements. The minimum Bithumb crypto price for a small Bitcoin deposit is 0.005 BTC.
Withdrawal commissions may vary depending on the selected asset and its withdrawn amount. There are no Bithumb crypto fees on internal withdrawals between accounts. All fees are subject to change at Bithumb’s discretion.
Aside from the Bithumb spot market, customers can also access virtual asset lending services. They provide Bitcoin (BTC) and Ethereum (ETH) loans. There are two types of loans – Bear Lending and Bull Lending.
Users can take out loans for 3 or 7 days for up to 300 million KRW. Some Bithumb exchange fees apply, like basic (1%) and daily (0.0001%) service rates.
Virtual Asset Deposit is a service that allows users to deposit their dormant assets to earn passive rewards via stable interest. The deposited assets cannot be used for active trading in the Bithumb crypto exchange. There are limitations to the minimum and maximum deposit amount, working on a first-come, first-serve basis.
The Bithumb crypto exchange platform supports staking. Customers can deposit one of the eligible assets for staking and receive annual interest based on their staking amount and duration. The minimum staked Bithumb crypto price value varies depending on the asset.
Additionally, Bithumb plans to support Ethereum 2.0 staking after the Merge. Customers who stake ETH are eligible for BETH and other rewards. The rewards are distributed to stakeholders based on their locked asset amount.
About the Company
The Bithumb cryptocurrency exchange was founded as Xcoin by Kim Daesik in January 2014. The name was changed to the current “Bithumb” a year later. It’s considered to be one of the longest-running cryptocurrency exchanges in South Korea. The company headquarters are located in Seoul.
In 2017, client data was compromised when hackers accessed a computer belonging to one of the Bithumb employees. The breach affected nearly 5,000 accounts or 3% of the total user base. More than 36,000 units of data were leaked to the public.
In 2019, it was reported that the cumulative Bithumb trade volume exceeded $1 trillion, and the platform had over 8 million registered users.
In January 2021, the Bithumb crypto exchange launched its BTC market. It allows users to trade digital assets with BTC. In April 2021, Bithumb was one of the first few crypto exchanges in South Korea to open brick-and-mortar customer centers.
In January 2022, the company revealed plans to develop its own NFT marketplace, to be launched in the foreseeable future. In June of the same year, it was announced that FTX was in talks to acquire Bithumb. However, no further acquisition details were announced at the time.
Kim Daesik is the founder and former CEO of the Bithumb crypto exchange. In addition to this service, he also acted as CEO of several tech companies, including the IT consulting firm Jehmi. He’s currently the Chief Cryptocurrency Officer at Bezant Foundation Limited.
Heo Backyoung is the CEO of the Bithumb cryptocurrency exchange. He initially joined the company as Head of Compliance in 2017 and took over as CEO in May 2020. Heo has spent nearly two decades in the FinTech sector, working with companies such as Citibank and ING Securities.