Bithumb — A Comparison and Benefits of Using Bithumb.com Cryptocurrency Exchange

BLOCK6
BLOCK6
Published in
4 min readMay 27, 2022

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Bithumb is a cryptocurrency exchange based in South Korea. Bithumb Korea, founded in 2014, is the country’s most important digital currency exchange, with 8 million registered users, 1 million mobile app users, and a present cumulative transaction volume of over 1 trillion US dollars.

The Bithumb core team has made several significant accomplishments since its inception. One of the most recent is signing a binding letter of intent to merge with Bithumb on or before March 1, 2019, by OTC-listed holding firm Blockchain Industries.

This move intends to create the Blockchain Exchange Alliance (BXA), a new publicly listed corporation that would up-list on either the New York Stock Exchange or the NASDAQ, making BXA the first major cryptocurrency exchange to go public.

Bithumb is a web-based trading platform that is exceptionally easy to use. The platform’s features are self-explanatory, making it excellent for newcomers to trading. However, the lack of advanced functionality on the platform also ensures that users are not confused.

On Bithumb, there are three trading modes: easy trade, general trade, and reserved trade. Thanks to these many alternatives, traders may choose how they wish to purchase or sell cryptocurrencies on the Bithumb exchange.

Apart from cryptocurrencies, Bithumb also provides bitcoin gift cards that can be turned into Bitcoin. These features and many others are why Bithumb is one of the largest growing crypto exchanges in South Korea.

Currently, users can trade in about 11 currencies on the platform, including BTC, BCH, DASH, ETH, LTC and XRP. Also, deposits and withdrawals can be made on the Bithumb exchange through KRW points and cryptocurrencies.

Although to make a withdrawal, users need to be verified to level 2 from level 1. Concerning security, Bithumb employs the following safeguards to ensure the exchange’s safety; Ensures that Servers are monitored 24 hours a day, seven days a week, with two-factor authentication for users and an SSL encryption on the exchange platform.

Unique Security Features of Bithumb

Here, we look at some of the key security features of the Bithumb exchange platform, which makes it a reliable platform not just for users in South Korea but across the globe.

Acquisition of an Information Security Management System (ISMS) Certification: The Bithumb exchange platform has been certified as having the highest information protection management system certification in South Korea, ensuring that its users’ information is safe from all threats and attacks.

24-hour round-the-clock security monitoring: For the first time in Korea, Bithumb receives security guidance and 24/7 monitoring from the leading security businesses in Korea and has introduced an integrated security solution comparable to that of a commercial bank.

Independent and Transparent listing review committee: To improve transparency, Bithumb has an independent listing discussion committee and is partnering with ‘Jangle,’ a virtual asset information disclosure platform to improve transparency.

Trust Management through financial reports disclosure: To develop a trustworthy relationship with clients, Bithumb has its overall management evaluated by an independent accounting firm. It transparently provides financial records every half year.

Benefits of the Bithumb Exchange Platform

1. 24/7 Customer support by the team reduces customers’ inconveniences and provides a seamless service for users.

2. The sufficient liquidity of the platform enables users to buy and sell crypto asses at any price of their choice on the platform.

3. The presence of a strong financial structure shows the exchange as a reliable and responsible exchange platform.

4. State of the art security features to protect and safeguard users’ assets.

5. The high trading volume on the platform has made it difficult for any independent entity to manipulate the market prices of any assets. Thus, transactions are safe and secure for users.

Features of Bithumb

The Bithumb exchange has several features offered to its users to provide a range of services for the users’ benefit. Here are some of the features:

1. Auto Trading: This is made possible by the Chrome Innovation embedded on the platform.

2. Bithumb Club B: This provides an optimized trading environment and extensive management service for Bithumb users. Some of which are transaction fee benefits and dedicated API service.

3. Staking: Users can stake some listed assets on the exchange and earn some benefits. For instance, users can stake ORBS and earn a maximum interest rate of 5.5% or IPX with a maximum interest rate of about 15%

4. Login theft prevention: This helps to authenticate users before transactions are performed on the exchange platform.

5. Lending services: Bithumb exchange offers lending services to its users like a DeFi platform. There are two forms of lending on the Bithumb exchange: Bearish lending and bullish lending.

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