What Is Bithumb and How It Works

Bithumb is a South Korean cryptocurrency exchange that was founded in 2014 by Lee Jung-hoon. It's one of the largest cryptocurrency exchanges in South Korea.

Bithumb allows users to buy, sell, and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and many others. The exchange also offers a mobile app for easy access to trading on-the-go.

Bithumb has a large user base, with over 3 million registered users as of 2020. This is a testament to the exchange's popularity and trustworthiness among cryptocurrency traders.

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Bithumb is a South Korean cryptocurrency exchange that was founded in 2014. It is one of the largest and most popular exchanges in the country.

Bithumb is headquartered in Seoul, South Korea, and is known for its user-friendly interface and wide range of trading options.

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Bithumb is a South Korean cryptocurrency exchange that was founded in 2014.

Bithumb is one of the largest cryptocurrency exchanges in South Korea, with a large user base and a wide range of trading options.

It offers a variety of cryptocurrencies for trading, including Bitcoin, Ethereum, and many others.

Bithumb is a popular platform for buying and selling cryptocurrencies, with a user-friendly interface and competitive fees.

The exchange is known for its high liquidity, making it an attractive option for traders looking to quickly buy or sell cryptocurrencies.

Bithumb has a strong reputation in the cryptocurrency community, with a high level of trust and security.

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Bithumb's founder is Dae-sik Kim, a South Korean entrepreneur who previously served as the company's CEO.

Dae-sik Kim left his post as CEO in 2018 to join Bezant as Chief Cryptocurrency Officer.

Javier Sim is another key figure, serving as co-founder and managing director at Bithumb Global Holdings.

Javier Sim's educational background includes attending the City University of Hong Kong and Cardiff University.

Before joining Bithumb, Sim worked as an investment banker at HSBC and BOCI (Bank of China International).

Bithumb's current CEO is Back Young Heo.

Bithumb has a user-friendly interface that makes it easy to navigate and use.

With over 300 digital assets listed, users can trade a wide range of cryptocurrencies, including Bitcoin, Ethereum, and more.

Bithumb offers a mobile app that allows users to trade on-the-go.

The platform supports both spot trading and margin trading.

Bithumb has a strong security system in place, with 2-factor authentication and cold storage for user funds.

The platform also offers a 24/7 customer support service.

Bithumb has a strong presence in the global market, with users from over 180 countries.

Bithumb offers a range of trading options, including spot trading and futures trading.

The platform's leverage system allows users to trade with up to 21x leverage, but this can also increase potential losses.

Bithumb's trading fees are competitive, with a maker fee of 0.10% and a taker fee of 0.15%.

So you're looking to use leverage or margin trading, but you're not sure if it's possible on a particular platform. Well, let's take Bithumb for example - they simply don't offer leverage or margin trading.

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It's worth noting that not all platforms provide this option, so it's always a good idea to check first. Bithumb's lack of leverage or margin trading is a clear example of this.

If you're looking for platforms that do offer leverage or margin trading, you'll need to do some research to find one that suits your needs.

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Leverage can be a powerful tool for traders, allowing them to control larger positions with a smaller amount of capital.

The margin requirement for a trade is typically a percentage of the total position size, not the amount of capital used to fund the trade.

A 20:1 leverage ratio means that a trader can control a $100,000 position with just $5,000 in capital.

This can amplify both gains and losses, making it essential for traders to understand the risks involved.

Margin calls occur when the value of the position falls below a certain threshold, requiring the trader to deposit more funds or close the position.

A margin call can be a costly event, as the trader may be forced to sell their position at a loss to meet the margin requirement.

Traders should carefully consider their risk tolerance and position sizing before using leverage in their trades.

Bithumb's order book data is a treasure trove of information for traders, capturing detailed market limit orders for both buyers and sellers since 2021-06-02.

Market depth snapshots are crucial for understanding liquidity and potential price movements, which is exactly what Amberdata's order book dataset provides.

These snapshots give traders a clear picture of the market's current state, allowing them to make more informed decisions.

Regular intervals mean traders can stay on top of market changes and adjust their strategies accordingly.

Market liquidity is a critical factor in trading, and order book data helps traders gauge it, enabling them to navigate price movements with ease.

By analyzing order book data, traders can anticipate potential price swings and adjust their trades accordingly.

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Bithumb offers historical TWAP (Time-Weighted Average Price) and VWAP (Volume-Weighted Average Price) data starting from 2018-10-09.

These datasets are crucial for analyzing trading performance and market trends, helping traders minimize market impact and achieve consistent execution prices.

TWAP calculates the average price of an asset over a specified period, focusing solely on time. It's widely used in trading strategies to ensure consistent execution prices.

VWAP, on the other hand, is the average price of an asset, adjusted for its volume over a given period. This helps traders ensure that their trades do not significantly impact the asset's price.

Bithumb's cumulative transaction volume exceeded $1 trillion in 2019, demonstrating the exchange's significant growth and trading activity.

Bithumb was founded in 2014 by entrepreneur Dae-sik Kim under the name Xcoin, later rebranded as Bithumb in 2015. By 2017, it captured over 70% of the domestic market share.

Bithumb quickly became a prominent player in the Korean crypto market, introducing innovative features like a mobile trading app. In 2019, its cumulative transaction volume exceeded $1 trillion.

A major hack in 2018 resulted in the loss of approximately $30 million worth of cryptocurrency. Despite this setback, Bithumb has continued to expand its services, offering a wide range of cryptocurrencies.

Some of the notable controversies surrounding Bithumb include a raid by the government for alleged tax evasion in January 2018, which they were found not guilty of but still had to pay nearly $28 million in back taxes.

Bithumb's history is a fascinating story of rapid growth and challenges. Founded in 2013 as the Asian project of BTC Korea.com Co. Ltd, the exchange was established in 2014 and headquartered in Seoul, South Korea.

The exchange was initially launched as Xcoin in 2014, and later renamed to Bithumb in 2015. Its mobile version for Android and iOS was released in 2016.

Bithumb quickly became a prominent player in the Korean crypto market, capturing over 70% of the domestic market share by 2017. This was largely due to its innovative features like a mobile trading app.

In 2018, Bithumb faced a major hack that resulted in the loss of approximately $30 million worth of cryptocurrency. Despite this setback, the exchange continued to expand its services.

Bithumb's cumulative transaction volume exceeded $1 trillion in 2019, solidifying its position as a key player in the global crypto exchange market. With over 8 million registered users, the exchange has maintained its position as a major player in the industry.

In a significant move, Bithumb signed a deal to buy a majority share of BTC Holding Co. in October 2018. This was followed by a binding letter of intent to merge with Bithumb on or before March 1, 2019.

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Bithumb has had its fair share of controversies over the years. In June 2017, hackers stole user information from a Bithumb employee's personal computer.

One of the most notable incidents was in January 2018, when the government raided Bithumb for alleged tax evasion. Although they were found not guilty, they still had to pay nearly $28 million in back taxes.

Bithumb has also been a victim of hacking. In June 2018, approximately $32 million of cryptocurrency was stolen from the exchange. This was followed by another hack in March 2019, where nearly $20 million worth of EOS and Ripple tokens were estimated to have been stolen.

In response to declining trading volume and profits in 2018, Bithumb laid off 30 out of 340 employees in January 2019.

Here's a summary of the major controversies surrounding Bithumb:

Bithumb takes the security of its users very seriously, with measures in place to safeguard the exchange. 2-factor authentication is used to add an extra layer of protection to user accounts, while SSL encryption ensures that all data transmitted is secure. 24/7 monitoring of servers also helps to prevent any potential issues.

Bithumb's customer support is surprisingly robust, available 24/7 with English support for international users. This is a welcome relief, as many cryptocurrency exchanges struggle to provide adequate support.

To give you an idea of the security measures in place, here are some of the key features:

Privacy and security are top priorities at bithumb. The exchange requires identity verification for cryptocurrency trading, which means you'll need to submit various documents to get started.

To make a withdrawal, you'll need to be authenticated to level 2. This process can take anywhere from 24 to 48 hours, but in practice, it usually only takes a few hours.

Bithumb takes security seriously, using 2-factor authentication to safeguard your account. This adds an extra layer of protection to prevent unauthorized access.

The exchange also uses SSL encryption to secure your transactions. This ensures that your personal and financial information remains confidential.

Bithumb's servers are monitored 24/7 to prevent any potential security breaches. This means you can trade with peace of mind, knowing that your account is being constantly watched over.

Here are some of the security measures bithumb has in place:

Customer Support is a crucial aspect of any online platform, and bithumb surprisingly excels in this area. The customer support team is available 24/7.

You can reach out to them through email or by calling them directly on the phone. English support is also available for international users.

Bithumb has partnered with Amberdata to provide comprehensive access to their datasets. This partnership allows users to seamlessly integrate Bithumb data into their workflows.

Through Amberdata, users can access Bithumb data via various delivery methods, including REST APIs, Snowflake, Google Analytics Hub, and Databricks. This ensures that users can easily integrate Bithumb data into their trading, analysis, and research workflows.

Supported datasets include Orderbook Snapshots and Events, Tickers, Trade Data, and OHLCV.

Bithumb offers a range of trading tools and data that can help you make informed decisions.

AmberLens provides interactive dashboards featuring comprehensive Bithumb data, allowing you to explore market trends, trading volumes, and price movements in real-time.

Users can access detailed metrics and historical data through user-friendly interfaces, enhancing their understanding of market dynamics.

Bithumb's OHLCV data, available on Amberdata, starts from 2018-10-09 and includes records of Open, High, Low, Close, and Volume metrics, calculated at 15:00:00 UTC.

This data is essential for conducting technical analysis and developing trading strategies.

You can get valuable insights into market trends, trading volumes, and price movements on AmberLens.

AmberLens offers interactive dashboards featuring comprehensive Bithumb data.

Users can explore detailed metrics and historical data through user-friendly interfaces.

These dashboards enable real-time analysis and visualization of Bithumb's market data.

Get started with Bithumb data in AmberLens today.

OHLCV data is a must-have for traders looking to conduct technical analysis and develop trading strategies.

Amberdata offers comprehensive historical records of Open, High, Low, Close, and Volume metrics starting from 2018-10-09.

This data is essential for identifying trends and patterns in the market.

Bithumb's OHLCV data is calculated at 15:00:00 UTC.

Having access to this data can give you a significant edge in your trading decisions.

OHLCV data is a fundamental tool for any trader looking to make informed decisions.

Funding your Bithumb account is relatively straightforward. Deposits can be made using KRW points purchased through the KB escrow service, which are converted on a 1 to 1 basis.

Alternatively, you can deposit a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. This process is quick and efficient, with transactions taking around 30 to 45 minutes to be reflected in your Bithumb wallet.

To fund your account, you can choose from a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The specific options available to you will depend on your location and the services offered by Bithumb.

Here are some of the cryptocurrencies that can be deposited into your Bithumb wallet:

For withdrawals, you can choose from a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as KRW.

As you're considering funding and withdrawal options on bithumb, it's essential to understand the fees involved.

The exchange offers two types of accounts: general membership and corporate membership. To open a general membership account, you'll need to provide your name, email, and phone number.

For general membership accounts, bithumb charges a 15% basic commission, also known as a Taker/Maker fee. This fee applies to all transactions.

There's also a fixed amount coupon transaction fee, which ranges from 0% to 0.075%. This fee is not applicable to all transactions, so be sure to check the details.

For withdrawals, you'll need to pay a fee, which varies depending on the cryptocurrency you're withdrawing. Here's a breakdown of the withdrawal fees for each cryptocurrency:

Deposits at bithumb are only available through KRW points and cryptocurrencies, which can be purchased through the KB escrow service and converted on a 1 to 1 basis.

The transaction will take approximately 30 to 45 minutes to be reflected in your bithumb wallet once you've deposited KRW into the KB escrow account.

You can also deposit the following cryptocurrencies into your wallet at bithumb:

For withdrawals, you have the following options available at bithumb: KRW, Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Qtum, Ripple, and Zcash.

Bithumb is subject to various regulations and restrictions, particularly in its home country of South Korea.

The Korean Financial Intelligence Unit (FIU) closely monitors Bithumb's transactions and activities, requiring the exchange to report suspicious transactions and maintain accurate records.

Bithumb must also comply with the Anti-Money Laundering (AML) and Know-Your-Customer (KYC) laws, which involve verifying users' identities and detecting potential money laundering activities.

The exchange has implemented various measures to ensure compliance, including conducting regular audits and risk assessments.

Bithumb's security measures are designed to prevent hacking and unauthorized access to user accounts.

The exchange uses advanced encryption and secure servers to protect user data and prevent data breaches.

Bithumb must also adhere to the guidelines set by the Korean government, including the requirement to store user data for a minimum of five years.

These regulations and restrictions are in place to maintain the integrity and security of the cryptocurrency market and protect users from potential risks.

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