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Bithumb Review | Is the Bithumb Exchange Reliable? A Complete Analysis of Regulatory Compliance, Trading Conditions, Security, and User Reviews
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Summary：Bithumb Exchange Review: Is Bithumb safe? This article comprehensively analyzes its history, regulatory compliance, trading conditions, fund security, user reputation, and potential risks, helping investors assess the strengths and risks of this leading South Korean exchange.
1. Platform Background and Development History
Founded in 2014 and headquartered in Seoul, South Korea, Bithumb is one of South Korea's three largest crypto exchanges, alongside Upbit and Korbit, known as the "Korea Crypto Trio." Focusing on the Korean won trading market, Bithumb has long held over 30% of the Korean market share.
Development highlights:
2014 : Founded, focusing on the Korean domestic market.
2017 : Trading volume once ranked first in the world.
2018 : Suffered a hacker attack, resulting in losses of approximately US$30 million.
2020 : Under supervision by the Financial Intelligence Service (FIU) of South Korea.
2023-2024 : Maintain the top two position in the Korean market, with more than 8 million users.
👉 Official website: https://www.bithumb.com
📌 Features: Bithumb focuses on Korean won deposits and local services, making it very attractive to Korean users.
2. Trading Account and Trading Conditions
Bithumb mainly serves Korean users, providing spot trading and limited financial services.
| Product Type | Features | Fees/Leverage |
|---|---|---|
| Spot Trading | 150+ currencies, mainly Korean Won trading pairs | Handling fee: 0.15% |
| Leveraged Trading | ❌ Not available | - |
| Contract Trading | ❌ No derivatives | - |
| Earn Financial Management | Partial pledge service | 3%–10% annualized |
| Fiat currency deposits and withdrawals | Supports deposits in Korean Won (KRW) | Bank transfer (K-Bank) |
Highlights:
Korean won deposits are directly connected to the Bank of Korea.
The trading volume is large and the liquidity of mainstream currencies is good.
insufficient:
No contracts or derivatives.
The products are single and lack international competitiveness.
III. Supervision and Compliance
Bithumb is one of the most compliant exchanges in South Korea:
| Regulatory Region | state | Entity Name |
|---|---|---|
| South Korea | Obtained registration with the Korea Financial Intelligence Service (FIU) | Bithumb Korea |
| South Korea | Cooperate with K-Bank to conduct real-name accounts | - |
| International Market | ❌ No US/EU license | - |
🔗Korea FIU Announcement
📌 Conclusion: Bithumb relies primarily on its South Korean license, and its international expansion is limited.
IV. Product and Market Coverage
Spot market : 150+ currencies, mainstream currencies have strong liquidity.
Earn product : provides partial staking.
Fiat currency services : Korean won deposits are our core advantage.
International users : There are many restrictions, and the experience for non-Korean users is average.
📊 Bithumb's advantage lies in localization , but it lacks global competitiveness.
5. Trade Execution and Technical Performance
Matching engine : supports large-scale transactions with low latency.
Liquidity : Mainstream coins have excellent depth.
APP experience : Korean interface is friendly, but lacks internationalization.
API : Supports local quantitative trading.
📌 Comparison: Best experience in South Korea, but struggles to compete with Binance internationally.
VI. Fund Security and Risk Control Measures
2018 hacking incident : $30 million lost, but users were compensated.
Fund management : separation of hot and cold wallets.
Insurance mechanism : Part of the funds are insured by insurance companies.
PoR (Proof of Reserve) : Full PoR has not been released.
📌 Risk: Despite compensation for past losses, transparency remains insufficient.
7. Deposit and Withdrawal
Deposit : Only Korean Won (KRW) and cryptocurrencies are supported.
Withdrawals : Fast withdrawals for Korean Won and cryptocurrencies within 30 minutes–2 hours.
KYC policy : Real-name verification is required (K-Bank connection).
📌 User feedback: Korean won withdrawals are fast, but there are significant restrictions for international users.
8. Customer Service and Support
Supported languages : Mainly Korean, with partial support for English.
Customer service channels : telephone, work tickets, and online chat.
Response speed : Korean users have good feedback, while international users are slower.
Educational content : No independent colleges.
IX. Media and User Reviews
International media
Bloomberg: Called Bithumb "South Korea's most representative crypto exchange."
CoinDesk: It is evaluated as "leading in compliance, but lacks international competitiveness."
User reputation
Positive reviews : Fast deposits and withdrawals for Korean won, compliance and security, and good depth in mainstream currencies.
Negative reviews : No contract, few products, insufficient internationalization.
10. Risk Warning
Market risk : Relying solely on the Korean market, which is highly regional.
Funding risk : Lack of PoR audit.
Competitive risk : Global competitiveness is inferior to Binance and OKX.
11. Multi-dimensional scoring (out of 10 points)
Regulation and safety : 8/10 — Korean license compliance, compensation for safety incidents.
Trading Conditions : 7/10 — Reasonable fees, but lack of derivatives.
Product richness : 6/10 - Products are limited, only spot and pledge.
Technology and Liquidity : 8/10 — Mainstream coins have excellent liquidity.
Customer Service and Service : 7/10 — Strong local customer service, weak international support.
📊Overall rating: 7.2/10
Bithumb is suitable for local Korean investors, but not for global users.
12. Conclusion
Bithumb is a giant in the Korean market, with advantages in compliance, Korean won channel and strong liquidity .
Advantages : Compliance and localization, Korean won support, and large user base.
Disadvantages : lack of globalization strategy and single product.
👉 Official website: https://www.bithumb.com
⚠️ Investment advice:
Suitable for long-term use by Korean users.
International users are recommended to choose global platforms such as Binance and OKX.
⚠️Risk Warning and Disclaimer
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