How to Trade on Bithumb

If you’re curious about trading cryptocurrencies, Bithumb is one of South Korea’s leading exchanges. Established in 2014 and headquartered in Seoul, it supports spot trading of more than 170 digital assets, offering services that appeal to both beginner and experienced traders. Here’s a clear, beginner-friendly guide to getting started.

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What Is Bithumb?

Bithumb is a centralized cryptocurrency exchange that enables users to buy, sell, and trade a wide variety of digital assets. It provides spot trading, staking, lending, and even automated (bot) trading tools. Known for high liquidity and daily trading volumes that sometimes reach billions of dollars, it serves millions of users and supports both retail and institutional trading.

Why Trade on Bithumb?

• Liquidity and Volume: With substantial daily trading activity, large orders can be executed without causing big price shifts.
• Wide Range of Trading Pairs: Offers many cryptocurrencies, especially against the Korean Won (KRW), making it convenient for domestic users.
• Accessibility: Offers an intuitive interface, multilingual support, and both web and mobile platforms that cater to beginners and pros.
• Security Measures: Implements two-factor authentication (2FA), ISMS certifications, cold storage, and insurance to protect user funds

How to Create and Verify Your Bithumb Account

1. Sign Up: Visit Bithumb’s website or download the app. Register using your email or phone number.
2. Verify Basic Identity: For Level 1 access, you may only need email and SMS verification.
3. Complete KYC for Higher Levels: To enable KRW withdrawals and increase limits, submit identity documents (passport, address proof). Higher verification levels unlock more features

How to Deposit Funds on Bithumb

• Crypto Deposits:
  • Go to “Deposit/Withdrawal”, choose your crypto, and use the provided address or QR code.
  • Deposits are processed after network confirmation; some assets may have small minimums or fees.
• Fiat (KRW) Deposits:
  • South Korean users can deposit KRW through a linked bank (e.g., KB Escrow).
  • Deposits typically appear within 30–45 minutes

How to Trade on Bithumb

1. Access the Trading Interface: Open the “Exchange” or “Trade” section.
2. Check Your Balances: Go to your wallet or assets page.
3. Choose a Market: Select a trading pair (e.g., BTC/KRW or XRP/BTC).
4. Pick an Order Type:
   • Market Order: Buys or sells immediately at the current market price.
   • Limit Order: Execute when the price hits your specified level.
5. Enter Amount & Execute: Specify how much to trade, review details, and confirm.
6. Optional Tools: Explore features like “easy trade,” bot trading, or vouchers to reduce fees

Understanding Fees and Limits

• Trading Fees:
  • KRW markets: Maker/taker fees between 0.04%–0.25%, depending on trading volume and coupons purchased.
  • Some markets, like BTC, may offer zero trading fees.
• Withdrawal Fees:
  • Crypto withdrawals vary by coin. For example, BTC may cost around 0.001 BTC.
  • KRW withdrawals may carry a small flat fee, like 1,000 KRW.
• Limits:
  • Verification levels determine access to KRW deposits/withdrawals and transaction caps

Safety Tips When Trading

• Enable 2FA: Add an extra layer of account protection.
• Double-Check Orders: Always verify the amount, market pair, and order type before confirming.
• Guard Against Phishing: Visit official Bithumb domains and never click suspicious links.
• Use Secure Passwords: Combine letters, numbers, and symbols.
• Watch for Maintenance Updates: Trading or withdrawal delays can occur during platform maintenance or network congestion.

Trading on Bithumb involves a few straightforward steps: sign up and verify your account, deposit funds (fiat or crypto), navigate to the trading interface, place orders, and manage withdrawals. While it offers deep liquidity, a broad range of cryptocurrencies, and robust security, it’s important to stay informed about fees, limits, and evolving platform features. Always DYOR, practice safe trading habits, and approach crypto with awareness of risks.