How to trade on Bithumb Exchange? Graphic trading process

To trade on Bithumb, create an account, fund it, find a trading pair, create an order, wait for execution and settlement, and store or withdraw your funds.

Oct 01, 2024 at 08:00 pm

How to Trade on Bithumb Exchange: A Step-by-Step Guide

Bithumb is one of the largest cryptocurrency exchanges in South Korea, known for its diverse coin offerings and high trading volume. If you're looking to trade on Bithumb, here's a comprehensive guide to help you get started:

1. Create an Account

• Visit the Bithumb website and click "Join"
• Enter your email address, create a password, and verify your email
• Provide your personal information, including your name and address
• Complete the 2-Factor Authentication (2FA) setup

2. Fund Your Account

• Login to your Bithumb account
• Click "Deposit"
• Select the desired cryptocurrency you wish to deposit
• Generate a deposit address and send your coins from your external wallet

3. Find a Trading Pair

• Click on the "Market" tab on the homepage
• Locate the desired trading pair (e.g., BTC/KRW)
• Select the pair by clicking on its name

4. Create an Order

• Choose the "Limit" or "Market" order type
• Enter the desired price or market rate
• Specify the amount of crypto you wish to buy or sell
• Click "Buy" or "Sell"

5. Execution and Settlement

• Your order will be placed into the order book
• When the market price reaches your specified price (for Limit orders), your order will be executed
• The transaction will be settled once the blockchain confirms the transfer

6. Storage and Withdraw

• Once your trade is completed, your funds will be stored in your Bithumb exchange wallet
• If desired, you can withdraw your funds to an external wallet by clicking "Withdraw"

Tips for Trading on Bithumb

• Set stop-loss orders to manage risk and limit potential losses
• Use limit orders to buy or sell cryptocurrencies at a specific price
• Monitor market fluctuations and trends to make informed trading decisions
• Store your cryptocurrencies in a secure hardware wallet or other offline storage solution
• Seek professional guidance if needed, especially if you're a beginner