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No matter how knowledgeable you are about crypto or how experienced you are as a trader, at some point, it may be necessary for you to move your assets from Bithumb to a more secure wallet like Zengo.
In this how-to withdraw money from Bithumb guide, we’ll show you exactly how to move cryptocurrency out of your Bithumb and into your Zengo wallet. Make sure you follow the simple instructions outlined in this guide to avoid making any mistakes during the process.
Please ensure that your Zengo crypto wallet is set up before you attempt to withdraw money from Bithumb. This will give you a safe, secure location for storing your assets. As a leading, Web3-ready, non-custodial wallet, Zengo offers cutting-edge security features, including Multi-Party Computation (MPC) technology, a Web3 firewall, and biometric security measures for your account and assets.
Once you have set up your Zengo app and finished the onboarding steps, follow these instructions to withdraw from Bithumb to Zengo:
Log in to your Bithumb account to begin. It is important to note that before you withdraw, you must ensure you have your “fund password” and KYC ready. Follow the next steps once everything is in place.
Click on “Asset” and then “Withdrawal.” From there, select whichever token you want to withdraw. It is important to check whether Zengo supports the cryptocurrency you intend to withdraw (if necessary, just swap it for a more common token before withdrawing).
Press “Add Withdraw address” and enter your Zengo wallet address. Make sure you choose the correct blockchain network. To view your Zengo address, simply open the Zengo app, tap “Actions,” then select “Receive,” and choose the token you wish to receive.
Select the amount you wish to withdraw. Once that’s done, check the fees and any other relevant information.
Select the amount you wish to withdraw. Once that’s done, check the fees and any other relevant information.
If you wish to check whether or not your funds have arrived, open the Zengo app and check the main balance screen. For more details, click on the “History” tab to see your recent transactions.
Zengo is a Web3-ready non-custodial crypto and NFT wallet that delivers industry-leading security, functionality, and user experience. Zengo is the ultimate platform for buying, storing, managing, and swapping cryptocurrencies while maintaining maximum safety and security.
Zengo provides industry-leading digital asset security. It uses biometric facial recognition and MPC technology to ensure that you alone can access and recover your digital assets. On top of that, it features Web3 firewall protection, which adds an extra layer of security when you interact with external Dapps.
Unlike other platforms that dictate how and when you access your digital assets, Zengo offers complete self-custody. You maintain total and exclusive control over your crypto funds and NFTs. In addition, Zengo’s seamless fiat onramp options enable you to diversify your portfolio effortlessly.
If you have any issues while using Zengo or need a helping hand with something, we have a team of support agents ready to help. You won’t have to worry about interacting with bots when you contact us. Our team of friendly customer support representatives is available 24/7, ready to assist with any inquiries or issues you may face.
Zengo makes it easy to withdraw funds to another wallet or cash out in fiat. To withdraw to another wallet, simply open the app, select “Actions,” and tap the “Send” button. Next, decide whichever cryptocurrency you want to withdraw and specify the amount. Finally, enter the receiving address and check everything is correct before you confirm the withdrawal.
Zengo also lets you withdraw crypto in the form of fiat currency, including USD, GBP, and EUR. Just navigate to the “Actions” menu, click “Sell,” choose the crypto you wish to withdraw and the fiat currency you want to receive, then enter the amount before confirming. Your funds will then be transferred to the bank account connected to your Zengo wallet.
Below are answers to frequently asked questions related to cryptocurrency withdrawals from Bithumb.
Bithumb is a prominent South Korean cryptocurrency exchange that allows users to buy, sell, and store a wide range of cryptocurrency tokens. It was founded in 2014 by Javier Sim and, according to the last information we could find, served around 8 million users. Aside from being accessible via web browsers, Bithumb is also available in the form of a mobile app for Android and iOS devices. It’s mainly aimed at the South Korean market, with many big Korean business users.
Bithumb is an exchange, while Zengo is a non-custodial wallet. Bithumb provides a platform for trading cryptocurrencies, while Zengo focuses on providing a secure Web3-ready and user-friendly solution for storing and managing cryptocurrencies and NFTs.
Considering Zengo also allows you to trade crypto, the biggest difference between the two is Zengo’s superior focus on security. Bithumb has been targeted by hackers in the past, with large amounts of crypto stolen. ZengGo, by contrast, has the highest standards of security and is a non-custodial wallet, giving users more control over their digital assets. Moreover, since Zengo is a Web3-ready wallet that also provides a Web3 firewall, Zengo users can easily and safely interact with multiple external Dapps.
Bithumb has varying fees for different tokens and different transaction sizes. It’s always recommended to check the fees listed on each withdrawal page before confirming your withdrawal.
In terms of a minimum withdrawal amount, Bithumb does not have any withdrawal limits at this time. It is important to note that as of writing this post (June 2023), you cannot withdraw without a level 2 KYC from Bithumb.
Withdrawals from Bithumb can be completed in a matter of hours, depending on network conditions. However, your first withdrawal will have a delay of 72 hours for security reasons.
Potential problems when withdrawing from Bithumb could include entering an incorrect wallet address, which may lead to your funds being lost and unrecoverable, or having to pay unexpectedly high transaction fees. Always make sure to verify the details of any crypto withdrawal before confirming it, and check the fees to make sure you’re not overpaying. Aside from that, due to Bithumb’s security procedures, you won’t be able to withdraw your funds if you do not comply with at least level 2 KYC requirements.
As of June 2023, it’s not possible to withdraw crypto in fiat format from Bithumb. If you want to withdraw money in fiat, like USD or EUR, you’ll need first to move the funds from Bithumb to Zengo (or another third-party service that provides off-ramp services), and then use Zengo’s crypto-to-fiat off-ramp service to send the cash to your bank account.
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