Key Takeaways

• Bithumb Singapore offered a rock‑bottom 0.05% flat trading fee, far below the industry average.
• The platform only accepted crypto deposits - no fiat on‑ramps - which limited new investor adoption.
• Security was strong on paper (cold storage, 2FA, insurance) but the parent Bithumb suffered past hacks.
• Regulatory registration in Singapore gave initial legitimacy, yet the exchange is now completely defunct.
• Traders must migrate to other Singapore‑registered exchanges, likely facing higher fees.

Bithumb Singapore is a cryptocurrency exchange registered in Singapore that operated as the international arm of South Korean exchange Bithumb. Launched under the name Bitholic and rebranded on 8August2019, the platform promised ultra‑low fees and Asian‑market liquidity. Fast‑forward to October2025, monitoring services list the exchange as “dead” and its website is no longer reachable.

Background & Market Position

When Bithumb Singapore entered the scene, Singapore was already a hotspot for digital‑asset firms, thanks to the Monetary Authority of Singapore’s progressive stance. The parent company, Bithumb, founded in 2014, had grown into one of South Korea’s biggest exchanges, supporting over 320 digital assets and offering spot trading, staking, and bot trading.

By positioning a Singapore‑registered subsidiary, Bithumb aimed to capture Southeast Asian traders who valued regulatory clarity and wanted to avoid the Korean won‑centric ecosystem. However, the market was crowded: Binance Singapore, Coinbase Singapore, and a slew of local players already vied for user attention.

Fee Structure - Why Traders Loved It

The headline feature was a flat Bithumb Singapore review trading fee of 0.05% for every trade, regardless of maker or taker status. To put that in perspective, the 2023 industry average hovered around 0.21% taker and 0.16% maker. Most rivals charged between 0.10%‑0.15% on spot trades, so Bithumb Singapore’s rate was about a quarter of the norm.

Withdrawal fees were less competitive. Bitcoin (BTC) withdrawals cost a flat 0.001BTC - roughly 0.00059BTC was the sector average at the time, meaning users paid about 70% more to move BTC off‑chain.

There were no deposit fees, but the exchange only accepted crypto deposits. New users had to buy Bitcoin or Ethereum elsewhere, transfer the assets, and then start trading - a friction point that many newcomers found off‑putting.

Security Measures & Risk Profile

The platform advertised industry‑standard safeguards:

• Cold storage for the bulk of user funds.
• Two‑factor authentication (2FA) via SMS or authenticator apps.
• Insurance coverage for assets held in hot wallets.

Despite these claims, the parent Bithumb suffered high‑profile hacks in 2018 and 2021, resulting in the loss of millions of dollars worth of crypto. Those incidents raised eyebrows even though Bithumb Singapore operated under a separate legal entity.

Security‑focused traders still appreciated the cold‑storage‑first approach, but risk‑averse users cited the historic hacks as a red flag when evaluating the exchange’s overall safety.

Operational Limitations

Three constraints defined the user experience:

1. Crypto‑only deposits - no fiat on‑ramps, meaning you had to own crypto before you could trade.
2. Geographic restriction - U.S. residents were blocked, aligning with many Asian exchanges’ compliance policies.
3. Lack of advanced products - no margin, futures, or options trading, which limited appeal for professional traders.

These limitations made the platform attractive primarily to high‑frequency traders who valued the low fee, but less so to beginners or institutions looking for a full‑service suite.

Why Bithumb Singapore Closed Its Doors

Exact reasons haven’t been disclosed, but analysts point to a combination of factors:

• Intense competition: Singapore hosts over 30 registered crypto exchanges, driving user acquisition costs up.
• Regulatory pressure: While Singapore is crypto‑friendly, the Monetary Authority of Singapore (MAS) tightened AML/CTF reporting in 2023, adding compliance overhead.
• Business model misfit: The crypto‑only deposit rule limited organic growth; many users preferred platforms with integrated fiat gateways.
• Parent‑company strain: Ongoing legal battles from the 2021 hack drained resources and focused attention on the core Korean market.

Regardless of the exact trigger, the net effect was the same - users lost access to the 0.05% fee advantage and were forced to find alternatives.

Alternatives for Former Bithumb Singapore Users

Below is a quick comparison of three leading Singapore‑registered exchanges that are still operational in 2025.

For high‑frequency traders, Binance Singapore now offers the lowest fee among active platforms, though it still exceeds Bithumb Singapore’s 0.05% rate. Beginners will appreciate Coinbase’s user‑friendly UI and fiat on‑ramps.

Next Steps for Traders Affected by the Shutdown

If you still have assets sitting on the now‑inactive Bithumb Singapore account, the first move is to check your email for any official withdrawal notice. Most monitoring services advise reaching out to the parent Bithumb support channel, as they may still process pending withdrawals.

Once funds are back in your personal wallet, consider these actions:

• Evaluate fee sensitivity: If trading volume is high, migrate to Binance Singapore for the best balance of cost and liquidity.
• Prioritize security: Choose an exchange that emphasizes cold storage, 2FA, and has a clean hack‑free record (e.g., Kraken).
• Leverage fiat gateways: If you want to start from cash, pick an exchange with local SGD deposits to avoid the extra transfer step.

Finally, keep an eye on MAS announcements. Regulatory shifts can affect fee structures and service availability across the region.