Bithumb Exchange Review- All You Need To Know
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Cryptocurrencies are here to stay. By now, if you’ve been keeping up with the latest crypto developments, you know that you need to find a suitable and reliable exchange to buy and sell your digital currencies. An exchange basically is an online platform that facilitates the exchange of different cryptocurrencies with other cryptocurrencies or with fiat currencies. While there are so many of these exchanges, only a few give reliable and honest services.
It is important that you identify a reliable exchange to avoid losing time and money. Check their liquidity, the fees they charge, the time taken to carry out transactions and the currencies supported. The best are those that have multiple cryptocurrencies and also accept fiat currencies with limited restrictions.
What is Bithumb?
Bithumb is a cryptocurrency exchange platform based in Seoul, South Korea. This exchange was founded in 2013, by BTC Korea.Com. Co. Ltd. It is not very clear who the actual owners are as they are never mentioned as individual persons, but some leading information indicates that the Chief Executive Officer is called Kim, DaeShik.
Bithumb allows users to buy cryptocurrencies using Korean Won (KRW) only. There are 12 listed coins on this exchange including Bitcoin, Ethereum, and Litecoin among others. Before adding a coin on this exchange, the platform owners carry out thorough research to ensure that the digital coin to be added is popular enough in the Korean market. They cannot add a coin even if it is popular in another country if it does not have sufficient demand in the Korean domestic market. Bithumb does not support any other fiat currency from any other country, so you cannot use Euros or US dollars. It also offers spot trading only without leverages.
If you want to give out vouchers to family and friends, you can buy Bitcoin vouchers from this exchange that can be exchanged for their corresponding Bitcoin amounts. These vouchers are valued in Korean Won denomination value. The minimum value for each voucher is 10,000 KRW, or about $9. You can sell these vouchers in Bithumbfor Korean Won or exchange them for their equivalent value in Bitcoin.
This exchange also has blockchain explorer service. You can use this service to follow up your transactions and addresses. This enables you to keep track of your trades and profits as well as the current prices for the listed cryptocurrencies. The vouchers service and the blockchain explorer are unique features to this exchange platform.
Bithumb is majorly available to traders leaving in Korea but is available in many other countries. You can check if it is available in your country.
Bithumb Supported Currencies
Bithumb supports 12 cryptocurrencies. You can buy these coins using Korean national currency- the KRW. All transactions are carried out using KRW. The coins supported include Bitcoin, Dash, Litecoin, Ethereum, Bitcoin Gold, Bitcoin Cash, EOS, Monero, Qtum, and In order to buy coins in this platform, you need to deposit KRW, Bitcoin or Ethereum.
Bithumb is relatively cheap as compared to other exchanges especially if you are a Korean national. Depositing KRW, Ethereum and Bitcoin is free, but withdrawal fees vary from coin to coin. Withdrawing KRW will cost you about 1000 KRW or about $0.92, Bitcoin costs 0.0005 BTC, Ethereum is 0.01 Ether, and Ripple is 0.01 XRP. The downside of using this exchange despite the low fees comes when you have to exchange KRW to your country’s currency. Conversion and international bank transfer fees can be quite costly.
|Korean Won (KRW)||1000 KRW/$0.92|
You can register at Bithumb either as an individual or as a corporation. As an individual, you will need an email address, a safe password and a pin code to confirm transactions.
Once you have your account, you are required to enter details of your county of birth as well as your mobile phone where you will receive a unique verification code. It is this code that ensures only you have access to your account. You will also need to verify your name to use level 2 features and others. Verifying your name requires you to upload a scanned photo of your passport. It should be clear and professional.
Verification enables you to use all the features available in the 4 levels of this platform.
Level 1 is basic registration without privileges; level 2 allows you to deposit and withdraw BTC/KRW/ETH to a particular limit when you upload your passport, level 3 needs previously named information and corporate/ personal written pledge. The last level, level 4 is the most sensitive. It requires you to send personal information where you need to upload documents like your utility bills. The higher you are on these levels, the better your trading limits.
Is Bithumb Safe?
It is important to note that Bithumbis the largest cryptocurrency market in South Korea and is ranked among the top ten in the world.
Bithumb is legally regulated by the Financial Services Commission (FSC), the National Tax Service of Korea, the Police and the Korean Fair-Trade Commission. These regulations give this exchange some credibility amongst Korean traders. It also uses SMS authentication and SSL encryption to enhance its security and protect your coins.
Considering its limitation as a Korean exchange platform, not many traders opt to use this platform. It is South Korea’s most popular digital currency exchange platform. Traders in South Korea claim that its fees and restrictions are mild but might be stringent on international traders.
However, the exchange was hacked on June 29, 2017, by unknown hackers and lost about 100 billion Won or an equivalent of about $ 94 Million USD. About 31,800 accounts were compromised amounting to about 3% of all Bithumb clients. The exchange said it would compensate everyone affected up to 100,000 Won, ($900) then deal with the rest later with time and after confirmations. This particular incident tainted the name of this exchange severely. Furthermore, there are claims that this exchange throttles transactions from non-Korean traders.
Bithumb has a very large customer base. They do try their best to cater to the needs of their clientele, though the response might be slow considering the very many customers they have to serve. Bithumb exchange states on its site that it is open 24 hours every day of the week. It also has English support for its international clients as well as Chinese, Spanish, Hindi, and Japanese.
Despite these allocations, it is still relatively difficult to find an available customer care person to assist you, but when you do, they are generally very helpful. If you decide to call their numbers, you will have to wait in queue for your turn which can take quite some time and which is very expensive. You may find yourself spending over $100 just for about 25 minutes phone call. You have an option of sending them an email if you are patient enough to wait for several days for a response.
As noted above, it takes quite some time to get your issue sorted by the Bithumb’s customer support. Buying coins require you first to exchange your currency for KRW, then deposit the same to the exchange and purchase a coin of your choice. Generally, it is relatively easy to buy coins as the exchange does not have advanced features thus suitable for beginner traders.
How to Use Bithumb?
This is the first step if you want to trade with Bithumb. Signing up is easy.
- If it is an individual account, make sure you an email address.
- After keying in the email, key in a secure password and don’t forget it.
- Create a security or pin code password. You will be using this code to carry out transactions or change your password.
- Enter your personal details which include your phone number and nationality
- Request for an SMS verification and wait for the verification code. Verify your phone number and your name to get an upgrade.
Buying and Selling
Once you have an account, the second step is buying the digital currencies. There are three ways in which you can trade on Bithumb. These methods are general, easy and reserved trading. Please note that there is only spot trading. This exchange does not allow leverage trading, but arbitrage trading is allowed. You can also buy Bitcoin vouchers that can be cashed in for KRW or Bitcoins.
General trading- In this type of trading, you enter the amount you want to trade by adjusting the slider on the platform. You can either buy or sell.
Easy Trade- This type of trade gives you an automatic pre-ordered amount with real-time transaction price. Orders change with real-time transaction values.
Reserved Trade- This type of trading allows you to place an order at the market price.
In a Nutshell
Bithumb is one of the largest cryptocurrency exchange platforms in the world. It is the leading platform in Bitcoin trade in South Korea and uses only the Korean Won for trading. it is good for beginners as it does not have complex trading features.
- It is easy to use if you are a Korean National. It might be hectic for non-Korean traders as they have to exchange their currencies for KRW.
- It has low fees if you are using KRW.
- Has good trade volumes.
- It is has limited number of digital coins available.
- There is no mobile app.
- Accepts only the Korean currency thus limited in scope.
- It has a bad history of security-related issues.
- Customer support is slow.
- It is biased towards non-Korean traders.
We are glad that you have taken your time to read the Bithumb review. We endeavor to continue bringing you unbiased and objective reviews of various areas of cryptocurrency industry to ensure that you always stay informed. We welcome you to continue checking our site for more informative articles and reviews.