Bithumb

BITHUMB REVIEW

Bithumb, a crypto exchange company based in the capital of South Korea. It is the largest cryptocurrency exchange platform in the south of Korea and among the top 10 in the world. It is also safe to say that Koreans are currently among the most active crypto traders in the world.

About Bithumb

Bithumb is a cryptocurrency exchange company founded in 2013. Its sole purpose is to help crypto users buy and sell coins as they wish. It also provides a wallet for storing of bitcoins and other cryptocurrencies found on the platform. The exchange company has a user-friendly interface and supports multiple languages to help serve people of different tongues. The languages are Korean, English, Hindi, Spanish, Japanese and Chinese.

The platform has three main trading options which are:

  • Reserved trading
  • Easy trading
  • General trading

It also has two classes of accounts namely;

  • personal account
  • corporate account

Very little is known about the management of this company online and I think their reasons are best known to them.

Bithumb is owned by a South Korean company called BTC Korea.com Co. Limited and the headquarter is in Seoul, the capital of South Korea. This company doesn’t have any key recorded executives.

Estimation from South Korean media says Bithumb holds 10% of the global bitcoin market and 75% of it country’s. When it comes to Ether trading volumes, it holds 50% of South Korean Ether market. In reality it is the largest Ether exchange in the world.

This exchange company will not offer users trading leverage on tokens. This is similar to almost all cryptocurrency exchange platforms.

Bithumb Security

In the summer of 2017, June 29 to be precise, it was reported that Bithumb was under attack from hackers. Bithumb claimed that the attack was not on their servers, that the hackers hacked one of their employee’s computers. The hackers made away with the personal data and passwords of about 31,800 which was about 3% of their users. 1.2billion won (about $1 million) was stolen in altcoins and fiat currencies.

Bithumb ask for customer’s verifications before processing any withdrawal request. Apart from their spot trading services, they also provide an e-wallet for the storage of cryptocurrency.

Bithumb, with its multistage authentication has one of the most powerful system of protection that protect users and their funds

How to open an account on Bithumb

Signing up on Bithumb is a little harder than other exchange platform. This is because they take security very seriously.

They offer their customers two account types which are personal or corporate.

To open a personal account, apart from the customary e-mail address and password asked by various exchange platforms, you’ll have to provide the following:

  • Phone number
  • Nationality,
  • Security key
  • Name (exactly the way it’s written on your passport and bank accounts)

 

Logon to bithumb.com and click on the sign-up button at the top right-hand corner of the screen.

Bithumb

On clicking sign-up, it will bring you to the screen bellow. Fill in the information required correctly and submit.

Bithumb

Make sure you read and follow the instructions correctly to open your account.

To open a corporate account, in addition to what is provided for personal account.  you need to specify the names and details of the company and the legal address of the company.

Currencies Supported by Bithumb

Bithumb is primarily created to serve the people of Korea. This is why it supports only one fiat currency at the moment which is the Korean won (KRW). It makes it easier for Koreans to buy crypto directly with the won. A buyer from any other country must first buy ETH or BTC. The purchased crypto will be converted to won before buying the currency of your choice.

This exchange currently supports twelve cryptocurrencies and they are;

Ethereum (ETH), Bitcoin (BTC), Dash (DASH), Litecoin (LTC), Ethereum Classic (ETC), Ripple (XRP), Bitcoin Cash (BCH), EOS, QTUM, Monero (XMR), ZCash (ZEC) and Bitcoin Gold (BTG).

EOS, popularly called Ethereum killer is newly introduced by Bithumb.

On this platform, it only offers trading pairs with the Korean won (KRW). No trading pair for ETH and BTC.

Just like Remitano deposits on this exchange are free but withdrawals attract some charges depending on the currency. Bithumb’s low transfer fees gives it more advantage over other exchange platforms. See the picture below for the different charges on withdrawals.

Conclusion on Bithumb

The fact that there is very little information about the management of bithumb online. This is a huge disadvantage to them. People are beginning to ask questions on how genuine it is.

The exchange offers 24 hours 7 days a week customer support service. They also offer international customer support in English which puts them above some other exchange platforms. The low charge fees are also an advantage to them.

Apart from the July 2017 hack and the November 2017 server crash which they were able to manage and compensations were duly given to those who deserves of it. Bithumb has been successful. It has grown to one of the biggest exchange platforms in the world.

Bearing in mind that no exchange platform is risk free, Bithumb is a very decent choice.

 

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