BITHUMB REVIEW

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BITHUMB REVIEW
BITHUMB REVIEW

Bithumb is a cryptocurrency exchange that allows users to buy, sell, and store Bitcoin and other cryptocurrencies. The company is based in Seoul, South Korea and is one of the largest and most popular exchanges out there. It is currently ranked at number 7 among the top cryptocurrency exchanges with the largest trade volume by CoinMarketCap. Though the users of the platform are mainly Koreans, the exchange also provides other language options such as English, Japanese, Hindi, Spanish, and Chinese.

BRIEF HISTORY OF BITHUMB

Bithumb was founded in 2013, its headquarters is located in Seoul, South Korea and it is managed by BTCKorea.Com Co. Ltd. In 2017 Bithumb experienced a hack in which they lost about 100 billion won (about $94 million) from about 31,000 accounts on the platform. Luckily the exchange agreed to compensate all its customers that lost money to the hackers.

SERVICES OFFERED BY BITHUMB

  • Buying and selling crypto: the major service offered by the company is the buying and selling of different cryptocurrencies supported by the exchange. It also offers different trading pairs.
  • Bithumb lending: it allows you to lend or borrow Bitcoin and Ethereum assets using the KRW fiat currency (it is called bear lending) or another cryptocurrency (Bull lending) as collateral. This service is provided by a third party called Defi/Delio on Bithumb.
  • Wallet:  it also provides a wallet for storing your Bitcoin and other altcoins supported by the exchange. Apart from the security breach experienced in 2017, the wallet is relatively safe. But it is advised to still store your coins in an offline or non-custodial wallet.
  • Staking: it allows users to earn more by purchasing cryptos that support staking and earn interest on them.

HOW DOES BITHUMB WORK

  • Registration

You can create an account by visiting their website at www.bithumb.com. Click on sign up and then fill out the form provided with the requested information and click sign up.

  • Security

Bithumb applies the use of 2- factor authentication, SSL encryption, and monitoring of its servers 24/7 to ensure that the system is safe and free from any breach from hackers.

  • Transaction fee

There is no fee required when you are depositing in Bithumb but it only applies when you are depositing Bitcoin, Ethereum, Ripple, EOS and the fiat KRW.  There is a 15% flat rate trading fee for makers and takers.

A withdrawal fee of 1,000KRW is charged when withdrawing your fiat, while the fee charged for withdrawal of cryptocurrency depends on the cryptocurrency you are withdrawing. The fees include the following 

  1. Bitcoin – 0.0005BTC
  2. Ethereum – 0.01ETH
  3. Dash – 0.01dash
  4. Litecoin – 0.01LTC
  5. Ethereum classic – 0.01ETC
  6. Ripple – 0.01XRP

However, this low fee is mostly enjoyed by the customers living in Korea while users outside Korea usually incur higher charges.

  • Supported currencies

Bithumb supports over 160 cryptocurrencies and only one fiat currency which is the South Korean Won (KRW) which means before you can make any fiat transaction you have to exchange your local fiat currency to KRW. The cryptocurrencies supported include Bitcoin, Ethereum, DASH, Litecoin, Ethereum classic, ripple, bitcoin cash, Monero, etc.

  • Payment methods

The accepted payment method is the use of fiat (KRW) and cryptocurrency.

  • Supported countries

Bithumb can be accessed by users all around the world except countries that place restrictions on cryptocurrency trading.

  • Customer support

The company provides 24/7 customer service to both its Korean users and international users. The customer support can be contacted through their email address or the official phone number.

Bithumb is the most popular exchange in South Korea and also one of the top exchanges in the world based on its trading volume. The exchange is user friendly and easy to access. However, due to its past hacking incident, it is wise not to store a large number of your digital assets on the platform; you can always use an offline or non-custodial wallet instead. There is also the issue of high transaction charges for users living outside Korea.