Bithumb exchange is a South Koran-based cryptocurrency exchange established in 2013. The company behind the exchange is called BTC Korea.Com Co. Ltd. Rendering its services mostly to Korean clients, Bithumb offers cryptocurrency trading paired with the South Korean Won (KRW). While Bitcoin is the major digital asset being traded, Bithumb also provides a selection of altcoins.
Bithumb is South Korean’s largest cryptocurrency exchange by volume and is one of the global leaders, according to Coinmarketcap.com’s data. Estimations made by South Korean media revealed that Bithumb holds more than 75% of the country’s bitcoin market volume and about 10% of the global trade. Bithumb also holds roughly 50% of South Korea’s Ether trading volume and is in practice is one of the largest Ether exchange in the world.
Besides Korean, the exchange’s website is also rendered in many other languages like English, Chinese, Japanese, Hind, and Spanish.
According to reports, Bithumb was subject to a hacker attack in the summer of 2017. The exchange maintained that it was not its servers attacked, but one of its employee’s computer. From there the hackers stole the personal data and passwords of about 31,800 or 3% of the users and stole 1.2 billion Won (a little above $1 million) worth of fiat currencies and altcoins.
Besides spot trading service, Bithumb also provides the money transfer service (for BTC and Wons) and an online wallet for cryptocurrency storage.
Bithumb doesn’t provide any anonymity according to the South Korean government demand to require identity verification for digital currency trading. Therefore, individual traders and companies are obliged to submit to bithumb several verification documents.
It is noteworthy that to make a withdrawal; you must be authenticated to level 2. Requirements for migration from level 1 to level 2 authentication include submitting a copy of your passport and document verifying your residential address.
The process of authentication can take as long as 24 hours to 48 hours but in practice only takes a few hours.
Regarding security, bithumb uses the following measures to safeguard the security of clients’ trading accounts: 2-factor authentication, SSL encryption, and 24/7 monitoring of servers.
Like most crypto-exchanges centered on spot trading, Bithumb focuses on the basics, and its trading platform does not have any unnecessary bells and whistles.There are three trading options offered on the platform, which includes easy trade, general trade, and reserved trade. The general trade is straightforward and self-explanatory. The easy trade provides automatic transactions with the pre-ordered amount with a real-time price. A purchase is made in the order from the lower sell amount, and it can change with real-time transaction price. The reserved trade executes an order at the market price according to the amount the client has demanded at the reserved base price.
There is also order book and order history functionalities on the platform.
Besides cryptocurrencies, Bithumb also offers BTC gift vouchers. These vouchers can be changed to the equivalent value in BTC. The lowest amount of this gift vouchers is 10,000 KRW (around $9).
On Bithumb, you can currently trade in any of these cryptocurrencies:
Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), Qtum (QTUM), Ripple (XRP), and Zcash (ZEC).
Bithumb charges the following fees on every trade:
15% basic commission (Taker/Maker fee)
0% ~ 0.075 % (fixed amount coupon transactions)
Deposits are free of charge, but for withdrawals, the following fees apply:
- KRW 1,000 KRW
- Bitcoin(BTC) 0.003 Bitcoin
- Ethereum(ETH) 0.01 Ethereum
- Dash(DASH) 0.01 Dash
- Litecoin(LTC) 0.01 Litecoin
- Ethereum Classic(ETC) 0.01 Ethereum Classic
- Ripple(XRP) 1 Ripple
- Bitcoin Cash(BCH) 0.005 Bitcoin Cash
- Monero(XMR) 0.05 Monero
- Zcash(ZEC) 0.001 Zcash
- Qtum(QTUM) 0.05 Qtum
Deposits and Withdrawals
On Bithumb, deposits and withdrawal are only available through cryptocurrencies and Korean Won points. Korean Won points can be bought through the KB escrow service, and the conversion is on a 1 to 1 basis. Once you have deposited Korean Won into the KB escrow account, the transaction will take around 30 to 45 minutes before it shows up in your bithumb wallet.
Is Bithumb Safe?
The lack of some functionalities on bithumb makes it a user-friendly platform, particularly for novice cryptocurrency traders. Also, the low fees and an assortment of digital assets that are supported on the platform certainly make it an ideal choice.
Although, if you are not a Korean-based account holder, you have to take consider the conversion rate and transfer fees as well and this might deny you any benefits that you obtain regarding low trading fees. You should also note that Bithumb has been hacked before, and this is eroding any confidence regarding the security of the exchange.