Bithumb reviews and review of the official website of the exchange
Bithumb is South Korea’s most popular exchange and one of the largest trading exchanges in the world. According to Korea Herald, it accounts for 75.7% of Bitcoin’s trading volume in South Korea and at least 50% of Ethereum’s trading volume. As you would expect, only “cryptocurrency-Korean won” pairs are available on the platform.
Bithumb Exchange was launched in 2015 by the Korean company BTC Korea. Its main office is located in Seoul. The owner of the exchange and his identity are kept secret despite the seriousness of the project and its fame.
In the summer of 2017, a hacker attack was made on the exchange, which ended successfully for attackers. Losses amounted to billions in South Korean won. The personal data of 30 thousand users of the exchange were stolen. At that time, it amounted to 3% of the customer base. However, it should be noted that it was not the exchange itself that was hacked, but the personal computer of one of the company’s employees. The team promised to compensate for all losses and appealed to law enforcement agencies with a statement about the hacking.
This incident did not affect the credibility of the platform and in a couple of weeks Bithumb again took the leading position in the world rating of exchanges in daily trading volumes. More than once there were situations when currencies added to this exchange immediately showed an intensive increase in value. This happened, for example, with projects that emphasize anonymity. ZCash and Monero are no exception. There were even cases when rumors about adding a coin were circulating for her pump. Similar stories happened with NEO and OmiseGo. False information about their imminent addition to the exchange led to an increase in the value of these currencies.
At the end of that summer, the company decided to organize a center where customers will be provided with round-the-clock support offline. Such services are not provided by any cryptocurrency trading platform.
Bithumb has repeatedly appeared in the media and has been spotted by publications such as Bloomberg and Fortune.
The site interface, in addition to Korean, also has translations into some of the main world languages. Among them are English, Spanish, Chinese, Japanese, and even Hindi. An API is offered for webmasters, which has functions for both obtaining public information (bitcoin and its exchange rate), as well as for trading.
Developers offer traders smartphone applications. With its help, you can easily deposit funds and trade cryptocurrencies.
How to register on Bithumb
Registering for this exchange is not so easy. This process requires filling in many fields and verifying the phone number. The minimum data set to be specified includes an email address, a desired password, a full name, and a mobile number.
All these data must be reliable. Otherwise, you may encounter difficulties in further attempts to withdraw funds from the exchange. It is recommended to fill out everything exactly as it is written in your bank account.
Here you need to set a four-digit pin code. It is used to confirm the sending of all transactions and is required to withdraw funds. You will need to confirm the phone number using the code that will come in the SMS message. It must be entered in a special field on the site.
Bithumb also supports the ability to register corporate accounts. To create them you need to provide information about the company. It will be enough basic data like its name, address and information about the leader.
For trading on the exchange, verification is mandatory. Its receipt can be considered the next step in the registration process. First you need to make a scan or photo of your passport and send it by e-mail. This will not remove the limits for depositing and withdrawing money, but will open access to all the main functionality of the exchange. To increase the limits, you will need to provide scans or photos of documents that can confirm the address. You can use, for example, utility bills or invoices.
Bithumb is most oriented towards South Korea and only won out of fiat currencies. This makes over-the-counter arbitrage impossible, because this currency is almost never presented anywhere else. As for cryptocurrencies, here you can find only a little more than a dozen of the most basic projects:
- Bitcoin cache
- Ethereum Classic
- Bitcoin Gold
Deposit and withdrawal of funds
The user can enter funds in the section called “Remmittance”. If the withdrawal occurs the first time, then the service delays it for three days. This is to prevent money laundering and improve customer safety. On the exchange, you can free withdraw money and enter it. There is no commission for replenishing the balance and withdrawing funds.
Trade and Exchange
Cryptocurrencies available on the exchange have a pair only with South Korean won. The developers have provided several modes for creating applications. Among them there is a regular (General) and lightweight (Easy), which is well suited for beginners in trading. For bitcoin, the “Reserved Trade” mode is also available.
Information on all trading pairs can be found directly on the main page of the site. It shows the current price, its changes and orders that were closed. The course graph is displayed in intervals that you can configure yourself.
Bithumb boasts good trading volumes. For a day they average over 300 million dollars. The highest turnovers are in currency pairs with bitcoin, ripple and EOS.
When buying and selling, users are charged a commission of 0.15% of the total transaction amount. The exchange also offers discounts on special coupons. With their help, you can reduce the commission to 0.075% or even to 0%.
Security & Support
Despite all the attempts and leaks of user data, the exchange was not hacked. All these incidents forced developers to constantly focus on the provision of secure services that allow traders to be confident in the reliability of their use. During registration, each account is assigned a special password, two-factor authentication is used. On the profile page, you can track the entire history of activity and actions associated with the account, ip addresses and browsers that were used when interacting with the trading account.
Most users outside of Korea face a problem when they do not receive SMS to confirm two-factor authentication. Thus, these traders cannot continue working with the exchange. This is due to most negative reviews about the service. And even if it was possible to create an account, then often there are difficulties with its verification, which is necessary for the full work with the platform.
User support, as noted above, is carried out not only online, but also offline in a specialized center. And about all the news you can find out from accounts on social networks, for example, Twitter.
Bithumb trading platform is a good trading tool for your region, which, of course, can be used outside it. The exchange has repeatedly proved its influence on the market and the addition of coins there always leads to a tangible increase in their value. The project could achieve much greater success if support for other fiat currencies were present and verification did not cause such problems for the majority. Did our readers have any experience with Bithumb? We invite you to tell other traders about it in the comments to this article.