Bithumb is a popular cryptocurrency exchange with headquarters in South Korea. Users on the platform have the choice of trading 15 of the leading cryptocurrencies in the world. According to our research and many other Bithumb review, the platform is available 24 hours via website and smartphone app. In 2017, it surpassed the $870 million mark in daily volume making it one of the most popular exchanges in the world.
With that said, there are many other exchanges in the world, and that is why we have taken the time to do a Bithumb review and see how it compares to the rest. Read on to the end to see if it is the right fit for you.
The online exchange platform is easy to use, and it owes its popularity to being beginner friendly. Bithumb has two account options; general account, and corporate account. When opening a general account, you need to provide your name, email, and phone number. Opening a corporate membership, on the other hand, requires company name, business address, email, and phone number.
Both accounts have three trading options, easy trade, general trade, and reserved trade. These options give users strategies on how to buy and sell cryptocurrencies on the platform. A user must be 19 years or older to trade on Bithumb.
Deposits, Transaction Fees, and withdrawals
All deposit and withdrawal transactions on Bithumb are done sing the South Korean won (KRW) points and cryptocurrencies. You can buy KRW points through the KB escrow service then converted on a ratio of 1:1 to the South Korean won. It will take less than an hour for the funds to reflect in your Bithumb wallet after which you can start trading. All deposits to the Bithumb wallet are free.
You can also make deposits to your Bithumb wallet using Bitcoin, Bitcoin Gold, Bitcoin Cash, Litecoin, Ripple, Dash, and Ethereum, to name a few of the accepted cryptocurrencies. Bithumb charges a 0.15% maker/taker fee, with 0.01 – 0.075% for fixed amount coupon transactions. Withdrawal fees are dependent on the cryptocurrency you are trading.
The amount of digital assets you can move per day is dependent on the level of account verification you have achieved. The basics of getting a verified account include uploading a government issued ID or passport, verifying your phone number, among other tasks. There are minimum withdrawal amounts set for every cryptocurrency with the minimum for fiat currency set at KRW1000.
In 2017, many cryptocurrencies faced security breaches, and Bithumb was one of the exchanges attacked. Hackers made off with funds and personal information for approximately 30,000 of Bithumb’s clients. The exchange was fined KRW60 million but they have since improved their security features.
Always verify your phone number, choose a strong password, and enable 2-step verification to safeguard your account. Users also need a four-digit PIN, which must be kept a secret.
Bithumb despite its challenges, has bounced back to be one of the leading cryptocurrency exchanges. If you are a beginner at digital assets trading, then this is the best exchange for you. They offer 24/7 customer support via their website, and email queries get a response within 12 hours. However, for non-South Korean users, it is best to make deposits using cryptocurrencies. This is because converting your currency to KRW attracts fees and it will make trading more expensive. Click here to read the latest cryptocurrency news and exchange reviews