Bithumb Review 2018- What You Should Know

bithumb review

Bithumb is a South Korean cryptocurrency exchange that was founded in 2013. Based in the South Korean capital city of Seoul, it supports the purchase, storage and sale of Bitcoins as well as an array of other cryptocurrencies. Bithumb boosts of massive Bitcoin trading volumes and is considered to be one of the leading cryptocurrency exchanges on the planet.

Not much about Bithumb can be found online, except for the fact that it is operated by a company called BTC Korea.com co.Ltd, with its headquarters located in the South Korean capital city of Seoul. Bithumb’s platform was created with simplified features, such as a user-friendly interface designed to bring complications associated with cryptocurrency trading to a minimum and ideal for both beginners and professional cryptocurrency traders.

Along with a user-friendly interface, Bithumb provides an array of amazing features which include trading options aimed at providing users with some degree of flexibility and a multiple language options to serve users from different nationalities. The trading options include: easy trading, reserved trading and general trading while the supported languages are English, Chinese, Spanish, Hindi, and Japanese.

by cryptocurrencies

 

Bithumb Supported Currencies

Bithumb is based in South Korea and was created primarily to serve the South Korean population. It doesn’t support transactions with USD or any other Fiat currency order than the South Korean Won (KRW). Apparently, using this platform is easy for south Koreans because they use the KRW. However, to buy cryptocurrencies with Bithumb from another country, you must first buy BTC or ETH send it to Bithump, convert to KRW and the to the currency you want to buy.

Furthermore, Bithumb currently does not support trading pairs between BTC/ETH, an anomaly that looks set to be rectified within the next couple of weeks.

In recent months, some popular cryptocurrencies such as Litecoin (LTC), Zcash (ZEC) and Bitcoin Gold (BTG) have been added. Below is a full list of cryptocurrencies currently on offer, they are all traded against the South Koren Won (KRW)

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dash (DASH)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Monero (XMR)
  • Zcash (ZEC)
  • Qtum (QTUM)
  • Bitcoin Gold (BTG)

Countries currently supported by Bithumb

As is typical with a majority of crypto exchanges, Bithumb offers their services to a host of nations and features an international customer support centre. Although, it is crucial that you check the legal status of cryptocurrencies in your locality before trading, and also keep in mind the fact that Bithumb does not support trading with Fiat currencies such as Naira, USD, GBP or EUR.

Fees charged by Bithumb

Fees charged by Bithumb are relatively cost-effective. For instance, it charges no deposit fees whether for Won or direct cryptocurrencies such as Etheruem or Bitcoin. Although you will be charged N300 NAIRA($0.93) for every Won withdrawal you make as of the time this article was written. The fees for withdrawing cryptos are as follows:

  • Bitcoin (BTC): 0.0005 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): 0.01 Ripple

The fees charged by Bithumb are very affordable, which has given the platform a competitive advantage.

Bithumb fees

Bithumb fees

Customer support

A majority of crypto exchanges offer great services when it comes to trading cryptos but don’t do so well in their customer support department. Bithumb’s customer support service runs 24/7 with different language options including English. If you don’t understand Korean but wish to trade with this Korean exchange, you can do so comfortably knowing that there is an English speaker from the inside who will always be available to attend to your needs.

You can contact Bithumb’s customer service either through phone or email. Assuming you choose to contact their customer service through the phone from any location, you will be charged according to your normal national call rates.

More on Bithumb

Due to the fact that a majority of users in the platform are South Korean, articles that detail Bithumb is mostly written in the Korean Language. Notwithstanding, there exist a couple of online reviews that give insights to the Bithumb topic. The popular belief is that it has an affordable fees structure and is a high-volume exchange.

Despite the fact that Bithumb is the most popular cryptocurrency exchange in South Korea and has one of the highest Bitcoin trading volumes on the planet, its story hasn’t been all rosy. Two notable problems caught the attention of cryptocurrency traders in 2017, and these problems had to do with Bithumb.

Firstly, Bithumb was attacked by Hackers in July 2017; the hackers catered away with over 1.2billion Won from users accounts. Although the loophole used by the hackers to gain access to its users’ accounts has not been verified, Bithumb was quick to dismiss the notion that its servers where compromised and rather blamed the success of the attack on one of its employees whose home computer had been left vulnerable prior to the attack.

At the end, about 30,000 users were reported to have been affected by the attack, and Bithumb had to compensate for their loss. This served as a pointer to the dangers associated with leaving large amounts of cryptocurrencies on exchanges, and the need to own a safe Hardware Wallet where you can transfer your coins to safety at any time.

The second problem that made headlines last year was the surprised crashing of Bithumbs servers, the servers crashed in November 2017 as a large number of users scampered to sell their Bitcoin Cash. And as a result, many lost huge amounts of money as the price of Bitcoin Cash dropped rapidly. At the end, we all had something to learn, never place your trust 100% on an exchange, anything is possible.

Conclusion

Bithumb is easy to use and has a user-friendly interface, but experienced traders will prefer to trade elsewhere, where more advanced features can be accessed. Its customer support and low transaction fees are certainly an advantage compared to other exchanges but the fact that the only Fiat currency accepted is the South Korean Won poses a problem to foreigners who will have to pay currency conversion fees and other charges. With time, I believe this issue will be rectified.

The security and reliability of the platform are questionable as regards the unpleasant events of last year, but its users have taken solace in the fact that, there has been nothing to worry about in terms of security this year.

By my assessment, Bithumb is generally a great choice.

Comments (2)

  1. Kumpulan Remaja 1st May 2018
    • Jude Umeano 1st May 2018

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