Bithumb
- Overview
- Security
- User Experience
Volume 24H: BTC 82,357/24h
Based in South Korea, Bithumb is one of the largest cryptocurrency exchanges in the world. It offers trading of several of the most popular cryptocurrencies against the South Korean Won and is known for having huge daily trading volumes. The exchange claims to be secure, stable, fast, and to have some of the lowest fees on the market.
The Bithumb platform is not difficult to use. The design could indeed see some improvements, but the interface is intuitive. For foreigners, the FAQ section could include more details. Yet the international customer support call center seems to counteract this. It is a decent platform for trading, but not recommended for storing assets.
Crypto Currencies Support
- BCH
- BTC
- BTG
- DASH
- ETC
- ETH
- LTC
- QTUM
- XMR
- ZEC
Traditional Currency Support
- KRW
Language Support
- Chinese
- English
- Hindi
- Japanese
- Korean
- Spanish
Country Support
- Australia
- Canada
- European Union
- Hong Kong
- Japan
- Most Africa
- Most of Asia
- Most of Eastern European Union
- Most of Latin America
- Most of the Middle East
- New Zealand
- Norway
- Russian Federation
- Singapore
- Switzerland
- Turkey
- United Kingdom of Great Britain and Northern Ireland
- United States of America
Platforms Systems
- — Api
- — Mobile App
- — Web Interface
Stock Market Options
Bithumb claims to have high security levels, with 2-factor authentication, OTP, adaptive data encryption, and server security control systems. However, they did have a hacking incident in summer 2017 where it is said that an employee's computer, not the platform itself, was compromised - data from 30,000 users was stolen and a large sum of money was lost.
Summary:
| 2 Factor Authentication | Yes |
| Funds Insured | Funds Are Not Insured |
| Private Keys Stored On | Exchange Platform |
| Storage Type | Hot |
The company behind Bithumb, the first cryptocurrency exchange in South Korea, is BTC Korean Co. Ltd. Though Bithumb is now the largest exchange in Korea and in the top 5 in the world by trading volumes, there is very little information about its founders or team members. The 2017 hacking and downtime lawsuit attracted some negative headlines for Bithumb.
Summary:
Bithumb is a well-established exchange with 24/7 customer support and a stable service. The platform is more suited to South Korean users as it only accepts the Korean currency but international users can trade as well. Though the 2017 hacking incident did not impact the platform itself as it targeted an employee's home computer, it is recommended to trade with caution on Bithumb.
| Ease of use | Intuitive |
| Transaction Fees | 0.1-0.29% |
| Deposit/Withdrawal Fee | 0.0005-1 Units/withdrawal (depending On Currency) |
| Deposit/Withdrawal Fee For Bank Transfer | 1,000 Krw/withdrawal |
| Deposit/Withdrawal Fee For Credit Card | N/A |
| Deposit/Withdrawal Fee Charged For 3rd party Payments | N/A |
| Anonymous Trading | No |
Deposit/Withdrawal Options:
Deposit from bank account, Withdrawl funds to bank account, Send/Receive Crypto
Functionality:
Bithumb provides a mobile app and an API. The exchange allows trading of popular cryptocurrencies against KRW. Users can purchase Bitcoin gift cards and coupons that can lower or even cancel the trading fees. There are various levels of verification with different transaction limits. Though it targets South Korea primarily, the platform is quite user-friendly for international users too.
Most common customer complaint:
— Difficult withdrawals for foreign users; Server downtime due to overload in November 2017 caused significant losses and 3,000 users have sued Bithumb