Bithumb

Bithumb

  • Korea (Republic of)

  • Full trading platform

  • Bithumb.com

  • Since 2018

Bithumb
In Social Media:
Intuitive Ease of use,  Enough secure,  Anonymously trading

Volume 24H: $1,364,119,737

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.

Traditional Currency Support

  • South Korean Won (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

  • Web Interface
  • Mobile App
  • API

Stock Market Options

Interface
customisation:

  • Allows customization of charts

Advanced
Options:

  • Limit Order
  • Market Order

Bithumb security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.

Summary:

2 Factor Authentication
Yes
Funds Insured
Funds are not insured
Private Keys Stored On
Exchange platform
Storage Type
Hot storage

Advanced Security Features:

  • Limit amount of daily trades
  • Limit amount of daily withdrawls
  • SMS notification of Login's

Security Features:

  • SSL

Legal Registration or Compliance:

  • KYC/AML Compliant

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 c 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
Yes

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