Bithumb exchange is currently one of the cryptocurrency exchanges with a daily volume of up to 3 billion USD. It is ranked 6th in the trading volume category. The first positions are Binance, Huobi Global, Coinbase Pro, Kraken, Bitfinex, then Bithumb.
Bithumb at a glance is a cryptocurrency exchange based in Korea, so this exchange supports KRW currency. Maybe you still curious about Bithumb Exchange, because you want to start using the Bithumb platform but still doubt.
Well, I will write a review of the Bithumb exchange, is this a safe and legit exchange?
Work from home CFD, forex trading online with TenkoFX
TenkoFX broker regulated by IFSC Belize
Bithumb exchange overview
Referring to Bitdegree. Bithumb is a cryptocurrency exchange that has been around since 2013, with the company Bithumb Korea co. LTD. So it is one of the oldest exchanges so its popularity is still increasing today.
Since its launch, there has been an increase in daily volume, and up to press time, the exchange is still the 6th largest in the global exchange rankings.
But referring to Bithumbcorp, this exchange was founded on January 5, 2014, and that year launched the Xcoin exchange BTC. It was only in 2015 that Xcoin was renamed with the new name Bithumb. Accompanied by issuing a BTC gift voucher.
In 2016 launched the mobile web. In 2017 Bithumb opened a customer service office located in Gangnam one of the cities in Seoul, South Korea.
Since then Bithumb has increased, reaching a volume of one trillion KRW on July 19 2017.
2018, various awards were obtained, thus increasing the company’s popularity. In 2019 Bithumb is still a trusted company with several awards.
In 2020 Bithumb will become the 1st ranking exchange in Korea from a survey conducted by the Korea Reputation Institution.
Bithumb turned out to have a bad experience in 2017, citing from Wikipedia, that there had been user data stolen because Bithumb employees were attacked by hackers.
In 2018 Bithumb was raided for alleged tax evasion. However, Bithumb was innocent but had to pay $ 28 million in taxes. This year there was also a get stolen of $ 32 million in cryptocurrency in a hack.
The hack occurred again in 2019 in which nearly $ 20 million worth of EOS and Ripple Tokens were estimated to have been stolen. This year also Bithumb announced a net loss of KRW205.5 billion (the US $ 180 million).
Bithumb is back on the raid 2020, by the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit. The raids are suspected of investment fraud.
Is Bithumb regulated?
Bithumb is a fintech company that provides services not only as an exchange but also serves remittances and recently a new service is available as a lending platform.
This South Korean-based company claims to have a company registration number with No. 220-88-71844. The company name is Bithumb Korea Co., Ltd, and its address is 124, Teheran-ro, Gangnam-gu, Seoul,
Republic of Korea (Yeoksam-dong, Samwon Tower).
Founded in 2014, this company is mainly engaged in the main business is Digital Asset Exchange, Blockchain-based New Business. Starting with a capital of 20.1 billion KRW and having 250 employees. The CEO of Bithumb is Huh Baek-young.
The official website is Bithumbcorp.com
Does Bithumb require KYC?
Like other exchanges, Bithumb also adheres to Anti Money Laundering and Know Your Customer rules. So before using the Bithumb platform to start buying crypto digital assets, users must verify the information.
Then what is the verification process? The method is more or less the same, it requires several verification documents, an ID card.
- In the first step after completing registration, you have received level 1 verification. Then to complete level 2 verification you click submit information.
- To complete the level 2 verification process requires documents, front and back certificates, and also a photo of the person.
Besides being able to carry out the verification process via the web, users can also use verification via the application, the steps are the same as via the web.
Where is Bithumb located?
Bithumb is located in South Korea, as it is an established exchange in the country, even though its customer coverage has been on a global scale.
How does Bithumb work?
Bithumb is a company engaged in the utilization of blockchain technology with the scope of technology financial services, exchanges, transfer payments.
As with other exchanges, through Bithumb you can buy cryptocurrencies that are available through the Bithumb platform with an easy user interface.
To use the Bihumb service, you must register and carry out the verification process as previously explained.
Traders can choose whether they will trade on the KRW market which is a large selection of crypto to KRW pairs. But if you don’t want to trade in the KRW market you can also choose the BTC market where you can trade with BTC pairs and other cryptocurrencies.
Bithumb exchange deposit
For the deposit process, because Bithumb only supports flat currency KRW, the only way to deposit is using cryptocurrency. You can deposit using ETH, or EOS, and many other cryptocurrency deposit options.
Depositing cryptocurrency is free, however, the minimum withdrawal for each cryptocurrency may be different. For example, for BTC withdrawals, the minimum withdrawal is 0.002 BTC and a withdrawal fee of 0.001BTC will be charged.
For withdrawals using EOS, the minimum withdrawal is 5.1 and the withdrawal fee is 0.1. Meanwhile, the minimum ETH withdrawal is 0.05 with a withdrawal fee of 0.02.
Some cryptos for withdrawal have no minimum and fee limits like COMS and ETHS, but it seems that they are not well-known cryptocurrencies. So that maybe there are still a few users who make withdrawals with this cryptocurrency.
Bithumb global crypto exchange
Bithumb is the leading cryptocurrency exchange in Korea. But the ambition does not stop there, the company is expanding its wings and trying to compete for market share globally for a wider target.
Through Bithumb Global, an exchange originating from Korea opens crypto trading opportunities for users around the world.
With a wider target, Bithumb Global offers a variety of payment methods as well as trading with stable coin USDT like BTC/USDT.
An interesting reason for choosing Bithumb Global is its feature which allows speculators in crypto to trade on the crypto market and earn profits through price changes.
Briefly, the interesting features of Bithumb are:
- The trading platform uses Tradingview which is the best platform with the support of various indicator tools.
- Users can also buy and sell cryptocurrencies using fiat money such as USD, EUR, ARS, AUD, BDT, BGN, BRL, CAD, CHF, CZK, DKK, GBP, HKD, HRK, HUF, IDR, INR, JPY, KRW, MAD, MXN, MYR, NGN, NOK, NZD, PHP, PLN, RON, RUB, SEK, SGD, TRY, TWD, UAH, and VND.
- The trader has the option to make transaction spot trading or margin trading. Margin trading allows traders with lower funds to trade on actual contracts.
- There is a bull/bears trading option.
- Smart tokens.
- There is a wide option of digital assets, crypto pairs with flat currency TRY, RUB, and USDT, or BTC with other cryptos and ETH with other cryptos.
For crypto trading, Bithumb provides various payment options, such as Visa, Mastercard, SEPA, Bank Transfer, Apple pay, FPS, Google pay, Gift card, Paypal, Payeer, Advcash, Mercado Pago, Yandex. money, M-Pesa, Gojek, Western Union, Kakao pay, and Skrill.
After you choose the cryptocurrency that you will buy and the fiat currency to use, you will immediately be faced with the available payment options. It is a straightforward process, using supported flat currencies and payment methods that you can make.
Bithumb global offers margin trading with leverage of up to 1:10, this may be a bit higher compared to some brokers who provide leverage of only 1: 3.
Margin trading is an online trading feature where traders automatically borrow from a broker to make trades with the smallest money like as equal to the contract size. Say, the contract size is 1000, with leverage of 1:10 so you only need to deposit 100 as collateral to the broker. However, it must be realized that margin trading is also a risky way of trading.
Smart tokens are claimed to be less risky than leveraged, this will not cause a blow-up of the account, and traders can liquidate at any time.
Working with smart tokens, you can short BTCS (1x short BTC) and get profit if the market is bearish. The open price for each smart token is 100USDT. Besides BTCS, there are also several other tokens in the smart token list, such as ETHS, LTCS, and XRPS.
This program is also quite attractive to investors, by buying Bmining hash rate tokens, it is possible to get the available prizes of 540,000 BMT. Where the prizes will be distributed to Bmining holders. according to the portion of the purchase.
B mining has two types of ERC20, token hash rate, and BMT.
Bithumb Korea exchange
Bithumb Korea is the original exchange launched for market share in Korea. Therefore, the official website of this exchange is in Korean. However, users can switch to English, to make it easier for users to understand the displayed page.
The tutorial on how to deposit with KRW is presented with a Youtube video, but the language used is Korean. So Bithumb.com specifically has an intention target for local users. The appearance of the site is also different from Bithumb Global, with a completely different service scope.
The official site Bithumb Korea is Bithumb.com.
Bithumb exchange the USA
For US citizens, I did not find the official Bithumb website, but from the Reddit discussion forum, one member has statement that he was having trouble converting to USD. Because basically, this is a Korean exchange. However, it allows users to make cryptocurrency withdrawals.
For the USA users can access via Bithumb global because the official site is for the global target.
Bithumb exchange Singapore
Bithumb also specifically targets the Singapore market, which even though this country is a small country but with a strategic economic level makes it one of the potential markets for Bithumb.
Broadly speaking, the Singapore Bithumb exchange service coverage is the same as Bithumb global. Users can buy crypto assets using several payment methods.
However, if you already have cryptocurrency to deposit, you can make a deposit with cryptocurrency through the client cabinet login.
The official site Bithumb Singapore is Bithumsg.com.
Is Bithumb exchange a safe?
To confirm that a Bithumb exchange is safe or a scam cannot be ascertained with absolute judgment.
Here we can only take some of the track records of the downside of the Bithumb exchange. Because after all, in a large exchange, some will get satisfaction, and some will not be satisfied.
Bithumb was hacked, on the grounds that hackers had stolen their data. However, this has been suspected by some users to be just an excuse to clear the exchange name.
Meanwhile, there have been reports that there are oddities with Monero tokens that are recorded with a value greater than the total tokens on the market. And there are large transactions with the same numbers at different times.
Due to these reasons, Bithumb may be a suspected scam exchange, but this is just a warning to new investors, to be more careful in investing.
Do not invest large amounts of funds even if the cryptocurrency is claimed to be safe. You don’t know that out there, hackers are always looking for security holes to break into to steal.
Bithumb exchange pros and cons
- Large selection of crypto assets.
- Easy user interface platform.
- Support for various payment methods.
- Buy crypto with a fiat currency.
- The mobile application is available.
- Flat currency is only connected to third parties.
- Has a history of hacks, and tax evasion issues.
- Relatively slow in the verification process.
Bithumb is indeed one of the biggest exchanges, but on the other hand, it refers to pass bad experiences, possibly happening again in the future.
The basic thing for Bithumb exchange is trust. The development team is quite hidden, causing the public trust rating to be below average.
The classic reason that became the topic was the issue of employees engaging in illegal transactions. However, it has been denied by the company that the hack has been a hot topic for debate.
Some people believe that the issue is only to wash hands after doing something dirty. But some others believe that it is because of hackers.
Read more article