Bithumb is a cryptocurrency exchange based in South Korea and is the largest exchange in terms of trading volume. Bithumb offers traders the opportunity to make deals in six currencies only: Bitcoin, Ether, Ethereum Classic (ETC/USD), Litecoin (LTC/USD), Ripple and Dash.
Bithumb Global Investment is one of the five biggest cryptocurrency exchanges globally, and it’s South Korea’s No. 1 bitcoin and Ethereum exchange. Bithumb, which boasts 2.5 million users, makes up approximately 75% and 50% of South Korea’s bitcoin and Ethereum trading volume, respectively. Some estimates suggest Bithumb accounts for 10% of bitcoin trading on a global scale.
8.5
Score8.5
Score Android
Score iPhone
LocationSeoul, Korea
CurrenciesKRW
LanguagesEN
Buy withKRW
Fees0.15%
AltcoinsYes
Margin tradingNo (Exchange does not support margin trading)
Trust scoreB
Beginner friendlyNo (Exchange is complex and difficult for beginners)
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatYes (The Exchange supports Fiat currency as USD, EUR, etc.)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketNo (The Exchange does not have Websocket)
Mobile appNo (Exchange does not have a mobile app)
Credit cardNo (Exchange does not support credit cards)
ReferralNo (Exchange does not offer an affiliate program)
Two factor authentificationYes (The Exchange supports two factor authentication)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceNo (Exchange don't have US licence for Money transmitter)
PGP supportNo (Exchange does not have PGP encryption)Based on the statistics provided by Coinmarketcap, Bithumb is generating a lot of 24-hour volume for both Bitcoin and Ethereum. To be more specific, Bithumb generated over US$44.29m worth of trading volume for the ETH/KRW pair. Additionally, the platform saw US$13.46m worth of trading volume for the BTC/KRW trading pair. Both are quite impressive numbers for an exchange a lot of people have never heard of, that much is certain. If Bithumb can keep these numbers up, they will quickly become one of the largest Asian cryptocurrency exchanges.
Bithumb Pros
- A trio of simple spot trading options = general trade/easy trade/reserved trade
- The website platform is available in six languages – Korean, English, Spanish, Hindi, Chinese and Japanese
- Bithumb’s mobile platform for 24/7 cryptocurrency trading launched on Oct. 18, 2017
- Numerous cryptocurrencies paired against the KRW
- Order book and order history
- Cheap trading fees
- Real time data and charting on the dashboard
- International users can sign-up via mobile
- Brick-and-mortar customer support center in Gangnam supporting four languages (Korean, Japanese, Chinese and English)
- Increasingly being integrated into the mainstream (malls, kiosks, etc)
- Trading pairs in KRW
- Increased security amid tighter regulatory controls surrounding KYC
- Employees are treated well (overtime pay, stock options, unlimited purchase credits, etc.)
Bithumb Cons
- No trading on margin (spot trading only while more sophisticated trading features are increasingly making their way to competing exchanges
- Website appears geared toward Korean locals -
- Only supports won among fiat currencies
- Fees for certain small deposits
- Deposits are only accepted in KRW (no other fiat currency) and supported cryptocurrencies
- Transfer fees and exchange rates offset otherwise low fees for international users (South Korea’s BTC price is typically 43% higher than the US BTC price)
- No cryptocurrency pair trading available (only cryptocurrency to KRW)
- International users may be prohibited from making withdrawals via mobile amid multi-step identification verification process unless they use Korean telecom service provider
- Users under the age of 19 may be restricted from trading
- Suffered a hack
- Management shakeup
- Users demand more coins
- International bank transfer fees (despite cheap trading fees for locals)
Manuals for Bithumb
Bithumb - Safety report
The exchange has recently suffered a major cyber attack, which affected personal data of 32 000 users. It should be noted that the main language of the exchange is Korean, and its interface is still not fully translated into English.
Bithumb Hacked For $30 Million In Cryptocurrencies
At 12:49 UTC on June 19th, Bithumb announced that they would be temporarily suspending deposits due to a change in wallets with their exchange service. Although a change in the wallet system may be a security improvement for some exchanges, it ended up backfiring, resulting in an unexpected cryptocurrency hack.
Review of Bithumb
The security breach that Bithumb suffered remains top of mind for users. But the fact that South Korean regulators responded by clamping down on KYC protocols and stricter bank account requirements offers users a greater sense of security.
Bithumb, which is owned by BTC Korea, is more user friendly then many of the other exchanges out there, with both a physical support location already established in South Korea and plans for more brick-and-mortar centers throughout the country.
It’s ease of use for local investors notwithstanding, Bithumb overall is a competitive global player. The exchange is innovative, and its brand is increasingly being spread throughout mainstream businesses. It’s clear why Bithumb is widely used in South Korea and its popularity should surge alongside the adoption of bitcoin and other cryptocurrencies in the region.
While vulnerabilities were uncovered, Bithumb appears to be more secure as a result of these breaches and is taking its users’ privacy seriously, as evidenced by change at the helm. This focus on security has resulted in frustration amid withdrawal delays and verification issues, particularly among international users, but it’s a theme that’s pervasive among bitcoin exchanges, not just Bithumb.
