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.
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.
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.
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.
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.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|