Based in Seoul, Korea, bithumb is a cryptocurrency exchange that was established in 2013. The exchange is managed by a company called BTC Korea.Com Co. Ltd. Catering mostly to customers from Korea, bithumb offers cryptocurrency trading that is paired with the South Korean Won (KRW). While Bitcoin is the main cryptocurrency being traded, Bithumb also offers a selection of altcoins. The trading volume achieved by bithumb is one of the highest clocked by any cryptocurrency exchange in Korea. It is also ranked as one of the top exchanges in the world in terms of Bitcoin trading volume. Apart from Korean, the Bithumb website is also translated into several other languages such as English, Chinese, Japanese, Hind, and Spanish.

Contents

• Deposit and Withdrawal Options
• Fees and Charges
• Privacy and Security
• Customer Support
• Pros and Cons
• FAQ
• Conclusion

The bithumb trading platform is web-based and extremely simple to use. The functionalities of the platform are self-explanatory hence making it ideal for beginner traders. The lack of advanced features on the platform also ensures that there will be no confusion on the part of the platform’s users.

There are 3 modes of trading options, easy trade, general trade and finally reserved trade. These various options offer traders some room to decide how they want to buy or sell cryptocurrencies on bithumb. Apart from cryptocurrencies, bithumb also offer bitcoin gift vouchers. These vouchers can be converted into the equivalent value in Bitcoin. The lowest denomination for this gift vouchers is 10,000 KRW (approx $9).

Currently, you can trade in the following cryptocurrencies on the bithumb exchange:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Bitcoin Gold (BTG)
• Dash (DASH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Monero (XMR)
• Qtum (QTUM)
• Ripple (XRP)
• Zcash (ZEC)

Deposit and Withdrawal Options

Deposits and withdrawal at bithumb are only available through KRW points and cryptocurrencies. KRW points can be purchased through the KB escrow service and are converted on a 1 to 1 basis. Once you have deposited KRW into the KB escrow account, the transaction will take approximately 30 to 45 minutes to be reflected in your bithumb wallet.

Alternatively, you can also deposit the following cryptocurrencies into your wallet at bithumb:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Bitcoin Gold (BTG)
• Dash (DASH)
• EOS (EOS)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Monero (XMR)
• Qtum (QTUM)
• Ripple (XRP)
• Zcash (ZEC)

For withdrawals, the following options are available at bithumb:

• KRW (KRW)
• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Dash (DASH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Monero (XMR)
• Qtum (QTUM)
• Ripple (XRP)
• Zcash (ZEC)

Fees and Charges

bithumb offers 2 types of accounts, general membership, and corporate membership. For the general membership, the following information is required:

• Name
• Email
• Phone number

For corporate membership, you need to provide the following details:

• Business address
• Company name
• email
• Phone number

As for the fees at bithumb, the exchange charges the following fees:

• 15% basic commission (Taker/Maker fee)
• 0% ~ 0.075 % (fixed amount coupon transactions)

For withdrawals, the following fees are applicable:

Privacy and Security

In terms of privacy, bithumb doesn’t provide any anonymity due to the South Korean government requirement to require identity verification for cryptocurrency trading. Hence, individuals and companies are required to submit to bithumb various verification documents.

It should be noted that in order to make a withdrawal, you need to be authenticated to level 2. Migration from level 1 to level 2 authentication requires you to submit a copy of your passport and document verifying your address. The authentication process can take as long as 24 hours to 48 hours but in practice only takes a few hours.

In terms of security, bithumb uses the following measures to safeguard the security of the exchange:

• 2-factor authentication
• SSL encryption
• 24/7 monitoring of servers

Customer Support

Most cryptocurrency exchanges are lacking in their customer support and one would expect the same from bithumb. Surprisingly, the customer support at bithumb is to be commended. The service is available 24/7 with English for international support. You can contact the support team either through email or by calling them directly on the phone.

Pros and Cons

Pros

• 24/7 support
• Competitive fees
• Multi-lingual support
• User-friendly trading platform
• Wide selection of cryptocurrencies

Cons

• Major fiat currencies not supported
• Does not provide cryptocurrency pairs
• Security of the exchange is in doubt

FAQ

• How Long Do I Have To Wait For A Withdrawal Approval?

There is a delay of 72 hours for the first withdrawal as a security measure.

• How Do I Check My Bitcoin Deposits And Withdrawals?

You can check your deposit and withdrawal transactions under “My transaction” on the bithumb’s website.

• To Where Can I Send My Verification Documents?

You can email the documents to global@bithumb.com

• My IP Address Has Been Restricted.

As a security measure, your IP will be restricted after 5 failed login attempts. The restriction will be lifted after your identity is verified.

• I Am A Foreigner. Why Can’t I Make A Withdrawal?

In order to be able to withdraw, your account need to be verified to level 2. Level 2 authentication can be done by verifying your email address and submitting a copy of your passport.

Conclusion

The lack of features on the bithumb exchange makes it a very user-friendly platform, especially for beginner cryptocurrency traders. In addition, the low fees and a wide range of cryptocurrencies that are supported on bithumb certainly make the exchange an ideal choice. Nevertheless, if you are a non-domestic account holder, you have to take into consideration the conversion and transfer fees as well and this might negate any benefits that you obtain in terms of low fees.  In addition the fact that the exchange was hacked before throwing some doubt as to the security of the exchange.