Bithumb is the leading crypto trading platform in South Korea. According to different estimations, 75% of local customers use this site to buy and sell cryptocurrencies. The next question may be obvious but let’s answer it: where is Bithumb located? The central office is in Seoul, it’s core investor is BK Global Consortium. Interestingly, not too much info is available about the company behind Bithumb while the exchange is highly popular, at least in South Korea.
The official Bithumb exchange is now available in Korean, Chinese, and English only. The site supports direct crypto-fiat trading to KRW, the local currency of South Korea. 105 pairs with the next crypto assets are available (only top coins listed, by volume):
Deposits and withdrawals become available after registration and verification, as well as trading services. Some users note that withdrawals may take up to 72 hours in case of identity checks. This helps to reduce Bithumb fraud issues.
Is Bithumb safe?
Not at all. Back in 2017, 2018, and 2019, there were several issues with hacks and data leaks. We can’t say that Bithumb scam is presented but the security level isn’t the best. During different attacks, malicious parties stole several billion in KRW, obtained private data of thousands of users. Still, Bithumb recovered, got governmental support, and now providing its services without issues.
The reputation isn’t damaged too much. The exchange even has a dedicated support center with 24/7 consulting services. However, it reports low trading volume and significant revenue loss during the last years. While the site faces problems, we should decide is Bithumb safe or not. A lot of users trust it so they don’t see any Bithumb fraud. But you should decide independently, analyzing hacks and the current state.
To be honest, registration and verification isn’t the simplest process here. To start, you have to fill out a dozen lines, add personal info, confirm that you accept terms and conditions, etc.
Further, you’ll be asked to provide extra documents that can prove your identity. First things first, prepare a passport scan or another ID. Then, if you want to increase limits, be ready to submit utility bills that can prove your real address. The last verification steps aren’t obligatory but they can help to trade more freely.
As for Bithumb fees, they are set at 0.25% for all users regardless of their volumes or roles. You can decrease this number to 0.04-0.2% by using various discounts and coupons. Overall, the Bithumb review shows that the exchange isn’t flawless but it’s still demanded by Korean users.
Concluding our Bithumb review 2020, we want to quickly reveal the advantages and disadvantages of the platform.
- Bithumb API;
- Close attention to security;
- Direct fiat-crypto trading;
- Low fees that can be reduced even more;
- Offline help centers;
- Solid technical support;
- Substantial liquidity, the exchange is in top 70.
- Focused on Korean users mostly;
- Lack of many second-tier coins;
- Many security issues in the past;
- Supports only KRW – local South Korean currency.