Bithumb Exchange Review

Bithumb is a South Korea-based cryptocurrency exchange / digital asset exchange with headquarters in Seoul. A Bithumb exchange review reveals that their primary user base is located in South Korea, but their website is available in various languages, including English. They seem to serve the cryptosphere via 75+ active markets and offer trading access to various currency pairs, including fiat-to-crypto and crypto-to-crypto currency pairs. It seems that fiat-to-crypto currency pairs are only available in terms of the South Korean won (KRW).

A lot is lost in translation, but a Bithumb exchange review reveals that this crypto-asset platform may have a platform token of its own, namely Bithumb Cash. It seems that it can be used to conveniently and securely transfer funds from one location to another. It seems that payments in Bithumb Cash can be made both offline (via gift vouchers with bar codes) and online (by selecting Bithumb Cash as a payment option). Remittance via QR code is also available as well as transfer via SMS (short messaging service).

A Bithumb exchange review reveals that they offer both a Bitsum REST API and a Prime REST API – the first is available to external developers who wish to develop services and apps and the latter exclusively to institutional investors that make use of their prime service.

Bithumb seems to have experienced its fair share of challenges. Hackers managed to steal information from the personal computer of one of Bithumb’s employees in June 2017. This was followed by a government raid in January 2018 based on false claims of tax evasion. Despite not being found guilty, they were allegedly forced to pay about $28 million in back taxes.

To make matters worse, $32 million was lost when Bithumb was hacked in June 2018. $14 million of these funds were recovered by Bithumb staff but the rest remains lost. Bithumb was hacked again in March of 2019, resulting in a loss of $13 million worth of EOS tokens, which still have not been recovered in any capacity. Despite this, in May of 2019, less than two months after this most recent hack, they announced the launch of Bithumb Global, which would allow world-wide trading of cryptocurrency and fiat currency, leverage trading, and futures trading. Bithumb is also pursuing the implementation of security token offerings (STOs). They do not appear to be letting a history of hacks stand in the way of their ambitions.

The exchange features three different modes on its website for users of all backgrounds, experiences and aims to be able to Bithumb effectively. The three modes are easy trade, general trade, and reserved trade. There are also two options for what kind of account you may want to operate. Users can opt for general membership, or corporate membership, depending on how they aim to make use of the exchange. For general membership, only the standard email and phone number are required. As for corporate membership, the exchange requires a business address. Due to the South Korean regulations requiring cryptocurrency exchanges to verify identifications of users, anonymous trading is not possible on Bithumb. Upon registration, users must provide documents containing a proof of identification, such as a passport. New users can only begin trading after they have completed the process of ID verification. Keeping in mind the recent hacking incidents, users should make sure that the security systems being used by the exchange are of the highest quality. Right now, their system consists of two-factor authentication (2FA), SSL encryption and "constant monitoring of services.”

Bithumb charges a flat trading fee of 0.15%. This is lower than the global industry average of 0.25% and definitely provides the exchange with a competitive edge. Fiat-crypto trading is allowed on the platform and can be made via bank transfers. Like many other exchanges, credit cards are not accepted as a valid form of payment on Bithumb. Deposits can be made without any fee, and the preferred fiat currency is KRW, South Korea’s local currency. Withdrawal fees for cryptocurrencies vary from currency to currency, and the full list of the fees can be found on their website.

Bithumb’s website is quite simple and easy to use. It features all of the necessary links on its homepage, as well as a separate page dedicated to information on Bithumb Cash. The interface is multi-lingual and offers translations in six different languages. One downside is that the exchange does not offer a mobile app, which could deter those who are looking for extra practicality from using the exchange.