Ноябрь 16, 2018
Markets

Bithumb

Bithumb

Bithumb was founded in 2013 in South Korea. It is the largest exchange platform there, and one of the first made there. They are also among the leaders of cryptocurrency trading. They hold around 10% of global trade making them very important platform. The company behind the platform is BTC Korea.Com Co. Ltd. They have in offer the most popular digital currencies like Ether, Ether Classic, Litecoin, Ripple, Dash, Bitcoin Cash, Monero, Zcash, Qtum against the South Korean Won. The website is multilingual, supporting English, Korean, Japanese, Chinese, Hindi, and Spanish. They were hacked in 2017 and affected about 3% of all Bithumb users. The company maintained that the hacker did not gain direct access to the Bithumb exchange. They have a user-friendly platform without too many complicated operations. They support easy trading, reserved trading, and of course general trading. They are the biggest trader when it comes to Ethereum, taking them to the top of crypto exchange platforms.

Registration

To register on Bithumb, you will be asked to pick one of two options, individual, or corporation. Registration isn’t easy on Bithumb, you will need to input all important information about yourself including your nationality and phone number. To make a corporate account you need to provide them with a business certificate number and representative number, also, basic information about the company. For individual registration, you have to confirm your phone number. They will send you a message with a code in it that you have to input on the website. To get the message you need to wait a little bit if you aren’t from South Korea region. After you verify your phone number, and provided other information you are ready to sign up for Bithumb.

Verification

After registration, you will get a level 1 account. With this account, you can make any withdrawals or KRW deposits, which is a Korean currency. You can deposit cryptocurrencies all you want but, you can’t trade with level 1 account. If you want to get to level 2, you need to provide some additional information. You have to confirm your ID with a cell phone, get the I-PIN ID confirmation, and send a picture of your ID card. When you get verified for a level 2 account, you can deposit how much you want for KRW and digital currencies. The withdrawal amount is limited to 50,000,000 KRW a day and 300,000,000 a month. For currencies like Bitcoin that is 150 BTC a day and 500 BTC a month. For level 3 accounts you have to prepare for the personal written pledge or corporate written pledge. This can take some time, they are very strict about their work. But when you get a level 3 account you get great benefits. Withdrawal limit of BTC per day would be 500 and for a month 2,000. There is a level 4 account, and to get it you have to contact the support and provide a proof of residence. This would be the best choice for all corporations that have a lot of traffic going on. The daily limit for Bitcoin is 2,000 and you don’t have a monthly limit for any currency. Meaning that if you withdraw 2,000 every day, for a month you can get up to 60,000 BTC.

Make a deposit

Deposit fees on Bithumb are very affordable. For Bitcoin, when you make a small deposit, the fee is 0.001 BTC. Because they prefer Ethereum instead of Bitcoin, the fee for Ethereum is free. For depositing digital currency you only need a wallet with coins you want to deposit, they will provide you an address on which to send the amount. If you want to use the fiat currency, deposit for KRW is free. They do accept wire transfers for local Korean banks if you want to transact using fiat. On the main page, click on the wallet box, and there will be an option to choose between deposit and withdrawal.

Withdrawal

To withdraw on Bithumb you need to go to Wallet on the main page, and then pick withdrawal option. Users need to set up the amount they want to transfer, before doing that, check the daily limit you have. To withdraw KWR you need to add the bank and account number. To finish the transfer users add the phone number so they can request the payment. For crypto withdraw, you only need to provide a wallet address where they should send the amount.

Pros

They are a very large exchange platform, with a large volume of digital currency. They are at the top when it comes to cheap fees. For Ethereum operations, they are the best platform to work with. Users have several types of orders they can choose from. The website has everything needed for a great trading experience. Also, they have 24/7 customer support team that is multilingual.

Cons

One of the disadvantages is that they only accept South Korean fiat currency named Won. On every reviewing page, you can see the hacking incident that happened, this is a bad thing for the organization because foreign users don’t have much trust in the security, and being a South Korean exchange, users are thinking about it twice when registering. Even if their website is multilingual most of their users are Korean, they don’t look interested in changing that. For now, they are doing a good job, but expanding was never a bad thing if you can handle it.

Customer feedback

The majority of the reviews are not in English being a platform that is focused on the South Korean market, but ones that are in English or outside of Korea are mostly good. Users say that is a large and very well formed exchange, with great fees. There is a lot of talking about the hack that happened in 2017, where reportedly 1.2 billion Wons were stolen from user accounts. They said that 30,000 users have been exposed, but somehow they managed it. That’s why everyone advices to transfer the coins to the wallet for safekeeping.

Conclusion

Bithumb is a large exchange platform focused on South Korean users. Their experience in exchanging is raising from day to day, and they are determined by being the best exchange there is. With low fees and a huge pool of digital currency, they are very competitive on the market. They are constantly working on security, so incidents like hacking won’t happen again. The website is easy to use, but you need to have some basic knowledge, so you can go through easily. If you have knowledge of Korean language this cryptocurrency exchange platform is the right thing for you.

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