When we talk about one of the biggest and established cryptocurrency exchange in South Korea, Bithumb (laid by BTC Korea.com Co. Ltd) is setting new benchmarks.
The cryptocurrency exchange was founded in the fiscal year 2013 and since then, it’s allowing potential enthusiasts to buy, sell and store Bitcoins as well as an array of other cryptocurrencies. What comes as an important fact is that Bithumb is not only the largest crypto exchange in South Korea, if we talk about Bitcoin trading volume, Bithumb is a world leader.
A user can trade 15 of the global crypto tokens and coins like Ethereum (ETH), Ripple (XRP), Bitcoin (BTC) and more. The exchange has secured its place in the list of world’s top-10 crypto exchanges in lieu of its 24-hour operation. Cryptocurrencies like Monero (XMR), Zcash (ZEC), Mithril (MITH), EOS token, QTUM, Tron (TRX) and much more are also supported. One should know that trading fees of the platform rest at 0.2%. It would be wise to mention that for a majority of crypto enthusiasts, Bithumb has emerged as a user-friendly platform offering simple yet advanced trading features. Also, unlike other crypto exchanges, one doesn’t have to worry about the native language. Bithumb platform widely supports the use of languages like English, Chinese, Japanese, Spanish & Hindi.
The exchange has made its mark in the world with its volume of cryptos traded regularly. In the last fiscal year, on July 19th, the single day trading volume of Bithumb stood at $870 million USD breaking all the records. What comes as a constructive step is that both, iOS and Android users can leverage the potential of the trading applications that come handy with Bithumb. When it comes to deposits, one must know that Bithumb only supports KRW, that’s it Korea’s fiat currency. The basic commission percentage is 0.15% and further fees can also be applied when we talk about deposits and withdraws.
Talking about the trading options, there are reportedly three prime categories for the same:
The simple or general trade option is available to buy or sell the cryptocurrencies. People can set the order price as per the requirement. One can also see the details regarding order total in KRW as well as a commission in BTC here.
The second type of service available is easy to buy or trading. Under this, one can get access to automated trading and that too at a designated price. One should know that easy buy is executed from the lowest price. You can always change the actual amount and quantity at the time of making the purchase as per the market situation.
Reserved Trade offers a higher degree of flexibility to the trader. You can either pick reserved order at the market price or you might pick reserved order at a designated price. You can put-in the estimated quantity to buy in BTC and the corresponding commission will be displayed. Also, one can even apply fiat rate voucher for the purpose of enjoying a lower buyer fee.
The general trading reserved trading and the easy trading. Depending upon the goals of the individual, the categories provide flexibility to a user when it comes to selling or buying a cryptocurrency. Also, one must note that there is no direct pairing between BTC or ETH on Bithumb. The exchange has seen an addition of cryptos like Litecoin LTC, Bitcoin Gold Btg as well as Zcash ZTC recently. As mentioned earlier, since Korea’s fiat currency is only supported for deposits, you can’t operate with EUR, GBP or even the USD. Also, since the fee of the platform is competitive, making a deposit on the platform is free. However, when we talk about withdrawing, a fee of 1000 KRW or roughly $0.92 USD is applicable.
Reportedly Bithumb team has four major members. Minho Cha is the director of the Bithumb platform. Vice President of the cryptocurrency exchange is Junga Lee. Amy Leem holds the post of Business development specialist & Javier Sim is the Director of Bithumb Global. Javier Sim has attended the City University of Hong Kong as well as Cardiff University. Bithumb’s director Minho Cha was associated with investment management giants like Citibank Korea, KCC information and Corp, ING bank and more. He’s the director of Bithumb since January 2018. Amy Leem was the account manager at CMC markets and was a senior personal banker at CIMB as well. She has completed her masters from University College Dublin.
Create an account on Bithumb
When we talk about new user account sign-up on the Bithumb platform, a user is required to stroll over to www.bithumb.com. The next step is to click on the sign-up button. You will see two prime options on the site, the general membership and the other one will say Join a company. If you’re an individual user, you’re required to click on the general membership. Under this, an individual is required to provide his/her name, email ID, contact number and more. This information is verified instantly.
Talking about the “Join as a company” option, the enterprise is required to provide details like company name, email ID, business address, phone number and much more. Once the details have been provided, a user can log in to the desired account. There are different levels of a user account, you’ll be put in the first level if you haven’t verified your profile. A user will not be able to trade Bitcoin or Ethereum. When the level is upgraded after necessary email verification, you can buy as well as transfer BTC. Migration from the first to the second level is pretty easy, only a password authentication is required to be performed by the contact center of Bithumb.
Conclusion on Bithumb’s review
The website offers around the clock support for crypto enthusiasts. It is almost certain that the same was designed solely for South Korean people. There can be issues seen when it comes to translation of the website. But, what makes the portal unique is its low trading fees and large volume exchange. Also, the website has an array of useful features like Bithumb Cash, KRW remittance and much more. If you do not complete the verification process, you can still leverage the virtual account of Bithumb. You can also find a dedicated guide page on the portal which can properly explain what needs to be done and how.
Bithumb offers a 24x7x365 customer support in an array of international languages. The competitive 0.15% fees are applicable to the trades. One can get their hands on a wide range of globally popular crypto tokens and coins. The exchange platform has an enticing user interface as well as experience. The functions are simple and straightforward to use. A higher liquidity ratio has been associated with Bithumb.
Talking about the cons, the operations are offered mainly to users from South Korea. Only the specific chunk of the audience is targeted on a global level. Also, there are considerable translation issues on the portal for the English version of the site. Only Korean residents enjoy the amenity of fiat deposits. There was a hack in 2017 which observed a leak of information of more than 31,000 users.