Bithumb is a leading cryptocurrency exchange website that is indigenous to the Asian continent. The exchange has its headquarters in South Korea and it is Korea’s largest cryptocurrency exchange. Over the world, Bithumb competes favorably with its peers and it comfortably ranks among the world’s first ten cryptocurrency exchanges in terms of trading volume. Expectedly, the exchange exerts a largely monopolistic influence on the Korean cryptocurrency market. About 80% of Korea’s Bitcoin market volume belongs to the exchange, according to the Korea Herald. While it also accounts for about 10% of global Bitcoin trade, the exchange seems not to care so much about world domination. The website does not offer any other language except Korean although translation services from Google Translate are available. Also, the Korean Won appears to be the only fiat currency accepted on the exchange.
A BRIEF HISTORY
Bithumb was founded in 2013 by a relatively unknown team. The information available shows that the exchange is registered under the name BTC Korea.com CO. Ltd in Seoul. The only known figure behind the exchange is Kim Jae-Wook, listed on the Bithumb website as the CEO. On 29th June 2017, the company suffered an unfortunate cyber-attack that affected about 3% of its users. The hack was traced to an instruction sent from the home PC of one of its users. The exchange offered compensation to the affected accounts although the loss incurred by which individual remains unknown. It is imperative to note that the central servers of the exchange were not compromised by the hack. Bithumb is actually one of the safest exchanges in the world, especially when its large trading volume is considered.
AVAILABLE TRADING PAIRS
As at the time of writing, Bithumb only allows trading crypto/fiat pairs. The only acceptable currency is the Korean Won and you are not allowed to convert one cryptocurrency to another. If you want to do this, you would first need to convert to fiat. As at the time of writing this article, there are about 21 coins listed on the exchange.
Bithumb gives room for registering individual and corporate accounts. Before you are allowed to register, you would need to provide your name and nationality and the basic email and phone number verification are done. Like most other exchanges, the trading accounts are graded. Bithumb has four different levels and the amount of trading you can carry out on the website depends on the amount of information and identification documents you are willing to provide.
Many users have commended the swift response of the Bithumb support team. You can either contact them via email or phone number. An in-person consultation is also available at their Seoul office. A good documentation of common issues is available and you should first check the FAQ section if you need any help. The language barrier could somewhat limit the access of foreigners to the support services.
Cheap fees: Bithumb charges the lowest transaction fees in the Korean market. Transaction fees are typically between 0.05 and 0.1%.
Swift transactions: the exchange also offers impressive speed. The exchange runs on a real-time trading system and the speed is very valuable in ensuring you do not miss out on good trades.
Bithumb appears to concentrate even more efforts on strengthening the stronghold it already exerts on the Korean cryptocurrency market. Even though there is little information about the founders, the exchange has a track record of reliability and excellent customer support. The high trading volume also bodes well for the future. It is hoped that even more coins would be listed and users would be treated to an even better trading experience.