EST 20'000 BTC
Bithumb is one of the major exchanges in Asia that is really pushing the boundary with cryptocurrency. The platform which was launched as far back as 2013 has been consistent in offering top quality service to crypto stakeholders from their base in Seoul, South Korea. It offers a dependable platform for buying, selling, and storing of Bitcoin and other digital assets. There are about 25 available coins in the platform including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dash (DASH), Monero (XMR), and a host of others.
Bithumb is run by the BTC Korea.com. The website can be accessed through any reliable web browser. It is also optimized for mobile with Android and iOS apps to facilitate mobile trading. As mentioned earlier, the company is really pushing the boundary with cryptocurrency. In March 2018, the company announced that it plans to install kiosts in restaurants and cafes across South Korea to facilitate the use of cryptocurrency in food purchase.
Initially, Bithumb was targeted at South Korean crypto traders. Currently, the platform is open to traders from different parts of the world. As far as cryptocurrency is legal in your location, you can trade on the platform. There is an international customer support to give every trader a sense of belonging.
This is another cool feature about Bithumb. It accepts deposits in South Korea Won (KRW). This is a great advantage for individuals with South Korea bank account. Unfortunately for traders outside the country, there is no other fiat currency that is acceptable in the platform. This doesn’t mean much to most traders, however, as transactions can be completed in the major digital currencies.
Transaction fee in Bithumb is really competitive and this is one of the reasons the plaatform has so many traders. Making deposits comes at no cost at all. Whether a trader is depositing with Korea Won or major cryptocurrencies, it is absolutely free.
For withdrawal, the fee will depend on the currency you are withdrawing in. For withdrawal in Won, a fee of 1,000 KRW is charged (this is about 0.92 USD). For cryptocurrencies, the fees are as follows:
There are limits to daily and monthly withdrawal from your account. It will all depend on the level of verification you have achieved. There is no much information about the limits, but the verification process doesn’t take much; just phone number verification, and in some cases, submission of photo ID.
In 2017, it was reported that Bithumb was hacked. The amount of fund stolen was said to be around 1.2 billion Won. The company downplayed the news but it affected investors’ confidence a little bit. The company announced that traders affected will be compensated. Another issue occurred in November 2017 when the server crashed when many users were trying to sell Bitcoin Cash. Many recorded loss of assets.
Though Bithumb have had some issues, it remains a decent exchange. It is easy to use and the company show concern for their customers. With 24/7 customer support and low fee rates, it is a good place to trade, but it is not advisable to leave large amount of digital assets in exchanges.