Bithumb Review: Is Bithumb Safe?
Bithumb is a South Korea based crypto exchange that was established in 2013. The exchange caters mostly to customers from Korea, offering cryptocurrency trading that is paired against the South Korean Won (KRW).
While Bitcoin is the main cryptocurrency being traded, the platform also has a decent range of other cryptos. Its trading volume achieved is one of the highest clocked by any cryptocurrency exchange in its country.
In addition to Korean, the Bithumb website is also translated into other languages including English, Chinese, Japanese, Hind, and Spanish.
There are 3 options in which users can trade: easy trade, general trade and finally reserved trade. These options offer traders more versatility in trading cryptocurrencies on Bithumb. The cryptocurrency exchange also offers Bitcoin gift vouchers. These vouchers are claimed to be convertible into their equivalent value in Bitcoin. The lowest value for this gift vouchers is 10,000 KRW (almost $9).
The platform has support for over 50 cryptos, and it includes: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), Qtum (QTUM), Ripple (XRP).
Deposit and Withdrawal Options
Deposits and withdrawal on the exchange can only be carried out through KRW points and cryptocurrencies. KRW points can be acquired through the KB escrow service and are converted on a 1 to 1 ratio. Once the KRW have been deposited into the KB escrow account, the transaction will appear in your Bithumb wallet after 30 to 45 minutes.
Bithumb.com charges a commission fee of 0.15% for both maker and taker fee for each transaction. And as stated earlier, should you have in your possession one of their coupons, the commission fee can be significantly reduced to 0% or a maximum of 0.75%. To view the rest of the fees for each crypto, access Bithumb’s website.
Bithumb appeared in the news mid-2017 when it announced that it experienced a cyber-attack. This hack led to personal information of more than 30,000 customers being stolen, and some users also reported that they also lost their funds.
Another attack in July leaked the data of another 3,400 customers, and the two incidents made South Korea’s Communications Commission fine the exchange with a 60-million won.
Taking this aspect into consideration, a thorough research is recommended before proceeding the registration and trading process.
Upon signing up for an account with Bithumb, you will be required to provide and verify your name, email address, and phone number. You will then have to put in a secure password for your account, which has to have a length of 8 to 12 characters and contain a combination of upper- and lower-case letters, numbers and special characters. When withdrawing and transferring funds from your account you will also be required to provide a four-digit security PIN.
To be able to make a withdrawal, you need to be authenticated to level 2. Upgrading from level 1 to level 2 authentication involves submitting a copy of your passport and a document that confirms your address. The authentication process can last as long as 24 hours to 48 hours.
While Bithumb is mainly targeting residents from South Korea, it also makes its platform accessible to users from countries around the world, including Norway. To find out the full list of countries supported, contact Bithumb directly, but keep in mind that according to the website’s terms and conditions, you must be over 19 years of age or older to use the platform’s services.
Which payment methods are accepted?
Bithumb only accepts fiat currency (KRW) deposits from users that have residency in Korea. The only option available for all other users is to fund their account with cryptocurrency deposits.
Customer support is available 24/7 hours. The team interacts with its customers through an international customer support line and can assist users in multiple languages. Customers also have the option of emailing their queries to the team or access live online support through their account. Bithumb also has on its site a small database of FAQs which answer to some basic and frequent questions.
Bithumb exchange is a good option for Korean users, but taking into account its past with security issues, one should move their funds from the platform as soon as they ended their transactions. Western traders should look into other options.