Review on Bithumb by Stephen Toluwani
Bithumb has Security Issues. Trade On Your Own Risk
Among the top centralized cryptocurrency exchanges in the world today, Bithumb can be found in it's midst. Bithumb as a centralized exchange was established in 2014 and is located in South Korea. The exchange supports 111 coins and 111 pairs as all crypto pairs are paired against the KRW (South Korean Wong)
The exchange boasts of a strong security system which unfortunately, has been compromised thrice since the inception of the exchange. The first happened in June 2017 when customers information was lost due to hacker's activity, it was followed by a hack in June 2018 which led to loss of consumer's fund to the tune of $32 million. The latest hack happened in March 2019 leading to losses totalling $20 million. All this coupled with a recent raid on its Exchange by the police on ground of suspension of investment fraud has kept many users in doubt
The exchange has a back slack in trading fees as they charge a flat 0.25% fee for every transaction made on the exchange. The withdrawal fees and limits are not left out also as the exchange charges the highest fee for withdrawal that I personally have ever seen in any exchange. KYC documents are required to operate on this exchange and only it's local currency, the South Korean Wong KRW is supported as it's fiat gateway and madethe only trading pair for all it's Coins.
The exchange has a standby Support team via live chat and contact number, which I term a good thing. The large trading volume offered on the exchange keeps the traders active and in action with the exchange. Though the exchange has a great UI, it was still hard for me to find my way around on the web platform
Pros
- 24/7 customer service via live chat and contact number
- Large liquidity is offered on the exchange
Cons
- High flat trade fee of 0.25% alongside high withdrawal fees and high withdrawal limits
- KYC is made compulsory on the exchange
- Has had security breaches 3 times since it's inception
- Supports only KRW as it's fiat gateway
- Web UI is harder to navigate
