Review on Bithumb by Arun Kaul

Name: Bithumb
Item: Bithumb
Rating: 3

June 19, 2019

Digital Financial Innovation - Bithumb Exchange.

The lack of features on the bithumb exchange makes it a very user-friendly platform, especially for beginner cryptocurrency traders. 
In addition, the low fees and a wide range of cryptocurrencies that are supported on bithumb certainly make the exchange an ideal choice. 
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Nevertheless, if you are a non-domestic account holder, you have to take into consideration the conversion and transfer fees as well and this might negate any benefits that you obtain in terms of low fees.  
In addition the fact that the exchange was hacked before throwing some doubt as to the security of the exchange.
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In terms of privacy, bithumb doesn’t provide any anonymity due to the South Korean government requirement to require identity verification for cryptocurrency trading. Hence, individuals and companies are required to submit to bithumb various verification documents.
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It should be noted that in order to make a withdrawal, you need to be authenticated to level 2. Migration from level 1 to level 2 authentication requires you to submit a copy of your passport and document verifying your address. The authentication process can take as long as 24 hours to 48 hours but in practice only takes a few hours.
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Deposits and withdrawal at bithumb are only available through KRW points and cryptocurrencies. KRW points can be purchased through the KB escrow service and are converted on a 1 to 1 basis. Once you have deposited KRW into the KB escrow account, the transaction will take approximately 30 to 45 minutes to be reflected in your bithumb wallet.
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But,if you are not from Korea or from another country then you can use Bithumb Global Exchange. Bithumb global provide cryptocurrency trading pair Feature.
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Pros

Bithumb exchange/trading platform interface is User-friendly.
Bithumb Exchange trading fees is competitively very low.
Bithumb provides 24/7 and multi-lingual support.
Bithumb has wide selection of cryptocurrencies for trading.

Cons

Bithumb exchange does not support major fiat currencies.
Bithumb does not provide cryptocurrency pairs. ( only available in bithumb global )
Security of the Bithumb exchange is in doubt