Review on Bithumb by Ayu Anggraini
My bithumb review
Bithumb is one of the largest crypto currency exchange platforms in the world that has been established since 2013. That means that bithumb has been in the crypto industry for 7 years. When this review was written, there were around $ 166,016,735 that was traded on this exchange within 24 hours. Bithumb is from South Korea and in 2019, the company behind Bithumb was BTC Korea. launched a global exchange platform called bithumb global to expand the international crypto market.
Let's discuss my experience with Bithumb and whether it is safe to use Bithumb as a trading platform choice.
Bithumb offers a clean friendly interface. Lack of website; sometimes user experience errors and pop up ads that are quite annoying,In Bithumb there are several trading options namely easy trading, deserved trading and general trading.
Bithumb also provides guide tools for beginners and advance features for experience traders and newbies, and if you are inactive for a certain period of time the system will log out automatically, but what I like about this platform is that they are always transparent in choosing projects in trading list.
Projects that have problems, with low volumes, questionable real use cases and other aspects, will be given two months to develop their projects to be better and will be delisted if they do not show progress.
That means Bithumb only chooses high-quality projects compared to other exchanges that have hundreds of randomly trading pairs.
2018 is a year that reminds us of hacks that occur many times on crypto currency exchange. But in bithumb, this is not the first time this has happened. The 2018 hack was the second time accident, hackers stole $ 31 million in the form of Ripple (XRP). 2017 is the first hack that managed to take 7m USD in the form of eth and bitcoin. And in 2019 hackers still found vulnerabilities in the bithumb security system and managed to steal 20 million USD from the hot wallet
It is unfortunate, as one of the leading crypto currencies in the world which has more than 8 million users, bithumb does not have good security and affects the security of the assets of users. For me, every currency exchange crypto must protect the user's assets and learn from the mistakes of other exchanges. And for users, it is mandatory to have a hardware wallet instead of storing on the exchange because if the exchange has a problem, your account may be locked and freeze until the exchange is able to return the stolen user money.
I have stopped using bithumb since the last hack, even though the hack occurred only effect the company wallet but i have decided to never use bithumb anymore because it does not better than other smaller exchange in term of security.
Pros
- Friendly and clean interface
- Bithumb Will only list an High quality projects only
- One of the biggest exchange in crypto market
Cons
- The exchange has been compromised for three Times in 3 years !
- It does not support all country because of regulation and law
- Website is not fast and responsive for such a big exchange
- Bithumb has been accused for faking 94% of their volume with a wash trading manipulations
