Review on Bithumb by Sergio Daniel Delgado
Bithumb is among the most active cryptocurrency exchanges in the whole world.
Headquartered in Seoul, South Korea, Bithumb is among the most active cryptocurrency exchanges in the whole world. Based in a country that already has a huge installed based of cryptocurrency users, Bithumb accounts for a huge portion of daily transactions in most major cryptocurrencies. Due to its size, Bithumb offers users a ton of different options when it comes to cryptocurrencies they can purchase. Founded in 2013, Bithumb is an old player in the game and, thus, offers users a variety of different ways to connect with the exchange.
Owned and managed by BTC Koreacom Co. Ltd, Bithumb offers web portal as well as iOS and Android access.
Because it is such an active exchange, Bithumb places a premium on security and will make new users jump through a few more hoops to sign up for an account than some other exchanges will. Another unique feature of Bithumb is that it allows for two account levels: Personal and Corporate.
Bithumb requires an email address as well as a unique password to log in to the site. From there, users will need to provide Bithumb with their legal name, nationality, phone number, and a security ke
One of the biggest drawbacks for new users is that Bithumb only allows fiat currency exchanges in South Korea’s won. Also, there is currently no Bitcoin-Ethereum pairing available on the service. This could change in the future, but it is worth noting.
To increase the levels of currency you can exchange, Bithumb has a scaled verification process that users have to go through before they can do that. This could include scanning a driver’s license or additional legal document and sending it to Bithumb. Other options include a utility bill and even a selfie with a passport.
Pros
- Among its positives, Bithumb has amazing customer service support in multiple languages and it is available every hour of every day. That’s not only a rarity in the cryptocurrency world but a true rarity among exchanges. Then again, given its volume of transactions, it is really not surprising that Bithumb has this kind of support available to its customers.
- We can see this appealing to people who are new to cryptocurrency trading and aren't familiar with everything they are doing. For those users that need a helping hand every once in a while, Bithumb’s
- On top of that, Bithumb offers users access to most of the major tokens out there and charges some of the lowest fees in the game. For people who do a lot of trading, this is an ideal combination. Not only does Bithumb cut as little into your money as possible but also they give you the most opportunities for investment out there for a major exchange. You won’t find this many coins on offer with Coinbase and Bithumb’s selection is impressive and their fees competitive.
- The exchange also allows users to engage in more exotic exchanges than your standard, more simplified exchange. Yet it maintains a user interface that is easy to understand and use. Due to its massive popularity, Bithumb is constantly improving its UI and exchange options. As long as its growth proceeds forward, it is expected that Bithumb’s suite of features will only continue to grow as well.
Cons
- In terms of negatives, however, Bithumb is not short on the list. First, it is targeted towards South Korean users first and everyone else second. Because of this, the only fiat currency transactions available are in South Korean won.
- Another issue that creeps up occasionally is language translation errors. Bithumb supports a range of different languages, but translation issues do creep up from time to time. This isn’t a huge deal but, when dealing with financial transactions, it is often best to have the clearest, best translation possible for your users.
