Bithumb cryptocurrency exchange – November 2018 review

Bithumb Cryptocurrency Exchange

• Buy/sell 35+ cryptocurrencies
• 0.15% trading fee
• Fee discounts available
• Founded in 2013

Buy and sell 15 major digital currencies with 0.15% trading fees.

Bithumb is a popular cryptocurrency exchange based in South Korea. It allows users to trade 15 of the world’s largest crypto coins and tokens, including bitcoin, Ethereum and Ripple. Its 24-hour trading volume sees it regularly feature in lists of the world’s 10 largest crypto exchanges.

However, Bithumb is far from the only exchange out there. There’s an ever-expanding range of platforms to choose from, so we’ve put together this Bithumb review to help you decide whether it’s the right crypto platform for you.

What is Bithumb?

Founded in 2013, Bithumb is a cryptocurrency exchange based in Seoul, South Korea. It’s one of the world’s largest exchanges in terms of trading volume and allows its users to trade 15 major cryptocurrencies against the South Korean won (KRW). The platform is run by BTC Korea.com Co. Ltd and offers iOS and Android mobile trading apps.

In March 2018, Bithumb announced plans to put kiosks in restaurants and cafes across South Korea, offering customers the option to pay for their food orders with cryptocurrency.

Available countries

While Bithumb is mainly targeted toward South Korean users, it also offers its platform to users in countries around the world, including the US. Contact Bithumb directly for a full list of supported countries, but take note that according to the website’s terms and conditions, you’ll need to be 19 years of age or older to use the platform.

Which payment methods are accepted?

Bithumb only accepts fiat currency (KRW) deposits from Korean residents. All other users will need to fund their account with cryptocurrency deposits.

How much will it cost me to use Bithumb?

Bithumb’s trading fees are outlined in the table below.

* “Discounted fixed-amount coupons” can be purchased from the Bithumb website and allow users to access lower commissions.

Fees may also apply to deposits and withdrawals to and from your Bithumb account. Check the table below for full details.

Are there any transfer limits?

Maximum limits apply to the amount you’re able to withdraw from your account per day and per month, but these limits vary depending on the level of account verification you’ve achieved. There’s little information available online about what those limits are, so contact Bithumb for full details. You can upgrade your authentication level by performing tasks like verifying your phone number or submitting photo ID.

Minimum withdrawal limits also apply as follows:

Is it safe to use Bithumb?

Bithumb made headlines in mid-2017 when it announced that it had been the victim of a hack. The personal information of more than 30,000 customers was stolen during the hack, and some users reported that their funds were stolen. A separate breach in July caused the data of more than 3,400 customers to be leaked, and the two incidents prompted South Korea’s Communications Commission to impose a KRW60 million fine on the exchange.

With this in mind, it’s well worth researching the features this platform has to offer before deciding whether or not to register.

When you sign up for an account with Bithumb, you’ll need to enter and verify your name, email address and phone number. You’ll also need to create a secure password for your account that must be between 8 and 12 characters long and contain a combination of upper- and lowercase letters, numbers and special characters. A four-digit security PIN is also required to withdraw or transfer funds from your account.

Customer support

Customer support is a key feature of Bithumb’s service, and you can get in touch with the customer help team 24 hours a day, 7 days a week. The international customer support line offers multilingual assistance. You can also email your question to the team or access live online support through your account. Bithumb also maintains a small database of FAQs along with the answers.

Pros and cons