Bithumb was hacked twice in 2017, and the personal data of more than 30,000 customers was stolen.
It was hacked again in June 2018 and around US$30 million of cryptocurrency was stolen. Another heist took place less than a year later, and a further $20 million of cryptocurrency was stolen from the exchange in March 2019.
If you’re looking for an exchange with a strong security record, you may want to look at alternatives to Bithumb.
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 100+ major cryptocurrencies against the South Korean Won (KRW). The platform is run by BTC Korea.com Co. Ltd and also offers iOS and Android mobile trading apps.
In March 2018, Bithumb announced plans to put kiosks in restaurants and cafes across South Korea, giving customers the option to pay for their food orders with cryptocurrency.
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: KRW
- Supported cryptocurrencies: Approximately 118 cryptocurrencies
Which payment methods are accepted?
- Bank transfer (ACH)
While Bithumb is mainly targeted at South Korean users, it also offers its platform to users in countries around the world, including Ireland. 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.
How much will it cost me to use Bithumb?
Bithumb’s trading fees are outlined in the table below.
|Details||Commission (maker fee/taker fee)|
|Discount coupon||0.04% – 0.02%|
* “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.
|Currency||Deposit fee||Withdrawal fee|
|Korean won (KRW)||Free||KRW1,000|
|Cryptocurrency||Blockchain fees||Blockchain fees|
Are there any transfer limits?
Maximum limits apply to the amount you are able to withdraw from your account per day and per month, but these limits vary depending on the level of account verification you have achieved. You can upgrade your authentication level by performing tasks such as verifying your phone number or submitting photo ID.
Minimum withdrawal limits also apply as follows:
|Korean won (KRW)||Free|
|Cryptocurrency||Based on blockchain fees|
Is it safe to use Bithumb?
Bithumb made headlines in mid-2017 when it announced that it had been the victim of a hack. This hack saw the personal information of more than 30,000 customers stolen, and some users also reported that their funds had been stolen. A separate breach in July saw the data of more than 3,400 further customers leaked, and the two incidents prompted South Korea’s Communications Commission to issue the exchange with a 60-million won fine.
The exchange was then hacked in June 2018, and US$30 million equivalent of cryptocurrency was stolen. It suffered another theft in March 2019, and another US$20 million of cryptocurrency was lost.
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, which must be between 8 and 12 characters long and contain a combination of upper- and lower-case letters, numbers and special characters. A four-digit security PIN is also required to withdraw or transfer funds from your account.
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, while you can also email your query to the team or access live online support through your account. Bithumb also maintains a small database of FAQs and their answers.
Pros and cons
- 24/7/365 customer support in multiple languages
- Competitive 0.15% commission on trades
- Access to a range of the world’s most popular crypto coins and tokens
- Simple and straightforward exchange platform
- The fact that it’s a popular platform means high liquidity
- Range of order types available
- Targeted mainly at South Korean users
- Some translation issues on English version of website
- Fiat deposits only available to Korean residents
- 2017 hacking attack saw criminals obtain the personal information of more than 31,000 Bithumb users
- Other exchanges provide access to a greater range of digital currencies