Bithumb

Cryptocurrency exchage Bithumb is considered the most in demand in Korea, also it is a top ten of the leading platforms for trading tokens in Japan. There are the main coins available for trading: Bitcoin, Litecoin, Ethereum, along with quite rare ones – Monero, Zcash, Qtum, EOS, ICON. Trading couples are generated by national currency – Korean won.

And however, is Bithumb – a scam or a time-honored platform, which may be used as a main platform for trading transactions with digital coins and withdraw the earnings effortlessly? The answers to these questions we offer in our exchange review.

Asia rather may be considered the only place in the world, where the block chain technologies gained widespread. Exactly here lots of cryptocurrency exchanges were designed and still appear the new ones, becoming well known far beyond the region. One of the spectacular examples of the situation is the project Bithumb. This platform appeared in South Korea (headquarters in Seoul) in 2013, founded by BTC Korea.com Co. Ltd headed by Kim De-Shick.

Bithumb is the exchange (website) attracting users with the very big trade volumes (around 1,5 billions dollars daily), quick rate of growth and ambitious plans. Now it leads the world in favor of Korea and is a leader in cryptocurrency trading in the nearby Japan. According to statistics of Korea Herald, at least 50% of trade value of Ethereum and over 70% of the total trade value of Bitcoin in South Korea goes exactly through Bithumb. This comes as no surprise, as of fiat money of the platform the Korean won is the only currency available.

Let’s consider detailed all capacities and aspects of the platform. The platform is available in Korean language, also translated into Japanese, Chinese, Hindi, English and Spanish. There are both main tokens available for trading: Bitcoin, Etherium, Litecoin, and rare ones: Quantum, Monero, ZCash and others. This list is continuously growing. Due to the great trading volume all the cryptocurrencies provided on the platform have the high liquidity. This is why traders can commit transactions more often, which means get maximum profit out of deals.

To start working with the platform you need to pass the mandatory registration procedure. For this you need to fill in the fields of inquiry carefully and accurately, submit e-mail, additional payment password, surname and given name, nationality, phone number. The submitted information shall be confirmed through sms-message with code, which shall be put right here, and e-mail, following the link in the message sent. You can create a private or corporate account (for the latest you shall submit the legal information and the principal’s data). Trading and withdrawal become available after verification only. Talking about the exchange interface we find it intuitive, simple and attractive. Right on the home page there are orders, trading chart (up 1 day to 6 months), which data change online, cryptocurrency purchase/sale offer sheet (how to make a tidy sum on cryptocurrency? we explain here), information on transactions completed. Choosing bitcoin for trading you get 3 order types available: General trade (standard purchase and sale transactions), Easy trade (trading at market price), Reserved trade (trading at stop-orders); for the rest coins just first 2 order options. You prefer to trade tokens on your smarphone? The convenient mobile application Bithumb is available for you (official website here).

The exchange differs from its competitors by responsive customer support open 24 hours. Apart from usual e-mail responses and phone consulting the platform invites you to visit an offline office located in Seoul. It also works 24/7. There is the forum created for traders communication, it’s available on Korean only. Among extra services the crypto exchange Bithumb (the feedback about you can read below) offers cash remittance and gift vouchers.

Deposit and withdrawal

There is the minimal set of coins available for trading on Bithumb; there the main tokens along with plenty of rare digital currencies. After the registration on the platform the trader has quite limited capacities: to start trading and deposit funds is possible after verification, only. It’s divided into 2 steps, to get access to the first level the scan copy of the passport shall be submitted, for the second level you will need the scan copy of your driving license, your photo with your passport in your hand, as well as any document confirming your living address (even a bill for utilities works, but with the bank seal). This is the mandatory proedure.

To deposit funds you shall go to the relevant website section on the tab «Remittance», pick the cryptocurrency you need and click it. The platform generates the crypto wallet address for deposit automatically. Important is, that only Korean won is accepted. You can deposit any currency, this money will be automatically converted to won, which is very convenient. There is no option for exchange coins for coins. First you exchange your cryptocurrency to won and only after that you can get the chosen token, the commission for that is doubled.

For purchase/sale deal you will pay 0,15$, at that this index is static (doesn’t change by increasing the transaction sum). Committing transactions you can find in internet discount coupons freely available, this will let you decrease the commission up to 0,075% or even to zero. The withdrawal is quite simple: you need to choose the currency, give the requisite details and enter the payment password. First withdrawal may take up to 72 hours. It occurs due to the necessity of fund theft risk aversion. There are no extra percentage for deposit/withdrawal.

Complaints against Bithumb

Bithumb exchange is the most well known and popular platform for cryptocurrency trading in South Korea. We found lots of positive feedback about it in internet, since the great staff of developers is working continuously on enhancing the services provided, it will just suffice to mention the 24-hour offline-office welcoming users and assisting in solving any issue related to the trading on the platform. Bithumb boasts quite convenient and user friendly interface, mobile application, low and static commissions, high trade volumes, all this makes dearls incredibly profitable.

However the complaints of its customers come up, too, so let’s consider them as well. The website of Bithumb is Multilanguage, 6 languages as announced. They are divided though, into the main and secondary ones. So absolutely all the resource sections are in Korean and Japanese languages – if it comes to Chinese, Spanish, English and Hindi, there are the information blocks untranslated. All tools are designed and updated mostly just for South Korea residents, there will be quite hard for Russians to work in such conditions.

Another disadvantage is the mandatory verification, often complex for the residents of CIS countries  (the confirming sms after the registration just doesn’t come or the service doesn’t accept copies of documents). But even after you get the access to deposit, the complications come up: the only fiat currency is Korean won. On the other hand, you can use any currency for deposit, it will be converted into won automatically.

The hacker attack in 2017 results into doubts concerning the platform safety. The crooks succeeded to get access to about 32 000 accounts along with all data related. The total sum stolen flies under the radar, but there were no legal proceedings, which makes us suggest that all money was returned to their holders. The company management points that the security system itself was not hacked, the hackers got access trough the computer of the platform officer. This incident effected no way the trade level and the top position of the company in exchanges ratings.

The regulation of Bithumb crypto exchange

Bithumb is the exchange (website) registered in Seoul (South Korea) meeting all the legal procedures needed. It is officially under the law of the county. The company highly appreciates the customers’ private information and observes laws related to the use of communication networks, data security, e-trade and other deals.

Registered users have the right to require to cease using the information submitted or completely delete it, correct the mistakes in data provided in case there are any. The detailed information about rules and regulation policy of the platform you can find on the website of the Korean exchange  Bithumb in section «Statement of privacy».

After the registration on the platform the trader is suggested to set the sms or e-mail notifications for the exchange updates, as well as complete the strong verification submitting the copies of documents. Besides, in your personal account you can trace the log in history, including completed through IP-address. There is the secret password provided to sign in, which the trader generates by himself while setting the personal account, along with the option to customize the strong authentication. In the near future the exchange Bithumb plans to pass the official inspection, settle the service operation and get the official license for cryptocurrency trading.

Check the «Privacy policy» on Bithumb

Is Bithumb a scam?

The operation of cryptocurrency exchange Bithumb may be called really effective. The platform managed to get top positions in Asian region  in some years after the foundation, become the leader in trade volumes and popularity in South Korea. Now the platform works on licensing its activities. As for state inspection of exchanges, Bithumb (official website here) has all chances to pass it. This is proved by plenty of positive moments: 20 cryptocoins available for trading, and this is the growing list, currency liquidity increases due to the great trade volume, (read the full truth about cryptocurrency here), the commissions for transactions are low, sometimes even nonexistent, no-nonsense approach to the security due to verification mandatory for each user.

The perfect customer support available through e-mail and phone call is another thing worth noting. There is an offline office open 24 hours, where any user can come and solve any issues related to the exchange. Among the advantages of the system there are multilingual website of Bithumb, simple and user friendly transaction system, with no needless elements, the option for tracing transaction history, analyze purchase/sale chart etc. This platform works perfectly for those looking for stable cryptocurrency trading and maximum information security in relation to legality.

Amid this in internet there are complaints from the customers, too: not the whole website is translated in all available languages, mandatory verification, the hacker attack in the archive of the company. But there is the reverse site by all the drawbacks. The platform was initially designed for South Korea residents, this is why the service is fully available on the national language only. The verification procedure is the extra safety level securing safe keeping of funds deposited and private information provided in personal accounts. The security system wasn’t hacked during the attack, and all money stolen (if there was any) was returned to the holders. If we can call Bithumb crypto exchange a scam and double-cross? We say certainly: it is not, even taking into account some complications while working with the system. Such conclusion is logical because of the whole range of reasons: sexy interface, continuous online updates, trading safety enhancements, low commissions for any transactions, positive feedback from users.

Conclusion

Defining the crypto exchange Bithumb generally, today it’s the most popular platform in South Korea for trading main and rare digital coins, with the daily trade volumes of 1,5 billions USD. Initially the platform was designed for Korea residents, but now it’s translated into languages and is one of the most popular platforms in Japan. This suggests that the company has perfect growth prospects. Besides, we should keep in mind the positive feedback about the exchange in internet, continuously enhancing security system, caring customer support and small deposit/withdrawal commissions.

The editorial staff of FraudBroker.com project will not call Bithumb a scam. In comments below we expect to see the real feedback from the platform users. This information may warn bears on the issues existing with the platform and be the basis for exchange rating changing under our project.