Hey there, welcome to this Bithumb review!
Are you planning to trade on Bithumb, either to buy or to sell, or maybe both?
You might be at that point where you are not sure whether you can trust this platform.
Whatever the reason, we are glad to have you here.
In this post, I will take you through what Bithumb is, how safe it is, how to use it, as well as some of the pros and cons that come with it.
At the end of this Bithumb exchange review, you will understand all there is to know about this exchange, which will enable you decide whether or not it is worth your effort, time, and money. Additionally, by the end, you should also be able to pick out what really matters in an exchange.
To get us started, let us understand what we are dealing with.
What is Bithumb?
Bithumb is a cryptocurrency exchange that was established in 2013 in Seoul, South Korea. The platform is run by a firm called BTC Korea.Com Co Ltd, and it not only serves the Korean market but other countries around the world as well.
Bithumb is a unique platform that offers trading pairs including the Korean Won (KW). But even with that, Bitcoin still remains the most popular traded currency on the exchange, so if you were worried that the market may be dominated by Asia cryptos, you can be sure that it is the very opposite of that. Perhaps this is one of the best things about the cryptocurrency trade; exchanges do not just have their focus on serving a local market, but rather, a global community.
So far, this exchange has achieved one of the highest trading volumes in the Asian cryptocurrency markets – this has led the exchange to be ranked as one of the highest Bitcoin traders globally, and that is one of the reasons why we felt that Bithumb was something you would want to know more about.
The platform’s website is natively written in Korean; however, it has the option to be translated into several other languages including English, Spanish, Chinese, Japanese, and Hindi. You will agree with me that English alone covers a huge market in the crypto space and also, most platforms you will come across are only written in the English language, making it difficult for non-English speakers to trade on them. So, now you know the other reason why we had to feature this exchange.
Let us then address another important section of this platform.
Is Bithumb Safe?
The crypto space is marred with some of the biggest scams in the history of tech – and you are right to take this section seriously.
See, here is the thing; the fact that an exchange is registered and has been operational for a couple of years does not necessarily make it safe. The truth is that so many companies come into this space with lots of honesty, but somewhere along the way, they might go rogue or have a moment of security lapse, or employ an unscrupulous staff.
But I will tell you one thing, there is no exchange that can ever be too safe, at least none exists just yet. This is because most of the time, it is not the exchange itself that makes their platforms unsafe, it mostly relates to things outside the platform’s control such as hacking, external tech issues, and so on.
So, the straightforward answer as to whether Bithumb is safe largely depends on how carefully a user trades on a platform. But when it comes to fulfilling their end of the safety cycle, most exchanges have done a pretty good job at it. Bithumb is a cryptocurrency exchange that has existed for over half a decade, with no history of hacking or any other type of controversy.
Also, Korea has some of the tightest operating rules for cryptocurrency users and this has made their exchanges remain vigilant when it comes to securing the best interest of their users.
Bithumb requires users to provide full information about themselves when signing up, therefore, if you have signed up on most other platforms, you will realize that things are a bit different up here.
In addition to providing a more in-depth signup process, the platform also offers a unique encryption technique for its user data, which further enhances the security of their transactions.
So yes, this is one of the safest platforms, if history is anything to go by!
How to Use Bithumb?
So, you have made it to the core part of this review, congratulations!
Getting started on this platform is not complicated for an average user. The first step is to go through its detailed sign-up process.
When signing up, you will be required to provide your country of residence, as well as your mobile number (be sure to double check the number you use since you will need it to login into your account).
The phone number will need to be verified by clicking on a button indicated as “Request” to receive an SMS verification code. Once the SMS is received (and don’t worry, it could take up to three minutes to receive the code), enter it in the provided field, then proceed to key in the 4-digit security code.
The security code will be used to login to your account, make withdrawals, change your password, as well as carrying out OTP authentication. So, you may want to have it memorized, or noted somewhere. Also, you need to avoid using consecutive numbers such as 6789, or 0123, and so on. As much as you may want to have an easy password to remember, understand that by doing this, you will also be making it easier for hackers to figure it out.
Next, you will need to enter your full name, date of birth, sex, and finally, agree to the terms and conditions of the platform.
Here is a step-by-step of the signup process to help you get through the procedure quickly and easily:
Once you are done signing up, you are now ready to start trading on the platform.
Payment Methods Available On The Bithumb Exchange
Another important detail of any exchange that needs to be taken into consideration is the payment methods available on it. This is because as much as an exchange may offer what you consider to be “perfect”, it will serve you no good to sign-up on a platform with no payment methods that are convenient to you. For instance, if you live in the US, you might want to go for a platform that provides common payment methods such as credit/debit card payments or bank wire transfers.
Thankfully, Bithumb offers a number of payment methods, both in crypto and fiat currencies. The downside of this, however, is that the option to use fiat currencies when depositing and withdrawing funds is only available to South Korean residents.
However, if you live outside South Korea, you can still transact using the available cryptocurrency payment methods. This simply means that you can only deposit and withdraw funds in the form of cryptocurrency.
So you may need to purchase coins on another platform, and then use them to trade on Bithumb. The same will apply when you withdraw your funds from the exchange; you will need to convert your money into a fiat currency using a separate platform.
Ease of use – 4/5 stars
Fees – 4/5 stars
Support – 4.5/5 stars
Security – 4.5/5 stars
Overall Rating – 4.3/5.0 stars
The Reason Behind The Rating
The platform offers a fairly easy-to-use interface, especially for new users. With the ability to use multiple languages, both English and non-English speakers can easily find their way around the platform.
When it comes to the applicable fees, the platform offers free deposits and variable withdrawal fees.
The customer support of the platform is more than average with few to no complaints about them on various internet forums.
And when it comes to security, this is by far one of the most secure exchanges, offering a tight sign-up process, data encryption, as well as a two-factor authentication technique to keep users’ transactions safe.
- Competitive fees.
- User-friendly platform.
- 24/7 customer support.
- Lists a wide variety of altcoins.
- Highly secure.
- Some major cryptos are not supported by the platform.
- The sign-up process may be time-consuming.
I hope you had a great read and got all you need to enable you to make a sound decision regarding this exchange. And as we come to the close of this Bithumb review, here is what you need to take away: Remember, Bithumb offers a rigorous sign-up process which has played a big role towards making it what it is today. So, if you do not mind going through a tighter sign-up process in order for you to keep your digital assets safe, then this might just be the platform for you.
Do you have any experience using this platform to trade any types of crypto? Share your thoughts and experiences with us in the comments section.