Bithumb Review

Bithumb is a South Korean based cryptocurrency exchange, and is one of the biggest exchanges for bitcoin in the world. With Bithumb, users can exchange the Korean Won for Monero, Ethereum, Bitcoin, Dash, Litecoin, Ripple, Ethereum Classic and Bitcoin Cash.

(Image Source : https://www.bithumb.com/)

There is the availability of Bithumb in most countries. However, the only available fiat currency to trade with is the Korean Won. No EUR, USD or GBP.

Features

• Innovative feature and fast execution.
• Low transaction fees
• Two-factor authentication as a security measure.
• Bithumb users can purchase bitcoin gift cards, with minimum value of about $9 USD or 10,000 KOW.
• Purchase of gift vouchers from users by Bithumb is available.

Bithumb being a South Korean based crypto exchange means its primary users are the people of South Korea and as such only offers trading pairs with the South Korean won. To the disappointment of some, BTC/ETH pairing is not available at the moment, perhaps it may be available in the near future.

Bithumb’s official website gives little information about how the platform operates. However, the platform provides good exchange services. Fees stated on the website usage are subject to change according to market and company conditions.

There are three flexible options for trading, and they are:

• General Trading
• Easy Trading
• Reserve Trading

Deposit to Bithumb is free, irrespective of whether it is WON or a cryptocurrency being deposited. However, withdrawing the Korean WON attracts a fee of 1000 KRW.
Here are the fees attached to crypto withdrawals:

• Bitcoin – 0.0005 BTC
• Dash – 0.01 DASH
• Litecoin – 0.01 LTC
• Ethereum - 0.01 ETH
• Ethereum Classic – 0.01 ETC
• Ripple – 0.01 XRP

The low fees Bithumb offer is a major plus for the platform. But, despite the fact that the fees are low, it is only applicable Users located within South Korea.

Bithumb has a 24-hour customer support; Bithumb users can have one-on-one conversations with over-the-counter counselors. The official website does not have a live chat feature, but emails can be sent to support.

Users on the Bithumb platform have the ability to withdraw and deposit Bitcoins, Korean Won, and other cryptocurrencies. Deposits can be made through bank transfers, debit cards and credit cards. More details about withdrawal transactions and coin deposits can be found on the Bithumb website.

Pros

• Multilingual support is available 24/7.
• Fees are low.
• Easy to access.

Cons

• Cryptocurrency trading pairs are not available.
• No advanced features.
• Only one fiat currency.

It is generally believed that Bithumb is a high-volume exchange with low fees, however, these low fees may just be applicable to only users transacting from within South Korea, and this is due the factor of international transfer fees and conversion rates.

The simplicity of Bithumb as a cryptocurrency exchange makes it easy to use, but there is the possibility that advanced users will tend to prefer other exchange platforms because there is the lack of advanced features on the Bithumb platform.