Bithumb Review – Buy Bitcoin in Korea (Update 2022)
Bithumb is a cryptocurrency exchange based in Seoul, South Korea. Founded in 2013, it enables the buying, selling and storage of Bitcoin as well as a range of other cryptocurrencies. It is not only one of the largest and largest cryptocurrency exchanges in South Korea, but it is also among the world leaders in terms of Bitcoin trading volume.
Managed by a company called BTC Korea.Com Co. Ltd., Bithumb’s head office is located in Seoul, South Korea. Little more is known about the company as there is very little information to be found online. As for the platform itself, it is simple to use with few advanced features, which makes it ideal for beginners looking for a user-friendly platform without too many complications.
Fortunately, you don’t need to be fluent in Korean to be able to use Bithumb. The exchange supports multiple languages, English, Spanish, Chinese, Japanese, and Hindi are also offered. When it comes to trading, there are three main trading options: general trading, easy trading, and reserved trading. These options give you some flexibility depending on how you want to buy and sell cryptocurrencies.
As Bithumb is a South Korean-based cryptocurrency exchange primarily serving the South Korean people, it only offers trade pairs with the South Korean Won (KRW). Unfortunately, there is no BTC / ETH pairing available yet, but it could be available in the near future.
Below you will find the complete list of cryptocurrencies currently offered on Bithumb. The last few months have seen the addition of Litecoin (LTC), Bitcoin Gold (BTG) and Zcash (ZEC). There were rumors that Bithumb would add NEO, but that has yet to happen.
- Bitcoin (BTC)
- Ethereum (ETH)
- Dash (DASH)
- Litecoin (LTC)
- Ethereum Classic (ETC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Monero (XMR)
- Zcash (ZEC)
- Qtum (QTUM)
- Bitcoin Gold (BTG)
Bithumb country assistance
As with most crypto exchanges, Bithumb is available in most countries. In fact, it even offers international customer support. However, it is worth checking the legality of the cryptocurrency in your region before trading. Also keep in mind that the only fiat currency option is the won; there is no option to trade in USD, EUR or GBP.
Bithumb’s fees are competitive. Making a deposit on Bithumb is free. This is the case whether you deposit earnings or a cryptocurrency such as Bitcoin or Ethereum. Withdrawal of winnings incurs a fee of KRW 1000, which equates to $ 0.92 at the time of writing. Regarding the crypto withdrawal, the fees are as follows:
- Bitcoin (BTC): 0.0005 Bitcoin
- Ethereum (ETH): 0.01 Ethereum
- Dash (TIRTS): 0.01 Dash
- Litecoin (LTC): 0.01 Litecoin
- Classic Ethereum (ETC): 0.01 Classic Ethereum
- Ripple (XRP): 0.01 ripple
One of its main advantages is Bithumb’s low fees. However, even though its trading fees are low, if you are located outside of South Korea, you are unlikely to take advantage of it as you will have to factor in conversion rates and international transfer fees.
Bithumb customer support
While cryptocurrency exchanges make buying and selling crypto relatively quick and easy, they often disappoint when it comes to customer support. Bithumb offers 24/7 service customer support service. In addition, international customer support is available in English. So if you want to use this South Korean cryptocurrency exchange, you can at least do so knowing that there is help if you need it.
According to the official Bithumb website, international calls are charged at the normal national rate. However, if you don’t want to call overseas, you can contact them by email.
Public opinion and online opinions
There is not much information in English regarding Bithumb as the vast majority of its users are based in South Korea. However, there have been a few online reviews of Bithumb. The general consensus is that this is a high volume trade with a reasonable fee.
Bithumb is South Korea’s most popular cryptocurrency exchange as evidenced by its high transaction volumes, especially in the case of Bitcoin. However, this exchange is not without its problems; 2017 saw two notable issues that made headlines in the crypto world.
In July 2017, Bithumb would have been hacked, with some 1.2 billion won stolen from user accounts. There is a debate about the source of the hack. Bithumb denied that his servers were hacked, saying that an employee’s personal computer was compromised.
Regardless, it is estimated that 30,000 users have been affected. Following the Bithumb hack, Bithumb announced plans to compensate users. On the contrary, the experience was a great reminder not to leave large amounts of currencies on trade. Instead, transfer your coins to a wallet to keep them safe.
Another problem arose in November 2017 when Bithumb servers crashed because a large number of users have tried to sell their Bitcoin Cash. This resulted in the loss of large sums of money for many users as the price dropped quickly. Again, this sends us the message that it is not wise to place unconditional trust in any cryptocurrency exchange because anything can happen.
Overall, Bithumb is a straightforward and relatively easy to use cryptocurrency exchange. However, experienced traders will likely prefer other exchanges due to Bithumb’s lack of advanced features. The low fees and 24/7 customer support are certainly perks, but these can be negated by the fact that you will have to consider exchange rates and international transfer fees if you are not. not based in South Korea.
There are also concerns about the safety and reliability of Bithumb, and this is not helped by the fact that there is very little information about the company online.
- Easy to use
- Wide variety of currencies
- 24/7 multilingual assistance
- Low fees
- Questionable security history
- No cryptocurrency trading pairs
- Lack of advanced features