Bithumb Review – Is Bithumb Scam or Legit? ( A Complete Bithumb Review)

Introduction

Bithumb is a Korea-based cryptocurrency exchange that was established back in 2013. BTC Korea.Com manages and regulates the bithumb cryptocurrency exchange. Bithumb.com is a trading firm mainly catering to Korean customers and offering trading pairs with KRW (Korean Won).  

Bitcoin (BTC) is the signature trading digital asset of the exchange. Bitthum.com also supports other altcoins for trading purposes. Bithumb’s recorded trading volume is on the top of Korean exchanges and marked its name in the world’s largest crypto exchanges in terms of Bitcoin trading volume.

Bithumb’s Supported Assets

Bithumb is best known at the world level for its Bitcoin trading volume. Apart from Bitcoin (BTC), Bithumb also supports a wide range of Altcoins i.e., Ethereum (ETH), Ethereum Classic (ETC), Dash (DASH), Litecoin (LTC), Monero (XMR), Ripple (XRP) and Zcash (ZEC). Moreover, Bithumb also supports Bitcoin Cash (BCH) and Bitcoin Gold (BTG).  

Security and Privacy of Bithumb Exchange

For security and privacy concerns, Bithumb doesn’t offer anonymity. Bithumb cryptocurrency trading platform completely complies with the requirements, rules and regulations of the Korean government. It requires the identity verification for trading of cryptocurrencies. So, the crypto users or firms are requested to submit a set of verification documents upon registration.

Also Read: IndoEx Review – Is Indoex.io Legit? (Detailed Indo Ex Exchange Review)

For withdrawal of the digital assets, users must be authenticated to level 2. A client can be migrated from level 1 to level 2 by submitting a passport’s carbon copy and a few other verification documents. The given time frame for the security I 24 to 48 hours but practically the authentication process is carried out in a couple of hours.

Bithumb employs the following measures to ensure the exchange’s safety:

• 24/7 server monitoring
•  SSL encryption
• 2-factor authentication

Bithumb’s Deposit and Withdrawal Options

Bithumb’s deposits and withdrawals can be processed through cryptocurrencies and KRW points. Users can get KRW points from KB escrow and can convert them on 1:1. After the submission of KRW points, the transaction is processed within 30 to 45 minutes.  

Also Read: Bitcoin Price Analysis – Where BTC Is Heading Next?

Users can deposit Ethereum (ETH), Ethereum Classic (ETC), Dash (DASH), Litecoin (LTC), Monero (XMR), Ripple (XRP), Zcash (ZEC), Bitcoin Cash (BCH) and Bitcoin Gold (BTG). For withdrawal, they can avail the option of Korean Won (KRW) or the same cryptocurrencies mentioned above.

Fee and Charges

The fees and charges of Bithumb.com crypto exchange depend upon the type of account. Bithumb offers two types of accounts i.e., corporate membership and general membership. In general, Bithumb charges a 15 % commission from both takers and makers. However, the fee slightly varies depending on the type of membership but the average fee is around 0% to 0.075% for fixed-amount coupon transactions.

Customer Support Services

Mostly cryptocurrency lacks the customer’s confidence when it comes to customer support services. But Bithumb shows exceptional behaviour in this regard as it offers 24/7 customer support services at the international level. Users can directly connect with Bithumb’s team via email or by calling at customer care Centre.    

Pros and Cons

Pros and cons are the concerning aspects of the customers while opting for the cryptocurrency platforms. Bithumb is the best option as it gives more and takes less in terms of its services.

Pros

• A wide range of cryptocurrencies
• User-friendly trading platform
• Multi-lingual support
• Competitive fee
• 24/7 support

Cons

• Few major digital assets are not listed
• Doesn’t offer crypto pairs except KRW
• Exchange’s security is complex

Conclusion

Bithumb’s simplicity and user-friendliness make it an attractive platform for new cryptocurrency traders. The exchange offers low fees and extensive cryptocurrency support. Moreover, the exchange’s past security breach raises concerns about its overall safety and reliability. As with any cryptocurrency exchange, it’s crucial to weigh the pros and cons carefully and consider your unique needs and preferences before choosing a platform to trade on.