Bithumb is a cryptocurrency exchange based in Korea, and was established in 2013. Bithumb has 8 million registered users, 1 million mobile app users, and a current cumulative transaction volume has exceeded USD $1 trillion – making it one of the most successful exchanges in the world.
Due to its success, Sam Bankman-Fried’s FTX is in talks to buy the exchange as of this week.
Bithumb offers a wide range of coins, offering the major coins alongside a growing list of altcoins. Apart from Korean, the Bithumb website is also translated into several other languages such as English, Chinese, Japanese, Hind, and Spanish.
Bithumb’s web-based platform is simple and very easy to use. The majority of the tools are self-explanatory and so it is an ideal starting point for newcomers. There is a lack of advanced features, which may keep advanced traders away, however it has lead to Bithumbs increased popularity as there is no confusion on the part of new users.
There are 3 modes of trading options, easy trade, general trade and finally reserved trade. These various options offer traders some room to decide how they want to buy or sell cryptocurrencies on bithumb. Apart from cryptocurrencies, bithumb also offer bitcoin gift vouchers. These vouchers can be converted into the equivalent value in Bitcoin. The lowest denomination for this gift vouchers is 10,000 KRW (approx $9).
Deposits on bithumb are available through KRW points and cryptocurrency. KRW points can be purchased through the KB escrow service and are converted on a 1 to 1 basis.
Unlike many exchange, bithumb doesn’t provide anonymity – This is due to South Korean government requirement to require identity verification for cryptocurrency trading. Individuals are required to submit the correct documents when registering.
Bithumb has a number of security measures in place, including 2FA, SSL encryption, and a strict monitoring of servers 24/7.
The customer support at bithumb is excellent, with 24/7 contact and English speaking agents. Users can contact the support team either through email or by calling them directly on the phone.
Though many will be turned away from bithumb due to its lack of advanced features, it really has proved to be a strength in terms of gaining customers. In addition, the low fees and a wide range of cryptocurrencies that are supported on bithumb certainly make the exchange an ideal choice. Though fees can be higher for international customers at present, the in-talks acquisition will likely see that change.
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