Based in Seoul, South Korea, Bithumb was created in the year 2013 by the company named BTC Korea.com and by far has reached an extensive list of cryptocurrency trading against the South Korean Won (KRW).
Bithumb’s popularity is a result of its extended deposit facility across the globe. For Bithumb users, virtual accounts are required to deposit or withdraw Korean Won. The exchange accepts fiat currency (KRW) deposits from the South Korean residents whereas the non- resident South Koreans have the provision to fund their virtual accounts with cryptocurrency deposits.
Having suffered a hack in mid-2017, where cases of stolen funds and personal information were reported, a huge fine amounting to 60-million won was imposed by South Korea’s Communications on Bithumb for the detrimental incident. Owing to the hapless loss, the exchange is stern concerning the verification and other policies in order to meet the specific security standards.
Bithumb is one of the four exchange that has received the real-name services amongst the others; named Upbit, Coinine, and Korbit. With each one of them acting aggressively to comply with the anti-money laundering regulations, Bithumb decided to lower its withdrawal limits for traders who choose not to use the real-name system. The upper withdrawal limit has been set, subject to the level of account verification achieved by the user. Copious cryptocurrencies have been paired against the KRW and the list includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Ripple (XRP), Bitcoin Cash (BCH), Zcash (ZEC), Bitcoin Gold (BTG), and the like.
Bithumb extends its multilingual customer support service internationally through live assistance and an online support system. The FAQ database devised by Bithumb is effectively maintained for quick redressal of the customer queries. The majority of the users are natives of South Korea but for the other international section users, Bithumb provides its assistance in languages named English, Japanese, Spanish, Hindi, and Chinese. Moving forward, the deposit fees charged by the platform will be varied depending upon the choice of the coin with which you want to fund your account.
Trading cryptocurrency at Bithumb
The cryptocurrencies such as Ripple, Etherum, and EOS are free whereas Bitcoin, Litecoin and Dash carry a very nominal fee, for instance- 0.001 BTC will be charged as the deposit fees for a Bitcoin. The minimum deposit limit is considerably low i.e. the minimum Litecoin deposit is 0.1 LTC or 0.1 ETC, if we talk about Etherum Classic Deposit. Furthermore, withdrawing your cryptocurrencies out of Bithumb will carry a fee just like deposit does. For example, withdrawing a Bitcoin costs 0.001 BTC and an Ethereum withdrawal costs 0.01 ETH. Although the basic trading fee amounts to 0.15% of the total of the buying or selling by the user which means that buying $2000 worth of Bitcoin, you will have to pay 0.15% of $2000 i.e. $3.
Various trading modes on the platform are available to the users. The pliant modes namely easy, general and reserved trade enables the user to manage the buying and selling decisions relating to their cryptocurrencies on Bithumb. Additionally, Bithumb offers Bitcoin gift vouchers to its users which are eventually convertible into the equivalent value of the Bitcoin. The lowest face value for the Bitcoin gift vouchers amounts to 10,000 KRW which is $9 approx. In order to up its game, Bithumb came up with its mobile app in late 2017. It was designed to facilitate 24×7 cryptocurrency trading. The app has features such as address import, deposits via QR code etc. However, the app doesn’t have the multilingual facility as yet and same leads to complaints from international users.