Bithumb Review: One of South Korea’s Largest Cryptocurrency Exchanges

Bithumb is a South Korean cryptocurrency exchange founded in 2015 (according to WHOIS data on its domain). Shortly after which it had an explosion of growth that made it one of South Korea’s largest bitcoin exchanges, and puts it firmly at #11 on BlockExplorer’s top 25 list of cryptocurrency exchanges.

It supports a healthy number of trading pairs, though they are somewhat quiet. Bithumb supplies an API for programmatic trading and is a decent prospect for any tier of trader that is specifically looking to trade in Won.

Bithumb

bithumb cryptoURL: bithumb.com
Total trading pairs: 11
Deposit fees: Only for extremely small deposits
Withdrawal fee: Yes, flat fee
Trading fees: Yes, flat 0.15%
Verification: Yes, four levels

Registration

Bithumb’s registration process is a bit more in-depth than other exchanges, as it requires more information. Specifically, it requires your full name, date of birth, phone number, and nationality. The phone number you enter will be confirmed by way of an SMS based code system.

Interface

Bithumb’s interface is white with orange highlights and black text, making it rather bright, which could cause eye strain if viewed in the dark. The interface has the basics available such as a place to submit buy and sell orders, an order book for the entire trading pair, and a history of your orders. Notably, the interface lacks an immediately available chart for your selected trading pair. Though a chart can be accessed by clicking a button above the order book on the right. On the left, you can select other trading pairs.

Fees

Bithumb offers free deposits for all deposits that are not tiny, what constitutes tiny is different per currency, for bitcoin, the number at the time of writing was 0.005 BTC. For withdrawals, you will pay a flat fee that is currency dependant.

Trading has a 0.15% flat fee, but you can purchase a coupon to reduce your trading fees to a set number (including 0%) for a given amount of trading.

Verification

Bithumb has four levels of verification, all of which increase your maximum withdrawal, and require some personal information from you.

Verification Level Requirements
Level 1 Granted automatically upon registration
Level 2 Copy of a government ID
Level 3 A signed “pledge” and a copy of a government ID
Level 4 Proof of address no older than three months

Please note that government IDs showing all numbers will be rejected, bithumb states all IDs must have 7 numbers covered.

Security

Bithumb scores mixed results on the security front. They offer 2FA to secure accounts via Google Authenticator, and all withdrawals are protected by a PIN that is entered during registration. Otherwise, the more questionable practice is that there is a rather short maximum length of 12 on passwords.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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