Bithumb Exchange Review | Is Bithumb Exchange Scam?

(Last Updated On: April 27, 2019)

Bithumb exchange is a South Korean based online exchange providing sale, purchase and storing of cryptocurrencies, the headquarters are based in Seoul, South Korea. It was founded in 2013 and the parent company is BTC Korea.com .co.ltd.

The platform is easy to use and is considered the top online exchange of Korea and some ranking worldwide also in terms of trading volumes and User experience.

Review Bithumb Exchange

Bithumb Exchange

To use bithumb exchange you don’t need to know native Korean, the website is available in English, Spanish, Chinese, Japanese and Hindi as well.

Currency Support

As it is a Korean based online exchange fiat currency can only be found in KRW (South Korean Won) and there is no BTC to ETH pair available as now but may be added in future.

The currency cryptocurrencies supported are,

  • 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)

Country Support

Bithumb exchange is available in most countries and offers international customer support as well but the only fiat currency available is won as there are no USD or Euro trading options. So you must have any cryptocurrency to trade for another cryptocurrency.

Fees

Fee and pricing are good as compared to other exchanges. Marketplace fee is relatively lower. Deposits are free on Bitcoin, Ethereum or won and withdrawal carries a charge of 1000 won which is as low as $0.90 and when it comes to withdrawal in cryptocurrencies the fee are as follows,

  • Bitcoin (BTC): 0.0005 Bitcoin
  • Ethereum (ETH): 0.01 Ethereum
  • Dash (DASH): 0.01 Dash
  • Litecoin (LTC): 0.01 Litecoin
  • Ethereum Classic (ETC): 0.01 Ethereum
  • Classic Ripple (XRP): 0.01 Ripple

The low fees are an advantage of bithumb making it the number one Korean exchange.

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Customer Support

As most of the cryptocurrency exchanges present there is always a lack of customer support but bithumb offer 24/7 customer support as well as an international customer support in English via phone and emails.

International calls are charged at a normal rate and email response are also quicker as compared to other crypto exchanges.

Online Reviews

It was hard to find online reviews but those found were good praising the ease of access and trading volumes while the low fees were worth mentioning.

However, some users gave a brief history of the platform as in July 2017 the site was attacked and a sum of 1.2 Billion won was stolen but bithumb compensated users as more than 30,000 users were affected.

As it is adviced not to leave your currencies online and transfer the coins on safe online or hardware wallets.

Conclusion

The summary is that bithumb exchange is a simple and legit online exchange but it is ideal for South Korean users as there are no USD or Euro fiat currencies available, another concern is the security features which is always a concern on every cryptocurrency exchange.

However, advanced and everyday traders should choose another alternative platform as there are no advanced features available on Bithumb.

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