RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Bithumb

Bithumb Exchange Review

Centralized

Bithumb is a South Korea-based cryptocurrency exchange / digital asset exchange with headquarters in Seoul. A Bithumb exchange review reveals that their primary user base is located in South Korea, but their website is available in various languages, including English. They seem to serve the cryptosphere via 75+ active markets and offer trading access to various currency pairs, including fiat-to-crypto and crypto-to-crypto currency pairs. It seems that fiat-to-crypto currency pairs are only available in terms of the South Korean won (KRW).

A lot is lost in translation, but a Bithumb exchange review reveals that this crypto-asset platform may have a platform token of its own, namely Bithumb Cash. It seems that it can be used to conveniently and securely transfer funds from one location to another. It seems that payments in Bithumb Cash can be made both offline (via gift vouchers with bar codes) and online (by selecting Bithumb Cash as a payment option). Remittance via QR code is also available as well as transfer via SMS (short messaging service).

A Bithumb exchange review reveals that they offer both a Bitsum REST API and a Prime REST API – the first is available to external developers who wish to develop services and apps and the latter exclusively to institutional investors that make use of their prime service.

Bithumb seems to have experienced its fair share of challenges. Hackers managed to steal information from the personal computer of one of Bithumb’s employees in June 2017. This was followed by a government raid in January 2018 based on false claims of tax evasion. Despite not being found guilty, they were allegedly forced to pay about $28 million in back taxes.

To make matters worse, $32 million was lost when Bithumb was hacked in June 2018. $14 million of these funds were recovered by Bithumb staff but the rest remains lost. Bithumb was hacked again in March of 2019, resulting in a loss of $13 million worth of EOS tokens, which still have not been recovered in any capacity. Despite this, in May of 2019, less than two months after this most recent hack, they announced the launch of Bithumb Global, which would allow world-wide trading of cryptocurrency and fiat currency, leverage trading, and futures trading. Bithumb is also pursuing the implementation of security token offerings (STOs). They do not appear to be letting a history of hacks stand in the way of their ambitions.

  • 24h Trading Volume

    96405.315 BTC
  • Establish date

    2013
  • Headquater

    South Korea

Bithumb Exchange Review

  • Bithumb Withdraw

    For the full list of withdraw fees check here.

  • Bithumb Fees Discount

    If using discounted fixed amount coupon ( go to purchase fixed amount coupon)

  • Bithumb Deposit fees

    Free
  • Bithumb Trading fees

    0.15 %

  • Fiat Deposit

    KRW
  • Accepted Payment Method

    Crypto to Crypto, Crypto to FIAT
  • Native Token

    Yes
  • Margin Trading

    No
  • Download Clients

    • Download client
    • Download client

Bithumb Exchange Score Analysis

BitThumb is a South Korea exchange website. Bithumb is a well-developed site with average trading fees but below average number of trading pairs. The Bithumb team is somewhat well experienced with the CEO being experienced in management positions however the security specialist is lacking experience in his field. There are a number of major concerns for this exchange. This includes a major hack on the website in 2018, and although the exchange does have insurance it is still a concern for us. Our last concern is the lack of markets offered on the website, one is only able to trade in South Korea won.