Bithumb

From Bitcoin Wiki
This is the approved revision of this page, as well as being the most recent.
Jump to: navigation, search
Bithumb exchange Review

Bithumb is a cryptocurrency exchange headquartered in Seoul, South Korea. The exchange is the absolute leader of the cryptocurrency market in terms of daily transactions. At the end of 2017, the average daily liquidity turnover at the site is equivalent to $ 1.3 billion. The crypto-exchange location is in Seoul, South Korea, and the main clients of the site are residents of this country. In South Korea, the share of Bithumb accounts for half of all trading volumes on ether and ¾ on bitcoin – and this despite the fact that Koreans are among the most active cryptocurrency traders in the world.

Bithumb Review[edit]

Bithumb Review

To register for Bithumb at pat harder than most of the other cryptocurrency exchanges. The exchange takes security issues seriously

When registering for Bithumb, you can choose between two account types: personal or corporate. To create a personal profile on the exchange, in addition to the usual e-mail address and password, you need to specify the following data:

  • name (must be as in the passport and Bank accounts);
  • nationality;
  • phone number;
  • security key.

You also need to read the terms and conditions and confirm your acceptance of the terms of service. To register a corporate account, in addition to this responsible person, you need to specify the name and details of the company, as well as the legal address.

To complete the registration, you must enter the code from the SMS from the exchange support service.

Cryptocurrency support[edit]

With Bithumb being a cryptocurrency exchange based in South Korea and primarily serving the people of South Korea, it only offers trading pairs with the South Korean won (KRW). Unfortunately, there’s no BTC/ETH pairing available as yet, but this may be made available in the near future.

Below, you’ll find the full list of the cryptocurrencies currently offered on Bithumb. Recent months have seen the addition of Litecoin (LTC), Bitcoin Gold (BTG), and Zcash (ZEC). There were rumors that Bithumb would be adding NEO, but this hasn’t happened as of yet.

  • 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)
  • Cardano (ADA)
  • Status (SNT)

Work with exchange[edit]

Bithumb review

Bithumb provides four levels of verification. The higher the level the more funds can be withdrawn. It is possible to withdraw funds from the second level – it is necessary to send a passport scan to the support service.

To increase the limits, you will need to send additional data to the company:

  • scan driver's license or other additional document;
  • the bill for payment of utility services with seal of the Bank;
  • selfie with passport.

Bithumb Arbitrage[edit]

Bithumb trades coins at a dramatically higher rate than any of the other exchanges around the world. For example, at the time of this writing, the price of Bitcoin on Coindesk was $10,853.58, and on Bithumb it was $11,265.20. The difference between those prices was $411.62, which is quite a decent opportunity for arbitraging. At one point, the price of Bitcoin in Korea was 43% higher than the price of Bitcoin in the United States.

It seems like a simple task for a user to buy Bitcoin on Coindesk and for a lower price and sell it on Bithumb for a higher price and make a tidy profit (arbitrage). But there is a problem; Bithumb caters to the South Korean market, and it is a nightmare getting money out of Korea. So people are resorting to another trick. They purchase other coins that can be sent out of South Korea. But the prices of other coins are being inflated too, which eliminates effective arbitrage.

While arbitrage seems like a great way to make passive income, there are a lot of barriers along the way. But all things considered, a price difference of $411.00 per Bitcoin is not something to sneeze at. And this is the reason that Bithumb arbitrage has become so popular among investors[1].

Referral programs[edit]

There is currently no information about Bithumb's referral programs. The best way is to visit its official website and get the whole information.

Exchange wallet[edit]

To top up your account you need to verify your account to the first level. To carry out the operation, use the tab Remittance. The only Fiat currency supported by the crypto-exchange is the South Korean won. Account Bithumb can be recharged in any currency, however the transactions will be automatically converted.

Bithumb Fees[edit]

Bithumb’s fees are competitive. Making a deposit to Bithumb is free. This is the case whether you’re depositing won or a cryptocurrency such as Bitcoin or Ethereum. Withdrawing won carries a 1,000 KRW fee, which is equivalent to $0.92 as of the time of writing this article[2]. With regard to withdrawing crypto, the fees 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

Bithumb’s low fees are one of its main advantages. However, even though its trading fees are low, if you’re located outside of South Korea, you’re unlikely to benefit from this as you’ll have to factor in conversion rates and international transfer fees. 10 major cryptocurrencies are available for trading on Bithumb. All assets are quoted in the South Korean won, so when converting one cryptocurrency to another, two rates will be taken into account at once, although for the user the transaction will take place as one operation.

Three types of orders (orders) are available for trading operations):

  • General Trade;
  • Easy Trade;
  • Reserved Trade (only for bitcoin).

Security[edit]

Now bithumb exchange has one of the most powerful systems of protection of clients' funds, including due to complex multistage authentication. Improving security measures is partly due to a successful cyber attack, which Bithumb survived 29 June 2017[3].

As a result of the hacking of the exchange, confidential data of more than 30 thousand users, as well as funds from personal accounts were stolen. The total amount of the stolen is not disclosed. The exchange compensated the clients for all losses.

Bithumb FAQ[edit]

The main advantages of the bithumb exchange can be called high liquidity, which is provided by a huge number of traders, and relatively low commissions.

Bithumb FAQ (Frequently Asked Questions) is available on: http://bithumb.cafe/archives/6457?bsid=C170622_2&utm_source=inhousemkt&utm_medium=170622&utm_campaign=CAFE%5FFAQ.

Bithumb News[edit]

Bithumb is a large South Korean trading platform announced in the official Twitter account about the listing of the Cardano cryptocurrency and the Status Network token. Representatives of the company promised a refund at 1% to everyone who will make a deposit before June 16 and will make a deal with new Altcoins until June 20.

After the announcement the price of Cardano has increased. The coin is trading at $0.17, now it is 9% more expensive than a few hours ago. However, experts of the Ethereum World News believe that the rate may decline again in the near future.

According to analysts, now the market is not the best situation for investment, as most likely, the value of coins will continue to fall. The American government is studying the sphere of digital money to find out whether someone is manipulating the price of cryptocurrencies. If this information is confirmed, the confidence in the coins will be destroyed, experts say. This will have a very negative impact on the exchange rate of most coins.

External links[edit]

See Also[edit]

References[edit]

  1. Profit Confidental – Bithumb Exchange Review: Fees, Arbitrage, and All About This Korean Exchange
  2. Bithumb Review – Buying Bitcoins in Korea
  3. BitExpert.io - Cryptocurrency News


Licence.png