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Bithumb Review - is it scam or safe?

Bithumb Review - is bithumb.com scam or good cryptocurrency exchange?

RATING: 3.5 / 7 REVIEWS Bithumb

Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.15%*

*Bithumb issues some sort of coupon or vouchers that can lower or cancel the trading fee. The platform boasts as providing the cheapest service in South Korea.

 

Bithumb is the largest South Korean cryptocurrency exchange by volume and is among the global leaders, according to data of the site Coinmarketcap.com. Reports of South Korean media estimate that Bithumb holds over 75% of the country’s bitcoin market volume, and around 10% of the global trade. Bithumb also holds around 50% of South Korea’s Ether trading volume and is in practice the largest Ether exchange in the world.

 

In addition to Bitcoin, the exchange offers several of the most popular cryptocurrencies: Ether, Dash, Ether Classic, Litecoin, Dash, Ripple, Bitcoin Cash, Monero, Zcash, Qtum against the South Korean Won. The instrument list ranks it among the platforms with wider portfolios like Coincheck, Bisq, Bitfinex, Bitstamp and Kraken.

 

Similarly to the majority of cryptocurrency exchanges, Bithumb does not offer leveraged trading in the tokens, but only spot trading. There are some platforms, like Kraken, GDAX, Okex, Quoinex and Bitfinex who provide the option for trading on margin.

 

 >> See our list of bitcoin forex brokers <<

 

There are also a growing number of forex brokers like IG, HYCM, easyMarkets and FXTM, who offer leveraged trading on CFDs on some of the more popular cryptocurrencies.

 

The Company. Security of Funds

 

Company Country Regulation
BTC KoreaCom Corporation South Korea None

 

Bithumb is the largest South Korean cryptocurrency exchange. It is not specifically regulated, but presumably, like all platforms operating from within the country, is subject to some oversight from the South Korean Financial Services Commission (FSC). Additionally, it may be subjected to on-site inspections by representatives of the Korean Fair Trade Commission (KFTC), the National Tax Service (Korean IRS) and the police.

 

Recently the FSC banned the initial coin offerings (ICOs) in order to safeguard inexperienced investors from potential MLM and Ponzi Schemes, but maintained that the cryptocurrencies are electronic representations of value and not financial products such as securities. The FSC, however, keeps an eye on the platforms and the currency flow through the banks. For the time being cryptocurrencies can be traded on an exchange only if a bank has confirmed the authorization of an account.

 

According to media reports, in the summer of 2017, Bithumb was subject to a hacker attack. The company maintained that it was not its servers attacked, but the computer of one of its employees. From there the hackers stole the personal data and passwords of nearly 31 800 or 3% of the users and stole 1.2 billion won (a little over $1 million) in altcoins and fiat currencies.

 

In addition to the spot trading service, Bithumb also provides the money transfer service (for Bitcoins and wons) and an e-wallet for cryptocurrency storage.

 

As most cryptocurrency exchanges, Bithumb requires some customer verification, particularly before processing withdrawal requests.

 

Trading platform

 

Like most cryptocurrency exchanges for spot trading, Bithumb sticks to basics and its trading platform does not have any redundant bells and whistles.

 

The platform offers three trading options: general trade, easy trade and reserved trade. The general trade is self-explanatory. The easy trade provides the automatic transactions with pre-ordered amount with real time price. Purchase is made in the order from the lower sell amount, and it can change with real time transaction value. The reserved trade places an order at the market price as per the amount the client has requested at the reserved base price.

 

 

There is also an order book and an order history.

 

Methods of payment

 

As per the local regulations, Bithumb works with fiat currency payments only though a bank account. The deposit is free of charge, while the withdrawal comes with a 1000 won fee. Deposits in cryptocurrencies are free and withdrawals are with a fee of 0.01 ether, dash, litecoin, ether classic and ripple, or 0.0005 bitcoins.

 

>> See our list of crypto exchanges accepting cards <<

 

Bithumb does not appear to accept payments with cards, which is quite inconvenient, but there are exchanges who do.

 

Conclusion

 

Bithumb is a very big cryptocurrency exchange, which suggests it offers deep liquidity. On the other hand, however, it may attract the unwanted attention of the hackers, as it already did and the clients may suffer. Of course, being so big, and having in mind the Mt. Gox debacle of 2014, the platform would hardly permit a major disaster. Nevertheless, this risk should be kept in mind.

 

Also, it seems that Bithumb is mostly targeting South Koreans, even though we are not aware of any limitations. On the other hand, however, there are the conversion rates and the international banking transfer fess, which are most likely forbidding and can hardly compensate the relatively low trading fees. There appears also to be a problem with the authentication and withdrawal requests of people residing abroad.

 

The most attractive thing about Bithumb in our opinion, are the several types of orders available.

 

Pros Cons
Large exchange Accepts wons only as fiat currency
Several types of orders Limited funding options
Very low trading fees Has been hacked
  Serves mostly South Korean clients

 

 

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Traders` reviews for Bithumb

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Bithumb

thank for your post but regarding my case, I made a first deposit in ripples in their plateform 1 month ago (transaction success verified by xrp charts etc) , and I have still nothing on my account on bithumb, tring desperately reach them through inquiries, phone calls and they do nothing, so I am not so optimist like you and it’s a practical case ;) I will give a mark of 3/10 kumpulanremaja.com

Kumpulan remaja 05/01/2018

Did your deposits make it?

Did your guys deposits ever come through?

Lucas Holcomb 01/02/2018

Bithumb: I made a transfer about 5000 ripples one month ago and still nothing

hello guys, you can reach them on the phone, but they can't act on your case, it's very difficult to get a manager, they say that they do not speak english ;)for an international company it seems weird, I made a transfer about 5000 ripples one month ago and still nothing on my account, two options: first they re very busy or they just not take it back our deposits. I hope it's the first option :)
but blockchain does not lie, if it's success, they have our crypto ;) so I can't understand why they can't credit our accounts !! blockchain are mathematics ;) our crypto can't disappear like that it's impossible hoping they can manage the problem asap

kool 12/28/2017

Bitthumb deposit

Lost 41.1 to Bithumb 9 days ago. Etherscan shows transaction from Bitstamp but Bithumb will not post to my account. They do answer the phone and reply to emails but it is a standard almost automated response. They take your phone number and say they will call you right back. 7 phone calls to them, 7 emails and no one ever calls are knows anything. I would stay always from this exchange. All of the exchanges are backed up, so I am a little torn since Bithumb at least answers their phone, while Bitstamp has taken 10k wire from me 21 days ago, and there is no way to contact them. These exchanges all need to freeze, quit accepting new clients, they are going to ruin or cause serious damage to crypto currency acceptance. No way to fine them yet? Complain until authorites shut them down.

0x30fc2c0a16bf8ba67c50e920bf6fd47edd270b6bf40662a8c080cd754f300a2e

Chad 12/26/2017

Bithumb

After a fist deposit too of ripples, it's been now two week Iam waiting my deposit, xrp charts told me that the transaction is successful, so I do not understand, after 10 inquiries I have nothing !
It's a real nightmare!!

lee Mae hong 12/22/2017

Ripple is missing on my deposit adress

After a first deposit, I never received my ripple ! it's been now one week which is unbearable, I though it was a good website and I was ready to moove more money and assets but Iam very sad
The transaction is a success and you can't have your crypto, horrible experience

xavier marsac-gelis 12/15/2017

Terrible Experience with Bithumb

Stay away from Bithumb. My ETH deposit has been missing for 14 days, you have to call customer service and hope for an agent that can communicate and understand English Fluently. Last night my XRP deposit also went missing I have checked both cryptocurrencies on their respective blockchains and both have been confirmed on the blockchains as successful transactions.

No one from Bithumb will ever call you, you will have to fork out the international calls.

Weihan Sun 12/14/2017
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