Bithumb Cryptocurrency Exchange: Overview and Prospects
Blockchain technology has spread all over the world, including Asia. Bithumb crypto exchange was founded in 2013 in Seoul, South Korea. The exchange’s advanced technology has enabled it to achieve the largest trading volume. Let’s take a look at its key features. Click here, if you’re interested in a full guide.
What is it?
Bithumb is a cryptocurrency trading platform. Its headquarters is located in the center of Seoul, but the identity of the creator is not disclosed. At the moment it is the largest crypto exchange because of its daily turnover of more than a billion dollars.
The interface of the exchange supports many languages, but not Russian. Different tokens are available for trading. New coins are added every day. The number of registered users exceeds 8 million people.
Key features of Bithumb
First of all, the high liquidity of most cryptocurrencies and the number of trading pairs stand out. Another important feature will be mandatory verification for all users. Crypto exchange does not provide services to people who have not confirmed their identity.
The secondary parameters include high security. There was a hacker attack, which resulted in the hacking of 3% of user accounts, but the losses were recovered. Also for the withdrawal, it is necessary to use only the national currency – the South Korean Won.
Pros and cons of the exchange
The main advantage of Bithumb is that it is suitable for beginners. It has a simple interface in comparison with other exchanges. Indicators with charts have an intuitive design. In addition, it is possible to activate the demo mode.
Low commissions are a plus. A fixed commission of 0.1% for transactions is set. In case of any questions, help and advice from the support service, which works both online and offline, is guaranteed. There are also international helplines.
However, to trade, you will have to register and verify your account. This means providing the owners of the crypto exchange with a full package of information that will confirm the user’s identity. That is, clients cannot make anonymous transactions.
Deposit and withdrawal options on Bithumb
Withdrawal of funds is available in the tab “Money transfers”. Then you need to click on “Deposit” and deposit funds. You can do this only after verification. For depositing you must use the national currency.
To withdraw the balance you need to go to the tab “Withdrawal”. Then you select the currency and request the withdrawal itself. To withdraw the account it is better to use the Korean number, otherwise, the SMS confirmation might not come. The balance is withdrawn within 3 days.
Cryptocurrencies available on Bithumb
There are 237 coins available for trading. When tokens are listed, their reliability is taken into account. Bithumb has a committee that monitors the quality of added cryptocurrency. The exchange acts as a guarantor of the quality of the coin being traded. But crypto can be excluded, as in the case of Monero.
The crypto exchange has plans to release its own Bithumb coin. Its price is unknown, but the purposes for which it will be used have been named. The token is planned to be used for commission payments. Also, holders of the crypto coin will have access to several bonuses, for example, they will be able to participate in voting and hedge risks.
Is Bithumb regulated?
Bithumb is officially registered in Seoul and is subject to the laws of the country. The exchange is responsible for the privacy of its customers and guarantees the security of electronic payments and transfers. The company is regulated by the Financial Services Commission. This is the main financial authority of South Korea – the FSC.
But it should be borne in mind that the company is only allowed to operate in 180 countries. In case of registration from an unauthorized country, it is impossible to use exchange services.