The Forex College has made an assessment of Bithumb for you today and we have concluded in our Bithumb review that it is indeed a recommended exchange. You can understand why in this review. You can sign up with Bithumb trading platform in the link below or continue reading to learn all you need to know.
Bithumb offers cryptocurrencies in combination with the South Korean Won, which mainly serves Korean clients (KRW). Although Bitcoin is the digital currency most traded, it also offers many Altcoins. It is one of Korea’s major crypto exchanges and is also regarded as one of the world’s finest exchanges in terms of Bitcoin trading activities. In addition. their website is available in not just English, but Chinese, Japanese, Hindi, and Spanish versions are also available. Read this complete Bithumb review to help you choose an exchange.
Before you subscribe, it is always necessary to examine the means of payment support for a cryptocurrency exchange, as it may not have the choice you want.
The good news is that this exchange can handle deposits and withdrawals in fiat money. The scary part, though, is that it is only available for citizens of South Korea who operate via KRW.
Not from South Korea? Don’t panic because instead, you may still deposit with a cryptocurrency. How? Well, just purchase from any other exchange and transfer to Bithumb.
Deposit charges vary according to the type of currency with which your account is to be financed. There is a reason why cryptocurrencies like Ethereum, Ripple, and EOS are free, but there will be very tiny fees for others like Bitcoin, Dash, and Litecoin. For instance, a deposit in Bitcoin costs BTC 0.001.
Withdrawal fees depend on the sort of coin you want to remove from your crypto in Bithumb. Ethereum, for example, costs ETH 0.01, and Bitcoin costs BTC 0.001. To find out more, visit their website for a current price list.
The trading costs are one of the lowest in the business. Bithumb charges the necessary trading fee of 0.15% of the aggregate amount which you buy or trade. For example, you pay 0.15 percent of that amount, which is $1.50, if you purchase $1000 worth of Ripple.
Types of coins available
Numerous types of coins can be bought, sold, or traded. As a result, they are supporting the most popular coins as well as the not-so-popular coins. Surprisingly, like many other South Korean exchanges, the values of prominent coins such as Bitcoin are probably higher than those of exchanges in other nations. People believe this is since South Korean exchanges are far more professional than others, with quick withdrawals and superior security.
Although it may be inconvenient for those who want to have many currencies to select from, their crew only supports projects which they feel are reputable. This implies that when newer digital currencies are first unveiled following an ICO, it may take a longer time for the currency to be listed on Bithumb. However, history shows that when a currency is ultimately introduced to this exchange, its value increases.
Privacy and security
Although a hassle, the South Korean government requires identity verification for digital currency trading, Bithumb does not guarantee any anonymity in terms of privacy. As a result, individuals and businesses must submit different verification papers to Bithumb.
An imperative piece of information is that if you want to make a withdrawal, you must be qualified to level 2. You must give a photocopy of your passport and evidence of residence if you desire to advance from level 1 to level 2 verification. Although this may take up to 48 hours to authenticate, however, it requires only a few hours.
Now let’s look at security features; Bithumb uses typically three main important measures to safeguard the exchange. Those are a two-factor authentication process, SSL encryption for confidential data, and twenty-four hours monitoring of servers.
Bithumb should be applauded for its customer service. The service is accessible 24/7 with international assistance in English. Either via email or immediately over the phone, by contacting the support team. This exchange makes it an easy-to-use platform, particularly for start-up crypto traders. In addition, it is undoubtedly an appropriate alternative because of the low costs and a large selection of cryptocurrencies supported by them.