RATING: Trio.Five / 7 REVIEWS
Trading accounts and conditions
*Bithumb issues some sort of coupon or vouchers that can lower or mampara the trading toverfee. The verhoging boasts spil providing the cheapest service te South Korea.
Bithumb is the largest South Korean cryptocurrency exchange by volume and is among the común leaders, according to gegevens of the webpagina Coinmarketcap.com. Reports of South Korean media estimate that Bithumb holds overheen 75% of the country&rsquo,s bitcoin market volume, and around 10% of the total trade. Bithumb also holds around 50% of South Korea&rsquo,s Ether trading volume and is te practice the largest Ether exchange te the world.
Ter addition to Bitcoin, the exchange offers several of the most popular cryptocurrencies: Ether, Dash, Ether Classic, Litecoin, Dash, Ripple, Bitcoin Steengruis, Monero, Zcash, Qtum against the South Korean Won. The muziekinstrument list ranks it among the platforms with broader portfolios like Coincheck, Bisq, Bitfinex, Bitstamp and Kritiseren.
Similarly to the majority of cryptocurrency exchanges, Bithumb does not opoffering leveraged trading ter the tokens, but only spot trading. There are some platforms, like Losbreken, GDAX, Okex, Quoinex and Bitfinex who provide the option for trading on margin.
There are also a growing number of forex brokers like IG, HYCM, easyMarkets and FXTM, who suggest leveraged trading on CFDs on some of the more popular cryptocurrencies.
The Company. Security of Funds
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) te 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 spil 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 canap has confirmed the authorization of an account.
According to media reports, te the summer of , Bithumb wasgoed subject to a hacker attack. The company maintained that it wasgoed not its servers attacked, but the pc of one of its employees. From there the hackers stole the private gegevens and passwords of almost 31 800 or 3% of the users and stole 1.Two billion won (a little overheen $1 million) te altcoins and fiat currencies.
Te addition to the spot trading service, Bithumb also provides the money transfer service (for Bitcoins and wons) and an e-wallet for cryptocurrency storage.
Spil most cryptocurrency exchanges, Bithumb requires some customer verification, particularly before processing withdrawal requests.
Like most cryptocurrency exchanges for spot trading, Bithumb tucks to basics and its trading verhoging does not have any redundant bells and whistles.
The toneel offers three trading options: marcial trade, effortless trade and reserved trade. The caudillo trade is self-explanatory. The effortless trade provides the automatic transactions with pre-ordered amount with efectivo time price. Purchase is made ter the order from the lower sell amount, and it can switch with efectivo time transaction value. The reserved trade places an order at the market price spil vanaf the amount the client has requested at the reserved saco price.
There is also an order book and an order history.
Methods of payment
Spil vanaf the restringido regulations, Bithumb works with fiat currency payments only tho’ a handelsbank account. The deposit is free of charge, while the withdrawal comes with a 1000 won toverfee. Deposits te cryptocurrencies are free and withdrawals are with a toverfee of 0.01 ether, dash, litecoin, ether classic and ripple, or 0.0005 bitcoins.
Bithumb does not emerge to accept payments with cards, which is fairly inconvenient, but there are exchanges who do.
Bithumb is a very big cryptocurrency exchange, which suggests it offers deep liquidity. On the other palm, however, it may attract the unwanted attention of the hackers, spil it already did and the clients may suffer. Of course, being so big, and having ter mind the Mt. Gox neervallen of 2014, the verhoging would hardly permit a major disaster. Nevertheless, this risk should be kept ter mind.
Also, it seems that Bithumb is mostly targeting South Koreans, even however wij are not aware of any limitations. On the other mitt, 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 shows up also to be a problem with the authentication and withdrawal requests of people residing abroad.
The most attractive thing about Bithumb ter our opinion, are the several types of orders available.