South Korea's largest digital exchange
Bithumb is a third-party exchange that allows users to buy, sell and trade a wide range of digital currencies. This exchange was held in 2013 by a company called BTC Korea.com Co. Ltd was established. Bithumb Exchange is headquartered in South Korea. For this reason, it makes them one of the most stable exchanges in the industry!
Bithumb at a glance
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Know more about Bithumb
Following the launch of the Bithumb exchange, it has become one of the largest trading centers in the world for the daily trading volume. In June 2018, Bithumb traded an average of more than $100 million per day, however, this figure has reached $2 billion! This is the amount of money that people trade in 24 hours.
Bithumb provides accounts for institutional investors, which is one of the reasons that the volume of transactions increases. This is important because it ensures that there is always enough liquidity to trade in the market.
The founders have designed the Bithumb platform in a way that can be used by everyone, which means that it is very user-friendly and suitable for beginners. Although a large percentage of the exchange's merchants are from South Korea, the website supports English, Chinese, Japanese, Spanish, and even Hindi.
Strengths of Bithumb Exchange
24-hour online support
Large trading volume
Suitable for beginners
Weaknesses of Bithumb
The approval process is relatively slow
Hacked in 2017
How to buy, sell and pay in Bithumb
It is always important that the exchange supports different payment methods before registering, as it may not have the option you want.
The good news is that Bithumb can process deposits and withdraw Fiat currency. However, the bad news is that this feature is only for South Korean residents using the KRW. If you are reading this bitcoin exchange review and you are not from South Korea, do not worry because you can still enter through other methods.
If you are new to digital currency and still do not have any currency, it is best to open an account with CoinBase.Coin Base lets you buy digital currency using a credit card. Once purchased, all you have to do is transfer the coins to the Bithumb exchange. But this only applies to people living in countries supported by Abbas.
Digital currencies supported by Bithumb
There are currently over 200 different digital currencies that you can buy, sell, and trade in Bithumb.
Bithumb Exchange supports the most popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, Light Coin, and Bitcoin Cash.
It has also not forgotten to support less popular currencies such as Ethos, Agora, and Eternity. Interestingly, the Bithumb exchange, like most exchange offices in South Korea, sells popular currencies such as bitcoin more expensive than exchange offices located in other countries.
People think this is because South Korean exchange offices are much more professional than others.
Also, because cryptocurrency trading is now banned in China, many Chinese traders use exchanges in South Korea to circumvent the rules.
Although Bithumb is one of the largest exchanges in the world, the amount of currencies in it is much less compared to other exchanges.
For example, exchanges like Binance and Cryptopia have hundreds of different cryptocurrencies.