Bithumb - Review exchanges - General information and peculiarities of buying cryptocurrency

Bithumb - Review exchanges - General information and peculiarities of buying cryptocurrency

Korean crypto currency exchange came in 2013, at the dawn of the strengthening and development of bitcoin. The founder of one of the first platforms for trading digital tokens is the company BTC Co. Ltd. By 2018, the stock exchange can be a leader at home, and also to occupy one of leading places among the Japanese capturadora. And it is on these two countries and designed the whole platform, however, if you are a connoisseur of diversification, you can try to trade on Bithumb.

The lack of Russian interface and the presence of a large number of errors in the English translation made the platform for the trading of South Korea is poorly known to the Russian users.

Features of exchange Bithumb

Among service supported languages English, Korean, Japanese, Chinese, Spanish and (!)hindi. Hence it is immediately possible to understand what the market is focused South Korean product.

Bidding is only available cryptocurrency pairs 12 using the basic tokens such as bitcoin, litecoin, the Ethereum, DASH and several others. But even with such a small amount kriptopro, the exchange is in the top ten on daily trading volume, which reached the mark of 16 000 bitcoins in a day (the data on January 1, 2018).bithumb site

However, the main disadvantage of this crypto currency exchange — its strict peg to a Korean Fiat (Vaughn); buy tokens that are used exclusively in the national currency of South Korea. For example, if you made a Deposit some bitcoins and decided to buy them, "Ethereum", then you directly to make it fail. t-decoration: underline;">First you have to exchange BTC to KRW, and then Fiat on ETH. When it will have to double to pay the Commission fee, whose amount is 0.15%.

In addition, the exchange requires mandatory verification for the input and withdrawal, and check the CIS citizens will be with great care.

Among the advantages of South Korean platform for the implementation of trading cryptocurrency include the following:

  • The constant addition of new types of tokens that, over time, increases the amount of traders;
  • The high liquidity of the exchange due to the large trade turnover;
  • Professional customer support service working 24/7;
  • The work of the company management, aimed at the legalization of activities in accordance with the laws of South Korea.

Among the shortcomings is also worth noting:

  • The lack of Russian interface, the presence of a large number of errors in the English translation on the website;
  • Very clumsy and inconvenient administration, which is struggling to cope experienced traders, not to mention newcomers;
  • Weak safety. Known case of theft of data and funds, and 3% of users.

How to Deposit in Bithumb

To make a Deposit, your account in the exchange must be verified to the first level. For this there is a menu "Remittance", where you can choose one of two variants of Deposit: the first — using Korean won, the second transfer BTC. As noted above, any transactions using the national currency of South Korea. When conducting any transaction will be automatically converted and charged a fee.

Market Bithumb – must, ideal for the South Korean or Japanese trader platform focused on the domestic market and, judging by the quality of the translation, while not much is going to pursue expansion in other countries. Rough translation and is not very user-friendly interface can scare off any trader especially if he is just starting to grasp the basics of cryptocurrency trading. And other moments, such as the number of currency pairs and financial instruments leave much to be desired.

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