Doesn’t it seem like there are two communities battling over cryptocurrencies? There is the establishment mainstream class of those in the government, who want to keep their own fiat currencies alive. The other class is the group of underground cryptocurrency entrepreneurs who know the old ways are dying.
A great example is South Korea. South Korea banned all cryptocurrencies on December 28, 2017. But, for some reason, they forget to tell their South Korea Bitcoin exchange – Bitthumb.
This Bitthumb review will discuss which cryptocurrencies are supported by this exchange, as well as wallet, fees and whether it is legit. Is Bitthumb legit? Hopefully, you can answer that question after reading this Bithumb review.
Bithumb was founded in January 2014. It has gained tremendous volume in the cryptocurrency world. Some list it amongst the Top 10 of cryptocurrency exchanges.
The beauty of this South Korean exchange is that it is a meeting point of East and West. Americans, Europeans, South Koreans, Indians and Chinese can all trade their digital coins on this exchange.
When you visit the Bithumb website, you want to get started trading immediately. This Bithumb review found a very easy to use graphical user interface (GUI). The primary actions are Send, Receive or Notice.
The middle of the screen includes which coins are being traded, along with Market Cap, Real Time Price, Rate of Change and Volume. When you want to complete a trade, you can click on the Buy or Sell buttons on the right hand side. You can also view completed Buy or Sell trades at the bottom.
There is a wealth of information on Bithumb that allows you to complete plenty of profitable digital coin transactions. The exchange is well-organized.
A Bitthumb wallet allows you to complete transactions quickly. The South Korean exchange uses the word “charge” to refer to a “deposit.”
You can access your Bitthumb wallet easily enough on the website by clicking on “Wallet”. When you deposit, you have three choices: virtual account, single-use virtual account or KB escrow. Variety is the spice of life.
You can download the Bitthumb App from the Google Store. This allows you to check your cryptocurrency prices, complete quick transactions and view real-time trading charts.
The name for the Bithumb App at Apple iTunes is ForCoin. You can get it at the App Store.
Bitthumb Supported Coins
Some of the Asian-based cryptocurrency exchanges seem to be less Bitcoin-centric. Sure, you can purchase as many Bitcoins as you want, but they also offer other cryptocurrencies alongside their Bitthumb Bitcoin offering. This Bitthumb Bitcoin variety can be useful when you become a more advanced cryptocurrency owner.
You might find that you have a variety of digital coins accumulated. Buy or sell them at Bithumb to establish a balanced risk tolerance for your wealth portfolio.
Bithumb offers Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, EOS, Ethereum, Ethereum Classic, Litecoin, Monero, Qtum, Ripple and Zcash. Here are figures on Bitthumb’s highest coins by volume: Ripple at 29%, Ethereum at 17% and Qtum at 15% for January 2018. Bitcoin was about 8%.
In fact, some experts claim that Bithumb is the largest Ether exchange in the world. Of course, those figures change dramatically from time to time.
Officially, Bitthumb fees might be as low as 0.15% with no leverage. But, you can use a coupon to cancel the trading fee. Many people consider Bithumb to be the cheapest service in South Korea.
Basically, Bitthumb fees are zero when using a special rebate coupon. They are proud of their zero fee trading policy. This attracts a lot of attention from traders around the world.
Traders can deposit funds in fiat currencies or cryptocurrencies. Cash deposit is via a bank account in the South Korea won. While the deposit is free, there is a 1000 won fee for withdrawal.
You can also make free deposits in cryptocurrencies. Withdrawals incur a fee of 0.01 for Dash, Ether, Ether Classic, Litecoin or Ripple. The Bitcoin withdrawal fee is 0.0005 or so. These rates are subject to change.
Is Bitthumb Legit?
It is better for the cryptocurrency market to have many poles of influence. This creates risk silos against any disruptions. This Bitthumb review has found that the exchange is very popular and influential.
Bithumb has good marketing, low fees and a variety of cryptocurrencies to choose from. This allows you to comparison shop. You can compare prices for Bitcoin around the world.
Bithumb website information is in Chinese, English, Indian, Japanese, South Korean or Spanish. Of course, this identifies the primary users of the exchange.
Is Bitthumb legit? Although, the South Korean government is not excited about initial coin offerings (ICOs), it does not seem worried about the Bitthumb exchange. In fact, it provides oversight to the exchange through the South Korean Financial Services Commission (FSC).
Any Bitthumb scam would be prosecuted by South Korean police. There are reports of some hacking at the exchange. That has raised some concerns over a Bitthumb scam.
If you have any questions, you can check out the user guide on the website. The popularity of the exchange means that it must be doing something right. The Bithumb exchange has created a valuable platform for traders around the world.