Bithumb Review – Is Bithumb Scam or Legit?
For those of you who are interested in exchanging and trading cryptocurrencies, it is always important to find the right exchange. Nowadays, this is really difficult as a lot of people are getting scammed; however, through this Bithumb review, I will change the narrative. I will discuss the ways in which Bithumb stands out and is the perfect exchange for serious traders.
First of all, a lot has changed in the past century; cryptocurrencies and these exchanges are a product of the 21st century. A cryptocurrency is a new form of currency that came along with the digital, technological, and advanced centuries. Whereas before it was a much more regressive time, this trend of digitalization has quite literally overpowered everything else. It rules many fields, our daily lives, jobs such as manual labor, forms of payment, and lastly, communication.
Before the form of payment was not digital, people could not even believe that there would be a time when we could send people money or exchange any currency through the internet. However, this technological advancement has just created ease in our lives; being able to pay someone who is not in the same area as you is so unrealistic. Even the thought of a digital currency did not get accepted by people in the beginning. They thought of it as unreliable because the market has already shown a lot of rising and falling in the prices that cryptocurrencies are for.
At the end of the day, one thing is confirmed that this just might be the future for all of us. Digital currencies and payments are getting hyped up; more and more people are choosing it over other options daily. It is because there are so many benefits to gain once you switch to digital currency or cryptocurrency. They also help to get bonuses and easy access to potential clients.
Intro To Bithumb
Bithumb is an exchange for cryptocurrency that is Korean-based. It had started in 2013, which is not that long ago. This exchange was initiated by and still is managed by BTC Korea. It is an exchange that is mainly focused on its Korean clients as it mainly offers exchanges to them. It also has an affiliation with the South Korean Won and often handles the exchanges according to it. Bithumb has set a record in Korea for achieving a place among the highest cryptocurrency exchanges and even got a decent ranking globally. Seeing as it is Korean-based, their website is also shown in Korean, but they also offer versions in different languages. These are English, Chinese, Hindi, Japanese and Spanish.
Now that we have discussed some of the background information, it is important to understand why this review on Bithumb has been written. There is no doubt that so many exchanges already exist, and all of these exchanges are competing with each other to get the most clients and exchanges. In order to be so successful, it is necessary that a company has the qualities present to set itself apart. Bithumb, although it is a Korean-based exchange, it has still managed to be very versatile so that traders from other regions can participate too. This company prioritized its customer’s needs and has always tried its best to maintain a level of professionalism no matter what.
Simple And Easy To Use Platform
Bithumb has a very simple and easy-to-use website. It is made simple so that customers and those who are interested can easily browse through and complete whatever work there is. This also assures everyone that even if they have just started out and are mere beginners, it still would not confuse them when searching. It keeps everything simple, with easy and readable terms.
Now, Bithumb only has four main ways through which currencies can be exchanged. These are easy trade, general trade, and reserved trade. Bithumb allows people to trade in these and even offers gift vouchers that are bitcoin ones. What this gift voucher offers is basically that you exchange the gift in the bitcoin value, so essentially, you win bitcoins. The lowest amount it can be is 10,000 KRW which is still a lot. The site is also extremely distinct and progressive. They have a lot to offer; for instance, the types of cryptocurrencies that you can possibly exchange includes:
● BTG, and there are many more.
Bithumb is a well-rounded exchange because despite not being the oldest or based somewhere else, it is still accessible to everyone. Their transactions, such as deposits and withdrawals, had happened simply too.
Transactions on Bithumb
In order to exchange your currencies, trade cryptocurrency with someone, and finally change through Bithumb, you have to keep in mind that it is only possible if the exchange is happening through KRW numbers and cryptocurrencies. This in KRW has to be purchased through a KB service, and they have a 1:1 service. It is very quick and efficient, and once again, they have a lot of currencies to choose from. They include Bitcoin cash, dash, ethereum, and many more. In order to finalize this transaction, all you have to do is fill a short form and ensure that you pay in whatever amount necessary.
What are the prices of Bithumb?
Bithumb has two different account offers, the first one is a general package, and the second is a corporate package. When signing up for the general package, they only require your name, number, and email. For the corporate packages, they ask for the company name, number, email, and company address. This shows that Bithumb is interested in keeping the application process very simple and short. It understands that this process should not take too long, but rather with such simple steps, it is bound to be fun.
There are the first three things that Bithumb has set its rules on completely; one is that it does not let inactive accounts go easily. Instead, it charges them a fee, because it has been decided from before, and explained that if you are going to create an account, go through all the work and then back out because you tried your best, and here they don’t even inform me. Secondly, whenever you make a deposit, there is a fee for that too. Bithumb does charge every individual or group if they make a deposit, meaning that by sending in an amount then he will bring it if needed. They also charge when you make a withdrawal, but everyone gets charged differently according to their payment method. I usually use the card before it is so simple to use.
All Bithumb was trying to tell is that, in general, it charges 500 as a deposit fee, and it is the most interesting one because they do not charge as much as other places. So if you are interested and want to start trading, as well as exchanging cryptocurrencies through them, then you should understand that to open an account with Bithumb, it is important to enter at least about your 500 deposit money. Without this deposit, the company cannot allow work further till there is a better time.
Does Bithumb provide protection?
One of the issues with privacy is the country’s government itself, which does not allow someone to remain anonymous. Privacy and security are everyone’s main concerns as sometimes, by revealing your identity, you can become centered and stalked. At times people fear that their lives are at risk. However, there is nothing to fear. As a company, Bithumb would not have any issue keeping their customer’s information private but because the government of Korea expects that every single individual who is interested in trading provides legal documents to confirm the authenticity.
There are certain hindrances from Bithumb’s side, but it is only so that whatever method is presented, customers feel the utmost comfort. When a customer wants to transfer from level 1 to 2, they have to submit passport coffee. This is a form of agreement, and it symbolizes mutual respect for however one is being dealt with. When these proofs are being expected, it can take up to one whole or two days. But most of the time, it is a very quick process; they even approve or disapprove within one or two hours.
Security is a factor that Bithumb values deeply; it is a must to protect yourself from those who might try to inflict harm. You can and should never leave any opening for others so that they can intervene. Therefore, in order to provide security and officially protect any customer from invaders, cheaters, and others, you have to use the software. They offer 2-factor authentication, SSL encryption, and constant observation of the accounts. By doing all of this, the company is assuring you that whatever happens, they will offer as much as they can. If their security was no good, then nobody would bet to go there.
Does it value that customers have needs?
Customer support is a very significant part of any company, and one that does not cater to their customer’s needs proves that they do not value them as much as they should. Most cryptocurrency exchanges have been accused of not developing their customer support department. People complain that they do not give any feedback or any sort of support. This does impact a customer because it leaves an imprint that whether the company has the customer or not, it does not affect them. When in actuality, it is not true, and exchanges have suffered due to this reason. But Bithumb is not like the rest; it has managed to improve everything about it in the shortest time span. They are known and recognized for having a 24/7 customer support system. That too is available in English, and people really appreciate the developments. Bithumb provides two ways to communicate with them and contact them. The first is either through an email or second, through the phone number.
Features of Bithumb
Although Bithumb only started out in 2013, over the course of these years, it has managed to develop rapidly and bring a lot of good things into play. Bithumb is now known to have a network of over 56 trading assets. This is an extremely powerful weapon for an exchange because it means that they are very vast when it comes to the services that they provide. It provides counseling as well as a lot of research on the market and its trends.
Is Bithumb regulated or have a license?
Although it is already a legit company, Bithumb does not have any restrictions when it comes to whether or not; some people might be wary because it is hard to trust anyone so easily, especially when it is a cryptocurrency exchange that does not have any regulating body monitoring its movements. However, if trusting Bithumb is an issue here, then it is important to note that as a website, it is better than most. Even the number of people that enroll is a lot. Why would they join if they were getting from somewhere else? This means that Bithumb is a good site to exchange currencies and that they have never given a reason to be distrustful.
How to start working with Bithumb?
In order to start working with Bithumb, the first step is to ensure that you have signed up and created an account that is not yet official. But when signing up, it depends on what package they choose. But other than that, in the form, you have to mention your name, phone number, and address. Once you have logged in and gotten access to their account, then you can simply just verify your account, provide the legal documents needed to know who’s house it is, where, and why? Once they review your account alongside your detail and reasons, then they confirm if you have passed or not. Later on, when everything is taken, then you should prepare to start a deposit account with Bithumb. This way, you get your work is done and theirs too. This process helps save a lot of time.
Why do Bithumb offer CFDs?
CFD is firstly a form of cryptocurrency and has been around for a while now. A lot of people get confused when they find out that there is an affiliation between Bithumb and CFD they get confused. But the basic thing is that Bithumb is just a small part of it. But CFD is a leveraged project in this game. When you leverage a product, it is sort of bargaining; you offer something in favor without thinking about it. Leveraged products cause prices to increase step by step; the point of leveraged is to drive the stakes higher. And why is this mentioned here? You might be wondering that if CFD is a leveraged product, then how does it signify a benefit to Bithumb. The answer to this is that due to leverage products, there are a lot of changes. It causes the profits to increase, the workload to reduce and at times can even cause to increase your mood.
Does Bithumb provide Education?
In order to be a successful trader anywhere, skills and experience are a must thing. It is important to realize that without education, you cannot exceed because absentees cause problems, and you won’t get the concept. To overcome this obstruction and ensure that customers are being paid their due right. But because Bithumb is a very resourceful and well-thought-out company, they do provide educational resources for widening one’s knowledge and giving them a chance to gain deeper insight into what is more important.
Within the course, they offer a chance to learn the way by which you can know more about the market insights. This helps to understand what rates are taking power and whether the rise is going to last long, or whether or not it will work out. This allows people, whether they are beginners or not, to widen their experience; it is important to do that so that you may get help from here exactly.
In this review, we have learned the Bithumb may not be the perfect exchange or the perfect company for cryptocurrency as it has not been around for too long either. However, the way that Bithumb has resulted in a lot of good things, such as a user-friendly interface, education courses, low deposit amount, and many other factors it is important. So far, they have also maintained a decorum about their platform.
It also offers a huge variety of currencies that have never been seen entirely on another website. This shows that Bithumb is trying its best to go out of the way to gain popularity amongst traders. It is really suitable for people to pay too and it starts off at such a low budget allowing beginners to join too so they can learn.
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