Opinions about Bithumb

Bithumb is a Korean platform through which you can buy bitcoin and invest in cryptocurrency pairs. If you have come this far wondering if it is a scam, we already tell you that it is not a scam, because we are talking about one of the most reputable platforms in Korea to operate cryptocurrencies.

This company has grown a lot in recent times and is well known. However, it became sadly famous because it suffered a hack not so long ago in which about 3% of its users were affected. The company promised compensation to those affected and assured that it was not the funds that were affected but the personal information. But in any case, it is an undesirable situation. That said, there is no platform that can guarantee immunity from a hack and at least within what is controllable, we can say that in our opinion this company is trustworthy, since at all times they allow the user to recover their money.

Our experience

We are facing a good platform, of good quality, that allows you to deposit money safely and use it in trading operations. Registration is free and no download is required to operate. We are facing a real cryptocurrency investment giant, which manages about 70% of the Korean bitcoin market and has even managed the highest volumes in the world at some point, and yet the website has untranslated parts, only available in Korean, which makes these parts unusable for the vast majority of the New Zealand public.

Below we will analyze the security of this website to explain why we do not think it is a scam.

Is Bithumb a scam?

The support that bithumb has from users would not make any sense if it were a scam. A company that manages 70% of the market of a country, does not need to resort to fraud to make money. But in addition, we are before an institution that has regularly talked with the Korean government about the possibility of regulating cryptocurrencies and that has been favorable to introducing security measures and regulations, something about which any company dedicated to the scam, would not agree.

It is true that the company suffered an attack by hackers, but it is also true that any company can be subject to these attacks and that users' insecurity regarding them is total, no matter what platform they are on, because at the moment cryptocurrencies are not regulated. Therefore, when we analyze security, we must check that the company follows the market standards and that she is not going to keep anyone's money. About the possibility that there is an online theft, it is something that we should always contemplate as a risk that will be there.

Bithumb Promotions

Bithumb does not currently offer promotions.

Trading cryptocurrencies on Bithumb

The operation at bithumb is simple. Registration is free and fast. In it you will need to confirm your mobile phone and your email address, both with a code and a link that will reach the number and address you give them. Of course, in no legitimate communication from the company, you will be asked to give them your password. It is important that you register with your details as they appear in your passport: Surname and first name, since being from outside the Dollarpea Union, they are more familiar with the passport format than with that of the identity card. When you want to withdraw money, they will check that your data matches those of the passport, so we insist that you make sure that you write them correctly, exactly as they appear on the official document. In fact, once registered you will have to send an image of your scanned passport. They will also ask you to send them a copy of an official document in which your name and surname appear along with your postal address, so that they can verify that the address you gave them is true.

The cryptocurrencies available to invest in are: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, Monero, Bitcoin Gold, EOS, Qtum, Ethereum Classic and Zcash. While it is true that there could be more, for the vast majority of users these are enough and we believe that they perfectly cover what a New Zealand user could expect.

The commissions per operation are very interesting, since they apply 0.15% regardless of whether you are a market generator or not, which is significantly lower than usual in the market.

Payment methods

You can deposit money in the cryptocurrencies accepted on the platform, in principle for free. We say in principle, because they do apply a fee to what they call small deposits, since according to their experience, they are the cases that usually give the most problems. The amount considered small deposit varies depending on the time and cryptocurrency. But to give you an idea, an amount of bitcoins less than 0.005 was considered a small deposit.

Withdrawals do have a commission. For example in the case of the 0.001 bitcoin, but the good news is that on the same platform you can generate your wallets, so you can safely store your money there. If you want to compare other different platforms, you can enter the main review of Estafa.info about bitcoin exchanges.

Safety and regulations

There are no regulations affecting this platform because cryptocurrencies are not regulated in Korea. We know that bithumb is collaborating with the government of your country to regulate this particular and thus increase the trust of users.

In any case, we are facing a more than contrasted website with which you will not have problems in terms of fraudulent activities on their part. In our opinion it is not a scam and you can trust them.

While it is true that they suffered an attack in the past, the company responded responsibly within reason, since there is no compensation fund that guarantees cryptocurrency deposits. Something that is equally applicable in a company based in Dollarpa.

The fundamental security measures are to keep the vast majority of money in cold wallets, SSL encryption and two-step authentication that can be configured to log in.

Customer service

Customer support is available by phone and through a ticket system that is then followed up by email. Although they have some agents that serve in New Zealand, realistically the normal thing is that you have to do your homework with English.

In addition, the support service has a help section with a lot of content, but this is translated from Korean to English with Google Translator, so you have to look at it with caution.

However, the response times of this platform compared to others have seemed reasonably high to us, and we think it deserves a good note in this section.

Functionality of the website

The website works perfectly, but it has a big weak point which is the language. There is a lot of content, but this one is in Korean. The English and New Zealand translations are mediocre, although it is true that the English one is functional enough.

The design, without great ostentation, is very functional and intuitive, so despite the linguistic problems, we believe that your website can be used perfectly.

Mobile application

There is no bithumb app, and it's a shame because from such a large platform we expected that if there was one.

Therefore, if you want to invest from mobile you have to settle for the web version. It works well and is well adapted, but logically it is not the same as a native app designed for mobile. In short, a possibility for times when it arises to make some operation, but not enough to make a regular investment via mobile.

Finding

The company and the platform would deserve an outstanding if it were not for details such as the poor linguistic quality of the contents, whether we like it or not affects the user experience, and the hacking they suffered in the past.

With well-translated content, they would be able to offer much more transparent information to dollar investors and this would make us raise our note.

Now, it is a legit company, without suspicion of scam and supported by the Korean market that is a serious market and expert in cryptocurrency matters, so we are undoubtedly facing an option that can only improve over time.