Bithumb is a crypto exchange by BTC Korean Co. Ltd. Bithumb Exchange is also the first exchange of cryptocurrency in Korea. The CEO of Bithumb is Kim, Dae Shik. Its headquarters is in South Korea and is one of the major crypto exchanges. There is no crypto trading pair thus, trading occurs between cryptocurrency and flat currency. The two operational cryptocurrencies are Bitcoin and Ethereum. Thus exchange can occur between BTC/ ETH against Korean won, the traditional currency of South Korea.
Working of Bithumb
Bithumb generates a great volume of exchange. As per data, it generates 44.29m USD for Ethereum/ Korean won and 13.46m USD for Bitcoin/ Korean Won exchange. If Bithumb Exchange operates with this frequency, soon it shall be one of the Asia’s largest exchanges.
Bithumb has a lot more to offer other than exchange. It has gift cards and other remittances. The minimum value of a gift card should be 10, 000 Korean Won which is approximate $8.78 USD. A person can also sell its gift card on Bithumb in exchange for Bitcoins. The extra services include coupons, sending price notifications and 24*7 customer support service for all its users.
Bithumb has all the features a trading community would look for. It has very low processing rates or a minimal fee for a transaction. Thus, allowing the traders to benefit more. It has high security by using SMS authentication, monitoring the server 24*7, and preventing data tampering by using high SSL. Bithumb uses advanced encryption thus, preventing any cyber crimes.
Bithumb Exchange is known for its high-speed transactions. It has a real-time trading system and charging occurs through viral accounts. It also has real-time withdrawals. Thus, any transaction whether a deposit, withdrawals or exchange occurs in a very small span of time.
Therefore, Bithumb is a platform for buying, selling and storing cryptocurrency. The Interface is user-friendly, easy and convenient. According to the latest development, Bithumb will start with a new crypto exchange called Ripple against Korean won.
New User Account setup on Bithumb Exchange
To set up a new account on Bithumb, a user can log on to www.bithumb.com. A New user can make an account by clicking on Sign up. There are two options available i.e. General Membership and Join a company.
Under general membership, Individual members can login. The user has to enter a name, email ID, phone number etc. that is instantly verified.
Under join a company, several details such as company name, business address, email ID and phone number is required.
Once all the details are confirmed. The user can login into its new account. There is an option of my page, which shows various levels with different significance. Under level 1, the user cannot buy or purchase any Bitcoin or Ethereum. From level 2, the user can buy BTC and transfer to another account only after clearing level 1. Migration from level 1 to 2 needs an authentication where the password will be send to the contact center of Bithumb.
The User can click on authentication center. This window shows various limits for purchasing or transferring of Bitcoin per day, month and year. At the end of the page, there is a password, which has to be sent to email@example.com. It takes 24-48 hrs. for confirmation, where the user can enter level 2.
Bithumb website is in the Korean language. Thus, users can use Google translator for translating it into English. The purchase of Bitcoins or Ethereum is possible against Korean Won, the currency of South Korea. Once it’s added, it takes 30-45 minutes to reflect in the wallet. Wallet with crypto can be used for both trading and transfer.