Bithumb

Bithumb Cash transfer and payment service

Bithumb Cash is defined as the amount of the total assets held by Bithumb users converted into KRW. Bithumb has its own version of a payment service that users can use to make payments offline or online using a desktop or mobile device. In addition, it supports the sending and receiving of funds using QR code and SMS.

Source: Bithumb

Strengths

• Good volumes which makes it the platform highly liquid
• Offers live support
• Offers a variety of crypto assets (over 100+ tokens available for trading)
• Apparently has a large cash reserve and has billions of KRW in capital funds
• Supports auto trading
• Offers staking services
• Offers lending, savings and interest earning services
• Platform offers margin trading on Bithumb Pro

Weaknesses

• Verification processes are reportedly slow at times.
• Security has been questionable in the past. In 2017, the exchange was hacked and customer information was apparently stolen and in 2018 around $32 millon was reportedly stolen from the platform in another hack.
• Bithumb has also been accused of faking trading volumes.
• Although Bithumb offers support for most countries, it still doesn’t cater to residents or citizens from countries considered high-risk according to the Financial Action Task Force (FATF) such as North Korea, Syria, Myanmar, Yemen, Albania, Barbados, Botswana, Zimbabwe, Cambodia, Ghana, Iran, Jamaica, Mauritius, Nicaragua, Pakistan, Panama, and Uganda.
• Fees (Source: Bithumb)