Bithumb is a cryptocurrency exchange established in 2014. It is one of the cryptocurrency exchanges with the most trading volume. Users can trade over 150 cryptocurrency pairs on Bithumb and it is possible to exchange crypto for fiat and vice versa. All new traders must undergo a KYC process to trade or buy cryptocurrencies on Bithumb.
Bithumb is managed by BTC KoreaCom Corporation based at Dongwoo Building 17 Teheran-ro 16-gil Gangnam-gu Seoul, 06235 Republic of South Korea. The company was known as Xcoin and rebranded to Bithumb in 2015. It became the world leader in daily trading volumes among cryptocurrency exchanges that same year. It has earned multiple Korean Reputation Institution awards and has achieved the British Standard 10012.
Bithumb offers a secure cryptocurrency trading platform with high trading volumes and large liquidity pools. Bithumb uses ISMS and OTP verification of trades to secure digital asset trading on their platform. The Bithumb customer support service is available 24/7 in multiple languages via live chat and email.
Bithumb isn’t a regulated cryptocurrency exchange yet and they are still in the approval process. They changed some of their operations to become FIO and FSC compliant.
Bithumb Products and Services
Bithumb offers cryptocurrency trading, auto trading, staking services, a trading app, and trading APIs. Users can use Bithumb Cash, which is the sum of total cash users have in their account, for online payments. New users get a free trade coupon from Bithumb. Bithumb has low trading fees of around 0,04% on average.
Bithumb Pros and Cons
- Beginner-friendly trading interface
- Low trading fees
- ISMS and OTP trade verification
- Long and slow account verification process
- Only KRW deposits/withdrawals
- Not regulated yet
How to Open a Bithumb Account
You open a Bithumb account by going to their website, clicking on ‘sign-in’, filling in your personal details and email address, choosing a password, and clicking on ‘confirm’. You then have to accept Bithumb’s terms and conditions and they will send you a confirmation email where you have to click on a link to complete the signup process. You will get a free trade coupon from Bithumb for opening an account with them. To trade large amounts, you have to prove your identity.
Bithumb Account Types
Bithumb has three trading accounts available, the Level 1 account, the institutional account, and the demo account. The Level 1 account is the ‘regular’ trading account, the institutional account is for users who want to trade large volumes, and the demo account is for users wanting to get familiar with the platform. Bithumb offers Bithumb Prime features to institutional account holders which include lower trading fees.
Bithumb Trading Platform
Bithumb’s trading platform is user-friendly, easy to navigate, and displays real-time cryptocurrency prices and the order book. Both beginners and experienced traders can use this trading platform and easily switch between different tabs and content pages of the Bithumb website.
Bithumb charges its users maker/taker fees on every order ranging between 0,04% and 0,25% and uses a coupon model. The exact payable trading fees depend on the kind of coupon the trader purchased from Bithumb. See Bithumb’s coupon page for detailed information.
Bithumb Deposits and Withdrawals
Users can fund their Bithumb accounts free of charge with Korean Wong or cryptocurrencies like Bitcoin, Ethereum, XRP, and USDT. It is not possible to deposit dirham, US dollar, euros, or other major currencies at Bithumb. It is possible to deposit with any crypto wallet or KRW denominated credit or debit card. Bithumb charges a low withdrawal fee of which the exact amount depends on the cryptocurrency withdrawn. There are no withdrawal limits.
Bithumb accepts traders from the United Arab Emirates and other countries. They plan to launch a licensed fiat-to-crypto exchange in Abu Dhabi with UAE-based firm Nvelop.
Bithumb Safety and Security
Bithumb is a safe and secure cryptocurrency exchange nowadays but was hacked in 2017. Hackers stole over 1 billion US dollars in cryptocurrencies. Today they have ISMS and OTP verification processes in place to keep clients’ digital personal information and cryptocurrencies safe. We recommend setting up the available two-factor authentication for your Bithumb account.
Bithumb has an app available for both Android and iOS devices that allows users to trade cryptocurrencies on the go.
Bithumb Customer Service
Bithumb’s customer support service is available 24/7 by email and live chat. Users can also reach them by social media like Twitter and Facebook Messenger. Their support is available in English and Korean.
Bithumb accepts investors from the United Arab Emirates and will soon launch a licensed fiat-to-crypto exchange in Abu Dhabi.
Bithumb Review 2023 – Our Verdict
Bithumb is a cryptocurrency exchange that is a good alternative to Binance, Huobi, and other cryptocurrency exchanges. They charge low fees, have a demo account available, and have no deposit/withdrawal limits. The only downsides are that they are still unregulated, that they have been hacked once, and that users can only deposit Korean Wong.
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