Bithumb Review

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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-rating
Official Websitehttps://en.bithumb.com/
HeadquartersSouth Korea
Found in2014
Native TokenNo
Listed Cryptocurrency150+
Trading Pairs200+
Supported Fiat CurrenciesKRW
Supported CountriesMany, but majorly South Korea
Minimum Deposit1B KRW
Deposit FeesNo
Transaction FeesRanges in betweem 0.04% to 0.25%
Withdrawal FeesVaries in Different Cryptocurrency
ApplicationYes
Customer Support24/7 via Mail, Live chat, Social media, & Help Center Support

About 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 Features

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 Regulation

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

ProsCons
Beginner-friendly trading interfaceLong and slow account verification process
Low trading feesOnly KRW deposits/withdrawals
ISMS and OTP trade verificationNot 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 Fees

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.

Supported Countries

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 App

Bithumb has an app available for both Android and iOS devices that allows users to trade cryptocurrencies on the go.

bithumb-app

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.

UAE Investors

Bithumb accepts investors from the United Arab Emirates and will soon launch a licensed fiat-to-crypto exchange in Abu Dhabi. 

Bithumb Review 2022 – 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. 


Methodology
Business24-7 aims to help those interested in cryptocurrency make safe and informed investing decisions. We are dedicated to offering our readers unbiased reviews of leading cryptocurrency exchanges for traders at all levels. Cryptocurrency exchanges are included in our reviews if they are safe, liquid, regulated by proper authority, or decentralized. 

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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