Review of Bithumb
Bithumb supports a large number of crypto coins/tokens, has high trading volumes, and users from around the world, while offering a user-friendly trading interface.
Pros & Cons
What can I do with Bithumb?
Currently, Bithumb offers over 120 coins and tokens available for trading or exchange, over 160 pairs, and leverage of up to 10x.
Its fixed maker/taker transaction fees are slightly lower than that of similar exchanges and Bithumb also welcomes traders from over 190 countries worldwide, including the United States, which is broader coverage than most.
Bithumb cryptocurrencies and trading options
What cryptocurrencies can you trade on Bithumb?
Major cryptos traded on Bithumb
- Bitcoin Cash
- Stellar Lumens
- Polaris Share
- Anchor Neural World
Bithumb core currency pairs
All Bithumb trading options
Bithumb provides a wide array of crypto coins/tokens and pairs for trading, but no futures or derivatives at this time. You can presently trade and exchange a total number of 120 coins/tokens and over 168 pairs.
Can I trade with leverage on Bithumb?
Yes, margin trading on Bithumb has been available since March 2020. Margin trading was initially launched for just two pairings – BTC/USDT and ETH/USDT. The maximum leverage for the pairings was 5X but has since increased to 10x.
What are the spreads?
Bithumb charges a flat, fixed fee on every trade conducted through its platform. The fee is 0.25% for every transaction made and is charged both for the maker and the taker.
The platform also gives traders the chance to purchase a coupon that gives a discount of up to 84% of the fixed trading fee, depending on how much KRW you purchase through Bithumb. For a coupon of 20,000 KRW ($18), you will have a 20% discount, whereas, for a coupon worth 200,000 KRW ($180), you will receive an 84% discount, which means the fixed flat fee will be only 0.04% per trade.
Fees, limits, and payment options on Bithumb
What are the deposit and withdrawal fees, limits, and speeds?
Bithumb only offers two methods to deposit funds – directly via cryptocurrency and bank transfer, so credit/debit cards are not an option. The exchange charges a withdrawal fee of 0.001 BTC when you withdraw Bitcoin, which is lower than the former 0.003 BTC they used to charge.
Fees for deposits/withdrawals depend on the type of crypto coin you pay with, but are generally in line with fees charged by other similar trading platforms.
0.001 BTC/ N/A
1 working day
$1/$3,000 per day
2-3 working days
How much are Bithumb’s fees and commissions?
Bithumb charges a fixed 0.25% maker and taker fee on all transactions. This is comparable or just slightly lower than other crypto brokers.
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Bithumb trade sizes and limits
The minimum order size varies depending on the cryptocurrency used, but for Bitcoin (BTC) it is 0.001 BTC. There is no real maximum trade, which is great for larger volume professional and institutional traders.
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Bithumb trading platform
What devices can I use Bithumb on?
Bithumb’s trading platform is available both online and as a mobile app that can be downloaded for free, either from the App Store for iOS users or from Google Play for Android users. You can use Bithumb on any of these platforms:
- iOS Mobile Devices
- Android Mobile Devices
Can I use Bithumb in my country?
Bithumb is available in over 190 countries and territories, including the United States, United Kingdom, South Korea, Spain, Germany, and Japan. Bithumb is not available in Iran, Ethiopia, Iraq, Serbia, Sri Lanka, and Syria. Select your country from the list below to see if it is available where you are.
Is Bithumb available in my language?
Currently, Bithumb is available in 8 languages, including Korean, English, Chinese, and Japanese. Select your language from the list below.
How easy is it to use Bithumb?
Bithumb provides a modern cryptocurrency exchange that is client-oriented, allowing you to perform all trades and exchanges simply and easily.
The trading interface is intuitive, both online and on the mobile app, with easy to execute trades in just a few clicks. Bithumb customer support service is also at your disposal 24/7 via live chat to help you with any inquiries and to get started trading.
Bithumb is considered one of the most popular Asian cryptocurrency exchanges, with an operating history of over seven years and more than six million customers worldwide. Here are some of its selling points:
Advanced Order Matching
Sources and combines orders that share the same transaction depth for quicker fills and fast transaction times.
Integrated Hot And Cold Storage Wallet
Besides supporting all the coins and tokens available on Bithumb, it also offers hot and cold wallet separation and risk blown to ensure the safety of stored funds.
Safety & Security
Bithumb protects its assets by complying with the Information Security Management Systems (ISMS) certification and separated hot and cold storage wallets.
Security and regulation
Is Bithumb safe?
Bithumb makes a collective effort to protect clients’ assets by adhering to data security protocols that are tops in the financial industry. It implements a 5-5-7 regulation model, which recommends that 5% of all personnel in the financial institutions are IT specialists, 5% of the IT specialists are data security exclusive, and 7% of the total budget is used for data protection.
Keep in mind, that Bithumb was hacked three times within the last three years. The most recent hack attack took place in March 2019, where hackers are believed to have stolen cryptos EOS and Ripple (XRP) coins worth a total of $20 million.
Am I and my cryptocurrency protected?
Despite the exchange being hacked three times in the past three years, Bithumb insists that customers’ assets are kept separate from the company’s assets, in cold wallets that cannot be hacked.
However, Bithumb doesn’t offer any account compensation scheme if clients’ accounts are hacked and, since it isn’t insured, it cannot guarantee funds either.
Is Bithumb regulated?
Bithumb is not currently regulated by any recognised financial authority in any country.
Do I have to verify my account with Bithumb?
No, to perform a simple trading or exchange operation on Bithumb, you are not required to provide proof of ID and residence. However, to trade large volumes, you will need to upgrade your account to Level 2, which requires verification. Including uploading copies of your personal photo ID and a secondary piece with your current residential address, such as a utility bill.
Bithumb provides a good amount of educational resources to help traders learn how to trade and how to trade with leverage. On the exchange’s main web page you can find a series of video tutorials, trading guides, insights, and a newsletter to help keep you updated with the latest news on crypto trading, and to develop your trading strategies.
Tools and charting
Bithumb provides clients with a small but decent array of Auto Trading tools. Amongst the trading bots offered, one can count Heybit, Korbot, BitUniverse, Copybot, and others.
Besides this, Bithumb’s main advantage is that it can be used anywhere, anytime, allowing clients full freedom when it comes to trading.
Bithumb offers 24/7 live chat and multi-lingual, client-oriented support on its website. Customer support can also be reached by either telephone, email or live on any of its main social media channels, including Instagram, Twitter, and Youtube.
Bithumb is an established exchange, having been around since 2013. It provides over 100 crypto and coins to trade, some with leverage of up to 10x. Both the platform and the mobile version are designed for beginner traders and come with a user-friendly interface. Those with large trading volumes have the option of choosing one of the many Auto-Trading bots available, as well as take advantage of the exchange’s full API.
Overall, Bithumb charges relatively small fees for deposits/withdrawals and fixed maker/taker fees of 0.25% for every trade. The chat support is responsive and available 24/7, but certain users might have concerns regarding the security of their accounts since the platform has previously been hacked three times.
For simple trades and exchanges, Bithumb is a useful platform, but if you are looking for a service with a safe, integrated wallet to store your funds, then there are better alternatives available.
How to buy and sell cryptocurrency on Bithumb
How to buy crypto on Bithumb
- Log in on Bithumb via the link you receive on your email
- Deposit funds to your account with one of the methods accepted
- Click on “Exchange”, the first tab at the top bar beside Bithumb Cash, and select the coin/token you wish to buy
- Click on it, enter the amount and quantity you want to buy, and click the “Buy” button
How to sell crypto on Bithumb
- Sign In to your account
- Go to your wallet
- Select the coin/token you want to sell, the amount, and quantity
- Click on the “Sell” button.
Bithumb is owned and operated by a company named BTC Korea.com Co. Ltd. which was founded in 2013 and is based in Seoul, South Korea.
Bithumb makes money by charging a fixed 0.25% fee on every trade, as well as from the fees it charges for depositing/withdrawing cryptocurrencies.
Depending on the trade volume, your profit margin, and your local legislation, you may be required to pay tax on your Bithumb profits. Check your local tax regulations to determine what applies to you.
Simply send an email to customer support formally requesting the cancellation of your account. A member of their team will walk you through the next steps.
Bithumb doesn’t currently offer the option of shorting coins and tokens.
If you forgot your password, click on the “Sign In” button on the homepage and select “Forgot Password”. A verification email will be sent to your registered email address to help you reset your password.
No, Paypal is not currently a supported payment method with Bithumb.
All your open trades are processed in real-time and will be visible in your trade history.
In the event that Bithumb ceases operations altogether, it does not carry any deposit insurance by any financial authority therefore your deposits are not protected in any way.
Yes, you can access your full trading simply by logging into your trading account and clicking “Trade History” near the footer of your dashboard.
Yes, Bithumb offers the possibility to pay directly in supported crypto coins and tokens.
Yes, Bithumb offers a series of bonuses, including a 20% discount to new traders on transaction fees, as well as commissions for inviting and referring new traders to the platform. It also runs a Virtual Asset Deposit program that allows you to keep some of your crypto assets on Bithumb and benefit from an annual interest rate of 7%.
Enter your account on Bithumb and click the ‘send’ option in your crypto wallet, fill in all the required data, and provide an external Crypto wallet address (Bithumb). You will then receive a QR code to complete the transaction.