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Bithumb is amongst the most popular cryptocurrency trading platforms in Asia and has been around since 2013. Offering a large variety of crypto tokens, it is a user-friendly choice that is suitable for beginners and experts in equal measure.
By:
Charlie Hancox
Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player, and as…
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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
Pros:
Supports large trading volumes
U.S. customers welcomed
Relatively small fees
Cons:
Has been hacked in the past
Cryptocurrency trading only without support for fiat currencies
Limited payment options
Not regulated
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 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.
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.
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.
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.
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:
PC
Tablet
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.
Key features
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.
Customer support
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.
Our verdict
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.
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.
How does Bithumb make money?
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.
Do I have to pay tax on Bithumb profits?
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.
How do I delete my Bithumb account?
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.
How can I short on Bithumb?
Bithumb doesn’t currently offer the option of shorting coins and tokens.
What if I forget my account password?
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.
Can I transfer from my Bithumb account into my PayPal account?
No, Paypal is not currently a supported payment method with Bithumb.
What if Bithumb closes down while I have open trades?
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.
Can I access my full trading history on Bithumb?
Yes, you can access your full trading simply by logging into your trading account and clicking “Trade History” near the footer of your dashboard.
Can I pay in cryptocurrency with Bithumb?
Yes, Bithumb offers the possibility to pay directly in supported crypto coins and tokens.
Does Bithumb offer bonuses?
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%.
How do I transfer from Coinbase to Bithumb?
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.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player, and as a budding film director, has…
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