Bithumb Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

Bithumb, one of the largest cryptocurrency exchanges based in South Korea, presents a strong choice for both seasoned traders and those new to the cryptocurrency market. It offers a wide array of digital assets and a high trading volume, which ensures liquidity and enables easier transactions at any given time. This platform is particularly noted for its user-friendly interface, making it accessible for beginners, and its robust security measures, providing peace of mind through enhanced protection against potential cyber threats and hacks.

However, Bithumb has faced challenges, including past security breaches that have raised concerns about its ability to safeguard user assets during more sophisticated cyber attacks. While these incidents have led to significant improvements in its security infrastructure, they serve as a reminder of the inherent risks associated with digital asset exchanges. Despite these concerns, Bithumb continues to be a popular choice due to its comprehensive service offerings, including spot and futures trading, and its strong customer support infrastructure, which enhances user experience and trust.

Pros

Cons

4,3

Threenvest Score

Fees

0,10%/0,15%

U.S Legal

With the confidence of Threenvest

Year Founded: Established in 2014, Bithumb has a long-standing presence in the cryptocurrency market. This longevity signifies stability and experience in handling a dynamic and sometimes volatile market, providing a solid foundation of trust among its users.

Security Methods: Bithumb has implemented robust security measures, including multi-layered security systems and regular updates to safeguard against new types of cyber threats. These rigorous security practices help ensure the safety of user funds and personal information.

Volume Managed and Trading Volume and Liquidity: Bithumb consistently ranks among the top exchanges globally in terms of trading volume. High liquidity not only makes it easier for users to execute trades at desired prices but also reflects the trust and reliability of the platform in the eyes of a large user base.

Reputation and Reviews: The exchange has built a solid reputation over the years, backed by positive reviews from many of its users. This reputation is supported by Bithumb’s responsiveness to past challenges and its ongoing commitment to improve user experience and security.

Customer Service: Bithumb offers extensive customer support with 24/7 access, including real-time assistance for resolving issues. Effective customer service enhances user trust by ensuring that assistance is readily available whenever needed, which is crucial in the fast-paced environment of cryptocurrency trading.

Best Crypto Exchanges

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About Bithumb Exchange

Introduction

Bithumb, headquartered in Seoul, South Korea, is one of the largest cryptocurrency exchanges globally, primarily known for its deep market liquidity and a wide array of available cryptocurrencies. It was launched in 2014 and quickly ascended to prominence in the crypto exchange world due to its user-friendly platform and aggressive expansion strategies.

What is Bithumb?

Bithumb is a cryptocurrency exchange offering a platform for trading a broad spectrum of digital assets. It is particularly noted for its high-volume trading in South Korean Won (KRW) and for providing South Korean traders with a convenient gateway to a wide variety of cryptocurrency transactions.

Background and History

Since its inception, Bithumb has experienced both rapid growth and significant challenges. It became a dominant player in the South Korean market by 2017, contributing a large part of global Ethereum trading volumes at its peak. However, the exchange has also faced several security breaches over the years, which have prompted it to enhance its security measures significantly.

Founders

The exchange was launched by a team whose identities have remained relatively low-profile in the cryptocurrency space. This secrecy has been typical for many Asian exchanges, particularly in regions where regulatory scrutiny is high.

Interesting Facts

Bithumb regularly holds promotional trading events and competitions with prizes, which have significantly boosted its user engagement and trading volumes.
It was reported to handle over 75% of Bitcoin’s trading volume in South Korea at one point.
The platform has expanded to include Bithumb Global, an international arm intended to cater to non-Korean users, offering trading in multiple fiat currencies.

Headlines

“Bithumb to Launch New Cryptocurrency Exchange in Singapore!” This move is part of Bithumb’s strategy to expand its global footprint and to diversify its services beyond the South Korean market. By positioning itself as a bridge between fiat and digital currencies in one of the most technologically advanced markets in the world, Bithumb continues to play a pivotal role in the global cryptocurrency landscape.

Why Choose Bithumb?

Choosing Bithumb as your cryptocurrency exchange offers several compelling benefits, making it an attractive option for both new and seasoned traders. Firstly, Bithumb’s high trading volume and liquidity ensure that transactions can be executed quickly and at stable prices, which is crucial for traders who need to move large volumes or who operate in markets that can experience sudden price changes.

Secondly, Bithumb supports a wide range of cryptocurrencies and fiat currencies, providing users with extensive trading options and flexibility. This diversity allows traders to explore various crypto-to-crypto and fiat-to-crypto pairs, enhancing their trading strategies and opportunities for arbitrage.

Lastly, Bithumb’s user interface, while robust, is designed to cater to users at all levels of experience. For beginners, the platform offers basic buy and sell options, and for more advanced users, it provides detailed charting tools and advanced order types. This versatility makes Bithumb a suitable choice for a broad audience, accommodating the needs of diverse traders in the dynamic cryptocurrency market.

Where it falls short

User Interface Complexity: Although Bithumb offers advanced trading features, its interface can be overwhelming for beginners. The platform could benefit from a more intuitive design that simplifies navigation and makes trading more accessible to new users. Implementing a customizable dashboard that allows users to adjust the complexity based on their expertise could enhance user experience significantly.

Security Enhancements: Bithumb has experienced several high-profile security breaches over the years. To regain and maintain user trust, it is critical that Bithumb continues to enhance its security measures. This could include adopting newer, more advanced security technologies such as biometric authentication and AI-driven anomaly detection systems. Additionally, increasing transparency about how user data and funds are protected and what steps are taken to mitigate future risks would further reassure users.

Features	Explanation
Minimum Trade	Bithumb allows relatively low minimum trades, accessible for beginners.
Trading and Transaction Fees	Fees are competitive but can be complex and vary by transaction type.
Number of Cryptocurrencies	Offers a wide range of cryptocurrencies, catering to diverse trader needs.
Crypto-to-Crypto Trading Pairs	Provides a substantial number of trading pairs, enhancing trading options.
Website Transparency	Generally transparent but could improve in detailing fee structures.
Credit/Debit Card	Bithumb does not provide an exchange card for in-store purchases or associated benefits, which limits its utility for everyday transactions compared to some other exchanges offering this feature.
Storage Offering	Provides secure storage options with advanced security features.
Staking and Rewards	Offers competitive staking options and rewards for users.
Mobile App and Desktop	Excellent user interface on both mobile and desktop platforms.
Customer Service	Exceptional customer support with 24/7 availability and multiple languages.
Deposit and Withdraw	Efficient processes, though some users report delays during high traffic.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I recommend Bithumb for traders looking for a robust platform with a wide selection of cryptocurrencies and high liquidity. Its user-friendly interface makes it accessible for beginners, while the depth of its market and security measures provides peace of mind. However, potential users should be aware of its complex fee structure and ensure they understand the costs associated with trading on this platform. Overall, Bithumb is a solid choice for those looking to dive into the dynamic world of cryptocurrency trading.

Fees

Bithumb structures its trading fees to accommodate both high-volume traders and casual users, making it an attractive platform for a broad range of investors. The fee system is tiered, based on the user’s 30-day trading volume, which incentivizes frequent trading and higher volumes. Fees start relatively low compared to industry averages, with maker fees often being lower than taker fees, which benefits those who add liquidity to the market. This structure not only supports active traders but also ensures that the exchange remains competitive and accessible to newcomers. The clarity and competitiveness of these fees contribute significantly to Bithumb’s appeal in the global crypto trading landscape.

Pros

Low Starting Fees: Bithumb's trading fees start at competitive rates, making it financially accessible for new traders.
Volume Discounts: Higher trading volumes lead to lower fees, rewarding more active traders with significant cost savings.
Incentive for Market Makers: Lower fees for makers encourage liquidity on the platform, benefiting the trading ecosystem.

Cons

Trading Commissions Analysis

Bithumb employs a tiered fee structure, which adjusts based on the user’s 30-day trading volume. This system incentivizes frequent trading by progressively lowering fees as users climb through different volume brackets. 1. Fee Ranges and Structure

Maker Fees: Start from 0.08% and can drop to as low as 0.01% for high-volume traders.
Taker Fees: Begin at a slightly higher rate than maker fees, starting from 0.10% and decreasing to 0.04% in the highest tiers.

Hidden Fees and Considerations

Unlike many other exchanges, Bithumb maintains transparency by avoiding hidden fees. However, users should be aware of potential costs related to:

Withdrawal Fees: These are fixed per cryptocurrency and aren’t tied to the volume of the withdrawal, which can impact profitability, especially for smaller traders.
Deposit Fees: While depositing cryptocurrencies is generally free, fiat transactions may incur charges depending on the method and amount.

Context and Market Comparison

When compared to global counterparts, Bithumb’s fees are competitively low, particularly for makers, encouraging a liquidity-rich trading environment. This is especially significant in the fast-paced crypto market, where transaction costs can significantly impact trading strategies.

Strategic Implications for Traders

High-Volume Traders: The more you trade, the less you pay. High-volume traders benefit significantly from lower fees, which can compound into substantial savings over time.
Market Makers vs. Takers: Bithumb’s lower maker fees promote a healthy liquidity pool by rewarding those who add to the order book. Takers, while paying slightly more, benefit from immediate order execution.

Final Thoughts

Bithumb’s commission structure is designed to foster an active trading environment that rewards user engagement with lower fees. This approach not only enhances liquidity but also positions Bithumb as a viable platform for users ranging from entry-level to institutional traders. Understanding the specifics of this fee structure is crucial for anyone looking to maximize their trading efficiency and cost-effectiveness on Bithumb.

Product selection

Bithumb provides a comprehensive array of services and products catering to diverse cryptocurrency trading and investment needs. This exchange supports a broad selection of cryptocurrencies, including major tokens like Bitcoin, Ethereum, and Ripple, as well as a variety of altcoins. Users can engage in both spot trading and futures markets, which adds a level of depth to trading strategies suitable for different risk appetites. Moreover, Bithumb extends beyond just trading. It offers additional financial services such as remittance and payment solutions, which leverage blockchain technology for faster and more cost-effective transactions. This makes Bithumb not only a platform for trading but also a practical tool for utilizing cryptocurrencies in everyday financial operations. The inclusion of a mobile app ensures that users can trade and manage their portfolios from anywhere, providing flexibility and convenience. This holistic approach to cryptocurrency services makes Bithumb a versatile platform in the crypto space.

Pros

Diverse Trading Options: Bithumb offers an extensive range of cryptocurrencies for trading, including spot and futures markets, which caters to both beginners and experienced traders.
Integrated Payment Solutions: The platform facilitates cryptocurrency payments and remittances, making it more than just a trading platform but a comprehensive financial service.
Mobile Accessibility: Bithumb provides a robust mobile app, allowing users to manage their trades and accounts on the go, which enhances trading flexibility and convenience.

Cons

Complexity for New Users: The wide array of features and trading options can be overwhelming for newcomers who may struggle with the platform's learning curve.
Security Concerns: Despite robust measures, Bithumb’s history of security breaches may cause concern for potential users, casting doubts about the reliability of its service in safeguarding user assets.

Read more about product selection in Bithumb

Bithumb offers a wide range of services and products designed to cater to a diverse audience, from casual traders to crypto enthusiasts and professional investors. Here’s an extensive overview of the offerings available on Bithumb:

Leveraged Tokens

Bithumb provides leveraged tokens, allowing users to gain leveraged exposure to cryptocurrencies without the complexities of managing a margin account. These tokens can offer multiple times the returns of a price movement in the underlying asset, both upwards and downwards.

Debit Card

Bithumb offers a cryptocurrency debit card that can be used like a regular bank card. This card allows users to spend their cryptocurrency holdings easily in everyday transactions, converting crypto to fiat in real-time.

Mobile App

The Bithumb mobile app makes trading accessible on the go, featuring an intuitive interface that mirrors the functionality of the desktop platform. It includes real-time charting tools, transaction history, and the ability to execute trades seamlessly.

Own Cryptocurrencies

Bithumb supports trading in its own branded tokens, which may offer benefits such as discounted trading fees or participation in platform governance.

Financial Products

Bithumb offers a range of financial products including staking, savings accounts, and loans against crypto assets. These products enable users to earn interest on their holdings or borrow money against their cryptocurrency.

Liquid Swap

The platform includes a liquid swap facility, allowing users to exchange one crypto asset for another instantly and often at lower fees than traditional exchanges.

Promotions and Referral Codes

Bithumb frequently runs promotional campaigns and offers referral codes that provide benefits such as reduced fees or bonus tokens when new users sign up and trade.

Leverage and Futures

Bithumb provides futures trading with leverage options, giving traders the ability to speculate on price movements with greater exposure than their actual investment capital.

Wallet Services

A secure wallet service is integrated into Bithumb, offering both hot and cold storage options to safeguard user funds against potential threats.

Derivatives

Bithumb features a variety of derivative products, including options and perpetual swaps, which are useful for sophisticated trading strategies and risk management.

API and Trading View Integration

For advanced users, Bithumb offers API access for automated trading and integration with TradingView for enhanced chart analysis.

Earn Opportunities and Yielding Pools

The platform also provides various ‘earn’ opportunities through yielding pools where users can stake crypto to earn rewards based on pool performance.

Bonus Deals and Tournaments

Bithumb hosts trading tournaments with prizes and bonus deals that incentivize trading activity and community engagement.

Educational Resources

Bithumb provides a comprehensive education hub that includes tutorials, market analysis, and trading tips to help users make informed decisions. These extensive services and products position Bithumb as a versatile and user-friendly platform for cryptocurrency enthusiasts across the globe, catering to a wide range of financial needs and trading skills.

Account opening

Opening an account on Bithumb is straightforward and designed to accommodate both new and experienced users. The process involves a few key steps: registration, identity verification, and depositing funds, each streamlined to enhance user convenience. Registration: Users start by creating an account with an email address and password. This initial step is quick, requiring only basic information. Identity Verification (KYC): Following registration, users undergo a Know Your Customer (KYC) process, which is essential for security reasons and regulatory compliance. This involves submitting identification documents such as a passport or driver’s license, and sometimes proof of address. Depositing Funds: Once verified, users can deposit funds into their account. Bithumb supports multiple deposit methods including bank transfers and cryptocurrency deposits. The platform provides detailed instructions on how to initiate deposits, making it easy for users to fund their accounts and start trading. This streamlined process is designed to be user-friendly, ensuring that even those new to cryptocurrency trading can easily navigate their way through setting up an account and engaging in trading activities.

Pros

Streamlined Registration: The account registration process on Bithumb is straightforward and fast, allowing users to set up an account with minimal hassle.
Multiple Deposit Options: Bithumb offers various methods for depositing funds, including both fiat and cryptocurrency options, which provides flexibility and convenience for users globally.
Robust KYC Process: The thorough KYC verification enhances security and regulatory compliance, ensuring a safe trading environment for all users.

Cons

Potential Delays in Verification: The KYC process, while necessary for security and compliance, can sometimes be lengthy and may cause delays for users eager to start trading immediately.
Complexity for New Users: For those new to cryptocurrency, the various steps involved in account verification and making the first deposit might seem daunting due to the technical details required.

Read more about account opening in Bithumb

Setting up an account on Bithumb and making your first cryptocurrency purchase involves a series of steps designed to ensure security and ease of use for traders of all levels. Here’s a detailed guide on how to navigate the platform from sign-up to buying your first cryptocurrency.

How to Sign Up on Bithumb

Visit Bithumb’s Official Website: Start by navigating to Bithumb’s official site.
Create an Account: Click on the ‘Sign Up’ button. You will need to provide an email address and create a password. Ensure you choose a strong, unique password.
Email Verification: After submitting your email, you’ll receive a verification link. Click on this link to verify your email address.

Opening An Account

Provide Personal Details: Fill in your personal details such as your name, contact number, and date of birth.
Agree to Terms and Conditions: Read and agree to the terms and conditions to proceed further.

How to Buy Your First Cryptocurrency

Complete Identity Verification (KYC): To buy cryptocurrencies, complete the KYC process by submitting the required documents, such as a government-issued ID and a selfie.
Deposit Funds: Choose your preferred deposit method (bank transfer, credit card, etc.) and follow the instructions to fund your account. Bithumb may offer various options depending on your region.
Purchase Cryptocurrency: Once your account is funded, navigate to the ‘Exchange’ or ‘Trade’ section. Select the cryptocurrency you wish to buy, enter the amount, and execute your trade.

Account Types

Standard Account: For casual traders with basic trading features and withdrawal limits.
Premium Account: Offers higher limits and advanced trading features for high-volume traders.

How to Use Bithumb?

Navigate through the user interface to find different trading pairs, check current prices, and manage your portfolio. The platform also offers advanced trading tools for detailed analysis.

Registration and KYC

Security Features: Enable two-factor authentication (2FA) for added security.
Identity Verification Levels: Different levels of identity verification provide higher transaction limits and additional features.

In conclusion, the process of opening an account on Bithumb and making your first cryptocurrency purchase is streamlined for user ease, but it does involve several important steps that enhance security and compliance with regulatory requirements.

Security

Bithumb prioritizes user security with a comprehensive suite of measures designed to protect user assets and data. The platform employs industry-standard security protocols including two-factor authentication (2FA), advanced encryption, and cold storage solutions, ensuring that the majority of user funds are kept offline and safe from potential hacks. Regular internal and external security audits are conducted to identify and address vulnerabilities, further bolstering the platform’s security framework. Regulatory compliance is another cornerstone of Bithumb’s security strategy. As a leading exchange in South Korea, Bithumb adheres to stringent local regulations and has implemented robust Know Your Customer (KYC) and Anti-Money Laundering (AML) practices. This regulatory adherence not only enhances the safety of the platform but also adds a layer of trust for users concerned about legal and financial security. Despite these strong measures, Bithumb has experienced security breaches in the past, which have impacted its reputation. However, the exchange has taken significant steps to improve its security infrastructure and user protection protocols since then. Potential users should weigh the improved security measures and regulatory compliance against the historical breaches when considering Bithumb as their trading platform of choice. Overall, Bithumb remains a viable option for traders prioritizing both advanced trading features and robust security.

Pros

Comprehensive Security Protocols: Bithumb employs robust security practices including two-factor authentication, cold storage of the majority of its assets, and advanced encryption technologies to secure user data and transactions.
Regulatory Compliance: Bithumb adheres to stringent South Korean regulatory standards, enhancing its credibility and trustworthiness as a secure trading platform.
Regular Security Audits: The platform undergoes frequent security audits to identify and rectify vulnerabilities, ensuring a proactive approach to safeguarding user assets and information.

Cons

Past Security Breaches: Despite current security measures, Bithumb has experienced significant breaches in the past, which have affected its reputation and user trust.
Complex Security Measures for New Users: The extensive security measures, while beneficial, can be overwhelming for new users who may struggle with the complexity of the security setup and maintenance. This could deter less tech-savvy individuals from using the platform.

Is Bithumb Legit?

Bithumb is a legitimate and well-established cryptocurrency exchange based in South Korea. It operates under the regulations and oversight of South Korean financial authorities, which are known for their stringent standards, ensuring that Bithumb adheres to high compliance and operational protocols.

Regulation and Licensing

Bithumb is fully licensed and regulated by the relevant South Korean government bodies. It adheres to all necessary financial laws and regulations, ensuring a secure and compliant trading environment. This includes regular audits and mandatory reporting that uphold transparency and accountability.

Is Bithumb Safe?

Bithumb incorporates multiple layers of security to protect user assets and data:

Encryption and Security Protocols: Utilizes state-of-the-art encryption methods to secure user data and transactions against cyber threats.
Cold Storage: A significant portion of the assets on Bithumb are kept in cold storage, isolated from any online system and thus highly secure against hacks.
Two-Factor Authentication (2FA): Mandatory for all users, enhancing security at login and withdrawal stages.
IP and Wallet Address Whitelisting: Provides an additional layer of security by allowing transactions only from known IP addresses and to pre-approved wallet addresses.

Security Incidents History

While Bithumb is considered secure, it has faced incidents in the past, including a major breach in 2017 where significant amounts of cryptocurrency were stolen. Since then, Bithumb has overhauled its security measures, learning from past incidents to fortify its systems:

Enhanced Monitoring and Internal Controls: Improved surveillance of platform activities to detect and respond to suspicious activities quickly.
Regular Security Audits: Increased frequency and depth of security audits conducted by external experts to identify and mitigate potential vulnerabilities.

Why It is a Secure Crypto Exchange

Proactive Security Enhancements: Continuous updates to security measures to address emerging cyber threats and vulnerabilities.
Compliance with Strict Regulations: Adherence to South Korea’s rigorous regulatory framework ensures operational integrity and security.
Educational Initiatives: Provides users with security guidelines and best practices to safeguard their accounts.

Conclusion

Bithumb’s comprehensive approach to security, combined with regulatory compliance and continuous improvement of its security infrastructure, makes it one of the more secure platforms in the cryptocurrency space. However, users should remain vigilant and adopt personal security measures such as using strong, unique passwords and being cautious of phishing attempts to complement Bithumb’s efforts.

Customer service

Bithumb’s customer service is designed to provide comprehensive support through various channels, ensuring users can get assistance whenever needed. The exchange offers 24/7 live chat support for real-time help, which is particularly useful for resolving urgent issues quickly. Additionally, users can reach out via email for more detailed inquiries or use the phone support available during business hours. The extensive Help Center is another valuable resource, featuring FAQs, user guides, and troubleshooting articles that allow users to find solutions independently. Customer feedback on Bithumb’s support services is mixed. While many users appreciate the availability of multilingual support and the ease of accessing live chat, there are some concerns about response times and the effectiveness of problem resolutions. During peak times or for complex issues, users have reported delays in getting satisfactory responses. To enhance user satisfaction, Bithumb could benefit from improving response times and ensuring consistent quality in issue resolution. Despite these areas for improvement, Bithumb’s multi-channel support approach provides a solid foundation for user assistance.

Pros

24/7 Live Chat Support: Bithumb offers round-the-clock live chat support, which is highly beneficial for addressing urgent issues and queries any time of the day.
Multilingual Support: Catering to a global audience, Bithumb provides customer support in multiple languages, making it accessible for non-Korean speakers and enhancing the user experience for international customers.
Comprehensive Help Center: The platform includes an extensive help center that features FAQs, user guides, and articles, enabling users to quickly find answers to common questions and troubleshoot issues on their own.

Cons

Response Times: Some users report slow response times, particularly during peak trading hours or for more complex issues that require detailed support, which can be frustrating for users needing immediate assistance.
Resolution Effectiveness: There are occasional criticisms regarding the effectiveness of problem resolutions provided by the customer service team. Some users feel that their issues are not fully resolved or that the solutions provided do not adequately address their specific concerns.

Read more about customer service in Bithumb

When evaluating the customer service aspect of Bithumb, several key factors contribute to its effectiveness and user satisfaction. Here’s a detailed breakdown:

Customer Support

Bithumb offers a range of support options designed to assist users with their needs effectively:

24/7 Live Chat: Allows users to get instant help at any time, which is particularly beneficial for urgent issues.
Email Support: Users can send detailed queries and expect a comprehensive response. Ideal for non-urgent issues that require thorough investigation.
Phone Support: Available during business hours, providing a direct line to speak with customer support representatives for immediate assistance.
Help Center: An extensive online resource with FAQs, troubleshooting guides, and user manuals.

Reputation and Customer Feedback

The reputation of Bithumb’s customer service is mixed based on user feedback:

Positive Reviews: Many users appreciate the quick access to support via live chat and the availability of multilingual support, which enhances the accessibility for a global audience.
Negative Reviews: Some users report slow response times during peak hours and less satisfactory resolutions to complex issues.

Methods of Contact

Bithumb ensures that users can reach their support team through various methods:

Live Chat: Accessible directly through the website or mobile app.
Email: Specific addresses are provided for different types of inquiries, ensuring that emails are directed to the appropriate department.
Phone Support: Direct contact numbers are listed for urgent and direct communication.
Social Media: Often used for quick questions and updates, available on platforms like Twitter and Facebook.

Response Time

Live Chat: Responses are typically instant, making it the fastest way to get help.
Email: Users can expect a reply within 24-48 hours, depending on the complexity of the inquiry.
Phone: Immediate response during operational hours.

What Users Might Need to Know

Users looking to engage with Bithumb’s customer support should consider the following tips:

Prepare Necessary Details: Before contacting support, have all relevant information ready, such as transaction IDs, user account details, and any correspondence related to your issue.
Use Appropriate Contact Method: Choose your contact method based on the urgency and complexity of your issue. Use live chat for instant support, email for detailed inquiries, and phone calls for issues that require immediate attention.
Utilize the Help Center: Many common issues and questions are addressed in the Help Center, which can provide quick solutions without the need to wait for a support agent.
Follow Up: If your issue is not resolved in the initial interaction, don’t hesitate to follow up for further assistance.

By understanding these aspects of Bithumb’s customer service, users can effectively navigate their support system and get the help they need in a timely and satisfactory manner.

Is bithumb Right for You?

1. Trading Volume and Liquidity

If you’re a trader who values the ability to execute large trades quickly and at predictable prices, Bithumb might be right for you. It is one of the largest exchanges in South Korea and consistently ranks high globally in terms of trading volume. This high liquidity minimizes the risk of slippage, ensuring that large orders do not significantly impact the market price, which is crucial for both high-volume traders and institutional investors.

2. Range of Services and Market Access

Bithumb offers a comprehensive range of services including spot and futures trading, options, and other financial products like leveraged tokens and savings accounts. This makes it suitable for users looking for more than just basic buying and selling. Additionally, if you are interested in accessing both major and lesser-known cryptocurrencies, Bithumb’s extensive market offerings provide the diversity needed for a broad trading strategy. However, if you’re a beginner, the complexity of some of these products might require a steeper learning curve.

3. Security and Regulatory Compliance

Security is a top priority for any trader, and Bithumb has implemented robust measures including two-factor authentication, encryption, and cold storage. However, it has experienced significant breaches in the past. This aspect is crucial if you prioritize historical security records and continuous proactive measures in your exchange choice. Additionally, Bithumb’s adherence to strict South Korean regulatory standards may add a layer of security and compliance but could also involve more stringent KYC procedures and trading restrictions, depending on your region.

Conclusion

Bithumb is suitable for users who require a high-liquidity platform with a wide range of trading options and are comfortable navigating complex trading environments. It is also ideal for those who value regulatory compliance and are willing to adhere to strict security and verification processes. However, if you prefer a simpler platform or are particularly cautious about past security issues, you might want to consider other options.

Bithumb compared to other crypto exchanges

Threenvest score

4,3

Fees

0,10%/0,15%

US Legal

Security

High 4,9/5

On the exhange website

Threenvest score

4,7

Fees

0,10%

US Legal

Yes

Security

High 4,9/5

crypto.com

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Available cryptocurrencies and countries available

Bithumb offers a broad selection of cryptocurrencies, with over 100 different digital assets available for trading. This includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), among others, providing users with a wide range of trading options to suit diverse investment strategies.

Principal Countries Available: Bithumb primarily serves South Korea, where it is one of the leading exchanges. However, its services are also accessible to users in various other countries globally through Bithumb Global, its international platform. This ensures that a wide international audience can utilize Bithumb’s trading services.
Main Cryptos Not Available: Despite its extensive offerings, Bithumb does not support some niche or newer cryptocurrencies and certain specific tokens due to regulatory or strategic reasons. This may include some privacy coins and smaller altcoins, which could be a limitation for users interested in a highly diversified cryptocurrency portfolio.
Important Countries Not Supported: Certain restrictions apply to users from countries like the United States and other regions with stringent regulatory frameworks that conflict with South Korean crypto exchange policies. Residents of these countries may face restrictions or be unable to open accounts on Bithumb due to local laws regarding cryptocurrency trading.

This information is crucial for potential users to determine if Bithumb meets their trading needs based on geographical location and desired cryptocurrency offerings.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Cardano (ADA)
Polkadot (DOT)
Bitcoin Cash (BCH)
Chainlink (LINK)
Stellar (XLM)
EOS (EOS)
Tron (TRX)
Monero (XMR)
Dash (DASH)
Cosmos (ATOM)
Tezos (XTZ)
IOTA (MIOTA)
NEO (NEO)
VeChain (VET)
Zcash (ZEC)
Binance Coin (BNB)

Main countries where you can open an account

South Korea (primary market)
Japan
Canada
United Kingdom
Australia
New Zealand
Most countries in the European Union (EU)
India
Singapore
Hong Kong
Thailand
Vietnam
Philippines
Malaysia
Indonesia

FAQs

What cryptocurrencies can I trade on Bithumb?

You can trade over 100 different cryptocurrencies on Bithumb, including major assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), as well as a variety of altcoins and emerging digital currencies.

How do I deposit funds into my Bithumb account?

To deposit funds, log into your account, navigate to the ‘Deposit’ section, and select the type of currency you wish to deposit—fiat or cryptocurrency. For fiat, follow the instructions to wire funds from your bank account. For cryptocurrencies, use the provided wallet address to transfer funds from your external wallet to your Bithumb wallet.

Are there fees associated with trading on Bithumb?

Yes, Bithumb charges trading fees which vary depending on your trade volume and the type of transaction. Generally, fees start low and become more favorable as your trading volume increases. Specific fee structures can be found on the Bithumb fee schedule on their website.

Is Bithumb available in my country?

Bithumb primarily serves South Korea but also supports various other countries through Bithumb Global. It’s not available in countries like the USA, China, and others facing extensive regulatory restrictions. Always check the latest terms on the Bithumb website or with local regulatory authorities to ensure it’s available in your region.

What security measures does Bithumb have in place?

Bithumb employs several robust security measures, including two-factor authentication, cold storage of the majority of assets, encrypted user data, and compliance with strict South Korean financial regulations.

How can I contact Bithumb if I have an issue?

Bithumb offers multiple customer support channels, including 24/7 live chat, email support, and phone support during business hours. Additionally, their extensive online help center provides answers to common questions and troubleshooting assistance.

How do I withdraw funds from Bithumb?

To withdraw, go to the ‘Withdraw’ section, select the type of currency, enter the withdrawal amount, and provide the required withdrawal details (bank account for fiat, wallet address for crypto). Confirm the transaction with your security credentials, and the transfer will be processed according to the current wait times for your selected method.

Final opinion on Bithumb

At Threenvest, we aim to provide a clear and concise overview of prominent cryptocurrency exchanges to aid our users in making informed decisions. Bithumb, with its stronghold in the South Korean market and a significant global presence through Bithumb Global, stands out for its high liquidity and diverse cryptocurrency offerings. This exchange facilitates a broad spectrum of trading activities ranging from basic spot trading to more complex derivatives and futures, making it a versatile platform for various trader profiles. However, while Bithumb excels in market depth and user interface sophistication, it is not without its challenges, particularly for international users who might find the regulatory landscape and security history a point of concern.

Compared to other exchanges, Bithumb’s robust local market presence and tailored services for Korean users give it a competitive edge in East Asia. Yet, the complexities of its fee structure and past security breaches may deter new entrants unfamiliar with its system or those prioritizing impenetrable security. At Threenvest, we recognize that Bithumb offers compelling features for those seeking a dynamic trading environment with extensive crypto options. Nonetheless, potential users should weigh its advanced functionalities against the user experience and security incidents to determine if Bithumb aligns with their trading needs and risk tolerance. As always, we encourage our readers to conduct comprehensive research and consider multiple platforms to find the best fit for their trading strategies and security requirements.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.