The hype around crypto trading has reached an entirely different level in these recent years. Numerous people from all around the globe are now trading cryptocurrencies and generating extensive returns. As a result, the number of crypto exchanges has also increased significantly.
While it’s great that people now have many alternatives to choose from, trying to find the right exchange can also be an overwhelming experience. One must rely on extensive research and evaluation to get the platform that best serves their needs and requirements.
Speaking of best serving your crypto trading needs and requirements, we are here to take a look at the offering of one of the leading trading platforms available in the market. The platform we will learn about here is Bithumb which was launched in 2013 with its headquarters in South Korea.
The platform is equipped with a wide range of features and functionalities to ensure an unmatched crypto trading experience. But why take anyone’s words for it when it’s you who will spend your hard-earned money on the platform. So continue reading as we dive deeper into the nuances of Bithumb and better understand what this platform has to offer.
Pros and Cons of Bithumb
Bithumb At a Glance
Bithumb At a Glance
|Number of listed cryptocurrencies||190+|
|Supported fiat currencies||South Korean Won (KRW)|
|Allowed in the US||Yes|
|Customer support||24/7 support through phone and email|
Bithumb: Company Overview
Launched in 2013, Bithumb is one of the finest crypto trading platforms offering you a wide range of cryptos to choose from. The platform was created by one of the best-known companies in South Korea called, BTC Korea.com. Co. Ltd. Bithumb has its headquarters in South Korea, one of the platform’s crypto-friendly countries.
BK Global Consortium has the majority share in BTC Holding Co. after signing a deal in 2018. Consequently, they are now one of the largest investors in the Bithumb crypto platform.
The best thing about trading your cryptos on Bithumb is the platform offers a very user-friendly interface. Every aspect of this interface is designed to eliminate all hassle and complications from crypto trading. Apart from that, Bithumb attracts traders from many countries by offering support in different languages. Some of these languages include Hindi, English, Spanish, Chinese, and even Japanese.
The aspect that sets Bithumb apart from most of its competitors is the platform supports accounts for institutional investors. This means you can always reap the benefits of enhanced liquidity and make trades without any hassle. Besides that, the trading volume of Bithumb is among the highest in the market.
Cryptocurrencies Supported in Bithumb
Bithumb supports a wide range of cryptocurrencies to ensure its traders never fall short of options. According to Bithumb’s website, the platform now supports more than 190 cryptocurrencies, allowing you to make the most of every opportunity. Some of the best-known cryptos you can find on the Bithumb platform include:
Cryptocurrencies Supported in Bithumb
|Request (REQ)||Dogecoin (DOGE)||Solana (SOL)||TrustSwap (SWAP)||Dai (DAI)|
|Efinity Token (EFI)||WEMIX (WEMIX)||ANIVERSE (ANV)||Creditcoin (CTC)||TRON (TRX)|
|Bitcoin (BTC)||The Sandbox (SAND)||Polygon (MATIC)||Dvision Network (DVI)||Ethereum Classic (ETC)|
|Ripple (XRP)||SIX (SIX)||Titan (TITAN)||JasmyCoin (JASMY)||Synthetix Network Token (SNX)|
|Ethereum (ETH)||Hive (HIVE)||Play Dapp (PLA)||Frontier (FRONT)||Zilliqa (ZIL)|
The cryptos you see in this table are just a few of the many cryptos the Bithumb platform supports. You can view the extensive list of all cryptos supported on the platform on Bithumb’s official website.
Key Features of Bithumb
The unprecedented growth and significance garnered by Bithumb can be accredited to the amazing features and functionalities the platform has to offer. Every feature and functionality on the platform is designed to serve traders’ distinct needs and requirements. So let’s check out some of the key features of the Bithumb crypto trading platform and understand how it can benefit you as a trader.
Humans are not computers or machines that can be active 24/7. But in the crypto market, you never know when you might end up missing out on an amazing opportunity. Besides this, the volatility of the crypto market also means traders have to be vigilant at all times to ensure they do not fall victim to any adverse situation. So Bithumb provides its traders with automated trading capabilities.
The platform has many such automated trading capabilities that allow traders to designate unique circumstances. This ensures that you never miss out on an opportunity and buy your cryptos at the lowest of prices. As a result, it becomes much easier to increase your returns by selling the same cryptos at higher prices relative to the market’s performance.
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No matter how much thought one puts into designing the ideal crypto trading platform, it is never possible to serve everyone’s requirements effectively. Different traders have different needs and preferences so matching everyone’s expectations is almost impossible. But Bithumb has found a way around this complexity as the platform allows traders to customize the platform to suit their requirements and preferences.
Bithumb is well equipped with some of the finest API tools that help traders customize the platform according to their unique preferences. You can even create custom integrations with external software solutions to enhance your crypto trading experience. This is a quality you can barely find in any other crypto trading platform available in the market.
Security concerns are one of the primary reasons people are reluctant to start their crypto trading journey. There is no shortage of instances where people have lost a lot of fortunes trying to trade cryptocurrencies. Bithumb understands and acknowledges this concern of traders, so it offers many security measures to ensure your safety and security on the platform.
Bithumb leverages the information security management system commonly known as ISMS to ensure the security of its traders. Besides that, the platform also allows traders to add another level of security with the OTP verification mechanism. This plays a key role in restricting unauthorized access to the platform, ensuring effective safety for you and your crypto assets at all times. These measures have helped Bithumb earn a great deal of reputation among traders from all around the globe.
High Trading Volume
There is no shortage of crypto trading platforms in today’s highly competitive business environment. Consequently, there are also such crypto trading platforms that offer amazing features and functionalities. Yet, barely any such platform can bridge the gap between advanced features and high trading volumes.
Bithumb stands out from its competitors as the platform offers features and a high trading volume. Bithumb has long retained the reputation for dealing with high trading volumes. But more importantly, the platform has shaped its trading practices in a manner that no external forces can manipulate the market prices and benefit from the same. With Bithumb, you get high trading volumes, amazing features, and a great deal of security.
Additional Features of Bithumb
Key features of the Bithumb crypto trading platform are just a peek at what the platform actually has to offer. Besides these key features, Bithumb has a lot more to offer its traders, ensuring they get an unmatched trading experience. So let’s check out some of the additional features that Bithumb offers.
- Customer Support: Customer support is one of the strongest and most effective offerings from Bithumb. The platform offers uninterrupted customer support at any time of the day or night, be it weekends or weekdays. This makes it very convenient for traders looking to resolve their queries and make the most of Bithumb’s offerings.
- White Label Crypto Exchange: Bithumb does not just allow its traders to trade cryptos on the platform but has a lot more to offer. One such notable offering is Bithumb allows its traders to create and manage their own digital cryptos. This practice allows traders to generate currencies with chances of increasing value over time seamlessly.
- ID Verification: Bithumb never compromises the safety and security of its traders and their assets. That being said, Bithumb mandates every trader to verify their account with legitimate identification and a recent photo. This helps the platform eliminate or at least mitigate the risk of cyberattacks, ensuring everyone’s safety. Following the verification, traders will get a 4-digit pin which they will need every time they log in to their accounts.
- BithumbCash: BithumbCash is the native currency of the Bithumb platform. Traders can use this currency to pay for services and even convert their assets to South Korean Won (KRW). This allows traders to spend their BithumbCash without any hassle or complication, creating troubles for them. Plus, traders can withdraw as much as they want with the utmost level of convenience.
- Available in Many Countries: unlike most other crypto trading platforms, Bithumb is available in many different countries. This means their services are not just restricted to the residents of South Korea. Traders from other countries can also leverage the offerings of this platform and amplify their returns while making the most of what the platform has to offer.
Fee Structure of Bithumb
Bithumb has long been known for offering traders one of the most competitive trading fees you can get in the market. The basic trading fee that Bithumb charges are just 0.15%, which is relatively competitive compared to most other crypto trading platforms. This means if a trader purchases BTC worth $1000, then they will need to pay just $1.50, which is great compared to other platforms.
Things can get a bit complex when it comes to determining the withdrawal and fee on the platform. So refer to this table to better understand deposit and withdrawal fees in Bithumb.
|Currency||Deposit Fee||Small Deposit Fee||Withdrawal Fee|
|Bitcoin (BTC)||Free||0.001 BTC for deposits less than 0.005 BTC||0.001 BTC|
|Ethereum (ETH)||Free||Free||0.01 ETH|
|Korean Won (KRW)||Free||Free||1000 KRW|
|Ripple (XRP)||Free||Free||1 XRP|
|Litecoin (LTC)||Free||0.01 LTC for deposits less than 0.3 LTC||0.01 LTC|
|Bitcoin Gold (BTG)||Free||0.001 BTG for deposits less than 0.15 BTG||0.001 BTG|
|EOS (EOS)||Free||Free||1.5 EOS|
|Zcash (ZEC)||Free||0.001 ZEC for deposits less than 0.02 ZEC||0.001 ZEC|
|Qtum (QTUM)||Free||Free||0.05 QTUM|
|Dash (DASH)||Free||0.01 Dash for deposits less than 0.04 DASH||0.01 DASH|
|Ethereum Classic (ETC)||Free||Free||0.01 ETC|
Additionally, traders can even use coupons and avail of a discount on the overall trading fee. The discounted percentage can generally be anything from around 0.01% to 0.075%. So make sure to leverage the coupon mechanism to save on your trading fees and increase your returns for good.
How Secure is Bithumb?
Safety and security is always a major concern that comes with crypto trading. Besides that, the crypto trading regulations in South Korea are relatively strict compared to most other countries. So Bithumb has no other option but to deploy highly effective security measures to ensure unmatched safety for its traders and their assets.
Given these security features, it is safe to say that Bithumb is a safe and secure platform for you to trade your cryptocurrencies. But what exactly are these measures? Let’s find out.
- Trade Monitoring: One of the best things about trading your cryptos in Bithumb is that the platform has a robust 24×7 trade monitoring policy. This mechanism keeps a watch on every crypto exchange at any time of the day or night. Thus, any security flags, market manipulations, or unlawful practices are detected right on time to avoid further consequences.
- Two-Factor Authentication (2FA): As with most other crypto exchanges, even Bithumb has a two-factor authentication mechanism. This means every time you log into your account or withdraw funds from your account; you must authenticate the activity twice. This is done by either mobile notifications or registered emails of the traders.
- SSL Encryption: Very few crypto trading platforms in the market have SSL encryption for better security. Bithumb is also one of those few platforms that leverage SSL encryption to ensure the safety and security of your data. This helps prevent criminals from making any unauthorized modifications to aid their unlawful deeds.
- Cold Wallet Storage: It is no news that Bithumb has been hacked a couple of times, causing extensive loss to the company. However, these losses were paid off to traders. Bithumb stores most of its crypto assets in cold storage, keeping them safe and secure from hackers and fraudsters.
How To Open An Account on Bithumb?
Getting started with Bithumb is much simpler and more efficient than you might imagine it to be. The platform only requires traders to follow a couple of simple steps before they can start reaping the benefits of what the platform has to offer. So let’s check out what these steps are.
Step 1: Open Bithumb’s official website or mobile and click on “Sign-Up”.
Step 2: Provide your basic detail such as contact number and email address
Step 3: The platform will verify that you are not a robot.
Step 4: Provide further details and a string password
Step 5: A verification code will be sent to your email address or mobile number
Step 6: Complete the verification process by clicking on the link sent to you.
Step 7: Your account registration is complete, and you are now a trader on Bithumb
Once done, you’re all set to deposit funds in your account and start trading in no time.
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Bithumb is one of those few crypto trading platforms that greatly ensure unmatched customer satisfaction at all times. The platform provides traders with a plethora of features and functionalities that help enhance the overall trading experience of traders. As a result, it becomes much easier to trade cryptos on Bithumb, further enhancing overall customer satisfaction.
Bithumb also charges trading fees from its traders, which is known for being among the most competitive rates in the industry. Traders can then focus on enhancing their profitability without sweating over the trading fees charged by the platform. Bithumb also leverages many security features to ensure its traders’ safety and security without compromise.
The other quality that helps Bithumb enhance customer satisfaction is the 24/7 customer support the platform offers. You can reach Bithumb’s support executives through various mediums allowing you to resolve your queries in no time. Given all these offerings covering so many traders’ concerns, it is safe to say Bithumb never fails to ensure effective customer satisfaction for its traders.
Bithumb Vs. Competition
Bithumb is one of the finest crypto trading platforms you can currently access in the market. But that does not mean that Bithumb is the only platform where you can trade your cryptos. As a crypto trader, it becomes very important to know what other platforms are offering and compare. This will help you make a better and more informed decision.
So let’s take this opportunity to compare Bithumb’s offerings with one of its leading competitors Binance.
Bithumb Vs. Binance
|Allowed in the US||Yes||No|
Looking at this comprehensive overview, it’s evident that Binance takes over Bithumb in more than one instance. The platform is affordable and has numerous tokens to get started with. However, Bithumb is the final winner since the platform is regulated in the US, while Binance is not allowed in the US. Read the full Binance review.
Given all the features and functionalities Bithumb has to offer, it can be challenging to imagine the crypto trading platform could have any flaws. But as with everything else, you ought to know that even Bithumb has certain flaws or shortcomings. Having a better understanding of Bithumb’s strong points and shortcomings will help you make the right decision when choosing a crypto trading platform.
- User-Friendly Interface: Bithumb provides its traders with a very user-friendly interface for desktop and mobile platforms. Anyone even with little to no knowledge about crypto trading can seamlessly navigate through the platform. This also makes it easier for traders to leverage all offerings from Bithumb.
- Effective Security: Apart from the user-friendly interface, Bithumb has many security measures. This is a very important consideration given the vulnerabilities of the crypto market. Be its two-factor authentication (2FA) or 24/7 platform monitoring, Bithumb has got it all.
- Low Trading Fees: The other great thing about Bithumb is the platform charges very low trading fees from its traders. Currently, the platform charges just a 0.15% flat fee on all trading transactions. This trading fee is among the most affordable trading fees in the industry.
- 24/7 Customer Support: Crypto trading can be complex, and traders might often encounter different issues when trading. Thus, Bithumb provides traders with 24/7 customer support to ensure all their queries are resolved at the earliest. The platform also offers multilingual customers ensuring better convenience for foreign traders.
Shortcomings of Bithumb
- Hacking Issues: One of the few rooms where critics of Bithumb can raise their voices is the hacking of Bithumb servers. The platform has been hacked several times, making it rather challenging for traders to lay their trust in it. But Bithumb is working on enhancing its security with better and more effective security measures.
- Limited Fiat Deposits: Another major drawback of using Bithumb is that you cannot deposit in fiat currencies unless you use the South Korean Won (KRW). This often makes it challenging for foreign traders to make hassle-free deposits on the platform. Of course, the platform offers other ways to make deposits but allowing other fiat currencies could be a great plus.
This marks the end of our comprehensive review for Bithumb. With this, we hope that you now have all the ideas that you need about the Bithumb crypto exchange. As per our review, the platform is reliable and stands out in case of its affordable fee structure, a slew of functionalities, and the numerous tokens that it has to offer. However, the platform also has its own drawbacks, one of which is repeated hacking attempts.
Therefore, if the security of the exchange is one of the primary aspects for you to establish your trading career, Bithumb might not be the ideal option for you. In such a case, we suggest you look for a different option, one that allows you to trade in a safer environment.