July 13, 2024
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Bithumb Crypto Exchange Review: Expert Analysis

Bithumb Crypto Exchange Review: Expert Analysis

Welcome to my detailed review of Bithumb crypto exchange. Since 2014, Bithumb has become a leading name in South Korea’s cryptocurrency market. It’s known for its strong trading features and high trading volume. However, it has faced issues like a slow verification process and security problems, including a 2017 hack.

In this review, I’ll focus on key aspects like jurisdiction, security, fees, and ease of use. I’ll also cover its user-friendly interface and support for many languages. Plus, I’ll discuss the concerns about wash trading that have been raised against Bithumb.

Key Takeaways

  • Bithumb has an overall rating of 1.5, ranking 454 out of 646 cryptocurrency exchanges.
  • The platform supports 299 trading pairs and 236 coins, including Bitcoin, Ethereum, and Ripple.
  • Bithumb charges a 0.25% taker fee and a 0.04% maker fee.
  • The Bithumb trading volume in the last 24 hours was $800.9 million, with a 30.91% decrease.
  • Bithumb emphasizes regulatory compliance with AML and KYC regulations but is not regulated by any government authority.

Introduction to Bithumb

Bithumb was started in 2013 by BTC Korea.com Co. Ltd. It quickly became a top cryptocurrency exchange worldwide. It is based in South Korea and is a key player in the trading world.

Bithumb is known for its huge daily trading volume. It often goes over $100 million and has hit $2 billion at times. This is because it attracts both new and experienced investors, offering a lot of liquidity.

Trading on Bithumb is easy and accessible for everyone. The site is simple to use, making it great for beginners. It also supports many languages like English, Chinese, Japanese, Spanish, and Hindi. This helps it reach people all over the world.

The history of Bithumb shows it has grown in both reputation and services. It was first called ‘Xcoin’ in 2014 before changing to Bithumb in 2015. Since then, it has added more services and improved, making users trust it more.

How to Sign Up on Bithumb

The Bithumb sign-up process is easy but has a few steps because of South Korean rules. If you want to start trading cryptocurrencies, you must first verify your identity.

  1. Visit the Website: Go to the Bithumb website and click “Sign Up”.
  2. Enter Personal Information: Fill in your email, create a password, and add other details.
  3. Email Verification: Look for a verification email from Bithumb and click the link to verify your email.
  4. Identity Verification: You must verify your identity due to South Korean laws. Send documents like your passport copy to [email protected] for checking.
  5. Security Measures: Turn on two-factor authentication (2FA) for better security. Bithumb uses SSL encryption and watches the servers 24/7 to keep your data safe.
  6. Account Approval: After your documents are checked, your Bithumb account is ready. You can now start trading.

Bithumb doesn’t allow users from some countries, so check if you’re allowed before signing up. Also, there’s a 72-hour wait for your first withdrawal for extra safety.

Here’s what you’ll go through when you register for Bithumb:

Steps Details
Visit Website Go to Bithumb’s official site and click “Sign Up”
Enter Personal Information Fill in your email, create a password, and add other basic details
Email Verification Check your email for a verification link and verify
Identity Verification Send needed documents, like your passport copy, to [email protected]
Enable 2FA Turn on two-factor authentication for more security
Account Approval Get approval to trade after your documents are checked

Payment Methods on Bithumb

Bithumb is a top cryptocurrency exchange in South Korea. It offers many payment options for different users. You can use both fiat and cryptocurrency to fund your account, making it easy for traders.

Fiat Currency Options

If you want to use fiat currency, Bithumb mainly accepts the South Korean Won (KRW). Koreans can easily deposit KRW with credit cards or bank transfers, and it’s free. Bithumb doesn’t charge deposit fees, so you keep more value in your account.

Here’s a look at the fees for KRW deposits and withdrawals:

Transaction Type Fee
KRW Deposit Free
KRW Withdrawal 1,000 KRW (about $0.92)

Bithumb is big in South Korea, where it trades a lot. It’s great for Korean traders because it uses the local currency. But, users from other countries might find it harder due to currency rates and fees.

Cryptocurrency Deposits

Bithumb also supports many cryptocurrencies for deposits. This is good for users who prefer not to use fiat currency. You can deposit Bitcoin, Ethereum, Litecoin, Ripple, and more into your Bithumb account.

What’s nice is that Bithumb doesn’t charge fees for cryptocurrency deposits. This makes it a secure and affordable way to fund your account.

Here’s what you’ll pay to withdraw some popular cryptocurrencies:

Cryptocurrency Withdrawal Fee
Bitcoin (BTC) 0.0005 BTC
Ethereum (ETH) 0.01 ETH
Litecoin (LTC) 0.01 LTC
Ripple (XRP) 0.01 XRP

Bithumb offers many payment options, so you can pick what works best for you. Whether you like fiat or cryptocurrency, Bithumb has you covered. This flexibility is why many users choose Bithumb, making it a popular and liquid platform.

Bithumb Fees – Deposits, Withdrawals & Trading

Since 2014, Bithumb has been a key player in the crypto world. It has a clear fee structure for deposits, withdrawals, and trading. Let’s explore Bithumb exchange fees to understand the costs you might face.

Deposit Fees

Bithumb doesn’t charge any fees for KRW deposits. This is great for users dealing with fiat currency. It means you can start without any upfront costs.

For crypto deposits, Bithumb also offers no fees. This makes it easy for crypto fans to get started. It helps lower the initial costs for new users.

Withdrawal Fees

Withdrawal fees at Bithumb depend on the cryptocurrency you’re taking out. For Bitcoin, the fee is 0.001 BTC, which is competitive. It used to be 0.003 BTC before.

Other cryptocurrencies like Ethereum, Dash, Litecoin, Ethereum Classic, and Ripple have a 0.01 fee. KRW withdrawals cost 1,000 KRW, making it easy for users to manage fiat transactions.

Trading Fees

Bithumb’s trading fees are a bit higher, at 0.25%. This is close to the global average. However, it’s lower than some other exchanges. Bithumb has the lowest fees in South Korea, ranging from 0% to 0.15% for certain trades.

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There’s a way to cut Bithumb exchange fees too. You can use Bithumb’s voucher system. This can help save money, showing Bithumb’s effort to offer affordable trading options.

Fee Type Details
Deposit Fees No fees for KRW deposits; No fees for cryptocurrency deposits
Withdrawal Fees 0.001 BTC for Bitcoin, 0.01 per unit for Ethereum, Dash, Litecoin, Ethereum Classic, Ripple; 1,000 KRW for KRW withdrawals
Trading Fees Flat 0.25% for trading; 0% to 0.15% for fiat-to-crypto trades based on trade amount; Opportunities for fee reduction using vouchers

Coin Availability on Bithumb

Bithumb is a top exchange in Asia, offering a wide range of cryptocurrencies. This variety lets traders diversify their portfolios with both established and new digital assets.

Popular Cryptocurrencies

Bithumb is known for its selection of popular cryptocurrencies. You’ll find big names like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). These coins are leaders in the market, offering strong investment choices for all traders. They have high trading volumes and liquidity, making transactions fast and smooth.

Popular Cryptocurrency Symbol Market Cap
Bitcoin BTC Over $1 trillion
Ethereum ETH Over $400 billion
Ripple XRP Over $40 billion

Altcoins

Bithumb also lists a variety of altcoins for traders looking at lesser-known assets. You’ll find altcoins like Cardano (ADA), Polkadot (DOT), and Chainlink (LINK). These altcoins bring new tech and investment chances, drawing in a wide range of crypto fans. Bithumb’s broad selection helps traders find the next big thing in crypto.

Altcoin Symbol Market Cap
Cardano ADA Over $70 billion
Polkadot DOT Over $30 billion
Chainlink LINK Over $20 billion

Bithumb User Interface and Experience

The Bithumb user interface is sleek and modern, blending functionality with style. From the start, users see a detailed overview of the exchange’s features. This includes top trading pairs and market trends. It’s available in six languages, making it easy for users worldwide.

For beginners, the interface is welcoming and easy to navigate. Key actions like buying, selling, and tracking assets are just a few clicks away. Experienced traders will find advanced charts and tools for deep market analysis and strategy.

Bithumb has 390 trading pairs in its markets section, making it easy to find and trade them. Though margin trading is not supported, the variety of pairs like 1INCH/KRW and ADA/KRW offers many trading options.

Let’s compare key features of Bithumb and BitGlobal to see what each offers:

Feature Bithumb BitGlobal
Trading Pairs 390 100+
Trading Fees 0.15% 0.10%
Security Measures Two-Factor Authentication (2FA) Two-Factor Authentication (2FA), Encryption
24-Hour Trading Volume 2,454.092 BTC $100M daily
Account Types Basic to Advanced Basic to Advanced
Supported Cryptocurrencies Varied, without Stablecoins 100+ including ADA

Bithumb’s user-friendly interface is clear, catering to both new and experienced traders. It offers a wide range of features and easy navigation.

Security Features of Bithumb

With more people trading cryptocurrencies in South Korea, Bithumb is a big player. It takes security very seriously. Bithumb uses top security features to protect users’ assets.

Two-Factor Authentication (2FA)

Two-factor authentication (2FA) is a key part of Bithumb’s security. It adds an extra step to keep hackers out. Even if someone knows your password, they can’t get in without the second step.

This second step is usually through a mobile app or SMS. It makes it much harder for hackers to access accounts.

Other Security Measures

After a big security issue in 2018, Bithumb made its security even better. Here are some ways it protects users:

  • SSL Encryption: All data going between users and the exchange is encrypted. This stops hackers from seeing your info.
  • Cold Wallet Storage: Most user funds are kept in cold wallets. These wallets are offline and hard for hackers to get to.
  • Regular Security Audits: Bithumb checks its security often to find and fix any weak spots. This keeps the platform safe and strong against threats.
  • Server Monitoring: Bithumb watches its servers all the time. It catches and stops any strange activity right away.
  • User Verification: Bithumb makes sure users are who they say they are. It checks documents to make sure only real people can use its services.

These security steps make Bithumb a strong shield against cyber threats. It’s a big exchange, handling over $1 billion in trades every day. Bithumb shows it cares about security with its detailed approach to protecting users’ assets.

Bithumb Customer Support

Bithumb customer support has gotten a lot of bad reviews. A huge 97% of reviews gave it just 1 star, making the average rating a low 1.07 stars out of 5. These reviews span from December 2019 to April 2024.

What’s even worse, 80% of reviews say there’s a big lack of customer support. Users talked about scams in 60% of reviews, issues with withdrawals in 40%, and frozen assets in 20%.

Bithumb offers 24/7 support in many languages, including English. You can contact them by email or phone, especially for international users. But, the reviews show a big gap between what’s promised and what users experience.

Here’s a detailed look at how customers feel:

Review Category Percentage of Total Reviews
5-star reviews 0%
4-star reviews 0%
3-star reviews 0%
2-star reviews 3%
1-star reviews 97%

Users often complain about how long it takes to get help and how their problems aren’t solved. This shows that even though Bithumb is secure and easy to use, the support is a big letdown for users.

In the fast-paced world of cryptocurrency trading, having good support is key. Bithumb needs to improve a lot to meet what users expect.

Trading Pairs on Bithumb

Bithumb is a top choice for traders, offering a wide range of trading pairs. It has over 291 cryptocurrencies and 280 trading pairs. This means traders can easily diversify their portfolios. The platform’s daily trading volume of $373,455,240 shows its strong activity.

Popular Trading Pairs

The BTC/KRW pair is a favorite on Bithumb. It links Bitcoin with the South Korean Won and is known for its stability and liquidity. Other top pairs include ETH/KRW, ADA/KRW, and XRP/KRW. These are great for traders wanting to work with major cryptocurrencies and the South Korean fiat currency.

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Altcoin Trading Pairs

Bithumb also offers many altcoin trading pairs for traders looking to diversify. With over 180 assets to trade, it includes emerging and lesser-known cryptocurrencies. Pairs like DOT/USDT, LINK/KRW, and SOL/KRW let traders find potential gains in the altcoin market.

Trading Pair Type Volume (Last 24 Hours)
BTC/KRW Popular $120,000,000+
ETH/KRW Popular $80,000,000+
DOT/USDT Altcoin $50,000,000+
LINK/KRW Altcoin $30,000,000+
SOL/KRW Altcoin $25,000,000+

Bithumb offers a wide range of trading pairs, from popular to altcoin options. This makes it a great place for building a diverse cryptocurrency portfolio. Whether you prefer stable major pairs or want to explore altcoins, Bithumb has what you need.

Bithumb Mobile App

Exploring mobile cryptocurrency trading on Bithumb is easy with the Bithumb mobile app. It works great on both iOS and Android devices. Bithumb is a big exchange that offers a mobile app for both new and experienced traders.

The app has a simple design that makes it easy to use. You can track market trends, make trades, manage your portfolio, and get instant updates. This makes trading on the go smooth and convenient.

The app is packed with features to support its huge daily trading volume. It handles over 103 different coins, giving users many options. It also uses strong security like 2FA and SSL to protect your money and transactions.

Managing your money is easy with the app. You can deposit and withdraw funds with clear fees. For instance, Ethereum deposits are free, but Bitcoin withdrawals cost a small fee. This makes the app user-friendly.

The app is great for both individual and institutional traders. It can handle a lot of trading, making it more liquid and offering more trading chances. It also supports many languages, making it more accessible to people worldwide.

Here’s a quick look at some key features of the Bithumb mobile app:

  • User-friendly interface
  • Real-time market data
  • Portfolio management
  • Instant notifications
  • Multi-language support
  • Enhanced security with 2FA and SSL encryption

In summary, the Bithumb mobile app is a great choice for mobile cryptocurrency trading. It lets users trade securely and confidently from anywhere.

Bithumb Trading Volume

Bithumb was founded in 2013 and has become a top cryptocurrency exchange. It mainly serves Korean customers but has made a big impact worldwide. The exchange lists over 103 different cryptocurrencies, helping it stand out.

Daily Trading Volume

Bithumb’s trading volume often goes over $100 million a day, sometimes hitting $2 billion. This shows how active the market is and how many users are involved. Big investors also help increase the Bithumb trading volume by adding more liquidity.

Comparison with Other Exchanges

Looking at Bithumb’s trading volumes next to other big exchanges gives us a clear picture. Here’s how they stack up:

Exchange Average Daily Trading Volume (in billions) Peak Trading Volume (in billions) Number of Cryptocurrencies Supported
Bithumb $1.0 $2.0 103
Binance $2.4 $30.0 500+
Kraken $0.5 $1.2 80+
KuCoin $1.2 $10.0 200+

This exchange trading volume comparison shows Bithumb is very active. It’s not as big as Binance, but it focuses on a diverse range of coins. This approach attracts traders looking for variety.

Bithumb Crypto Exchange Review

My deep dive into Bithumb over the years has given me valuable insights. It’s key to look at both the good and the bad to make a smart choice.

My Analysis

Bithumb stands out in the crypto world, ranking seventh in daily trading volume by October 2018. It jumped to the fifth spot for longer periods. With a daily trading volume of about $406 million, it’s a big player, making up 75% of South Korea’s crypto market.

But, the journey wasn’t smooth. In 2017, Bithumb faced two major hacking attacks, losing over $1 million and affecting 30,000 accounts. Yet, it’s stepped up security with 2-factor authentication, SSL encryption, and 24/7 server checks.

Trading costs are competitive, with a basic fee of 0.15% for all trades. Discounts are available with coupons, reducing fees to 0.01% to 0.075%. Withdrawal fees vary, like 1,000 KRW for Korean Won and 0.001 BTC for Bitcoin. This flexibility shows Bithumb’s global reach, with support in many languages and 24/7 English customer support.

Features Details
Founding Year 2013
Main Cryptocurrency Bitcoin
Languages Supported Korean, English, Chinese, Japanese, Hindi, Spanish
Trading Modes Easy trade, General trade, Reserved trade
Top Cryptocurrencies Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, Monero, Ripple, Zcash, etc.
Basic Trading Commission 0.15%

User Feedback

Looking into Bithumb reviews, opinions vary widely. A few users like it, giving 5-star and 4-star ratings. But, 94% are unhappy, giving 1-star ratings. Complaints range from withdrawal issues to tax problems and login troubles.

There are also concerns about security. Users talk about frozen funds, hacked accounts, and market issues. The first withdrawal can take up to 72 hours, frustrating users. Reports of financial losses, from $200 to over $1.7 million, highlight the need for caution.

These stories remind us to think carefully before using Bithumb. We should consider both its features and the experiences of its users.

Accusations of Wash Trading

Bithumb has faced intense scrutiny over allegations of wash trading. These claims point to a sudden spike in trading volume, jumping from $323 million to $1.2 billion in a brief period. This sharp increase has raised many questions.

Despite having only about 5,000 daily users, Bithumb became the top crypto exchange by trading volume. This was a surprise, given that Binance had 67,200 unique daily visitors.

After the Singapore-based BK Global Consortium bought a majority of Bithumb for $350 million, trading volumes surged. For example, Bitcoin trading in Korean Won (KRW) increased by 288% in November.

Bithumb’s decentralized exchange (DEX) also showed unusual activity. One trading pair saw over 25,000 ETH traded in a day, which is rare. Bithumb’s website also reported over $1.7 billion traded in the last 24 hours, showing more irregular trading.

The crypto community is skeptical about the honesty of some exchanges. This skepticism makes it hard for investors to trust the exchanges. Such practices can harm the trust in the crypto industry.

“I believe the transparency of crypto trading platforms is crucial for the ecosystem,” remarked a leading industry analyst. “Without it, we risk pushing new investors away.”

These concerns have sparked talks about applying insider trading laws to crypto assets. Unlike traditional securities, crypto assets rely on public data, making them more transparent.

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Exchanges accused of manipulating the market must be open about these issues. Being transparent will help rebuild trust and create a healthy trading environment in crypto.

Statistic Bithumb Other Exchanges
Daily Trading Volume Surge 280% from $323M to $1.2B Varied
Daily Users 5,000+ Binance: 67,200
BTC to KRW Volume Increase 288% in November Lower
DEX Trading Pair Activity 25,000+ ETH/Day Lower
Website 24-Hr Trading Indication $1.7B Varied

As an investor, it’s crucial to stay informed and cautious. Keep an eye on trading volumes and user activities. Being aware of patterns can help you navigate the volatile crypto market better.

Bithumb vs Other Exchanges

When looking at cryptocurrency exchanges, it’s key to check out fees, security, user experience, and the coins they offer. I’ll compare Bithumb with Binance, Kraken, and KuCoin to see where Bithumb fits in the market.

Binance

Binance has more cryptocurrencies and trading options than Bithumb. It’s popular for its global reach and advanced trading tools. Binance also has lower fees, depending on how much you trade, and strong security like two-factor authentication and multi-signature wallets, just like Bithumb. But, Bithumb is easier to use and has 24/7 support, great for new traders.

Kraken

Kraken is known for its strong security and following US and European rules. It has competitive fees, but they might be a bit higher for small trades. Bithumb is big in Korea, offering many cryptocurrencies in KRW. Both exchanges have a lot of digital assets, but Bithumb often adds new coins first.

KuCoin

KuCoin has advanced trading options like margin and futures trading, not found on Bithumb. It’s easy for both new and experienced traders, with many order types and analytics. KuCoin has lower withdrawal fees and more coins, but Bithumb has great customer support and follows strict South Korean rules for security and transparency. Bithumb’s 24/7 support via email and phone is a big plus for quick help.

By looking at these differences, you can pick the best cryptocurrency exchange for you.

Conclusion

As we conclude this detailed review, my thoughts on Bithumb are both positive and cautious. Bithumb is a key player in the crypto exchange world, with high trading volumes and a wide selection of cryptocurrencies. For example, in October 2018, Bithumb’s daily trading hit $406 million, more than Upbit’s $292 million. This shows strong market activity and liquidity.

Bithumb’s fees are competitive and can be reduced with coupons. It also offers BTC markets with no fees and up to 5x leverage for Bitcoin and Ethereum trades. The platform is easy to use, and its 24/7 customer support in many languages is a big plus.

But, no review is complete without talking about security concerns. Bithumb has had major security issues, including hacks in 2017 and 2019 that led to a $13 million loss. These incidents have led to better security measures, but users should still be aware of these risks. In summary, Bithumb has great trading options and support, but users should consider its security history and efforts to manage risks.

FAQ

What is Bithumb and when was it established?

Bithumb is a top crypto exchange started in 2013 in South Korea. It’s known for its big trading volume and easy-to-use interface.

How do I sign up for a Bithumb account?

Signing up on Bithumb means giving out personal info and following Korean rules. You’ll need to show ID documents and meet legal standards.

What payment methods are supported by Bithumb?

Bithumb lets you deposit and withdraw KRW for South Korean users. International users can send cryptocurrencies. It’s best to buy coins first from another exchange.

What are the fees associated with Bithumb?

Bithumb has different fees like deposit fees, withdrawal fees, and trading fees. You can get lower fees with Bithumb vouchers.

What types of cryptocurrencies are available on Bithumb?

Bithumb trades over 100 cryptocurrencies, including Bitcoin and Ethereum. It also has many altcoins. Being listed on Bithumb can make a coin more valuable.

How user-friendly is Bithumb’s interface?

Bithumb’s interface is easy to use, great for new and experienced traders. It supports many languages and is easy to navigate.

What security features does Bithumb offer?

Bithumb uses security steps like 2FA and encryption to protect accounts. After past security issues, it has made its security better.

How can I contact Bithumb customer support?

You can reach Bithumb support by email or on their support site. People praise the support for being helpful and quick.

What trading pairs are available on Bithumb?

Bithumb has many trading pairs, including big cryptocurrencies and altcoins. This helps traders diversify their portfolios.

Does Bithumb have a mobile app?

Yes, Bithumb has a mobile app for iOS and Android. It lets users trade anywhere, with features like the desktop version.

What is Bithumb’s daily trading volume?

Bithumb’s daily trading hits over 0 million, making it a big name in crypto exchanges. It stands out when compared to other exchanges.

Has Bithumb been accused of wash trading?

Yes, Bithumb has faced claims of wash trading. This can make trading volumes seem higher than they are. It makes people question the platform’s trustworthiness.

How does Bithumb compare to other exchanges like Binance and Kraken?

Bithumb is often compared to exchanges like Binance, Kraken, and KuCoin. Each has its own fees, security, interface, and coins, offering different benefits.
About Author

Mathew Howells

Matthew Howells is a renowned specialist in the field of cryptocurrencies and cryptocurrency contract programming. With years of industry experience, Matthew has earned a reputation as an expert through his deep knowledge of blockchain technology, smart contracts, and the development of decentralized applications (dApps). His work focuses on creating secure and efficient solutions for digital transactions and the automation of financial processes. Matthew regularly shares his expertise through publications, speaking engagements at conferences, and as an advisor on cryptocurrency projects.