Bithumb Experience 2021: The Crypto Exchange Test

We present our Bithumb experience. What does the crypto exchange offer in the test, how high are the fees and is the offer secure? You can find the answers in the review.

Bithumb experiences open the way to the crypto market for traders. The following test analyses the advantages and disadvantages of the platform and puts the offer and its functions to the test.

Bithumb is the largest crypto exchange in South Korea and has developed into the largest platform for trading digital currencies in recent years. If you want to know what Bithumb experiences you can make and whether the provider can hold its own in comparison with our test winner, you are in the right place, because the provider was closely examined by our editorial team. You can read about the results of our Bithumb test and what information you should not miss about the Bithumb Exchange in this Bithumb review.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Advantages and disadvantages of Bithumb at a glance

Pros:

  • Bithumb enables trading with the most popular cryptocurrencies
  • The offer is very international
  • Bithumb support is available 24 hours a day
  • High security standards apply to protect against Bithumb fraud
  • With the Bithumb app you can also trade on the go

Cons:

  • The platform is partly in Korean
  • Euros and dollars are not usable
  • Despite high security precautions, the exchange has already fallen victim to hackers twice

Bithumb Review - The Offer

The comprehensive offer of the Bithumb Exchange provides a great Bithumb experience. You can find especially the big known cryptocurrencies of the market on the Bithumb platform, in total there are twelve coins to choose from. Besides Bitcoin, you can trade Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Monero, EOS, Qtum and ZCash. Completely unknown coins cannot be found on the platform. The platform even has its own digital currency: the Bithumb crypto "Bithumb Cash".

Trading is done through the platform, and the process is designed to be simple to ensure a great Bithumb experience. Current price trends and prices are visible with one click. One sets the desired value of the coins in the trading interface and then performs the buy or sell by clicking on "Buy" or "Sell". With one-click trading, you can execute your orders even faster. The price developments in a specified period can be seen by means of a Bithumb Bitcoin price chart, which can also be found in the trading interface.

CFD or direct trading?

Direct trading with cryptocurrencies is possible via the Bithumb platform. In addition to all major coins, the platform also has its own currency: Bithumb Cash. In Korea, the currency can be used for various online payments and also in selected shops and is firmly anchored in the everyday life of Koreans. However, it is probably more important to trade with Bithumb Cash than to actually use the currency. The Bithumb Exchange also allows the use and trading of real currency, but here the South Korean WON (KRW) is mainly used.

If you don't want to own cryptocurrencies directly, but prefer CFD trading, you should visit our test winner as a Bithumb alternative. The popular crypto, CDF and stock broker offers a variety of social trading options and many advantages over direct trading, such as access to foreign markets, short (sell) positions and the use of leverage.

Cryptocurrencies

At Bithumb, you can trade 81 cryptocurrencies and 81 trading pairs. A look at the currency pairs shows that the exchange mainly serves South Koreans, as only trading pairs with the South Korean won (KRW) are available. Currently, no BTC/ETH pair is included in the offering, but is already planned for the near future. This is an excerpt of the digital currencies currently offered:

BTC/KRW
ETH/KRW
DASH/KRW
LTC/KRW
ETC/KRW
XRP/KRW
BCH/KRW
XMR/KRW
ZEC/KRW
QTUM/KRW
BTG/KRW
EOS/KRW
ICX/KRW
Bithumbc

There is also a wider selection of other digital currencies. Meanwhile, all major cryptocurrencies are available for purchase with our test winner. Alternatively, leveraged CFDs are also available.

Step by step guide for trading with Bithumb

As we receive many enquiries about how exactly to trade with Bithumb we would like to give you a step by step guide. This guide contains 3 steps and is quite quick. However, verification might take a bit of time. These regulations are based on the templates of the EU and are therefore mandatory for every EU citizen.

Now let's get to the instructions:

Step 1: Registration

Registering with Bithumb is very easy and quick, as our Bithumb test shows. We show step by step how to get started with Bithumb and gain your first BithumbBithumb registration experience. Step 1: Register For a Bithumb registration, it is necessary to open a new account. To do this, first click on the "Sign up" button. A window opens that requires you to enter some data (name and email address) and a password, which you will need later for the Bithumb login. To complete the registration, click on the link that will be sent to you by e-mail. The next step is to choose the type of account. You can choose between "Join a Company" and "General Membership". If you would like to create a normal membership account, select "General Membership". Now you have to enter your personal data (name and telephone number).

Step 2: Verification

Once you have completed the first two steps, you have automatically reached the first verification level. This allows the user to log in to Bithumb and use his account with restrictions. In order to reach the next verification level of the Bithumb registration, one submits a proof of identity to the exchange (copy of ID, passport or driving licence). Now you can trade on your account. By confirming your personal details in writing, you reach the next level of Bithumb registration. The fourth level, which is the highest, is reached as soon as the place of residence has been verified. To do this, you have to provide Bithumb with your complete address and prove it, for example, by means of a rental contract.

Step 3: Deposit & Trade

You can then make your first deposit into your account. Deposits are free of charge as long as you do not fall below the minimum amounts mentioned above. To trade crypto at Bithumb, click on "Exchange" and select a cryptocurrency and then specify whether you want to buy or sell it. Then you have to specify which currency you would like to receive in return or in which currency you would like to pay and then select an amount. You initiate the transaction by clicking on "Buy" or "Sell".

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Bithumb: The payment methods

At Bithumb, deposits and withdrawals can be made by credit card, debit card or bank transfer. There is no minimum deposit amount at Bithumb.

Payment method

Credit cards

Paypal

Instant bank transfer

Skrill

Neteller

Paysafecard

Bank Transfer

Other

Bithumb: Security & Licences

Korea’s-Largest-Crypto-Exchange-Bithumb-Sold-for-353-Million

The Bithumb Exchange is operated by a company called BTC Korea.com Corporation, headquartered in Seoul, South Korea. There is little information online about Bithumb's regulations and team. No information about Bithumb's regulations can be found on the official website. The only information available is the company registration number.

Due to a cyberattack in 2018, the provider improved its security measures to protect its users from Bithumb fraud. Bithumb learned from its mistakes and now has powerful systems in place and uses complex multi-level authentication to protect customer funds. Customer accounts can only be accessed with an additional key. User data is additionally secured with the help of SSL encryption. Bithumb does not have an official licence from a regulatory authority, but since it is one of the largest providers in the industry and has been operating successfully for several years, you can be sure that you are dealing with a reliable provider.

Multi-level authentication ✔
Ssl encryption ✔

Watch out, hackers!

Just recently, however, the crypto exchange fell victim to another hacker attack. However, customers are not affected by this attack and do not have to fear Bithumb fraud, as their funds are on a cold wallet. Customers were also compensated for all losses after the first hack. It has not yet been determined where the attack came from, but it is suspected that it came from within the company.

However, if you are looking for 100% security and do not want to take the risk of being a customer of an exchange that has already fallen victim to two hacker attacks, we recommend our test winner as a Bithumb alternative. With this provider, cryptocurrencies are traded via CFDs, which proves to be particularly practical, as you only speculate on the price of the cryptocurrency without actually owning it and do not have to be afraid of hack attacks.

The Bithumb App

The exchange provides customers with a mobile version of the platform in the form of a Bithumb App, with which one can not only pursue one's trading via smartphone and tablet, but also view one's own account and change the settings. This way, even if you are not sitting at your PC at home, you remain flexible and can react to various processes in the market with a quick Bithumb login in the app. This Bithumb experience is a definite plus point for the provider in our Bithumb review.

The Bithumb app is compatible with iOS and Android mobile devices. By being able to use the provider's services on the go, one can definitely have a positive Bithumb experience. Users of other operating systems can access the mobile version of the website, which can be easily opened in the browser. Our Bithumb test shows that using the Bithumb app proves to be more user-friendly, as the programmes were explicitly developed for touchscreen use and are thus particularly suitable for mobile trading.

You are then automatically redirected to the page optimised for mobile devices. The mobile applications can be used in English and Korean. To protect yourself from attacks, you should equip your smartphone and tablet with virus protection. Important note: Public Wi-Fi networks are considered insecure and should not be used to access the Bithumb app.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Bithumb Experience: Customer service, contact & support

Bithumb Experience

Bithumb operates the first offline customer support centre in the crypto industry for Korea, offering personalised customer services. The customer support centres are based in Gangnam and, according to the website, offer fast and specialised response services, including instructions on how to use the Bithumb homepage, Bithumb crypto transactions, information on real transaction systems, as well as plans to repair financial damages.

Customer service is available in English, Japanese and Chinese. There is also a separate VIP customer service desk area with customer service representatives who advise overseas customers and provide them with "VIP-specialised support". In Bithumb's experience, you need to have a little patience if you want to talk to the staff. In addition, our Bithumb test shows that the language barrier can cause difficulties, even if you speak to an English-speaking employee.

Recently, Bithumb support can also be reached via the Korean instant messaging service KakaoTalk. The KakaoTalk app is available for iOS and Android devices. The Bithumb Guide is another point of contact for questions and problems. Especially for inexperienced Bithumb users, the guide proves to be very practical, as it allows you to first get an impression of the platform and the processes. If you already have a user account, you can access a ticket system and submit your request in writing to Bithumb Support.

Contact way

Availability

phone

+82 16615566

e-mail

Live chat

yes

contact form

yes

FAQs

yes

Bithumb Experience: Fees & Charges

The Bithumb Exchange is equally transparent about fees and charges as it is about the prices of the individual coins and offers an overview on the website that provides users with all the important information. You pay with a flat commission that remains unchanged for all values and volumes. At 0.25 percent, the Bithumb fees for brokers and takers are equally low, which is a clear plus point for the provider in our Bithumb review. If you use a discount coupon, a so-called "fixed amount coupon", you can even reduce the Bithumb fees to 0.04 to 0.2 percent. However, only registered users can use this service. From time to time, Bithumb offers its users various promotions with which they can save the commission partially or even completely.

Contact way

Availability

Trading fee

0.25%

When using a coupon

0.04-0.2%

Small deposit fees

yes

Deposits are usually completely free of charge. However, if you only want to deposit a very small amount, a fixed fee may apply in individual cases. If you use the Korean won (KRW), there are no additional costs, but if you use Bitcoin, Dash, Bitcoin Cash, Bitcoin Gold and Zcash with Bithumb, a Bithumb fee is due. Monero, Eos, Ethereum, Ethereum Classic, Ripple and Qtum also have no Bithumb fees - even for small deposits.

currency

Minimum deposit

Deposit fees

Bitcoin

0.005

0.001

Dash

0.04

0.01

Litecoin

0.3

0.01

Bitcoin Cash

0.03

0.001

Zcash

0.02

0.001

Bitcoin gold

0.15

0.001

Ether Zero

0.01

0.01

According to the Bithumb experience, withdrawals are also free of charge if you use the in-house Bithumb Wallet. But who wants to limit their choice when a crypto wallet comparison offers much better alternatives? However, if you use another form of withdrawal, a fixed amount is charged:

currency

Minimum deposit

KRW

1,000

Bitcoin

0.001

Ethereum

0.01

Orbs (ORBS)

50

Valor Token (VALOR)

1

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Bithumb - The conclusion

If you take a look at what the Bithumb Exchange has to offer, you will be confronted with Korean characters from time to time. This could be quite disconcerting. However, the test shows that the platform does have its qualities. Our analysis shows that users can expect quite positive experiences with Bithumb. However, the crypto scene test winner eToro offers an attractive exception.

What is particularly positive is that you can buy many major cryptocurrencies at a favourable price on Bithumb. The cost breakdown is also impressive in comparison with international crypto exchange platforms. The relatively low Bithumb fees mainly benefit occasional traders, as many other providers charge significantly higher prices for more passive traders than for active traders. Another positive factor in the Bithumb rating is that Bithumb fees are displayed transparently, as are the individual prices of the coins.


In our Bithumb review, the exchange proves to be a reputable provider that handles the data of its users conscientiously and requires comprehensive verification, which includes several steps. The provider also has a Bithumb app that allows you to make instant trading decisions on the go and not have to wait until you are back home to sit down at your desktop. So if you sign up for a user account with Bithumb, you're looking at quality.



Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is Bithumb?

The provider is a crypto exchange where cryptocurrencies can be bought and sold.

Is it worth opening an account with Bithumb?

In our test, Bithump was convincing. The diverse trading options and the excellent customer support attract many customers, most of whom are very satisfied with the provider.

How much money should I invest?

The amount you invest should depend on your own liquidity, the cryptocurrency you choose and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does it take to cash out with Bithumb?

Here, too, the platform is convincing. Withdrawals are processed very quickly and, depending on the chosen withdrawal method, are in your account within a few minutes to 2 working days.

What are the requirements for me to trade successfully on Bithumb?

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.