Bithumb Experience: Fees & Security

Overall Rating: 
5/5 stars

Quality

speed

cost

The world of cryptocurrencies is large and so is the range of crypto exchanges. Especially for beginners, it can be almost overwhelming to find the right platform among the countless offers of crypto exchanges. Unfortunately, among the many good offers there are also exchanges that are operated by fraudulent providers. Before investing in a crypto exchange, it is therefore essential to compare several crypto exchanges with each other and also to take a look behind the scenes of the platform - with the aim of selecting the most reputable platform possible for trading cryptocurrencies.

In case of doubt, the users themselves are responsible for the security of their data and their crypto coins. Accordingly, it is important to take a close look at the different offers.

Bithumb is one of the largest crypto exchanges in South Korea. The operating company BTC Korea.com Co. Ltd. is based in South Korea, more precisely in the capital Seoul. Not so long ago, the crypto exchange experienced a hacker attack in which many coins were stolen. Of course, this brought the crypto exchange some criticism. But what about security in the meantime? And is the offer serious?

For those in a hurry: Is Bithumb recommendable?

Basically, Bithumb is a thoroughly reputable provider that is one of the largest Asian crypto exchanges and scores points with a clearly structured platform. Nevertheless, there are some significant weaknesses that are a criterion for exclusion for many users:

    1. the website and customer service are not available.
    2. there is only a very limited range of cryptocurrencies.
    3. there is no licence from a regulatory authority, as is the case with European providers.

Our recommendation is therefore to open an account with a trading platform that does not have these disadvantages. The test winner from our comparison is eToro.

The key data on Bithumb at a glance

Bithumb

Key data

Seat

Seoul, South Korea

offer

12 cryptos

App

Yes

regulation

No

Customer service

Email, phone, contact form

User friendly

Yes

fees

Low

Minimum deposit

No

Bonuses

None, but promotions

Payment methods

eWallets (deposits and withdrawals)

languages

6 (Korean, Japanese, Chinese, Indian, Spanish, English)

Is Bithumb serious or should it be treated with caution?

Before a crypto fan jumps head over heels into investing in a crypto exchange, the trader should obtain as much useful information as possible about the said crypto exchange in advance. Only in this way can the user convince himself before investing that the crypto exchange is not a fraudulent offer, i.e. a "black sheep" among the many good offers on the crypto market.

Now we ask ourselves what the South Korean crypto exchange Bithumb. is all about. This crypto exchange already plays a major role in the Korean region. In terms of volume alone, this is one of the largest crypto platforms in this region. Apart from one incident in which a hacker was able to steal a large amount of coins, this crypto exchange has not yet made any negative headlines. After heavy criticism regarding the security of the trading platform, the operator should have upgraded in terms of security. We will take a closer look at whether this has happened. After all, the security of customer data and coins is paramount.

The platform is not only hype in South Korea, but more and more Europeans are also using the trading exchange. According to user testimonials, the web-based trading platform is very user-friendly.

Here you can trade with twelve different coins. The offer includes well-known crypto sizes such as:

    Bitcoin,
    Ethereum,
    Litecoin,
    Zcash,
    EOS,
    Bitcoin Gold,
    Monero,
    Ripple or
    Bitcoin Cash.

Here you can trade

Conclusion: The first impression and the rough overview of the crypto exchange Bithumb look good. It remains to be seen what the look behind the scenes will reveal.

Bithumb - The Offer

In addition to the first rough impression, users should of course also look at the actual offer of the crypto exchange. Because if the crypto exchange does not offer the desired range of coins and features, an investment is unfortunately not worthwhile.

In order to use the Bithumb offer, users must first create their own user account. Registration is completely free, as befits a good crypto exchange.

Dorsey stressed that

No special software is required for trading, as trading is web-based. This is a clear advantage over other crypto exchanges, where users first have to deal with downloading the software.

    Unfortunately, the offer is a bit limited, other crypto exchanges offer much more coins for trading.

For those new to Bithump, there is a Bithumb Guide in the support section of the homepage. With the information in this guide, diving into the trading platform should not be very difficult. After all, all steps are explained here in detail.

However, it is in English, because the page is not yet available. Those who know little or no English will find it difficult to find their way around this trading base.

In general, the website is very clearly laid out, which makes it possible to get started without reading the guide. Trading with the twelve different crypto coins is therefore self-explanatory.

What is not neglected at Bithumb, however, are the charts. There, traders can view the current price trends and prices. Not only the price developments of the last few days can be viewed, but also those of the last few years. This is a plus point that especially experienced traders appreciate.

The One Click Trade is also available on Bithumb and enables users to execute orders particularly quickly. Traders can get in touch with each other in the Bithump Café.

Bithumb - The Offer

Bithumb - The fees

Besides the offer itself, the fees are always an interesting topic when it comes to choosing the right crypto exchange. Of course, the platform has to be supported by certain fees, but trading should still be worthwhile for the user. It is important that the fees are clearly stated on the trading platform so that traders know what they are getting into.

The following costs can arise when using a crypto platform:

    Spread costs
    Deposit fees may apply
    Costs for withdrawal
    Possible costs for commissions

However, the old familiar account management fees should no longer play a role. After all, the wide range of crypto exchanges has made account management fees uneconomical. In the meantime, there are also more and more crypto exchanges that no longer charge fees for deposits and withdrawals. Nevertheless, users should not rely on the trend, but examine the fees closely so that there are no financially unpleasant surprises.

At Bithumb, users can see the fees with just one click on the homepage. Big plus point, because unfortunately this has not yet become a matter of course. The fees for Maker and Taker are relatively low and amount to 0.25 percent. Another plus point are regular promotions where traders can save some or all of the fees.

Bithumb is a very attractive fee model.

When withdrawing, users have to deal with fees of:

    0.0005 BTC,
    0.01 ETH,
    0.01 Dash or
    0.01 LTC.

The fees incurred should therefore always be checked carefully before processing a transaction. The withdrawal fees cannot be avoided. Nevertheless, Bithumb generally scores with moderate fees.

Transaction fee and costs

Buyers and sellers both pay a transaction fee of 0.25%. Those who use the discount coupon "Fixed Amount Coupon" can even reduce the fees to 0.20% each. However, this service is only available to registered users. In addition, there are various promotions at Bithumb where the commission can be saved in part or in full.

Here is an overview of the fees:

    Transaction fee: 0.25% (for seller and buyer)
    For coupon use: 0.20% each (for seller and buyer)
    Fees for small amounts: Yes (see minimum limit for free deposits).

Normally, deposits are free of charge. However, if you make very small deposits, you will have to pay a fee. Fees are charged for the following amounts:

Bithumb - The fees

currency

Amount (or less)

fee

Bitcoin

0.005

0.001

Bitcoin Cash

0.03

0.001

Bitcoin gold

0.15

0.001

Litecoin

0.3

0.01

Dash

0.04

0.01

Ether Zero

0.01

0.01

Zcash

0.02

0.001

There are generally no fees for payments with the Korean won (KRW). For Monero, Ether, Eos, Ethereum Classic, Ripple and Qtum, no fees are charged for small amounts either. However, for payments with Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash or Zcash, a fee is charged for amounts according to the table above.

Withdrawals are also free for users if they use Bithumb's own wallet. Otherwise, a fee will be charged for small amounts if the withdrawal amount is not greater than the following table:

currency

Amount (or less)

KRW

1,000

Bitcoin

0.001

Ether

0.01

Valor Token (VALOR)

1

Orbs (ORBS)

50

Comparison of fees with other providers

The example below is based on:

    Buying bitcoin CFDs with a value of 1,000 euros.
    Holding the Bitcoin CFDS for one month with subsequent sale
    Price does not change during this month


Bithumb

eToro

Libertex

Coinbase

Deposit

free

free

free

3.99%

Purchase fees

0.25%

1.9%

3.08%

1.49%

Sales charges

0.25%

1.9%

3.08%

1.49%

Holding fees

no

no

no

no

Payout

free

$ 5

free

$ 0.15

Total fees

€ 5.00

€ 42.88

€ 61.60

€ 69.85

Recommended alternative to Bithumb: eToro

 If you want to buy Bitcoin quickly, we recommend the broker eToro. In addition to a clear user interface, state regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.

  • Stock exchange and wallet in one
  • Regulated provider
  • Deposit with PayPal, credit card, SOFORT transfer and more
  • Over 14 other cryptos tradable
    Equities and ETFs also available

Which deposit and withdrawal methods are accepted at Bithumb?

At Bithumb, deposits and withdrawals can be made via:

    Bank transfer and
    credit card.

Unfortunately, this is not a very sophisticated offer, which makes Bithumb not necessarily shine. Many other providers, such as Plus500, Markets.com or bitcoin.de, offer much more options for traders here.

    Deposits can also only be made with South Korean won (KRW).

Unfortunately, deposits and withdrawals with euros or dollars are not yet possible. As a rule, the transferring bank should change the amounts automatically. If you have a crypto wallet on Bithumb, you can also deposit crypto coins.

Investous - User friendlinessd

However, before deposits or withdrawals can be made, users must confirm their own data under "Attach Proof Resources". At this point, traders are asked to provide some documents.


The verification is intended to prevent international money laundering. The requested information includes:

    a copy of the identity card or passport
    a photo and
    a note with some details

Via video call, the documents are then verified in conversation with an employee.

    As far as security in this area is concerned, Bithumb seems to be well equipped.

Bithumb - The Platform

At first glance at the platform, it quickly becomes clear that Bithumb does without any intrusive advertising, videos or fake reviews. This should make things easier for most traders, because relevant advertising can sometimes be annoying, make a not very serious impression and distract from the actual offer.

Once on the platform, users are very quickly confronted with the range of crypto coins. It is clear that there is nothing to get here except the really well-known crypto coins. However, there is the in-house currency Bithumb Cash.  This currency can be purchased on the platform and used for various actions on the platform. Fortunately, traders can also find a detailed explanation of this in-house cryptocurrency on the platform.

Deposit and withdrawal

This is a system that is rather unknown, but which is already used more frequently in the Asian region.

What else can be found out via the homepage is who is behind Bithumb. Behind Bithumb is the BTC KoreaCom Corporation with the registration number 220-88.71844. Just finding this information shows that Bithumb is most likely a serious offer. This is because most dubious crypto exchanges do not provide any information about the true operators.

In addition, Bithumb also offers a support centre and an FAQ section. Both are available in some Asian languages, English and Spanish. Advice is missing so far.

The Bithumb App

The Bithumb offer also includes a Bithumb app. Fraudulent providers would certainly not bother to generate a suitable app. The Bithumb app gives users the opportunity to use the offer while on the move. However, the Bithumb app has not received the best ratings in the Android Appstore. Nevertheless, traders can trade the various cryptocurrencies via the Bithumb app.

Those who have a powerful terminal device can have a fluid trading experience here. Of course, the app is available free of charge - as befits a good crypto exchange. The app is available in English and Korean.

Bithumb App

Opening an account

Registration with a good crypto exchange should not be particularly complicated, but should be secured by SSL encryption. Registration at Bithumb is also quite simple and should not cause any major difficulties even for inexperienced traders.

Step 1: Registration

The new registration has been unavailable for some time since the hacker attack in 2018. However, registration is now possible again. To sign up, users need to click on "Sign Up".

Like the rest of the offer, the registration is not available. Traders are now asked to enter a valid email address and a password.

Like the rest of the offer

Step 2: Getting to know the platform

Getting to know the platform can be done in two ways. Either via "Join a Company" or "General Membership".

For the normal membership account, users select "General Membership". Then they are asked for some personal data and the traders can look around the platform at their leisure.

Step 3: Trading

The users now have only limited access to the platform. A copy of a passport or ID card must then be uploaded for verification. In order to move up another level in the verification process, traders must submit the correctness of the data in writing to your Bithub employee.

After the verification of the place of residence, the last level of verification is reached. Depending on the verification level, different features can be used.

Investous - Customer Supportd

The customer support of Bithumb

Customer support plays a not insignificant role in the evaluation of a crypto exchange. It is therefore advisable to take a close look at the contact options before investing on such a trading platform. This way, the customer service can be contacted in case of emergency or questions.

The customer service at Bithumb is not available, but in Korean, Chinese, Japanese and English. Anyone who does not speak at least one of these languages should not open a customer account with Bithumb.

With the first offline customer service centre in the crypto industry, Bithumb offers its users advice on a wide range of topics. According to the homepage, traders can contact support with questions about Bithumb crypto transactions, using the Bithumb homepage, financial damages and information about real transaction systems. For customers from abroad, Bithumb offers a VIP customer service desk.
Conclusion: However, user experience reports show that there are also longer waiting times and difficulties due to language barriers. Bithumb can also be reached via the Korean instant messaging service KakaoTalk.

Trustpilot reviews

Not many traders seem to have had a Bithumb experience yet. Bithumb is currently rated 2.8 out of 5 stars on Trustpilot with seven reviews. 28% of users have given the platform the highest rating, while 71% find Bithumb poor.
Trustpilot reviews

Here are a few reviews, both positive and negative:

Emilio Stanton left the following review on 2020/07/21:

"I used Bithumb a few times to invest in WolfofCoinStreet.com and I never had a problem. A bit slow, but good service overall."

("I have used Bithumb a few times to invest in WolfofCoinStreet.com and I never had a problem. A bit slow, but good service overall.")

Vitor Marques, on the other hand, who posted a review on 05/10/2020, did not leave a good hair on Bithumb:

"Awful crypto-service! When I requested for my account to be deleted, they basically told me that they don't "support" such a feature. Mind-boggling!"

("Awful crypto-service! When I requested for my account to be deleted, they basically told me that they don't "support" such a feature.") Overwhelming!")

And Chris wrote on 2020/08/13:

"Unreliable company. I transferred some crypto currency to my account on Bithumb. I was informed that the transfer was successful, only to not be able to access my currency. After contacting them about my transfer, I was told that they would work on getting my funds available for use. I'm still waiting."

("Unreliable company. I transferred cryptos to my account at Bithumb. I was informed that the transfer had worked, but I could not access my cryptos. After contacting them, I was told that they were working on giving me access to the money. I am still waiting for it.")

Bithumb - Licensing and Security

Behind Bithumb is the BTC Korea.com Corporation, which is based in Seoul, South Korea. On the platform's website there is not much information about the regulations and the Bithumb team. Only the company registration number (220-88-71844) is mentioned.

Because there was a hacker attack on the Bithumb Exchange in 2018, the platform was forced to increase security and use better systems as well as complex two-factor authentication so that customer funds are protected as best as possible.

Customer accounts are only accessible with an additional key, and user data is SSL-encrypted. Bithumb is not regulated; the crypto exchange therefore does not have a licence. However, because Bithumb is one of the leading platforms in the industry that has been successfully offering its services for several years, fraud is ruled out here. The operators are reputable.

Deposit and withdrawal

Bithumb in the test - What do the testimonials look like?

Looking at the reviews of a crypto exchange is one of the basic tasks of a trader before investing. However, the search for language reviews by users is likely to be limited. Even in the English-speaking area, only a few reviews can be found on the internet.

What can be found with just a few clicks, however, are numerous test reports on various crypto platforms and blogs. These Bithumb tests report collectively on an extremely reputable crypto platform. There are no reports of fraudulent providers or any form of scam to be found here.

What some testimonials criticise is that the crypto exchange does not have an official licence from a regulatory authority. If you attach great importance to this licence, you should look for a crypto exchange based in the EU.

What do the testimonials look like

The advantages and disadvantages of Bithum at a glance

Pros

  • Bithumb has high security precautions.
  • The platform is very clearly designed and easy to use.
  • A detailed guide helps to explore the platform.
  • The FAQ section clarifies many questions.
  • No minimum deposit amount.
  • In-house crypto coins.
  • One of the largest Asian crypto exchanges.

Cons

  • Bithumb is not secured by the licence of a regulatory authority.
  • The offer is not available.
  • Customer service is often difficult due to the language barrier.
  • The availability of customer service is also criticised in some reviews.
  • The range of cryptocurrencies is extremely limited.
Licence and security

Conclusion: Bithumb in the test

At first glance, the unpleasant event in August 2018 should cast a bad light on the crypto exchange. The hacker attack caused some difficulties for the trading platform, but also ensured that the providers revised their security concept from the ground up. The result is an extremely secure crypto trading base!
All in all, a reputable crypto exchange. The providers work quite conscientiously and handle the users' data with care. The verification process, which consists of several steps, ensures the highest level of security. No indications of a possible scam or fraudulent providers could be found.

What is striking when using Bithumb is that you are confronted with Korean characters from time to time.

Traders should be particularly impressed by the clear and concise listing of fees. This is because the clear listing of fees is not standard for all crypto platforms. Hidden costs are often a flaw, but not so with Bithumb. In view of the low costs and the possibility of always reducing costs through offers, this crypto exchange is definitely recommendable.

It is practical that the individual crypto prices of the coins are clearly listed on the Bithumb platform. What should also please some users is the Bithumb app, which is easy to find in the app store. This way, users can also trade with the various coins on the go.

With Bithumb, quality and user-friendliness meet. Traders only have to make concessions when it comes to the language of the customer support and the rather small selection of digital coins. Those who would prefer to have fun on a crypto exchange in the language should switch to alternative offers, which fortunately exist.

Recommended alternative to Bithumb: eToro

 If you want to buy Bitcoin quickly, we recommend the broker eToro. In addition to a clear user interface, state regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.

  • Stock exchange and wallet in one
  • Regulated provider
  • Deposit with PayPal, credit card, SOFORT transfer and more
  • Over 14 other cryptos tradable
    Equities and ETFs also available

FAQ

What is Bithumb?

Bithumb is a crypto exchange. It is therefore possible to trade cryptos via Bithumb.

How much money should I deposit with Bithumb?

Everyone has to decide for themselves what amount makes sense. The user should take into account his or her own liquidity and which cryptocurrency is involved. Of course, the risk appetite also plays a role. If you can bear the total loss of the investment, then it is a reasonable amount.


How long does Bithumb take for a payout?

The processing time depends on the withdrawal method and varies between a few minutes and a maximum of two working days.

What does it take to trade successfully at Bithumb?

The basic requirement is knowledge of the financial instrument in which the trader invests. Those who are familiar with the trading options are not far away from the luck of the fittest.


Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman