Some of the highlights we discovered while writing our Bithumb exchange review are as follows:
- Bithumb is a South Korean exchange platform that has been in operation since 2014 and is one of the world’s largest in terms of the daily trading volume.
- The exchange offers over 200 cryptocurrencies, competitive trading fees, and accounts for institutional investors.
- Bithumb’s security features include network separation, an intrusion block and prevention system, and comprehensive cyber insurance.
- Notable features of the exchange include auto trading, staking, trading bots, and Bithumb Cash.
- Trading fees range from 0.04% maker fee to 0.25% taker fee, depending on the market.
- Bithumb provides phone assistance on weekdays and around-the-clock live chat support.
What Is Bithumb?
Launched in 2014 by BTC Korea.com Co. Ltd, Bithumb is headquartered in South Korea and has quickly risen to become one of the world’s largest crypto exchanges in terms of daily trade volume. In fact, it has been known to average over $100 million in trades per day and even go up to $2 billion, with over 5 billion active members!
With a focus on accessibility and innovation, Bithumb has become one of the most talked about cryptocurrency exchanges, boasting high trading volumes and over 200 coins available for trading besides Bitcoin. While the exchange primarily caters to customers in Korea, its website is also available in English, making it accessible to traders around the globe.
Besides competitive trading fees, Bithumb’s dedication to security is another one of its distinguishing qualities. It has implemented measures to guarantee reliable trading, and it provides round-the-clock safety monitoring.
Moreover, Bithumb offers accounts for institutional investors, providing sufficient liquidity to ensure that trades can be executed easily.
In this review, we’ll look at how Bithumb works, what kind of fees to expect, and the standout features of this popular exchange.
How to Open a Bithumb Account
At Bithumb, opening an account is an easy and quick process that can be completed in a few steps:
Step 1: Go to www.bithumb.com.
Step 2: Click on the “Sign up” button located at the top right corner of the homepage.
Step 3: Enter your email address and create a password.
Step 5: Complete the reCAPTCHA security check.
Step 6: Click on the “Sign up” button to create your account.
Step 7: You will receive a confirmation email from Bithumb. Click on the link in the email to verify your account.
Step 8: Once you have verified your account, log in to Bithumb using your email address and password.
Step 9: Complete the additional account verification process by providing your personal information and uploading a copy of your ID.
You can fund your account and begin trading cryptocurrencies on Bithumb after your account has been validated.
Is Bithumb Safe?
When it comes to security, Bithumb leaves nothing to chance. It has gone above and beyond to implement necessary security solutions. Bithumb is actually the first digital asset exchange in South Korea to implement a comprehensive security solution typically used by commercial banks.
In addition, Bithumb has taken out comprehensive cyber insurance with a maximum coverage of 6 billion KRW, which is one of the largest in the industry. This coverage ensures that traders are protected against potential losses due to hacking or other security breaches.
Bithumb has also implemented network separation and an intrusion prevention system. Its 24/7 monitoring system ensures that any potential threats are identified and dealt with swiftly.
Our review of Bithumb found that KRW assets are stored in an external bank account to ensure maximum security, and digital assets are stored separately in hot and cold wallets. The hot wallet is used for day-to-day trading, while the cold wallet is kept offline for additional security. This dual storage system helps to protect customer assets from potential hacks and cyberattacks.
Bithumb maintains over 100% in cash reserves at all times. This means that it always has more cash on hand than the total value of customer assets stored on the platform. This ensures the covering of any unexpected losses or events, providing traders with peace of mind when using the exchange.
To further reinforce its commitment to security, Bithumb is pursuing various global certifications. It has obtained ISMS (Information Security Management System) and intends to obtain PIMS (Personal Information Management System).
Finally, Bithumb has implemented SSL encryption and two-factor authentication for all transactions, ensuring that traders’ personal information and funds are kept safe.
What Are Bithumb Features?
We’ll now go through some of the most noteworthy features that Bithumb provides, including auto trading, staking, trading bots, and Bithumb Cash.
Bithumb’s auto trading feature is a game-changer for traders who want to take their strategy to the next level. This service allows users to make a stable profit by automatically placing low priced buy and high priced sell orders within a selected price range, freeing up time for other tasks.
What sets Bithumb’s auto trading service apart is its AI integration. The AI analyzes the last 7 days of trading performance and makes recommendations for the best settings. This allows users to take advantage of the AI’s advanced calculations without the need for understanding the technical details.
By using Bithumb’s auto trading feature, users can optimize their trades and make a profit even in volatile market conditions.
With Bithumb’s auto trading service, you can enjoy 24/7 automated trading with just a one-time setting. This is perfect for traders who want a more hands-off approach to trading or who simply don’t have the time to monitor the markets constantly.
Bithumb Korea offers its users an exciting opportunity to participate in Ethereum 2.0 staking, allowing them to earn rewards while helping to validate the blockchain. Ethereum 2.0 represents a significant upgrade to the existing Ethereum ecosystem, with a switch from the proof of work consensus mechanism to proof of stake.
To participate in staking, Bithumb users simply need to log in to their account and stake their ETH. In return, they will receive BETH based on the amount of ETH staked. Rewards are then distributed based on the BETH quantity.
BETH will be distributed within three months at the start of the application in a 1:1 ratio based on the number of ETH staked by users. Rewards will be distributed on a two or three-monthly basis and calculated by the rate of APY(%).
If you’re interested in staking ETH and earning rewards through Bithumb’s Ethereum 2.0 staking service, make sure to check out the official Ethereum website for more details and inquiries. Bithumb is proud to support users in earning rewards and participating in the exciting world of crypto.
Bithumb Trading Bots
Bithumb’s bot trading service is a powerful tool for traders who want to stay ahead of the game in the fast-paced world of crypto trading. It allows users to automate their buying and selling processes, helping them to optimize their trades and take advantage of market opportunities without spending all their time monitoring the markets.
One of the standout features of Bithumb’s bot trading service is its diversity. Traders can choose from a range of programs, including Arbibot, Korbot, and Copybot, each with its unique set of features and benefits.
Arbibot is a virtual asset API trading service that enables traders to use multiple bots at once, while Korbot uses technical analysis to sell automatically based on your investment tendencies. Copybot allows traders to follow top traders’ strategies and automatically execute trades accordingly.
The bot trading service is also incredibly user-friendly, with a simple setup that anyone can use. Even if you’re not tech-savvy, you can easily set up and start using Bithumb’s bot trading service.
According to our Bithumb exchange review, Bithumb Cash is a multi-purpose payment platform designed to expand the use of cryptocurrencies in daily life. It allows Bithumb members to easily execute transactions, wire transfers, and online/offline payments using Bithumb Cash.
With its quick payment system, including barcode-based offline payment and QR code-based transfer service, users can enjoy the convenience of crypto payment in stores, cafes, and other businesses.
Bithumb Cash is also partnering with leading e-commerce companies and mobile coupon services to further promote the implementation of cryptocurrency payment services in the online and mobile commerce markets.
What Are Bithumb Fees?
Bithumb charges trading fees ranging from 0.04% maker fee to 0.25% taker fee, depending on the market. While KRW deposits are free, some crypto deposits may incur small charges. Bithumb also charges a fixed fee for small deposits and withdrawals to enhance transaction speed, security, and mobility for their clients.
You may check the withdrawal costs for each currency on the Bithumb website when it comes to withdrawals. For instance, Bitcoin internal withdrawals are free of charge, whereas standard withdrawals incur a fee of 0.001 Bitcoin. If you want to make a small deposit using Bitcoin, the fee is 0.00001 BTC.
To avoid any inconvenience, Bithumb advises clients to avoid making small deposits and wait until the total amount reaches a certain level before making a deposit. The criteria for determining small deposits varies based on the cryptocurrency and is set to avoid unconfirmed transactions and overloaded wallets.
It’s important to note that trading fees may vary depending on the purchased coupon. Therefore, clients are advised to check the current fees before making any trades. Bithumb aims to provide transparency with its fees and ensure that clients have a hassle-free trading experience.
BithumbGlobal Customer Support - Which Options Does It Offer?
On weekdays, Bithumb provides phone assistance from 10 a.m. to 6 p.m. in addition to live chat support available around the clock. For any further queries, it also provides a FAQ section on its website.
Summary of Bithumb Review: Is Bithumb Worth It?
Bithumb is a cutting-edge cryptocurrency exchange that offers a wealth of features to traders looking to get involved in the exciting world of digital assets. From its innovative auto trading service to its Ethereum 2.0 staking and user-friendly trading bots, Bithumb has something for everyone.
Not to mention, its strong dedication to security and easy-to-use interface make it an ideal choice for both beginner and experienced traders alike. However, as with most exchange reviews, Bithumb has its flaws.
Overall, we believe that Bithumb is well worth considering for anyone looking to enter the cryptocurrency market and wanting to trade on the best crypto exchanges. Its range of features and dedication to security make it an attractive choice for traders of all levels, and its growing user base is a testament to its effectiveness as a platform.
Is Bithumb Global legit?
Yes, Bithumb is a legitimate crypto exchange that was founded in 2014 by BTC Korea.com Co. Ltd.
Can I use Bithumb in the USA?
Yes, as our Bithumb review found, using Bithumb in the USA is allowed.
Can I withdraw from Bithumb?
Yes, you can withdraw your funds from Bithumb. Withdrawal options may vary depending on the payment method, chosen cryptocurrency, and the country you are located in.