Bithumb Review: All You Should Know To Be Ready To Trade

You are considering doing crypto transactions on Bithumb but you want to understand more about it then this article is for you. This Bithumb review will share about Bithumb’s features, fees and security measures so that users can have an overview of the Bithumb electronic exchange.

Overall Bithumb is one of the largest cryptocurrency exchanges in South Korea. With a friendly and easy-to-use interface, Bithumb Global is very suitable for investors who are new to the cryptocurrency market. Besides, competitive transaction fees are also an advantage that makes this exchange thrive.

Pros and Cons

Pros:

• Good and safe security features: Bithumb exchange integrates 3 great security features for users: 2FA, phone number verification and anti-phishing password. Therefore, all customer information and assets are always completely protected by Bithumb against any intrusion.
• Moderate transaction costs: Currently, it is considered an exchange with a low fee of about 1%, which is on par with Binance and suitable for many customers.
• Free deposit fee: this exchange participants when depositing will not have to pay any coin cost to Bithumb Global.
• Good speed of operation: Coming to Bithumb, all deposit and withdrawal operations take place at an extremely fast speed, surpassing other exchanges. On average, once a transaction, less than 1 minute, the deposit or withdrawal is completed at this platform.
• User-friendly and smooth interface: Bithumb floor is designed with an eye-catching, sophisticated interface and offers a fast and smooth web space, excellent page loading speed for users.
• Diverse features, easy to use: this exchange is not picky about users. Whether you are new to the exchange or have been using it for a long time, you will find it enjoyable and easy to work with Bithumb.
• Trading volume: this exchange supports extremely large trading volume, the liquidity is always good.
• Create credibility and safety: Bithumb Pro belongs to Bithumb.com. This is considered a high-class cryptocurrency exchange in Korea with strict and transparent legal regulations.
• Attentive customer service: live chat and phone service are available 24/7.

Cons:

• Liquidity is not high: Since Bithumb has only been launched for a short time, it is impossible to complete all features in a day or two. However, it is promised that in the future, this exchange will increase volume and many other outstanding features
• Fiat currency support is limited to Korean residents only.
• The process of verifying information is quite slow, with many complex requirements.

Bithumb Overview

Bithmb is the largest cryptocurrency exchange in the Korean market. Bithumb was born in 2014, founded by Javier Sim. By 2020, Bithumb will officially become the most influential digital currency exchange in Korea with more than 8 million registered users, 1 million mobile app users and total trading volume, accumulated to date has exceeded $1 trillion.

Here, the exchange allows users to buy, sell and trade cryptocurrencies in a safe and reputable way. It supports almost full crypto-related features with most cryptocurrencies.

Currently, this exchange has split into 3 versions:

• Bithumb Korea (version for Korean people).
• Bithumb Pro or Bithumb Global (global version).
• Bithumb Singapore (version exclusively for Singapore residents).

Bithumb is great for beginners. The website is really clear and uses simple colors. Everything is also well labeled, making trading very easy.

On the other hand, the platform is also suitable for professional traders. There are many different trading tools you can use, such as chart analysis and candlesticks.

There is also a cool feature called “remittance” that allows people to send money abroad.

It is important to remember that you will not be able to trade anonymously at Bithumb. Although you can only deposit and withdraw with cryptocurrencies, you still need to provide complete personal information.

Services and Features

Trading

Spot Trading: provides the service of buying/selling today’s popular cryptocurrencies.

Margin Trading: this exchange only offers margin trading for the following 11 tokens: BTC, ETH, LTC, XRP, BCH, EOS, XMR, XLM, COMP, UNI, ADA.

Fiat Trading: Bithumb has partnered with Paxful and several other partners to provide fiat-to-cryptocurrency payments in most countries around the world. Besides, Bithumb supports both VISA and MasterCard to make it more convenient for you to pay for cryptocurrencies.

Smart Token: This is a special token, if you buy it, it is considered as a short order with 1x leverage.

Buy and sell crypto

Currently, the exchange is supporting buying, selling and trading 103 cryptocurrencies. They support the majority of popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash.

Although the exchange is large, the number of tokens supported is less than other exchanges. This is known to be due to the selective safety of the tokens prior to listing.

Types of fees

Transaction fee

Bit Global charges 1% transaction fee when users make Spot, Margin trades, which includes:

• Maker: 0.025%. If you place a buy/sell order that is not executed immediately, then the order will be displayed on the “Order” section and you will be a Maker.
• Taker: 0.075%. If you place a buy/sell order and it is executed immediately, you will be a Taker.

Deposit and withdrawal fee

Like many other cryptocurrency exchanges:

• Deposit fees on this exchange are free.
• Withdrawal fees will vary from coin to coin. You can refer to the full withdrawal fee schedule for each coin here. Note that depending on market volatility, this exchange will change withdrawal fees, these fees may increase or decrease, not fixed.

Payment Methods

It is always important to consider what payment methods a cryptocurrency exchange supports before signing up, as they might not have the option you are looking for.

The good news is that Bithumb has the facilities to process fiat currency deposits and withdrawals. However, the bad news is that this is only available to South Korean residents using KRW.

If you are reading this Bithumb review and are not from South Korea, don’t worry as you can still deposit using a cryptocurrency instead.

If you are just starting out in cryptocurrency and don’t have any coins yet, the best thing to do would be to open an account at KuCoin. Coinbase allows you to register an account and deposit using a debit/credit card or bank account straight away. Once you have purchased one of the top cryptocurrencies on Coinbase, all you need to do is transfer your coins over to Bithumb.

Instructions for registering an account

Step 1: To register for an account on Bithumb, visit the page. Then enter “Email”, “Send”

Step 2: Confirm Captcha by pressing and holding the “→” key. Next, you drag to the right so that the puzzle piece above can fit into the empty space.

Step 3: The system automatically sends you a 6-digit code via Email to activate your account. Please go to the mailbox to get the code and then move on to the next step.

Step 4: Complete the missing information that the system requires.

• Verification code: Enter the code provided in the Email.
• Password: Create a password as you like (should have lowercase characters, numbers, uppercase characters, special characters).
• Confirm password: Re-enter the password again to verify.
• Then, check the box “I have read Bithumb Global Agreement” and click “Create Account” to complete. The system will send you a successful registration notification.

Complete the above steps, you will get an account on Bithumb legit.

Note: Captcha verification is a necessary step to avoid Spam on exchange. Therefore, you will encounter and have to perform Captcha regularly every time you log in or operate on this exchange.

How to secure your Bithumb Global account

Set up 2FA security

Step 1: You access https://www.bitglobal.com/en-us/login. In the Google Authentication section, click “Enable”.

Step 2: You use the Google Authenticator app to scan the QR code on your screen. Next, you proceed to fill in the password, the confirmation code sent by Bithumb Global via SMS and the confirmation code of Google Authenticator. Then, click “Confirm” to complete the operation.

Identity Verification (KYC Lv.2)

Step 1: You access https://www.bitglobal.com/en-us/login. In the Identity Authentication section, click “Submit Information”.

Step 2: Next, you proceed to fill in personal information such as: Country, type of identity verification document (passport or citizen identification card), gender, date of birth, full name.

Step 3: Finally, you upload 3 photos of the front, back of your passport/citizen ID, a portrait photo with a piece of paper with the words Bithumb Global & the date at the time of KYC.

Bithumb Hack

In June 2017, it was announced that Bithumb’s servers were hacked, resulting in approximately 100 billion Won in damage. At the time, this amounted to about $94 million. According to the report, more than 31,000 individual accounts were accessed by hackers, which means a lot of people lost money.

In response, the team said that they will refund all those affected, up to a maximum of $900. While the exchange has not suffered any hacks since then, it is very worrisome that hackers could circumvent their security controls.

Conclusion – Bithumb Review

The above article has introduced you to the Bithumb exchange, the services provided, the fees and instructions for using the exchange. Cryptocurrency regulation in South Korea is known to be very strict, exchanges must always ensure absolute safety. Moreover, the account registration process as well as the verification and security steps are extremely complicated, with many requirements, so the floor is considered relatively safe. On the other hand, the hacking incident in 2017 is also something investors should note.

Hope this Bithumb review will be useful to you and help you. Please leave a comment to make our article better.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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