Bithumb exchange September 2018 review | Features, fees and more | finder.com

Bithumb cryptocurrency exchange – September 2018 review

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Buy and sell 15 major digital currencies with 0.15% trading fees.

Bithumb is a popular cryptocurrency exchange based in South Korea. It allows users to trade 15 of the world’s largest crypto coins and tokens, including bitcoin, Ethereum and Ripple. Its 24-hour trading volume sees it regularly feature in lists of the world’s 10 largest crypto exchanges.

However, Bithumb is far from the only exchange out there. There’s an ever-expanding range of platforms to choose from, so we’ve put together this Bithumb review to help you decide whether it’s the right crypto platform for you.

Product Name Bithumb Cryptocurrency Exchange
Fiat Currencies KRW
Cryptocurrencies BTC, BTG, BCH, DASH, ETC, LTC, EOS, XRP, ETH, QTUM, TRX, ICX, VET, XMR, ZEC, MITH
Deposit Methods Cryptocurrency
Wire transfer
Trading Fee 0.2%
Deposit Fees KRW: Free
Cryptocurrency: Fees vary
Withdrawal Fees KRW1,000
Cryptocurrency: Fees vary

Pros

  • 24/7/365 customer support in multiple languages
  • Competitive 0.15% commission on trades
  • Access to a range of the world’s most popular crypto coins and tokens
  • Simple and straightforward exchange platform
  • The fact that it’s a popular platform means high liquidity
  • Range of order types available

Cons

  • As of 20/06/18, Bithumb has announced that it has temporarily suspended deposit and withdrawal services
  • Targeted mainly at South Korean users
  • Some translation issues on English version of website
  • Fiat deposits only available to Korean residents
  • 2017 hacking attack saw criminals obtain the personal information of more than 31,000 Bithumb users
  • Other exchanges provide access to a greater range of digital currencies
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is Bithumb?

Founded in 2013, Bithumb is a cryptocurrency exchange based in Seoul, South Korea. It’s one of the world’s largest exchanges in terms of trading volume and allows its users to trade 15 major cryptocurrencies against the South Korean won (KRW). The platform is run by BTC Korea.com Co. Ltd and offers iOS and Android mobile trading apps.

In March 2018, Bithumb announced plans to put kiosks in restaurants and cafes across South Korea, offering customers the option to pay for their food orders with cryptocurrency.

Which cryptocurrencies can I buy/sell?

Bithumb offers the following digital coins and tokens in currency pairs with the South Korean won:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dash (DASH)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Monero (XMR)
  • Zcash (ZEC)
  • Qtum (QTUM)
  • Bitcoin Gold (BTG)
  • EOS (EOS)
  • ICON (ICX)
  • VeChain (VEN)
  • TRON (TRX)

Available countries

While Bithumb is mainly targeted toward South Korean users, it also offers its platform to users in countries around the world, including the US. Contact Bithumb directly for a full list of supported countries, but take note that according to the website’s terms and conditions, you’ll need to be 19 years of age or older to use the platform.

Which payment methods are accepted?

Bithumb only accepts fiat currency (KRW) deposits from Korean residents. All other users will need to fund their account with cryptocurrency deposits.

How much will it cost me to use Bithumb?

Bithumb’s trading fees are outlined in the table below.

DetailsCommission (maker fee/taker fee)
Basic commission0.15%
Discount coupon0.01% – 0.07%

* “Discounted fixed-amount coupons” can be purchased from the Bithumb website and allow users to access lower commissions.

Fees may also apply to deposits and withdrawals to and from your Bithumb account. Check the table below for full details.

CurrencyDeposit feeSmall deposit feeWithdrawal fee
Korean won (KRW)FreeFreeKRW1,000
Bitcoin (BTC)Free0.001 BTC (on deposits of less than 0.005 BTC)0.001 BTC
Ethereum (ETH)FreeFree0.01 ETH
Dash (DASH)Free0.01 DASH (on deposits of less than 0.04 DASH)0.01 DASH
Litecoin (LTC)Free0.01 LTC (on deposits of less than 0.3 LTC)0.01 LTC
Ethereum Classic (ETC)FreeFree0.01 ETC
Ripple (XRP)FreeFree1 XRP
Bitcoin Cash (BCH)Free0.001 BCH (on deposits of less than 0.03 BCH)0.001 BCH
Monero (XMR)FreeFree0.05 XMR
Zcash (ZEC)Free0.001 ZEC (on deposits of less than 0.02 ZEC)0.001 ZEC
Qtum (QTUM)FreeFree0.05 QTUM
Bitcoin Gold (BTG)Free0.001 BTG (on deposits of less than 0.15 BTG)0.001 BTG
EOS (EOS)FreeFree1.5 EOS
ICON (ICX)FreeFree
VeChain (VEN)FreeFree
Tron (TRX)FreeFree

Are there any transfer limits?

Maximum limits apply to the amount you’re able to withdraw from your account per day and per month, but these limits vary depending on the level of account verification you’ve achieved. There’s little information available online about what those limits are, so contact Bithumb for full details. You can upgrade your authentication level by performing tasks like verifying your phone number or submitting photo ID.

Minimum withdrawal limits also apply as follows:

CurrencyMinimum withdrawal
Korean won (KRW)KRW5,000
Bitcoin (BTC)0.001 BTC
Ethereum (ETH)0.01 ETH
Dash (DASH)0.01 DASH
Litecoin (LTC)0.1 LTC
Ethereum Classic (ETC)0.1 ETC
Ripple (XRP)21 XRP
Bitcoin Cash (BCH)0.002 BCH
Monero (XMR)0.01 XMR
Zcash (ZEC)0.01 ZEC
Qtum (QTUM)0.1 QTUM
Bitcoin Gold (BTG)0.002 EOS
EOS (EOS)3 EOS
ICON (ICX)
VeChain (VEN)
Tron (TRX)

Is it safe to use Bithumb?

Bithumb made headlines in mid-2017 when it announced that it had been the victim of a hack. The personal information of more than 30,000 customers was stolen during the hack, and some users reported that their funds were stolen. A separate breach in July caused the data of more than 3,400 customers to be leaked, and the two incidents prompted South Korea’s Communications Commission to impose a KRW60 million fine on the exchange.

With this in mind, it’s well worth researching the features this platform has to offer before deciding whether or not to register.

When you sign up for an account with Bithumb, you’ll need to enter and verify your name, email address and phone number. You’ll also need to create a secure password for your account that must be between 8 and 12 characters long and contain a combination of upper- and lowercase letters, numbers and special characters. A four-digit security PIN is also required to withdraw or transfer funds from your account.

Customer support

Customer support is a key feature of Bithumb’s service, and you can get in touch with the customer help team 24 hours a day, 7 days a week. The international customer support line offers multilingual assistance. You can also email your question to the team or access live online support through your account. Bithumb also maintains a small database of FAQs along with the answers.

Pros and cons

Pros

  • 24/7/365 customer support in multiple languages
  • Competitive 0.15% commission on trades
  • Access to a range of the world’s most popular crypto coins and tokens
  • Simple and straightforward exchange platform
  • High liquidity due to its popularity
  • A range of order types available

Cons

  • Targeted mainly at South Korean users
  • Some translation issues on the English version of the website
  • Fiat deposits only available to Korean residents
  • Prior security issues that left user information vulnerable to theft
  • Other exchanges provide access to a greater range of digital currencies
Disclosure: At the time of writing, the author holds IOTA and XLM.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping people find the right products for them. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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