Bithumb Review 2024

Bithumb

Bithumb is a leading cryptocurrency exchange and trading platform. They support 212 coins across 221 markets.

Bithumb

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • Competitive trading fees ranging from 0.04% to 0.25%
  • Wide selection of over 213 cryptocurrencies available for trading
  • User-friendly interface suitable for both beginners and experienced traders
  • 24/7 customer support available in multiple languages including English and Korean
  • Supports a variety of payment methods including wire transfers and credit/debit card deposits
  • Offers additional services such as auto-trading, staking, and lending
  • Strong security measures including two-factor authentication and cold storage for assets

Cons

  • Limited support for fiat currencies other than KRW, requiring conversion for non-Korean users
  • History of security breaches, including a major hack in 2017
  • Lengthy and sometimes complex verification process for account setup and withdrawals
  • Customer support has received mixed reviews regarding responsiveness and effectiveness
  • No utility token for trading fee discounts, unlike other major exchanges

Features

Spot Trading

Bithumb allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

Trading Bots

Bithumb has trading bots that you can use to automate your trading strategies.

Staking

Bithumb allows you to stake your crypto and earn passive income.

Money

Fees

Like all centralized exchanges, Bithumb charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. Bithumb charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by Bithumb.
  • Bithumb's maker fees: 0.25%*
  • Bithumb's Taker fees: 0.25%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

Bithumb supports 2 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Bank Transfer

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

Bithumb supports 1 fiat currencies.

Security

Keeping your funds safe

Bithumb offers 2 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA
  • SMS

KYC

Bithumb requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.