Bithumb Exchange Review: Features & Pros & Cons For 2024

Today, I will discuss one of the famous crypto exchanges, Bithumb Exchange, In this article.

Since its establishment in 2013, Bithumb has become a significant global player offering several types of crypto assets to trade.

Its platform is indicated by high liquidity and ease of use while maintaining a solid security system.

Nevertheless, it has had some setbacks, like being monitored by regulations and hacking events over time.

Introduction

At the time of writing, Bithumb was among the most prominent digital currency trading platforms in South Korea, with a daily trade volume of $205 million and 170+ listed cryptocurrencies.

This platform supports bot trading for cryptos. It offers several financial products that target institutional investors and provides access to significant liquidity pools.

There are deposit programs where clients can earn extra money without making transactions. Moreover, a user-friendly interface and 24/7 customer support are available.

The exchange is not currently regulated but is expected to conform to international financial regulators such as FIU and FSC. Users cannot carry out trades on their accounts until they register them.

Users cannot carry out trades Until they complete an OTP verification process. The network uses ISMS service (an innovative identity protection system) and advanced AML verification; the system also comes with 24×7 trade monitoring for the exchange.

From being purely focused on Korea, where it was launched initially, Bithumb has transformed into one of the platforms serving crypto traders globally.

It ultimately aims to become a fully-fledged digital financial company based on blockchain technology. Bithumb wants to become a full-blown digital finance enterprise established on blockchain technology.

Bithumb Exchange Key Points

How to Sign Up on Bithumb Exchange?

Signing up on Bithumb Exchange involves a few easy steps; here’s a general guide to help you get started:

Visit the Bithumb Website: Go to the official Bithumb website to ensure you use the correct URL to avoid phishing attempts.

Locate the Sign-Up Option: Look for the “Sign Up” or “Register” button on the home page or top navigation bar. Click it to begin with registering.

Fill Out the Registration Form. You will usually be asked for these details:

• Email address: Give the valid email address to which you can access.
• Password: A strong password containing letters, numbers, and special characters is needed for security.
• Referral code (if applicable): Some exchanges offer bonuses when you enter a referral code.

Verification: After filling out those forms, you may need to verify your email address. Check your inbox for verification mail from Bithumb and follow the instructions to verify your account.

Complete Additional Verification (if required): Extra verification steps such as submitting identification documents like passports, driver’s licenses, and proof of address may be necessary, depending on Bithumb’s policies and where you live. It is usually a part of Know Your Customer requirements.

Deposit Funds: When all setup procedures are complete, it’s time to deposit some funds into your Bithumb account.

Access the deposits section and follow the given guidelines on depositing cryptocurrency preferred or fiat currency chosen by the user.

Start Trading: After that, trading commences as soon as money is credited into an investor’s wallet through a depositor’s given bank account through their payment processors. To place buy or sell orders, navigate to the trading page of this site.

How To Deposit Cryptocurrency At Bithumb?

Follow these steps to deposit cryptocurrency into your Bithumb account:

Logging In: Go to the Bithumb site and enter your login details.

Go to the Deposit Section: Wallet or Deposits are typical options by which you can reach there. Usually, it is in the main menu or sometimes part of the account settings.

Choose Cryptocurrency: Select a digital currency you want to deposit into your Bithumb account. Please select the right one because Bithumb supports many kinds of cryptocurrencies.

Generate Deposit Address: Bithumb will create a unique address to receive the funds for the chosen cryptocurrency. Ensure you have copied it accurately.

Initiate The Deposit Process: Another wallet or exchange’s website where current funds are found may be used for this purpose. Use any cryptocurrency to send from them over to the Bithumbs deposit address provided.

Wait for Confirmation Time: Deposits involving transferring digital coins always need confirmation on blockchains before being credited to users’ accounts at Bithume.

Depending on how congested networks are and what kind of deposit an individual has made, this might take time.

Check Status of Deposits: Once sent, track this transaction on either Blockchain Explorer or go under the deposit history section if signed in your cabinet at Bithume’s official website.

Confirming Deposit: Done until such is acknowledged on a network basis; deposits become effective when they hit user accounts at Bitumbe.

Therefore, they can be spent as if they were available for sale or withdrawal.

How To Withdraw Cryptocurrency At Bithumb?

It takes a few steps to withdraw cryptocurrency from your Bithumb account. Use this guide for help:

Sign In: Go to the Bithumb website and use your login information to access your account.

Find Withdrawal Section: Sometimes, it is called Wallet or Withdrawal option. It may be in the main menu or near your user profile page.

Choose Cryptocurrency: Decide on the digital currency you want to withdraw from Bithumb. Since Bithumb deals with various cryptos, please choose one of them.

Specify Withdrawal Address: The withdrawal address the external wallet will use to withdraw cryptocurrencies should also be provided. Review if the withdrawal address is correct and corresponds to the cryptocurrency being withdrawn.

Insert Withdrawal Volume: You must state how much cryptocurrency you want. Also, you must find out if there’s a minimum withdrawal limit and if they charge withdrawal fees to avoid falling into its snare.

Confirm Withdrawals: Take a look at all details of your request, such as withdrawal amount and destination address, before approving it.

Security Verification: Your account settings and Bithumb security measures can demand extra checks, including 2FA or email confirmation, to proceed with withdrawals.

Make a Request for Withdrawals: After confirming everything about this process, including completing any required verification procedures, you can request to withdraw money from your account.

Track Status of Withdrawals: Check the transactions history page or section to see whether the withdrawal was processed within this exchange service on behalf of your registered Bithumb account.

Withdraw Funds Arrive Cash Out Receive Money Get Paid Take Money Obtain Payment Make Money Take Out Submit Payment Have Transferred Take It Out Get This Transfer Deposit Be Given Payout

You can check your external wallet to see if funds were correctly deposited there. How long does it take? Transaction time varies with the traffic on the network and the nature of the cryptocurrency being transferred.

Exchange Fees

Trading fees are incredibly significant. Some of the best crypto exchanges don’t distinguish between makers and takers when charging fees.

Usually, such trading fees on these platforms are often referred to as “flat.” Another exchange where users pay flat trading fees is Bithumb; the fee charged for every trade executed is 0.25%.

The global industry average was 0.25% for a long time, but this has recently changed towards much lower trading fees.

The new figures emerging as industry averages appear to be 0.10%. Bithumb seems somewhat expensive in terms of trading fees.

Bithumb Withdrawal Fees

Withdrawing BTC from Bithumb costs 0.001 BTC in withdrawal fees, which is lower than the previous cost and could be slightly below average.

How to Secure Your Bithumb Exchange?

Bithumb is among the leading cryptocurrency exchanges with diverse security measures to safeguard user funds and information.

However, the safety of an exchange depends on what the platform does and how alert its clients are. Some critical aspects of Bithumb’s security are as follows:

Cold Storage

Cold wallets house most customers’ funds, and since they are not online like hot wallets, they are less susceptible to hacking attacks.

Encryption and Secure Data Storage

Bithumb’s advanced encryption techniques secure user data, such as personal information and transaction details. These techniques reduce the risk of unauthorized access and data breaches.

Regular Security Audits

The exercise detects potential vulnerabilities and ensures they have been rectified regularly by internal staff and external auditors.

Insurance

Insurance policies cover potential losses from hacking or security breaches at Bithumb, thus providing additional financial protection for users.

Anti-Phishing Measures

Bithumb assists its customers in evaluating the credibility of their emails and communications using anti-phishing codes, preventing phishing attacks.

Compliance with Regulations

Bithumb must fully follow local and international requirements, such as KYC (Know Your Customer) rules or AML (Anti-Money Laundering) laws, to ensure ethical operations within its jurisdiction.

Incident Response Team

This will help mitigate any damage during an incident through actions taken quickly and with a dedicated incident response team specifically to cater to it.

User Education

Users should learn helpful tips, such as using strong passwords, enabling 2FA, and recognizing phishing attacks to protect their accounts better: this is part of Bithumb’s educational resources.

Some Popular Cryptocurrency Available On Bithumb

Exchange Features

Many Cryptocurrencies are available for trade.

Bithumb supports the trading of a wide variety of cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others, as well as new tokens and coins offering a diverse range of trading options.

Available Trading Pairs

Users can trade cryptocurrencies against several fiat currencies, such as KRW, USD, or other cryptocurrencies. Bithumb offers several trading pairs tailored to different trading strategies and preferences.

The Interface

Bithumb provides an easy-to-use interface that is friendly to beginners and experienced traders. The company’s platform’s charting tools with order book information, among other vital trading data, facilitate informed decision-making.

Application for Smartphones

Traders can use their mobile devices by downloading iOS and Android versions from Bithumb. This section will explain the app’s trading, wallet management, and security features, which are very similar to those on the web platform.

Earning Rewards From Stake Holding

Bithumb allows users to stake some of its cryptocurrencies and earn rewards for holding the tokens on the platform. The exchange may also have promotions with bonuses or rewards for customers.

Policy For Complying With Regulations

Bithumb complies with regulatory requirements and best practices, including KYC (Know Your Customer) procedures and AML (Anti-Money Laundering) policies to be legal and secure to be legal and safe.

My Customer Support Experience

At Bithumb, customer support typically includes several mediums through which users can get help with their queries or problems. Here are some things you may want to know about Bithumb’s customer care:

Help Center: Bithumb’s website has a helpful and frequently asked question section that lists common queries associated with the platform.

Email Support: Users can email Bithumb support for issues not addressed in the help center. The time of response varies depending on how busy it is.

Live Chat: Some exchanges, like Bithumb, offer live chat to assist clients immediately when needed. This is very useful when an emergency or complicated issue requires immediate attention.

Social Media: Through its official social media channels, Bithumb might offer assistance, where community members or the assistance team can respond to any questions from individuals who visit those pages.

Phone Support: A few exchanges have phone numbers that customers can call if they prefer speaking directly to someone from the exchange. This option may not always be available, so users should check availability on the exchange’s site.

Ticket System: Users may have to log their inquiries or issues using the ticketing system at Bittrex.com. A user gets an online ticket number, plus agents communicate via email or a ticketing platform.

Community Forums: Perhaps people can seek help from other participants, including moderators, in any community forum at Bitstamp.net. This would benefit both general queries and peer support.

Trade On Go With Bithumb Android & IOS Mobile App

Bithumb has a mobile app for Android and iOS phone owners who require an easy way to exchange cryptocurrencies.

The developers have tried to create a simplified platform for clients to sign in and out, monitor their accounts, and conduct trades on the go.

The Bithumb mobile application incorporates basic features like real-time market data, order management, and charting tools to assist users in trading activities.

It has numerous cryptos and pairs aimed at accommodating reoriented traders. Moreover, the app incorporates safety measures like two-factor authentication (2FA) to secure users’ money.

Moreover, the Bithumb app tracks investors’ portfolios’ performance, reads transaction history, and updates users about real-time account activity.

Hence, customers are not disconnected from cryptocurrency markets; they can handle investments effectively everywhere.

Earn Without Investment With Bithumb Refer & Earn Program

Bithumb’s refer & earn program allows you to make money without putting any money in. If you share your unique referral link, your friends, relatives, and others will be invited to join it.

You get rewards if somebody registers using your referral link and fulfills the program’s criteria, such as depositing funds or conducting trades.

Usually, these rewards come as a percentage of trading fees generated by people you have referred or a one-time bonus.

The Bithumb app or website allows you to monitor your progress by showing how many referrals and earnings you have made through this program.

This is an uncomplicated way of earning incentives from introducing others to trade on Bithumb without spending anything from my pocket…

Bithumb Alternative Exchanges

Binance is one of the largest crypto exchange platforms worldwide. It offers a variety of digital assets for trading purposes, advanced trade options, and an incredible mobile app.

Coinbase: A beginner-friendly exchange that emphasizes usability and safety. It supports multiple cryptocurrencies and dominates America.

Kraken: Known for its tight security measures and different types of digital currencies, Kraken provides fiat to crypto pairs and margin trading operations.

Huobi Global is a global exchange that enables crypto trading, margin trades, and futures contracts on various coins. I am seeing first-rate activity in Asia.

Bitfinex: Known for its sophisticated trade features, liquidity provision, and availability of many coin pairs. Bitfinex supports lending along with margin trading.

Gemini: A regulatory-compliant US-based exchange renowned for its tight security measures. A simple user interface with fiat-to-cryptocurrency conversions is allowed.

KuCoin is a primary international cryptocurrency market that allows you to trade with various altcoins and trading pairs. The platform is famous for charging competitive fees on each user transaction, making it attractive because its activities are straightforward.

OKEx: This comprehensive exchange has spot and futures markets and options support. Its platform lists numerous cryptocurrencies and has users worldwide.

Crypto.com: The Mobile app ecosystem is known for its Crypto.com cards that allow you to do some staking or lending cryptos

Upbit: As one of South Korea’s most prominent exchanges, it has diverse digital currencies and several trading pairs. Upbit is characterized by solid security measures, too.

Final Verdict

In conclusion, Bithumb has established itself as a significant player in the cryptocurrency exchange industry, offering both beginners and experienced traders various features and services multiple features and services.

It is one of the world’s biggest exchanges, allowing people to trade with multiple cryptocurrencies, including top digital coins and newcomers.

When trading on the platform, users are guaranteed security through its user–friendly interface and robust security measures like cold wallet storage and two-factor authentication.

This means that new users can quickly enter the field of digital money since Bithumb supports fiat-to-crypto trading in some countries.

The availability of margin trading, staking, and a refer-and-earn program on this platform has advanced other options, facilitating investment growth by its users. Similarly, investors have been able to trade using their portable devices.

Bithumb’s security system has had some issues before but has since tried to improve it so that customers’ protection may be bettered.

Bithumb’s continuous adherence to regulatory standards and conformity with best practices demonstrate its being a responsible and reliable exchange edition.