Bithumb Review 2020
Bithumb is a global financial platform that is leading digital financial innovation based on virtual assets, blockchain, and fintech. Bithumb gives access to trade cryptos including Bitcoin, Etherum, Ripple, EOS, Bitcoin Cash, Etherum Classic, Litecoin, Chainlink, TRON, Qtum and more.
There are over 106 cryptos that can be exchanged via an intuitive trading platform, whilst a customer service team is on hand 24/7 to assist clients. It should be strongly emphasised that Bithumb is not regulated and they do not offer individual forex, commodity or stock trading. They also do not provide the popular MetaTrader online trading platforms.
Bithumb Review 2020, Pros & Cons
- Dedicated cryptocurrency broker
- Access to trade multiple cryptos
- Multiple auto trading Tools
- Competitive fees
- Not regulated by any known financial authority
- Cryptocurrency trading only
- No stocks, commodities or forex trading
- No MetaTrader trading platforms
- Limited funding options
In this detailed Bithumb review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Bithumb is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Bithumb.
Bithumb Review: Summary
Bithumb was founded in 2014 in South Korea as a comprehensive financial platform and has since grown to become a leading digital company that focuses on virtual assets, blockchain, and financial technology (fintech). Bithumb is evaluated as the best cryptocurrency exchange in Korea, with over 4.63 million registered members as of September 2019.
The exchange provides clients with the intuitive Bithumb mobile app that supports trading on multiple cryptocurrencies like Bitcoin, Etherum, Ripple, EOS, Bitcoin Cash, Etherum Classic, Litecoin, Chainlink, TRON, Qtum, and more. Over KRW 6.5 trillion is traded daily which offers Bithumb clients abundant liquidity to buy and sell virtual assets at competitive prices.
Bithumb offers an all in one solution for your cryptocurrency needs and uses cryptocurrency for all transactions. Using cryptocurrency enables instant transactions, security and anonymity. The exchange provides clients with powerful security solutions including AhnLab, V3 Mobile Plus, and Droid-X.
The Bithumb website has the ‘lending’ feature, which allows traders to borrow Bitcoin with KRW as collateral. Bithumb’s foremost management ideology is the ‘protection of customer assets’ and safely storing the total amount of customer investment assets. The exchange established the first Anti-Money Laundering center by a Korean exchange in 2019.
More recently, in 2020, it established its own R & D laboratory and signed a partnership with OCTA solution for joint development of AML and FDS solution. There is also the Bithumb Block Deal, which combines the joint liquidity from each of the entities sourced from the global customer bases, in addition to the global liquidity partners to allow for more reliable settlement and trade matching.
Bithumb Review: Regulation
Bithumb is currently not regulated by any agency. However, the broker states that customers’ investment assets are strictly held separately from the companies own assets. Cryptocurrency regulation varies greatly from country to country. Some governments are so welcoming of cryptocurrency that it has even been regarded as a legal tender, while others have gone as far as to ban it outright. Many experts and professionals would not trade with an unregulated broker as they cannot offer investors the same protections that a regulated broker can.
Bithumb makes a collective effort for the protection of customer assets by conducting data security at the top level in the financial industry. It implements the 5-5-7 regulation model, which recommends that 5% of all personnel in the financial institution be IT specialists, 5% of IT personnel be data security exclusive personnel, and 7% of the total budget be used for data protection.
Bithumb Review: Countries
The Bithumb website is not directed at jurisdictions where its services will be contrary to local laws, including Iran, Ethiopia, Iraq, Serbia, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, Yemen, and Syria.
Some Bithumb features and products mentioned within this Bithumb review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Bithumb Review: Trading Platforms
Bithumb Mobile App
They provide their clients with the Bithumb mobile app. It is compatible with Android/iOS devices and can be downloaded from the respective app stores. The mobile app supports trading of multiple cryptocurrencies including Bitcoin, Etherum, Ripple, EOS, Bitcoin Cash, Etherum Classic, Litecoin, Chainlink, TRON, Qtum, and others. The mobile trading app is handy and easy to use, so it’s beneficial for clients who wish to manage their accounts and place trades anytime and from anywhere in the world, provided there is an internet connection.
Bithumb Review: Trading Tools
Bithumb provides clients with a range of Auto Trading tools. It should be made abundantly clear that like all online trading, there is a significant risk of losing all your investment when using automated trading tools. You should have a clear understanding of all the risks involved before trading online.
Arbibot automatically makes trades according to market margins based on set conditions. It is the only bot available for commercial use in Korea. The Arbibot Auto Trading tool has the following features:
- Provision of exchange status in real-time
- Provision of coins in real-time
- Ability to exchange in KRW, BTW, Eth, USD market
- Available on Android devices
HEYBIT is an automated trading service for managing trades. It makes use of a quantitative investment strategy to record operation history, minimizes the risk of liquidation within 24 hours, and limits the amount of risk by adjusting the ratio. It is available on Android and iOS devices.
Korbot is an algorithmic trading platform built for global virtual asset investors. It’s a core algorithm with five years of development, use of quantitative analysis, and machine learning technology. It is available on Windows computers.
BitUniverse is a free automatic transaction bot that enables automatic according to preset purchasing conditions. It features an AI-based trading bot that targets market price fluctuations and automatic portfolio tracker function that tracks transaction, profit, and loss records.
The exchange provides a copy-trading function that automatically follows the top-ranking traders’ portfolio’s composition. It provides a potential earning rate based on data synchronized to Bithumb, as well as a personal portfolio analysis function. It is available on Android and iOS devices.
Bithumb Review: Education
Bithumb provides clients with a good range of video tutorials that covers various topics, including account funding, asset exchange and more.
Insights & Newsletter
The Bithumb website contains a selection of updated insights and newsletters that help to keep traders informed about the various factors that are moving the markets.
The support section on the broker’s website has user guides and ‘inquiry’, which contains useful information about transacting with the exchange. There is also a Frequently Asked Question (FAQ) section, which gives instant answers to some of the more common questions that traders may have.
Bithumb Review: Trading Instruments
Bithumb supports the trading of over 106 cryptocurrencies including the very popular ones, like Bitcoin, Etherum, Ripple, EOS, Bitcoin Cash, Etherum Classic, Litecoin, Chainlink, TRON, Qtum and more.
Bithumb Review: Trading Accounts & Fees
There is only one account for storing and trading cryptocurrencies. Bithumb charges a fee of 0.25% on each trade. Over 106 cryptocurrencies are available to be traded directly via the intuitive Bithumb mobile app. Bithumb accepts virtual assets, such as Bitcoin, Etherum, Ripple, EOS, Bitcoin Cash, Etherum Classic, Litecoin, Chainlink, TRON, Qtum, and major fiat currencies such as KRW, USD, EUR, HKD. Moreover, they allow clients to select their desired settlement fiat currency.
As broker fees can vary and change, there may be additional fees that are not listed in this Bithumb review. It is imperative to ensure that you check and understand all of the latest information before you open a Bithumb broker account for online trading.
Bithumb Review: Customer Service
Bithumb provides clients with a multi-lingual and ‘customer-focussed’ support team who are on hand 24/7 to help clients with any questions they may have. They can be reached via, telephone, email and online live chat.
The support team office offers a professional one to one customer service including instructions on real-time transaction systems and plans to cope with financial damages. Bithumb is also available on social media handles including Twitter, YouTube and Instagram.
Bithumb Review: Deposit & Withdrawal
Bithumb gives traders access to use a virtual asset payment system through Bithumb Cash. Traders can conveniently make payments using Bithumb Cash from PC and mobile devices on a variety of online stores. Bithumb Cash is the amount of the total assets held by Bithumb members converted into KRW and can be used for the Bithumb Cash transfer and payment service.
To deposit virtual assets, you must be issued a deposit address. Once a virtual asset is deposited to the designated address, it will be reflected on your wallet; it takes around 10 to 30 minutes for the assets to reflect on your wallet after depositing.
For withdrawals, you will be required to enter the same address used in making the initial deposit. Enter the withdrawal amount and proceed with withdrawal after completing the SMS verification and entering the security passcode. The relevant withdrawal fees will be deducted from your held amount.
Bithumb Review: Account Opening
Opening an account with Bithumb exchange can be done in either of two versions: Mobile app and PC version. Each of the accounts are divided into the ‘Quick Membership’ and ‘Regular Membership’ signup. The quick membership signup is a method that allows signup using only the mobile phone number and basic authentication; it enables traders to log in using the mobile SMS authentication, whereas the regular membership sign up uses Email as the login ID. Clients are required to ensure they register the phone number that is under the member’s name whilst entering the real name and address accurately.
There is also the Corporate Membership sign up; it requires the corporate members to enter the information about the company. It also offers support for basic service usage by both the representative and a registered member of the company. However, major tasks such as unblocking withdrawals and level verification require identity verification of the representative.
It is imperative to ensure that when you are going through the Bithumb application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Bithumb Review: Conclusion
Founded in 2014, Bithumb is a leading digital asset platform with one of the largest digital asset transaction volumes in the world. Bithumb provides real-time Bitcoin (BTC) quotations and offers the Korean block chain service allowing coin transactions of Ethereum (ETH), Dash (DASH), Litecoin (LTC), Ethereum Classic (ETC) and Ripple (XRP) with competitive transaction fees.
Bithumb exchange provides clients with powerful security solutions including Ahnlab safe transaction, V3 Mobile Plus, and Droid-X. They offer the Bithumb mobile trading app which is compatible with Android/iOS devices and can be downloaded from the respective app stores. There is a multi-lingual and ‘customer-focussed’ support team that is available 24/7.
Despite this, Bithumb is not regulated by any authority and does not offer individual forex, commodities or stock trading instruments. They also do not provide the MetaTrader platforms.
Please be aware that virtual assets can change in value and possibly result in investment losses. Speculative investment should be carefully monitored.