Bithumb experiences open the way for traders into the crypto market. The following test analyses the advantages and disadvantages of the platform and puts the offer and its functions to the test.

Bithumb is the largest crypto exchange in South Korea and has developed into the largest platform for trading digital currencies in recent years. If you want to know what Bithumb experiences you can make and whether the provider can stand up to comparison with our test winner eToro, you are in exactly the right place here, because the provider was closely examined by our editorial team. You can read about the results of our Bithumb test and what information you should not miss about the Bithumb Exchange in this Bithumb review.

Bithumb advantages and disadvantages

Bithumb enables trading with the popularLately, Bithumb support can also be reached via the Korean instant messaging service KakaoTalk. The KakaoTalk app is available for iOS and Android devices. The Bithumb Guide is another point of contact for questions and problems. Especially for inexperienced Bithumb users, the guide proves to be very practical, as it allows you to first get an impression of the platform and the processes. If you already have a user account, you can access a ticket system and submit your request in writing to Bithumb Support.

Registration and trading with Bithumb

Registering with Bithumb is very easy and quick, as our Bithumb test shows. We show you step by step how to get started with Bithumb and gain your first Bithumb experience.

The Bithumb App

The exchange provides customers with a mobile version of the platform in the form of a Bithumb app, with which one can not only pursue one’s trading via smartphone and tablet, but also view one’s own account and change the settings. This way, even if you are not sitting at your PC at home, you remain flexible and can react to various processes in the market with a quick Bithumb login in the app. This Bithumb experience is a definite plus point for the provider in our Bithumb review.

The Bithumb app is compatible with iOS and Android mobile devices. By being able to use the provider’s services on the go, one can have a positive Bithumb experience. Users of other operating systems can access the mobile version of the website, which can be easily opened in the browser. Our Bithumb test shows that using the Bithumb app proves to be more user-friendly, as the programmes were explicitly developed for touchscreen use and are thus particularly suitable for mobile trading.

You are then automatically redirected to the page optimised for mobile devices. The mobile applications are available in English and Korean. To protect yourself from attacks, you should equip your smartphone and tablet with virus protection. Important note: Public Wi-Fi networks are considered insecure and should not be used to access the Bithumb app.

Conclusion – the Bithumb rating

If you take a look at what the Bithumb Exchange has to offer, you will be confronted with Korean characters from time to time. This could be quite disconcerting. However, the test shows that the platform does have its qualities. Our analysis shows that users can expect quite positive experiences with Bithumb. It is only the case with very few crypto exchange platforms that they can be operated in German. However, the crypto scene test winner eToro offers an attractive exception.

What is particularly positive is that you can buy many major cryptocurrencies at a favourable price on Bithumb. The cost breakdown is also impressive in comparison with international crypto exchange platforms. The relatively low Bithumb fees mainly benefit occasional traders, as many other providers charge significantly higher prices for more passive traders than for active traders. Another positive factor in the Bithumb rating is that Bithumb fees are displayed transparently, as are the individual prices of the coins.

In our Bithumb review, the exchange proves to be a reputable provider that handles its users’ data conscientiously and requires comprehensive verification, which includes several steps.  The provider also has a Bithumb app with which you can make instant trading decisions on the go and don’t have to wait until you are back home to sit down at your desktop. So if you open a user account with Bithumb, you will find quality. However, the Bitcoin exchange cannot compete with the test winner eToro. The functions, such as Bitcoin to Paypal transactions or the eToro Wallet, are simply too extraordinary.

  • Test cryptocurrencies
  • The offer is very international
  • Bithumb support is available 24 hours a day
  • High security standards apply to protect against Bithumb fraud
  • You can also trade on the move via the Bithumb app
  • The platform is partly in Korean
  • Euros and dollars are not usable
  • Despite high security precautions, the stock exchange has already fallen victim to hackers twice

Bithumb Review – the offer

The comprehensive offer of the Bithumb Exchange provides a great Bithumb experience. On the Bithumb platform, you can find the major cryptocurrencies of the market in particular, with a total of twelve coins to choose from. Besides Bitcoin, you can trade Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Monero, EOS, Qtum and ZCash. Completely unknown coins cannot be found on the platform. The platform even has its own digital currency: the Bithumb crypto “Bithumb Cash”.

Trading is done through the platform and the process is designed to be simple to ensure a great Bithumb experience. Current price trends and prices are available at the click of a button. You set the desired value of the coins in the trading interface and then execute the buy or sell by clicking “Buy” or “Sell”. With one-click trading, you can execute your orders even faster. The price developments in a specified period can be seen in a Bithumb Bitcoin price chart, which can also be found in the trading interface.

In principle, Bithumb is a good provider. However, the fact that the platform cannot be used in German is a real shortcoming.

Sign up for the test winner eToro here!

CFD or direct trading?

The Bithumb platform allows direct trading with cryptocurrencies. In addition to all major coins, the platform also has its own currency: Bithumb Cash. In Korea, the currency can be used for various online payments and also in selected shops and is firmly anchored in the everyday life of Koreans. For German customers, however, it is probably more important to trade with Bithumb Cash than to actually use the currency. The Bithumb Exchange also allows the use and trading of real currency, but here mainly the South Korean WON (KRW) is used.

If you don’t want to own cryptocurrencies directly, but prefer CFD trading, you should pay a visit to our test winner and Bithumb alternative eToro. The popular crypto, CDF and stock broker offers a variety of social trading options and many advantages over direct trading, such as access to foreign markets, short (sell) positions and the use of leverage.

Cryptocurrencies

At Bithumb, you can trade 81 cryptocurrencies and 81 trading pairs. A look at the currency pairs shows that the exchange mainly serves South Koreans, as only trading pairs with the South Korean won (KRW) are available. Currently, no BTC/ETH pair is included in the offering, but is already planned for the near future. This is the list of digital currencies currently on offer:

  • BTC/KRW
  • ETH/KRW
  • DASH/KRW
  • LTC/KRW
  • ETC/KRW
  • XRP/KRW 
  • BCH/KRW
  • XMR/KRW
  • ZEC/KRW
  • QTUM/KRW
  • BTG/KRW
  • EOS/KRW 
  • ICX/KRW
  • LOOM/KRW
  • PIVX/KRW
  • INS/KRW
  • BCD/KRW
  • BZNT/KRW
  • XLM/KRW
  • OCN/KRW 
  • BSV/KRW
  • VET/KRW
  • TRX/KRW
  • ELF/KRW
  • MITH/KRW
  • MCO/KRW
  • OMG/KRW
  • KNC/KRW
  • GNT/KRW
  • ZIL/KRW
  • ETHOS/KRW
  • PAY/KRW
  • WAX/KRW
  • POWR/KRW
  • TMTG/KRW
  • BAT/KRW
  • WET/KRW
  • XVG/KRW
  • IOST/KRW
  • POLY/KRW
  • HC/KRW
  • ROM/KRW
  • LRC/KRW
  • GTO/KRW
  • STEEM/KRW
  • STRAT/KRW
  • ZRX/KRW
  • REP/KRW
  • AE/KRW
  • XEM/KRW
  • SNT/KRW
  • ADA/KRW
  • PPT/KRW
  • CTXC/KRW
  • CMT/KRW
  • BTT/KRW
  • HDAC/KRW
  • NPXS/KRW 
  • AUTO/KRW
  • GXC/KRW
  • ORBS/KRW
  • VALOR/KRW
  • THETA/KRW
  • WTC/KRW
  • ITC/KRW
  • TRUE/KRW
  • ABT/KRW
  • RNT/KRW
  • PLY/KRW
  • WAVES/KRW
  • LINK/KRW
  • ENJ/KRW
  • PST/KRW 
  • SALT/KRW
  • RDN/KRW
  • AMO/KRW
  • ETZ/KRW
  • ARN/KRW
  • APIS/KRW
  • MTL/KRW
  • DACC/KRW
  • DAC/KRW
  • BHP/KRW

Bithumb Fees & Charges

The Bithumb Exchange is equally transparent in its handling of fees and the Bithumb fees as well as the prices of the individual coins and offers an overview on the website that provides users with all important information. You pay with a flat commission that remains unchanged for all values and volumes. At 0.25 percent, the Bithumb fees for brokers and takers are equally low, which is a clear plus point for the provider in our Bithumb review. If you use a discount coupon, a so-called “fixed amount coupon”, you can even reduce the Bithumb fees to 0.04 to 0.2 percent. However, only registered users can use this service. From time to time, Bithumb offers its users various promotions with which they can save the commission partially or even completely.

Fee typeCosts
Trading fee0,25%
For coupon use0,04-0,2%

Fees for Small Deposits

Deposits are usually completely free of charge. However, if you only want to deposit a very small amount, a fixed fee may apply in individual cases. If you use the Korean won (KRW), there are no additional costs, but if you use Bitcoin, Dash, Bitcoin Cash, Bitcoin Gold and Zcash with Bithumb, a Bithumb fee is due. Monero, Eos, Ethereum, Ethereum Classic, Ripple and Qtum also have no Bithumb fees – even for small deposits.

CurrencySmall Deposit LimitDeposit fees
Bitcoin0,0050,001
Dash0,040,01
Litecoin0,30,01
Bitcoin Cash0,030,001
Zcash0,020,001
Bitcoin Gold0,150,001
Ether Zero0,010,01

According to the Bithumb experience, withdrawals are also free of charge if you use the in-house Bithumb Wallet. But who wants to limit their choice when a crypto wallet comparison offers much better alternatives? However, if you use another form of withdrawal, a fixed amount is charged:

CurrencyDisbursement fee
KRW1,000
Bitcoin0,001
Ethereum0,01
Orbs (ORBS)50
Valor Token (VALOR)1

Bithumb payment methods

At Bithumb, deposits and withdrawals can be made by credit card, debit card or bank transfer. There is no minimum deposit amount at Bithumb.

Payment method/
Credit cards
Paypal
Instant bank transfer
Skrill
Neteller
Paysafecard
Bank transfer
Other

Bithumb Licence and Security

The Bithumb Exchange is operated by a company called BTC Korea.com Corporation, headquartered in Seoul, South Korea. There is little information online about Bithumb’s regulations and team. No information about Bithumb’s regulations can be found on the official website. The only information available is the company registration number (220-88-71844).

Due to a cyberattack in 2018, the provider improved its security measures to protect its users from Bithumb fraud. Bithumb learned from its mistakes and now has powerful systems and uses complex multi-level authentication to protect customer funds. Customer accounts can only be accessed with an additional key. User data is additionally secured with the help of SSL encryption. Bithumb does not have an official licence from a regulatory authority, but since it is one of the largest providers in the industry and has been operating successfully for several years, you can be sure that you are dealing with a reliable provider.

Watch out, hackers!

Only recently, however, the crypto exchange fell victim to another hacker attack. However, customers are not affected by this attack and do not have to fear Bithumb fraud, as their funds are on a cold wallet. Customers were also compensated for any losses after the first hack. It has not yet been determined where the attack came from, but it is suspected that it came from within the company.

However, if you are looking for 100% security and do not want to take the risk of being a customer of an exchange that has already fallen victim to two hacker attacks, the broker and Bithumb alternative eToro is recommended. With this provider, cryptocurrencies are traded via CFDs, which proves to be particularly practical, as you only speculate on the price of the cryptocurrency without actually owning it and do not have to be afraid of hack attacks.

Bithumb Customer Service, Contact & Support

Unfortunately, the Bithumb website is not available in German, but only in Korean, Chinese, Japanese and English. Consequently, one cannot expect German-language Bithumb support. Bithumb operates the first offline customer support centre in the crypto industry for Korea, offering personalised customer services. The customer support centres are located in Gangnam and, according to the website, offer fast and specialised response services, including instructions on how to use the Bithumb homepage, Bithumb crypto transactions, information on real transaction systems, as well as plans to repair financial damages.

The customer service desk speaks English, Japanese and Chinese. There is also a separate VIP customer service desk area with customer service representatives who advise overseas customers and provide them with “VIP-specialised support”. In Bithumb’s experience, you need to have a little patience if you want to talk to the staff. In addition, our Bithumb test shows that the language barrier can cause difficulties, even when speaking to an English-speaking staff member.

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Bithumb Experiences 2019 – The Crypto Exchange in Test
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