A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bithumb consists of four parts: general information, fees, deposit methods and security.
Bithumb’s domicile country is South Korea.
There is a large number of South Korean cryptocurrency exchanges, as the country has been one of crypto’s strongholds since early on. In addition to this exchange, the list also includes (but is not limited to): Coinone, Korbit, Gopax and UPbit.
Many exchanges claim that their system is safe and secure. Bithumb however, takes it one step further and boldly states that they have the “Most Secure System in the Industry”. They refer to having an ISMS certification and 5-5-7 regulation, separated wallets and “various security solutions”. We can of course not verify whether their system is the most secure in the industry or not, but the fact that they at all make this statement shows that they themselves are confident that the system is secure. So that’s always something.
Bithumb does not prohibit US-investors from trading on its exchange. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship. In a worst case scenario, they are still prohibited from trading at one or several exchanges that could be the best cryptocurrency exchange site for them.
Bithumb Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Bithumb:
Bithumb Trading fees
Trading fees are very important. There are a number of top crypto exchanges who don’t charge different fees between takers and makers. Usually, it is called that such exchanges’ trading fees are “flat”. Bithumb is one of the exchanges that charges flat trading fees. Their flat trading fee is 0.25%.
The global industry average has for a long time been 0.25%, but we are now seeing a shift towards much lower trading fees. The new industry averages that are emerging seem to be 0.10%. In light of this, Bithumb is a bit on the high end when looking at its trading fees.
Bithumb Withdrawal fees
Bithumb charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is lower than the previous 0.003 BTC. It is also in line with industry average, possibly even a little bit on the low side.
Bithumb accepts deposits through both credit cards and wire transfers. Many crypto investors of course view this as very positive. One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees.
This exchange, however, does not charge anything for deposits of KRW (which is the only fiat currency that you can deposit).