Bithumb is a real “Big Player” in the Bitcoin Exchanges. The provider plays an enormously important role in the Korean region and has developed into the largest platform for trading in crypto currencies in terms of volume in recent years. However, the name has already been associated with a sad incident, as numerous assets were stolen during a hacker attack. Of course, the provider subsequently praised the improvement – and that’s exactly what we want to check out now. Beyond that our Bithumb experiences show however still numerous further, interesting details to the offer.
In the range of the Bitcoin Exchanges some users fear that it can come to attacks of hackers. After all, the Exchanges usually have an enormous portfolio and are therefore a first-class target. The offer of Bithumb is in this regard naturally somewhat preloaded, nevertheless can be spoken according to our estimations of a safe and respectable offerer. Why this is the case will of course be explained in more detail later on. For the start every user should know first of all that the trade can be done here completely calmly.
Our experiences in the overview
Bithumb offers its users helpful support, such as current price charts, as is appropriate for a decent trading platform. Beyond that expired business can be seen at any time again. The customer support is represented in form of a whole support center, which contains apart from a discussion with the support also the access to a Guide and a FAQ range. All in all a convincing impression, which the experienced platform from South Korea can deliver in the test report.
Bithumb Check: Fraud or serious?
In our experience the provider has nothing to do with a Bithumb fraud. The enormous popularity of the platform speaks for this, after all it is a real giant on the worldwide market. In addition, Bithumb has been doing a good job for several years now and thus provides no reason to doubt its seriousness. After it came in the past besides already to a hacker attack on the offer, the safety precautions were again clearly tightened up.
All users can now rely on a secure framework that is maintained with multiple safeguards. Despite the partly negative reports from the last years the offer can be called thus completely respectable and reliable. Complaints, as for example over missing payments or similar, are not well-known.
Overview over the offer of Bithumb
The foundation-stone to the entrance into the trade with Bithumb is put naturally by its own user account. Fees do not have to be considered with the registration, however the registration should be based always on true data. Directly afterwards the first deposit can be brought on the account, before then into the trade can be entered. As already mentioned, special software is not necessary. Trading takes place directly on the provider’s website, in addition an API interface is available.
For all newcomers there is a note at this point that a Bithumb Guide can be found in the provider’s support center. This facilitates the entrance into the offer and the platform enormously, since many important steps and expirations are explained. In general, however, the offer is not unclear anyway, so that even the most inexperienced newcomers should be able to act after a short time without problems. The trade itself runs very simply via the platform. The desired value of the coins is only determined in the trading interface and then the buy or sell is carried out with Buy or Sell. A total of twelve coins are available, including the Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, Monero, Bitcoin Gold, EOS, Qtum, Ethereum Classic and Zcash.
Current price trends and prices can be called up with a single click, and one-click trading is also offered, which means that orders can be executed even faster. A Bitcoin price chart can also be found in the trading interface, showing price movements over a specified period of time. Pleasant: Not only the last day can be viewed, but also the last week, the last month or even the last two years. Something of a pity is that the operation is not possible in German. Since this is only the case with a few Bitcoin Exchanges, there is no clear deduction of points in our test report. By the way: Should there ever be a need for discussion, the Bithumb Café can be controlled, which serves as a community and in which various questions and topics are answered.
Fees for trading at Bithumb
In terms of transparency, Bithumb can definitely secure a plus point in our test report, because the overview of the fees can be opened from the start page with just one click. We also assign another plus point for the fact that the fees are equally low for maker and taker with 0.15 percent. Thus a flat commission is paid here, which remains fortunately the same with all values and volumes. By the way: Every now and then there are different actions in the portfolio of the provider, with which the commission can be saved completely or at least partially.
Deposits and withdrawals
In our Bithumb experience, deposits and withdrawals can only be made with the wallets of the respective coins. Of course there are no problems, but you should pay attention to the respective minimum or maximum for the payments. It is particularly positive to note that all payments to the trading account can be made free of charge. Thus no additional costs must be feared, which makes the whole thing naturally clearly more pleasant. All transactions are processed immediately, so that the respective amount on the account can also be used immediately.
For withdrawals from the trading account, users can again choose between the various crypto wallets. Once again, the minimum and maximum must be observed. In addition, there are always fees for payouts, which unfortunately cannot be circumvented. With Bitcoin, for example, 0.0005 BTC must be scheduled for withdrawals. For Ethereum, Dash or Litecoin, 0.01 ETH, 0.01 Dash or 0.01 LTC are due. Our tip: Before a payment is processed, it should always be checked in the cashier’s area which fees are to be expected for the transaction.
Security and Regulation
In certain respects, Bithumb is of course already branded as having suffered from the consequences of a hacker attack in the past. But: From mistakes one learns and in such a way can be spoken meanwhile of a highly respectable offerer. By default, two-factor authentication is used here, so that access to the account can only ever be carried out with an additional key. Beyond that all user data are secured with the help of SSL coding.
On the part of the offerer likewise no reason for concern can be discovered, because Bithumb is active as one of the largest offerers on the industry already for several years successfully. If it would concern an unreliable or probably even criminal offerer, this would not be naturally the case. Even without the official licence of a regulatory authority, we are talking about an absolutely reliable provider. In any case, only very few companies have a licence, because the market is relatively unregulated. In short: Every user can start trading with a good feeling.
A helpful contact point in customer support is the Bithumb Guide especially for all inexperienced users. Here the offerer makes a kind guidance available, with which the new users can provide themselves only once an impression over the expirations and functions. If questions still remain unanswered, a direct discussion with customer support is available. Logged-in users can use a ticket system for this purpose and submit their enquiry in writing to customer support. If you are not logged in, you must call a telephone hotline. Pleasant: Support is offered over the phone in several languages, and the hotline can also be used around the clock 365 days a year. Answering the questions is of course a bit quicker than waiting for a ticket feedback from the support.
If you want to get an even quicker overview of different questions and answers, you should go to the FAQ area of the provider. Here the most frequently asked questions are asked and of course answered directly, so that many problems are already cleared out of the way here. Important little thing: The FAQ area is not offered in German. In our experience, you can also answer your own questions with a rudimentary knowledge of English.
When designing your own website, you can the Bitcoin Exchanges often come up with adventurous designs. Not always is hit thereby fully in the black, the homepage of Bithumb can present itself however pleasing well. Thus here on the starting side quite important information are to be found, the announcement works however at no time overloaded. Instead, an orderly structure remains visible throughout, which also makes it easy to switch between different areas. For this, you only have to click on a button in the upper area of the website, which is all clearly labeled. With regard to the trading functions, no problems should arise either. On the one hand the spectrum here is naturally limited, on the other hand in addition, in the trade surface all Buttons and control fields are clearly declared clearly.
The mobile offer of the offerer keeps itself so far still within limits. A native Bithumb App, which can be used after a previous software download, does not exist here. Instead, a mobile alternative is used, which can convince with an adapted variant of the portfolio. Compared to many competitors, the implementation has been successful, but a native download app would probably be a bit more reliable on the road. All in all, however, we can’t find any major point of criticism; after all, the display of all areas is adapted to the small screens of mobile devices.
Fazit: We can rely on the offer
With Bithumb, we were able to take a close look at a very interesting provider in our test report, which of course is important primarily because of its size. There is no bigger one in Korea, at the same time our Bithumb experience is that we want to blow in Europe as well. The potential is there, because the platform relies on a simple and beginner-friendly trade with different crypto currencies. The focus is above all on the prominent coins like the Bitcoin, Litecoin or Ethereum. The trading interface is easy to use and clearly laid out. The same applies to the mobile app, which also belongs to the better mobile offerings of the Bitcoin Exchanges. So we are fully satisfied with the impressions from our test report and can recommend the provider without hesitation and rule out fraud or rip-off.