Bithumb Review 2020

Bithumb General Fees

• Bithumb withdrawal fees varies on payment method
• Bithumb does charge inactivity fees
• Bithumb does charge deposit fees

Broker	bithumb	eToro	XTB	Trading212
Min Deposit	500	200	0	1
Withdrawl Fees	$5	Yes	varies	No
Inactivity Fees		Yes	No	No
Deposit Fees		No	No	No
CFD Commission Fees		No	Yes	No

Bithumb Commissions

• Bithumb does charge commission on CFD instruments.

Trading on Bithumb web platforms and other applications

Bithumb offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

An Bithumb IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

Bithumb also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

Bithumb Trading benefits :

Bithumb Trading Accounts Offered :

• Demo account
• Mini account
• Standard account
• Islamic account

Can I try Bithumb before I buy?

Bithumb offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Bithumb withdrawl and funding methods.

Bithumb offer the below funding payment methods. learn more about Bithumb

Broker	bithumb	eToro	XTB	Trading212
Bank transfer	No	Yes	Yes	Yes
Credit Cards	No	Yes	Yes	Yes
Paypal	No	Yes	Yes	Yes
Skrill	No	Yes	Yes	Yes
Payoneer	No	Yes	Yes	No
Neteller	No	Yes	Yes	No

How can I start trading with Bithumb?

When opening a trading account with Bithumb, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Bithumb trading platforms here.

Performing trades with Bithumb

Bithumb allow you to execute a minimum of trade of varies. This may vary depending on the account you open. Bithumb allow you to execute a maxium trade of varies.

As a market maker, Bithumb may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

Bithumb Leverage and Bithumb CFDs Explained

let's take a look at some of the basics of using Bithumb leverage.

Bithumb offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

Bithumb leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the Bithumb trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The Bithumb leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

Bithumb CFDs are typically used for short to medium term trades. For example Bithumb intraday trading.

Education resources at Bithumb

To trade effectively with Bithumb, it's important to get a have a good understanding of the Bithumb trading tools and the markets.

Bithumb offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with Bithumb.

Take time to look around the Bithumb platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at Bithumb

Bithumb support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

Bithumb have a D grade support rating because because sometimes the response was slow or our query wasnt answered. Bithumb less customer support features compared to other brokers like live chat, phone and email support. email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at Bithumb

We tested the Bithumb live chat and it works well. We sent messages to Bithumb livechat through their app and website and recieved a response within 20 minutes. Sometimes there was no response.

We tested communicating with Bithumb support in multiple languages in multiple countries. Bithumb where able to resolve our customer issues.

Email Support at Bithumb

We sent several emails to Bithumb and answer times overall were excellent. The fastest response from Bithumb was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with Bithumb, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from Bithumb.

Phone Support at Bithumb

We called Bithumb and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The Bithumb phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual Bithumb team by calling in varying languages. Bithumb made an effort to make sure our queries were answered.

Overall the phone support from Bithumb was okay.

See how Bithumb Support Compares Against Other Brokers

Broker	bithumb	eToro	XTB	Trading212
Support	Live chat Phone support Email support	Live chat Phone support Email support	Live chat Phone support Email support	Live chat Phone support Email support
Languages	English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian	English, German, Spanish, French, and Italian	English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish	English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文
Learn More	Visit Bithumb	Visit eToro	Visit XTB	Visit Trading 212
Risk Warning	Your capital is at risk	75% of retail investor accounts lose money when trading CFDs with this provider.	80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.	CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What you will need to open an account with Bithumb

As Bithumb is regulated by Unregulated, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore Bithumb's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Bithumb you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.bithumb.com/ on 12th August 2018.

Bithumb review written by Andrew Blumer and Mark Hansen