Bithumb Review 2021

Bithumb review
Bithumb Fees Explained

• Bithumb withdrawal fees varies on payment method
• Bithumb does charge a fee for inactive accounts.
• Bithumb does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How Bithumb Fees Compare Against Other Brokers

Bithumb Minimum Deposit

Bithumb require a minimum desposit of 500 GBP/USD when opening an Bithumb trading account.

A minimum deposit is the minimum amount of money required by Bithumb to open a new online brokerage account with them.

Dont be scared off by brokers like Bithumb charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

Bithumb Withdrawal Fees

Bithumb withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your recieving currency, your payment provider.

Bithumb for example allow you to withdraw your funds to Cryptocurrency.

Bithumb Inactivity Fees

Bithumb does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

Bithumb Desposit Fees

Bithumb does charge deposit fees.

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

Bithumb Commission Fees

Bithumb does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

Bithumb review
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.

See Bithumb's platforms

Is the Bithumb Trading Platform Secure?

Bithumb safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. Bithumb also urges its clients through its web platform to always look for the SSL security sign (a lock sign) o the browser while operating Bithumb.

Bithumb Trading Platform Options

Bithumb does not offer the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader trading platforms.

Bithumb offer an their own custom trading platform developed and tested in house. The Bithumb trading platform allows traders to track their portfolios, track the current markets, locate trade ideas and place trades.

The Bithumb platform allows traders to filter the financial marketplace for trade opportunities that match a criteria.

With Bithumb you can look for and examine opportunities with actionable research and stock evaluations. Get streaming real-time information on the Bithumb platform including news and quotes. Discover possible trades with the strong charting tools found with Bithumb. Bithumb is available as downloadable applications or online through the cloud. Monitor your orders with Bithumb and receive breaking news in your positions.

Bithumb Trading benefits

Bithumb Trading Accounts Offered

Below we give an overview on the account types that Bithumb offer. Whatever you are looking to trade the varying Bithumb account types will be able to provide you with what you need.

• 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

Your capital is at risk

Bithumb withdrawal and funding methods

Please note that the list of Bithumb payment methods below depend on the Bithumb Entity and the Clients Country of Residence.

All available Bithumb payment methods available to you can be found in your Bithumb members area checked on the Bithumb website.

Bithumb offer the below funding payment methods. You can use any of the below deposit options if available in your region. learn more about Bithumb

Bithumb Payment Methods

• Bithumb accepts Cryptocurrency

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. You will need to provide some basic documentation to prove your identity as part of Bithumb onboarding and normal KYC identity checks. These checks are standard practice and help Bithumb provide a safe financial environment for their 10,000 users.

Your capital is at risk

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.

CFD Trading on Bithumb

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

Bithumb offer CFD which 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 CFD trading. Although high risk because CFD trades are separate from the financial markets, a CFD trade can be more flexible than a traditional market trade where you own the underlying asset. CFD trades give access to CFD fractional shares, CFD international markets and CFD short selling. More advanced traders can also use CFDs to hedge.

Always be aware that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk

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. Make sure you make full use of all education tools. This includes eduction tools with Bithumb and externally.

Bithumb offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy and sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing 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

As part of our Bithumb review we review customer service options, response times and Bithumb trading platform problem resolution effectiveness.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

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:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under Bithumb Brand may be different.

• 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 the Bithumb trading platform 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 April 12, 2021.

Bithumb review written by Andrew Blumer and Mark Hansen