Bithumb Review 2023

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.

Bithumb Costs To Check

Modern brokers like Bithumb provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, Bithumb may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall Bithumb trading profitability.

How Bithumb Fees Compare Against Other Brokers

Bithumb Minimum Deposit

Bithumb requires a minimum deposit of 500 GBP/USD/EUR 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.

Don't be scared off by brokers like Bithumb charging a minimum deposit to open a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like Bithumb, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

Bithumb Withdrawal Fees

The fees for withdrawing funds from your Bithumb account will differ depending on your chosen payment method. Reviewing the fees associated with each payment method before making your Bithumb withdrawal request is important.

Bithumb Withdrawal rules may vary across different brokers when it comes to transferring funds from your Bithumb or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with Bithumb may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the Bithumb withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from Bithumb. Researching and comparing Bithumb withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing Bithumb funds frequently or dealing with large sums of money. Awareness of these Bithumb fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your Bithumb funds.

For example, Bithumb allows you to withdraw your funds to Cryptocurrency.

Bithumb Inactivity Fees

Bithumb does charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by Bithumb terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all Bithumb fees and services. It's recommended that you check the Bithumb website before signing up. If you decide to close your Bithumb account, it's important to do so with the Bithumb broker customer support and obtain confirmation that no remaining Bithumb fees are due.

Brokers like Bithumb must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

Bithumb Deposit Fees

Bithumb do charge deposit fees.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

Bithumb Commission Fees

Bithumb does charge commission on CFD instruments.

Brokerage firms like Bithumb may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the Bithumb trading account level held by the trader.

Bithumb may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing Bithumb terms and conditions to understand the commission fees and any other charges that may apply is essential.

Bithumb review
Trading on Bithumb web platforms and other applications

Bithumb provides traders with a user-friendly custom platform that can be accessed through a browser-based web application. If you would rather see a MT4 brokers, or MT5 brokers you can do so here.

A 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 trading apps help you stay on top of your trades and execute them on the go.

See Bithumb's platforms

Is the Bithumb Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the Bithumb trading platform to protect you on PC and mobile Bithumb platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using Bithumb web trading platforms.

Bithumb Trading Platform Options

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

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

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

With Bithumb, you can 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 of 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.

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

Can I try Bithumb?

Bithumb provides a demo account that enables individuals to explore trading before investing their funds. By creating a Bithumb practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the Bithumb demo account can help individuals to make informed decisions before investing their money.

Open a demo Bithumb account to practice and trade.

Your capital is at risk

Bithumb withdrawal and funding methods

It's essential to remember that the payment methods provided by Bithumb vary based on the Bithumb entity and the Bithumb client's country of residence. To view the Bithumb payment options available, you can log into your Bithumb member's area.

Bithumb offers various funding payment methods listed in your Bithumb dashboard if available in your region. To learn more about the Bithumb funding and withdrawal options available in your area, you can explore the Bithumb website.

Bithumb provides several payment methods for funding your Bithumb account. You may utilize any of these deposit options if they are available in your region. Bithumb ensures that users have multiple payment methods to choose from, making it more convenient for verified Bithumb account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the Bithumb user's location. learn more about Bithumb funding and withdrawal methods.

Bithumb Payment Methods

Some Bithumb payment methods are local and are available only to specific regions. Bithumb account holders should check which payment methods are provided in your region.

• Bithumb accepts Cryptocurrency

How can I start trading with Bithumb?

To open a trading account with Bithumb, individuals can sign up on the Bithumb website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for Bithumb account validation and making a deposit. Once completed, Bithumb users can download the trading platform of their choice.

It's important to note that Bithumb requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps Bithumb maintain a trustworthy financial environment for its 10,000 users. Detailed information on the Bithumb trading platforms is available on their website.

Your capital is at risk

Performing trades with Bithumb

When using Bithumb, the minimum trade size is typically varies units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. Bithumb have a max trade of varies.

Bithumb, as a market maker, may have more lenient entry requirements than ECN brokers, who typically benefit from higher trading volumes and may have larger capital and minimum trade requirements. Market makers usually offer a lower minimum deposit and smaller minimum trade requirements and do not charge commissions on trades. Market makers like Bithumb can be useful for traders starting or with limited capital.

Like other brokers, Bithumb margin requirements can differ depending on the traded instrument.

CFD Trading on Bithumb

We will show you an example of the basics of using Bithumb leverage.

CFD trading on Bithumb allows traders to speculate on the price movements of various financial instruments against the broker Bithumb, without actually owning real assets. With CFDs, Bithumb traders can profit from upward and downward price movements by going long (buying) or short (selling) on an asset.

Bithumb provides CFDs which are leveraged products. For this example, let's assume a ten times leverage. So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position.

The effect of leverage on profits and losses magnifies them in both directions. In other words, Bithumb leverage profits and losses are magnified when trading. For instance, using CFDs, you use the Bithumb trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed.

On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, Bithumb leverage magnifies both profits and losses in trading.

Trading CFD trades on the Bithumb platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets.

Experienced Bithumb traders can trade high risk CFD trades to hedge items in their portfolio.

Always be aware that CFDs are complex instruments 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 have a good understanding of the Bithumb trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with Bithumb and externally.

Bithumb . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with Bithumb. Familiarizing yourself with the Bithumb trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using Bithumb. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with Bithumb involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like Bithumb, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with Bithumb. Explore the Bithumb platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with Bithumb, before live trading.

Customer Support at Bithumb

As part of our Bithumb review, we review customer service options, response times and problem resolution effectiveness on the Bithumb trading platform. The Bithumb trading platform supports multiple languages, which includes English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

Bithumb Available Support Types

Based on our experience, we have given Bithumb a D grade for customer support. We encountered some slow response times or Bithumb queries that were left unanswered.

Compared to other brokers, Bithumb offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

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

Our team tested the live chat support of Bithumb and found it to be satisfactory. While we received a response within 25 minutes on most occasions, there were instances where we did not receive a response at all.

In addition, we tested Bithumb support services in various countries and languages and found that Bithumb were able to effectively resolve our customer issues.

Email Support at Bithumb

We tested the email support of Bithumb by sending 25 emails simultaneously, and our experience was mixed. While the answer times were generally excellent, with the fastest response being 3 hours, the slowest response was 6 days. We also encountered some instances where we did not receive any Bithumb response.

The Bithumb team did resolve and answer our queries, but the email support from Bithumb was overall average compared to other brokers we have tested.

Phone Support at Bithumb

We contacted Bithumb via phone and received quick assistance within 10 minutes of our call.

The Bithumb phone support team proved to be helpful and able to resolve our queries and issues over the phone. We also tested the multilingual support provided by Bithumb and found that they could assist us in various languages.

While we found the Bithumb phone support satisfactory, there is room for improvement in response time.

See how Bithumb Support Compares Against Other Brokers

What you will need to open an account with Bithumb

As Bithumb is regulated by Unregulated.

As a new client of Bithumb, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with Bithumb in your region. During the Bithumb account opening process, you will be asked to provide Bithumb with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with Bithumb have the following documents available.

• Bithumb require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for Bithumb compliance. This must be dated within the last six months.
• If you plan to fund your Bithumb account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the Bithumb platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under Bithumb Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring Bithumb's platform.

However, remember that you won't be able to make trades on Bithumb until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the Bithumb KYC compliance process as soon as possible to avoid any delays in accessing the Bithumb platform's features.

It is important to note that Bithumb may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the Bithumb platform and features immediately. However, you must pass the verification process to start live trading with Bithumb, which can take up to a few business days.

To start the process of opening an account with Bithumb you can visit the Bithumb trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested 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 investment advice. All information collected from https://www.bithumb.com/ on September 19, 2023.

Bithumb review written by Andrew Blumer and Mark Hansen