About Bithumb
Bithumb is a major South Korean cryptocurrency exchange founded in 2014 and headquartered in Seoul. It operates as a digital asset trading platform, enabling users to buy, sell, and store a wide range of cryptocurrencies. The exchange is known for its significant liquidity and extensive selection of supported coins, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and numerous altcoins. Its services include spot trading, fiat-to-crypto trading pairs (with some support for Euro, though limited), secure digital asset wallets, staking products, and mobile applications for iOS and Android.
Although Bithumb’s initial market focus has been South Korea and other Asian regions, it has made strides to attract global users by expanding language options, increasing cryptocurrency offerings, and building features catering to international needs. For European users, Bithumb offers trading in Euro (EUR), though options for direct EUR deposits and withdrawals feel more limited than top-tier EU-based exchanges.
Security is a priority for Bithumb, as evidenced by cold wallet storage, multi-factor authentication, and continuous security assessments. However, it is important to note the platform's history of major security incidents and the fact that it currently lacks full regulatory licensing within the European Union. While Bithumb continues to grow its footprint and compliance efforts in Europe, users should carefully evaluate regulatory and support aspects when considering the platform for EUR-centric trading or investing.
Pro's of using Bithumb
- High liquidity: Deep order books and large trading volumes enable efficient trade execution, especially for major assets.
- Wide selection of cryptocurrencies: Supports many altcoins beyond commonly traded coins, occasionally with earlier access to new listings.
- Competitive fees: Trading fees ranging from 0.04% to 0.25%, with additional tiered discounts for high-volume users.
- User-friendly interface: Both web and mobile platforms are straightforward and well-designed for all experience levels.
- Advanced features: Includes staking products and robust API access for experienced or institutional traders.
Con's of using Bithumb
- Limited regulatory presence in Europe: Not fully licensed under European crypto regulations, resulting in potential legal and compliance uncertainties for EU users.
- Restricted EUR support: Direct EUR deposits and euro banking integrations are less robust than those found at EU-based exchanges.
- Past security breaches: Notable hacking incidents in 2017 and 2018, though measures have since improved.
- Occasional customer support challenges: Reports of slow or insufficient responses, particularly during market surges.
- Tightened KYC/AML procedures: Strict identity verification processes can cause delays, especially for non-Korean or European customers.
What are alternatives for Bithumb
- Binance (Europe): Large exchange with competitive fees, direct EUR deposits via SEPA, and variety of coins. Operates a regulated European entity.
- Coinbase Pro: Fully compliant with European regulations, supports SEPA deposits and withdrawals, and offers robust security and insurance.
- Kraken: Renowned for security and regulatory adherence in Europe, supports EUR, margin trading, and futures.
- Bitstamp: Luxembourg-based, one of the most established EU-licensed exchanges, full EUR/SEPA support, transparent fee structure.
- Bitpanda: Austria-based, strong focus on European market, seamless EUR transactions, diversified asset offerings, and EU regulatory compliance.