Are there fixed fees, transaction fees, or other fees?
Is the website safe and your information secure? Have there been previous breaches in security?
How many coins are available to trade?
|Ease of Use?
How good is the overall experience? Is it easy to buy/sell tokens, view funds, and see market movements?
Like most exchanges, Bithumb is not regulated by the South Korean government per-se. However, they are subject to oversight from the South Korean Financial Services Commission (FSC). Ontop of that, they randomly are subjected to on-site inspections by representatives of the Korean Fair Trade Commission (KFTC), the National Tax Service (Korean IRS) and the police. So at any moment your account could be frozen while the audits take place. According to a bunch of media sources, in the summer time of 2017, Bithumb was hacked. Now they claimed that the hack was only through one emplyoee’s computer, but nonetheless the hackers made out with about 31,800 people’s passwords and data. They also stole about 1.2 billion won (~ $1 million) in altcoins and fiat currencies. So I wouldn’t say that they are the safest place to store your tokens, but it is a massive market place for spot trading, so prodeed at your own risk.
Due to some of the financial regulations in South Korea, Bithumb can work with fiat currency payments , but only though a bank account. The deposits are free of charge, and the withdrawals will cost you a 1000 won fee (~$.93). Deposits in cryptocurrencies are free and withdrawals are with a fee of 0.01 ether, dash, litecoin, ether classic and ripple, or 0.0005 bitcoins.
While Bithumb does have some of the most popular coins available for spot trading on their platform, they don’t have a wealth of options. Besides BTC, the exchange offers: Ether, Dash, Ether Classic, Litecoin, Dash, Ripple, Bitcoin Cash, Monero, Zcash, Qtum all against the South Korean Won.
EASE OF USE
Since Bithumb isn’t a platform built for margin trading, only spot trading, they do a pretty good job at sticking to the basics. The platform offers its users three solid trading options: general trade, easy trade and reserved trade. They also provide an order book and an order history to make it easier for you when taxes roll around. Bithumb is the largest exchange in South Korea, so making a spot trade happen should take seconds and the experience they have built is pretty clean and intuitive.
Overall, Bithumb is the largest exchange in South Korea for a reason. Being that large also means that liquidity must be very deep, which is always a comfort when dealing with fiat based exchanges. Bithumb does offer extremely low fees, and they are only for withdrawls, so that’s always a plus. In addition to the spot trading service, Bithumb also provides the money transfer service (for Bitcoins and wons) and an e-wallet for cryptocurrency storage. But at the end of the day, you have to remember that an exchange this big does attract a bunch of hackers. Bithumb fell privy to this back in mid-2017. So they are not invincible, and your money isn’t always 100% safe with them.