Cryptocurrency Exchange

Bithumb vs Bitglobal Review 2022: Which one should you choose? 

Author: Sohrab Khawas

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    Introduction

    So many regional cryptocurrencies are now stepping to become global cryptocurrency exchanges. With the experience they gained in the initial years, can they meet the expectations of global users? Today, let us check a Korea-based cryptocurrency exchange – Bithumb. Bitglobal is the Global exchange of Bithumb. Let us understand the Pros, Cons and compare them and then decide whether you should use them!

    Overview

    Official Web Addresshttps://www.bithumb.com/react/ 
    HeadquartersSeoul, Korea
    Country of OriginKorea
    CEOHeo Baek-young
    Founding Year2014
    Exchange TypeCentralized
    Trading OptionsSpot & Margin
    Trading fees0.25% trading fees
    No of cryptocurrencies180+
    Native TokenNo
    Deposit methodsBank Transfer
    Deposit feesOnly for the minor deposit amount
    Withdrawal methodsBank transfer
    Withdrawal feesDepends on cryptocurrency
    Supported Countries18+
    Restricted countries10+
    Supported Fiat currenciesKRW
    Mobile AppAvailable on Google & Apple Play Store

    What is Bithumb?

    Bithumb is a South Korea-based digital asset exchange formed in 2014. It was initially known by the name Xcoin but, it was rebranded as Bithumb in 2015. In 2017 it reached a trading volume of 1 trillion KRW equivalent to $764 million. Their headquarter is in Seoul, Korea. 

    Bithumb offers customers services such as cryptocurrency trading, auto trading, Bot trading, lending, deposit & interest. It offers an easy-to-use platform and with its advanced trading features, it is suitable for both beginners and seasoned traders. It also offers bot trading for users who don’t want to indulge in emotional trading.

    It primarily serves Korean users and has KRW (Korean Won) as its main Fiat currency. All the cryptocurrencies in the exchange have been paired with KRW for easy buying for Korean users. 

    The exchange has robust security features like 2FA, anti-phishing code, whitelisting, SMS & email notification. It has got the highest number of users from Korea. It has got dedicated customer phone support in Korea. 

    In 2019, Bithumb launched Bitglobal – a cryptocurrency exchange dedicated to its Global Users

    Timeline

    2014Launched Xcoin – a BTC exchange
    2015It renamed as Bithumb
    2016Opened Mobile Website for wire service
    2017Reached 1 trillion KRW in trading volume
    2018Launched DEX – a decentralized exchange
    2019Launches Bitglobal exchange for Global users
    2020Established own R&D laboratory
    2021Ranked as the No.1 digital exchange by Korean Brand reputation Institution

    Bithumb Vs Bitglobal 

    BithumbBitglobal
    Korean-based Cryptocurrency exchange for Korean users

    Founded in 2014

    Headquarters – Seoul, Korea

    Official website – https://www.bithumb.com/react/ 

    High trading volume0.25% trading fees

    Offers Spot & Margin trading

    Offers staking180+ cryptocurrencies listed

    Call Center support for users and has won award for best services

    Supports only KRW fiat currency254k followers on Twitter

    Good reviews from users based in Korea

    Supports 2 languages on the website

    30% trading fee commission for the referral program

    It has Mobile App in Korean and English
    Korean-based cryptocurrency exchange for Global users

    Launched in 2019

    Headquarters – Seychelles

    Official Website – https://www.bitglobal.com/en-us 

    Low trading volume0.10% trading fees

    Offers Spot, Margin & Smart Tokens

    Offers staking, staging & mining 80+ cryptocurrencies listed

    Customer support restricted to email and 24/7 chat support

    Supports 7 fiat currencies73.4k followers on Twitter

    Mixed and biased reviews by global users

    Supports 8 Languages on the website

    It does not have a referral program currently

    It has Mobile App that supports 7 languages

    Features

    • Trading types – It offers spot and margin trading. It also features auto trading where orders will be executed as per the set limits by the user.
    • Trading fees – The trading fee is 0.25% for new users. If you hold KRW coupons and have high-volume trades in the last 30 days you will get a trading fee of up to 0.04%. 
    • Bithumb Plus – the exchange offers a staking option where you can earn up to 9% as the annual interest rate. This also allows you to earn through compound interest. 
    • Referral – The exchange allows a 30% commission on trading fees for referrers. Referees get a 10% commission on trading fees. 
    • Bot trading – Bithumb has tied up with Bot trading platforms like Arbibot, Korbot, Copybot, and Hunterbot where users can select a 3rd party bot and incorporate it into the Bithumb trading platform. Kindly trade with caution as Bithumb won’t take responsibility if users face any loss
    • Virtual Asset Deposit – It is like a fixed deposit where you can deposit your digital assets for a fixed rate of interest. 
    • Virtual Asset Lending – Bithumb offers cryptocurrency when you give KRW or any other cryptocurrency as collateral. The payback period is 3,7 days with a basic service fee of 1% and 0.0001% as a daily service fee with a max limit of 300 million KRW. 

    Cryptocurrencies Available on Bithumb

    With more than 180 cryptocurrencies available on the platform it is suitable for the investor who is in need of a broader portfolio. However, the global platform offers only 80+ cryptocurrencies. Some of the popular cryptocurrencies are:

    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple 
    • Dogecoin
    • Cardano
    • The Sandbox
    • Tron
    • Polygon
    • Polkadot

    How to Create an Account on Bithumb?

    Let us learn how to create a Bitglobal account

    1. Log on to www.bitglobal.com/en-us/register 
    2. Enter your email address
    3. Enter the verification code sent to your mail
    4. Set password
    5. Complete the Verification process through google authenticator or SMS verification
    6. Identity verification is of 3 levels. Level 1 is mobile verification. Level 2 is address proof verification and a photo of the user. Level 3 is for high-volume traders who trade more than 100 BTC, it will be automatically done. 
    7. Congratulations, you are now all set to explore the full features of Bitglobal

    How to Buy Cryptocurrency on Bithumb?

    Let us learn to buy cryptocurrency on Bithumb

    1. Log on to your Bithumb account
    2. Click on Trade
    3. Select the cryptocurrency you wish to buy
    4. Select your fiat currency (KRW) and type the amount
    5. Review the order and Click Buy 

    How to Sell Cryptocurrency on Bithumb?

    Let us learn how to sell cryptocurrency on Bithumb

    1. Log on to your Bithumb account
    2. Click on trade
    3. Select the cryptocurrency you want to sell
    4. Click on sell
    5. Enter the amount you want to sell and choose the KRW or USDT as receiving currency 

    How to Deposit Cryptocurrency on Bithumb?

    Let us learn how to deposit crypto on Bithumb

    1. Log on to your Bithumb account
    2. Click on Assets and Select Deposit
    3. Choose the cryptocurrency you want to deposit
    4. Copy the address and select the network
    5. Paste the address in your previous exchange and choose the network
    6. Review the details and submit them.

    You will get a notification once the transaction is completed

    How to Withdraw Cryptocurrency on Bithumb?

    Let us learn how to withdraw crypto from Bithumb

    1. Log on to your Bithumb account
    2. Click on Assets and Select withdraw
    3. Choose the cryptocurrency you wish to withdraw
    4. Copy and Paste the deposit address from the new exchange/ wallet
    5. Select the network and submit once you have reviewed the transaction

    You will get a notification once the transaction is completed

    Exchange Fees and Supported Payments

    There is a withdrawal fee for each cryptocurrency and it varies from each cryptocurrency. There are no deposit charges for most cryptocurrencies, however, if you deposit a very minor amount, then a small fee is charged. You can view the fee details for each cryptocurrency deposit and withdrawal here

    The exchange recommends waiting till cryptocurrencies reach the required amount and avoiding small deposits as it is chargeable. 

    The number of small deposits of cryptocurrencies

    BitcoinBitcoin CashBitcoin GoldNervos NetworkPolkadotKusama
    0.0050.030.1561.9999999920.00999999

    The trading fee (both maker & taker fee) is 0.25% for a new user. However, if you purchase KRW coupons and reach a required high trading volume, your trading fee can go as low as 0.04%

    Bithumb coupon trading pattern

    Referral

    Bithumb offers a referral program where the referrer earns 30% of the trading fees as commission for the first 90 days. The referee earns 10% of trading fees as a commission. You can invite unlimited referees to the exchange. 

    Mobile App

    Bithumb, a leading exchange in the Korean community, is available in both Apple and Google Play stores. It has a rating of 3 stars from around 26k reviews. It allows you to manage your portfolio, keep a track of market trends and stay up to date on market events. The mobile app is secured with 2FA and device restriction features. 

    Customer Support

    You can raise an email ticket if you have any issues with your account. If there is any urgent issue, you can contact 24/7 online customer support. The learning section is with a good amount of articles on How to create an account, how to deposit/withdraw crypto etc. 

    Conclusion

    Bithumb is a cryptocurrency exchange based in Korea. It was launched for Korean users. The website is available in both English and Korean. It has a good rating for live chat support and also won appreciation from Korean Brand Reputation Institution for its services.

    However, users from other user review sites report that priority is given to Korean users. Even though they launched Bitglobal to focus on international users, the exchange is facing many bad reviews for slow verification, less guidance for account troubleshooting, etc. 

    The exchange has been hacked in the past and more than 31 thousand user accounts were affected. It was also hacked in 2018 & 2019 where it lost a considerable amount of assets. The company said that user accounts were not affected this time as they had kept it in cold storage. The security of this exchange is doubtful for many users. The customer review on many rating sites is biased and mixed. Mostly it has negative reviews due to website issues or delays in response to the international user. 

    If you are a Korean, we recommend this exchange as it gives prior support to Korean users. Korean users have call center support also. Even though they launched Bitglobal for global users, some of the functions are in their infancy. With high rates of negative reviews from Global users, the service offered by Bitglobal is questionable. 

    FAQs

    Can I trust Bithumb?

    The exchange is based in South Korea and has been awarded as the best digital asset exchange by Korean Brand Reputation Institution. Even though it has been hacked in the past, the security features have been improved, and has a 24/7 risk management team to monitor malicious account behavior. We recommend you do your own research before investing in this exchange.

    What is the difference between Bithumb and Bitglobal?

    Bithumb focuses on Korean users and Bitglobal focus on international users. Bitglobal is the international wing of Bithumb. However, only deposits and withdrawals are allowed in other countries that don’t follow AML regulations.

    Has Bithumb ever been hacked?

    In 2017, Bithumb was hacked and it lost more than 1 billion KRW worth of assets. More than 31 thousand user accounts were affected. Bithumb has given compensation of around $900 for each account holder. It was also hacked in 2018 & 2019 where it lost $30 million & $13 million respectively. 

    Can I use Bithumb without verification?

    To use the full features of Bithumb, you need to complete KYC verification. A fully verified user can have unlimited withdrawals and other benefits like priority customer support.

    bithumb - 8.6

    8.6

    Bithumb Rating

    • Trading & Transaction Fees
    • Learning Programs
    • Website Transparency
    • Security
    Overall
    3.3

    Pros

    • High trading volume
    • Low trading fees
    • High liquidity pools
    • Good customer support
    • Easy-to-use user interface
    • More number of cryptocurrencies

    Cons

    • Slow verification process
    • It has been hacked in the past
    • No in-depth tutorials or learning resources
    • A high number of bad customer reviews
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