{"id":61820,"date":"2023-05-29T20:40:12","date_gmt":"2023-05-29T20:40:12","guid":{"rendered":"https:\/\/staging.coinclarity.com\/bithumb-vs-binance\/"},"modified":"2023-11-22T18:31:06","modified_gmt":"2023-11-22T18:31:06","slug":"bithumb-vs-binance","status":"publish","type":"post","link":"https:\/\/coinclarity.com\/bithumb-vs-binance\/","title":{"rendered":"Bithumb vs Binance: A Comparison of Two Worthy Competitors"},"content":{"rendered":"\n

*Please note that Bithumb no longer accepts customers outside of South Korea.<\/em><\/h2>\n\n\n\n

Welcome! Feast your eyes upon our latest 2021 comparison piece, this time assessing South Korean crypto exchange Bithumb against Binance, the biggest and arguably best trading platform in the industry. Does Bithumb have what it takes to compete with Binance? Let\u2019s find out. <\/p>\n\n\n\n\n\n

Fees<\/h2>\n\n\n\n

Bithumb Trading Fees<\/h3>\n\n\n\n

For Korean traders: <\/strong>Bithumb, the most popular cryptocurrency exchange from South Korea, offers a trading fee schedule quite unlike any other cryptocurrency exchange. Whereas most crypto exchanges adjust their fees based on trading volume, Bithumb instead offers a coupon system, with 10 different coupons available, all offering different maker-taker fees and discount limits. Below we have shared the four most popular coupon<\/strong> options, as recommended by Bithumb, as well as the already-low fees enjoyed by beginners.<\/p>\n\n\n\n

\"bithumb<\/figure><\/div>\n\n\n\n

For International traders:<\/strong> All trades are fixed at 0.1% for makers and takers. There are minimal withdrawal fees for each cryptocurrency.<\/p>\n\n\n\n

Binance\u2019s Trading Fee System<\/h3>\n\n\n\n

Bithumb and Binance couldn\u2019t be more different regarding their trading fee structure, with Binance charging based on the monthly trading volume size. However, while Binance has no coupon system, users can reduce the already-low fees of 0.1% for both makers and takers by 25% through purchasing or trading Binance Coin (BNB), their native utility token. <\/p>\n\n\n\n

There\u2019s another way to unlock more discounts on the Binance trading platform. Rather than through trading volumes or BNB, traders can get 20% of the invitee’s trading fees by referring others to the service.<\/p>\n\n\n\n

As is the case with Bithumb, Binance also has a small withdrawal fee for cryptocurrencies, incurred when a user wishes to send crypto to an external wallet or another exchange. These prices are displayed here<\/a>.<\/p>\n\n\n\n

Winner: <\/strong>Binance offers better discount prospects despite the same base rate for beginners.<\/p>\n\n\n\n

Sign Up and KYC Experience<\/h2>\n\n\n\n

Starting Your Bithumb Journey<\/h3>\n\n\n\n

<\/p>\n\n\n\n

\"bithumb<\/figure><\/div>\n\n\n\n
  1. Users outside of South Korea who wish to join Bithumb must first head to Bithumb.pro to get started. Users in the US are prohibited from using the same exchange as other international users.<\/li>
  2. Users should enter their email and password. After entering an email, users must click a \u2018send code\u2019 button and then head to their email inbox.<\/li>
  3. The confirmation email recipient should copy the code and paste it into the box on the sign-up page.<\/li>
  4. Users must tick the \u2018I have read Bithumb Global Agreement\u2019 box and click \u2018Create Account\u2019 to proceed.<\/li>
  5. As a requisite of using the Bithumb service, members must set up 2-step verification, either via SMS or the Google Authenticator app.<\/li>
  6. The above process will give you Level One verification which permits you to trade and deposit up to five BTC per day without submitting personal information. If you wish to raise this limit or make fiat-to-crypto purchases on the platform, you will need to continue to KYC Level Two verification.<\/li>
  7. Level Two verification requires your personal information (name, address, date of birth, gender), a photo of the back and front of an ID card, as well as a photo of the applicant holding a piece of paper with ‘Bithumb Global’ and today’s date on it.<\/li>
  8. Once confirmed, fiat currency pairs, deposits, and withdrawals will become available; however, many users report slow verification times along the way.<\/li><\/ol>\n\n\n\n

    Bithumb operates a KRW-deposit-only policy, meaning that you won\u2019t be able to deposit or withdraw other fiat currencies. <\/p>\n\n\n\n

    Becoming A Binance Member<\/h3>\n\n\n\n
    \"Binance<\/figure><\/div>\n\n\n\n
    1. US citizens should head to Binance.US<\/a>. All other international traders can visit Binance.com.<\/a><\/li>
    2. Provide an email address and a highly secure password for your Binance account.<\/li>
    3. Accept the service’s terms and conditions and head to your email inbox to find an email containing a six-digit verification code. You must copy this code and paste it on the signup form.<\/li>
    4. Your account is now made, and you can trade up to 2 BTC per day; however, to make fiat deposits or withdrawals, you\u2019ll have to do the KYC verification procedure. This is initiated by clicking \u2018Identification\u2019 on a drop-down menu in the navigation bar.<\/li>
    5. The first step of KYC verification will ask for your name, nationality, address, and birth date.<\/li>
    6. The second part of KYC verification will ask for a photo of your ID (passport preferred, driver\u2019s license or state ID accepted), a selfie holding that ID, and a photo of your face for facial recognition purposes.<\/li>
    7. Verification is typically done in more than 15 minutes and less than one day, but it can take longer during times of increased activity.<\/li><\/ol>\n\n\n\n

      Fortunately for applicants, if anything goes wrong during the 15 minutes allotted for the sign-up process, they will be permitted an additional 10 attempts in the following 24-hour window. If all of those attempts fail, the applicant must wait another 24 hours before trying again.<\/p>\n\n\n\n

      Winner: <\/strong>We prefer Binance for this category because Bithumb only allows South Korean residents to get the full experience.<\/p>\n\n\n\n

      Ease of Use and Feel of Website\/App<\/h2>\n\n\n\n

      Using Bithumb<\/h3>\n\n\n\n

      Users who opt to trade on Bithumb report an overall pleasant experience, with low fees, live customer support, excellent trading volumes, and no crypto deposit fees to get started. Bithumb\u2019s growth in recent years has also made them a comfortable member of the world\u2019s top 20 cryptocurrency exchanges, with a daily trading volume often in the top 10. <\/p>\n\n\n\n

      Bithumb has done great work to design a customer experience that is simple, smooth, and seamless, and notably, is also offered in English. With 155 coins and 165 markets to choose from, Bithumb members can rest assured that the trading services available will support their wants and needs. If, for any reason, something should go wrong, any incident can be resolved by the live customer support channels. <\/p>\n\n\n\n

      How To Enjoy Binance<\/h3>\n\n\n\n

      Binance traders can take advantage of some of the lowest base rate trading fees in the industry, with more market pairings for cryptos and better liquidity than virtually any competitor. They accept more fiat currencies, have a higher daily trading volume, and boast a better trading experience than most of their rivals. There\u2019s almost nothing that Binance gets wrong — successfully managing to toe the line between user-friendly and technically advanced.<\/p>\n\n\n\n

      What might be most impressive of all is that Binance is still fairly new in this space, launching in 2017, making it four years younger than Bithumb, and yet around 20 times the size — maybe even more. After some difficulties facing Chinese cryptocurrency regulations, Binance decided to cut their losses and relocate to the crypto-friendly Mediterannean island of Malta. This decision was a growth catalyst and was one of several great company moves — bringing greater stability and opportunity to its traders.<\/p>\n\n\n\n

      \"Binance
      Coin staking on Binance<\/figcaption><\/figure><\/div>\n\n\n\n

      Winner: <\/strong>Binance offers more for users to enjoy than Bithumb, in fact, more than virtually any other exchange.<\/p>\n\n\n\n

      Deposit Methods<\/h2>\n\n\n\n

      Crypto-Only Bithumb<\/h3>\n\n\n\n

      For international traders, the only deposit option is through cryptocurrency, of which there are 155 different coins supported.<\/p>\n\n\n\n

      South Koreans may deposit KRW and trade on fiat-to-crypto currency pairs.<\/p>\n\n\n\n

      Versatile Binance<\/h3>\n\n\n\n

      Binance offers many good options for depositing fiat currencies, as long as your account is verified. For unverified users who have not gone through the KYC checks, you can deposit and trade up to two BTC per day only. <\/p>\n\n\n\n

      Verified users can use their debit cards or credit cards, as well as make bank transfers to deposit Euros (EUR), US Dollar (USD), British Pounds (GBP), and Russian Rubles (RUB). For EUR, GBP, and RUB, the deposit service is provided through Binance\u2019s payment partner Simplex, which charges a 3.5% commission per transaction. Users on the Binance.US platform may make USD deposits through the ACH network, debit card, or domestic wire, but not with a credit card. USD deposits outside of the US can be made on the SWIFT or SEN networks.<\/p>\n\n\n\n

      On top of the fiat currencies described above, Binance supports deposits of 55 international fiat currencies; however, each of them presents its own unique deposit opportunities.<\/p>\n\n\n\n

      Another option for all depositors (whose currency is compatible) is the Paxos Wire Transfer service, listed on Binance under \u2018Third-party Payment.\u2019 This service offers users another way to deposit USD outside of the US — this time with no limits or restrictions. When making a PAX wire, you will receive an equal number of PAX coins in your wallet, rather than USD, as this crypto is pegged to the US dollar, providing stability for your deposit. PAX currency pairs are numerous, giving almost as many immediate trading options as the USD deposit would. Read more about this service here<\/a>.<\/p>\n\n\n\n

      Winner: <\/strong>Binance trounces Bithumb on this part of the comparison.<\/p>\n\n\n\n

      Instant Buy Options (Buying with credit and debit card)<\/h2>\n\n\n\n

      Spending Money On Bithumb<\/h3>\n\n\n\n

      Users who have gone through the KYC verification steps on Bithumb global will be able to make instant purchases of cryptocurrency in numerous different fiat currencies, including, but not limited to:<\/p>\n\n\n\n