Bitbank Review: One Of The Lowest Fee Exchanges You Should Try
The point that makes the Bitbank cryptocurrency exchange stand out from other platforms is that it has no transaction and deposit fees. This Bitbank review will help users a better overview of this Japanese exchange.
The cryptocurrency exchange of Bitbank Co., Ltd. was established in May 2014 with President and Representative Director Noriyuki Hirosue. Total capital is 8,647,210,000 yen (including capital reserve). One of the oldest cryptocurrency trading platforms in the region, licensed by the Japan Financial Services Agency (FSA) and transparent. The license is valid and the site operates in accordance with local laws. Traders Union’s analysis of Bitbank’s activities did not reveal any evidence of fraud or default on its customers.
Bitbank is a smartly designed Bitcoin and Cryptocurrency Asset Exchange that is simple, easy, secure and multifunctional. Trading is supported on multiple web and smartphone platforms. Trading data and charts are updated in real time, providing more than 60 types of technical analysis tools for comprehensive market price analysis.
Bitbank is one of the leading cryptocurrency exchanges targeting Japanese residents. The exchange tab of the site is not available in languages other than Japanese, and those who want to register on Bitbank from abroad must pay a $100 commission. However, for those in Japan, the platform is quite convenient as it does not charge deposit and trading fees (for Manufacturers only) and has some other nice features.
Mainly it is used to trade cryptocurrencies against the Japanese yen (JPY) although some prefer crypto to crypto trading. The exchange lists 24 cryptocurrencies including popular altcoins: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and the Japanese cryptocurrency called is Monacoin (MONA) and some other altcoins. Fiat currencies other than JPY are not supported. Good liquidity makes the exchange more convenient to use as orders are triggered faster at the desired price.
There are 60 additional tools for technical analysis. The mobile apps for iOS and Android have the same functions as the desktop versions.
The platform is characterized by high-speed transactions, large transaction volumes and stability of work during peak loads. No technical errors or vulnerabilities were detected.
Cold storage of user funds combined with advanced encryption system and 2FA authentication provides high security. It is one of the most reliable exchanges with objectively favorable trading conditions.
Pros and Cons
|Dozens of popular cryptocurrencies and tokens are traded on the exchange;|
Transaction fees are significantly lower than the market average;
No minimum deposit, no deposit fee;
All exchange client funds are kept cold;
The exchange has a state-of-the-art security system for users’ data;
There is a mobile application in addition to the terminal in the browser;
Terminal and application include tools for market analysis.
|There is no fiat currency except the Japanese yen;|
There is no investment or referral program.
Services and Features
The exchange lists 24 popular cryptocurrencies on the market today. Although this is a meager number in the developed cryptocurrency market, it is nevertheless possible to add more in the near future.
The Bitbank exchange platform is a proprietary web-based trading platform that is fully compatible with all mobile and desktop devices. The exchange is quite advanced and uses charts from TradingView which has more than 60 technical indicators and many analytical tools built into it.
Traders have the ability to conduct real-time price analysis on their own using predictive data generated from algorithms and artificial intelligence software. Users can place orders based on market data and indicators provided to them or simply based on their own analysis. The platform is truly unique and advanced with their market insights and analytical features.
Unlike the majority of cryptocurrency exchanges, Bitbank has a license. The platform is licensed by the Japan Financial Services Authority, which makes Bitbank more secure than most other crypto platforms. The agency has a wealth of experience and resources to maintain the security of the exchange. Moreover, this license means that Bitbank certainly has no problem with the law.
Although some Japanese cryptocurrency exchanges offer leveraged trading, Bitbank does not support margin trading. Users who want to trade with larger amounts using leverage should look for another exchange platform.
The only fiat currency supported for exchange with these cryptocurrencies is Japanese Yen (JPY). This is a bit disappointing for traders outside of Japan as many other crypto exchanges generally accept both Euros and US Dollars.
However, traders can buy Bitcoin and Litecoin from other exchanges, then transfer them to Bitbank to use their exchange services. Although traders with Japanese bank accounts are more suitable for the Bitbank crypto exchange.
Lending and increasing crypto assets
“Lending and increasing crypto assets” is a service that allows Bitbank and customers to sign a contract to lend crypto assets and receive crypto assets at a maximum annual rate of 3% after one year. When it comes to the one-year expiration date, it is a service that returns the crypto assets that the customer lent during the month of registration with a usage fee set by the company.
By lending Bitbank unused crypto assets, crypto assets will grow at a maximum annual rate of 3%. If you have an account with Bitbank, you can use it immediately just by registering without any hassle.
The platform is also available as a mobile app if you for any reason want to do your crypto trading somewhere other than on your desktop. This app as usual when it comes to cryptocurrency exchange apps is available for both iPhones and Android phones.
Bitbank Exchange is a safe and highly secure cryptocurrency exchange as they are regulated by JFSA. Since its founding in 2014, Bitbank has never had any reported hacks or loss of funds.
The exchange implements the latest security features such as SSL encrypted servers, two-factor authentication for logins and transactions, and hosting both cold and hot wallets.
At the same time, each user is treated equally with the same services available to them. Every user has the ability to download all the company data sets to see the historical performance of the prediction algorithms. This provides users with a high level of transparency.
Bitbank provides their customer support through an email ticket system. This system is available 24/7 and allows users to confidently identify their problems so that they can get an assistant through better support.
Also, customers can view a help center page where they will find answers to their most frequently asked questions. This help center is rather limited in information, but support representatives will promptly answer any questions you may have. All in all, Bitbank’s level of customer support is not outstanding but enough to meet the needs.
Bitbank has one of the lowest trading commissions in the global crypto market. The maker fee is 0.02%, which means that the trader who creates a trade from this position will receive a bonus payment from the exchange. The receiver’s fee is 0.12%. All commissions are fixed, assets, trading volume and total trading volume of users do not affect them. The only option that affects the fee from the recipient is to reduce it using rebates from Traders Union.
This cryptocurrency exchange does not charge any fees for deposits, regardless of the input channel used by the client. However, there are fixed withdrawal fees and they are different for different assets and are independent of the withdrawal amount or channel.
The exchange charges a withdrawal fee of up to 0.0006 BTC when you withdraw BTC. This is slightly above the global industry average, which is 0.00053 BTC per BTC withdrawal.
Instructions to register for a Bitbank account
Step 1: Register easily with just an Email address. Completed in 30 seconds. Immediately after registration you can see the bitbank chart.
Step 2: Easily register basic information. After filling in the basic information, upload your KYC.
Step 3: The identification can be completed as soon as one day. After activating your account following the instructions, you will be able to start trading immediately.
Conclusion – Bitbank Review
Above is our introduction to the main features of the Bitbank cryptocurrency exchange. Overall, the exchange’s Cryptocurrency Exchange and Services are of a very high quality by providing unique market insights into Bitcoin and Litecoin trading. The exchange platform is well designed and has many advanced tools and features for successful trading and investing.
So far, Bitbank has proven itself to be a reliable and trustworthy cryptocurrency exchange, providing desired services at very competitive fees.
However, there is still room for improvement as the exchange only supports Japanese Yen as the only viable fiat currency. But if you’re just trading crypto this shouldn’t be a problem.’
Hope the above Bitbank review is useful to you. If you have any suggestions, please leave them below in the comments section to make our article better.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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