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Bitbank Review - is it scam or safe?

Bitbank review - is bitbank.cc scam or good cryptocurrency exchange?

RATING: 3.3 / 0 REVIEWS Bitbank

 

Trading Accounts & Conditions

 

Account type Leverage Trading Fee* Withdrawal fees
Standard N/A - 540 yen** / 0.001 BTC

 

* Promotion running.

*The fee for withdrawals over 30,000 yen is 756 yen.

 

Bitbank is a Japanese exchange that focuses on trading Bitcoin and other cryptocurrencies against the local currency, JPY. Coin-to coin trading is also enabled.

 

What makes Bitbank stand out anong its competitors is that it currently does not charge any trading and deposit fees. In fact, clients if Bitbank pay only for withdrawals out of the exchange.



Bitbank Advantages

 

Licensed by JFSA

The strongest side of Bitbank exchange is that it holds a license from the Japanese Financial Services Agency (JFSA), as required by local law. this brings a lot of credibility to the exchange, as regulated entities are few in the crypto-world and most exchanges operate in the grey area.

 

Fiat accepted, bank wire supported

As we have already said Bitbank works with Japanese yen (JPY), which means that its users can buy Bitcoin or Ripple with their local currency or cash out their coins directly in their bank account. This is an obvious advantage.

 

No trading fees

By the time of writing this, Bitbank does not charge market makers, nor market takers, which is really attractive offer. Otherwise, its fees are low, amounting up to 0.15% per trade. By comparison, Quoine, a major Japanese crypto-exchange, charges 0.25% per trade.

 

Deposits free of charge

It appears that Bitbank is a really low-cost crypto-exchange. Apart from currently not applying any trading fees, it also does not charge depositys, even fiat ones. Basically, its clients pay only for withdrawals out of the exchange.

 

Decent number of altcoins available

Apart from Bitcoin, Bitbank supports trading in Ethereum, Ripple, Litecoin, Bitcoin Cash and MonaCoin. By the time of writing this, the most liquid pairs at the exchange appear to be XRP/JPY and BTC/JPY.

 

Platform with advanced features

The web-based platform provided by Bitbank is mobile friendly and nicely designed. Besides, charting is provided by TradingView with more than 50 types of technical analysis indicators and more advanced features.

 

 

Security

Bitbank uses both hot & cold wallets, but online wallets are provided in partnership with BitGo, a specialized crypto security company.

 

Bitbank Disadvantages

 

Focus on Japan

 

Most globally oriented exchanges allow you to trade cryptocurrencies against the US Dollar and occasionally the Euro. At Bitbank, however, this is not possible. The only fiat currency supported is the Japanese yen. Besides, it is easier to use this exchange if you have a Japanese bank account.

 

Minimum deposit and withdrawal set

This is not a major disadvantage, yet it represents a sort of limitation. There is no minimum deposit required for investments in JPY, but there are for digital assets (those in Bitcoin are charged with 0.001 BTC). The minimum withdrawal set, on the other hand, is 1000 yen or 0.0001 BTC.

 

No Leverage available

Unlike other Japanese exchanges like Quoinex and bitFlyer, which offer leverage of 1:25 and 1:15, respectively, Bitbank does not provide margin trading. If you are willing to take the risk and use some leverage, you cam also take a look at the offerings of some forex brokers. Many of them offer margin trading in Bitcoin and other coins,

 

 

>>Margin trading in Bitcoin with a forex broker<<

 

 

Conclusion

 

Launched in March 2017, Bitbank is a Japanese crypto-exchange that is typically in the top 40 of exchanges rated by their trading volume. It appears to have many strong sides the most important of which is the fact that it is duly licensed by the Japan’s Financial Services Agency.

 

Japan became the first country to introduce regulation of cryptocurrencies and exchanges on a national level, thus confirming its position as a Bitcoin pioneer. Furthermore, the cryptocurrencies and Bitcoin in particular, are widely accepted in Japan as a valid payment method for various goods and services.

 

In addition, trading at Bitbank is done an advanced platform and appears very low-cost, as its clients pay fees only on withdrawals out of the exchange. Besides, they are able to deposit and withdraw in fiat, however the only currency supported is the Japanese yen, which makes this exchange suitable mostly for locals. Besides, unlike other Japanese exchanges, this one does not offer legeraged trading. We’d like to remind you once again that forex brokers represent yet another alternative for margin trading in cryptoicurrencies, and many of them are also regulated.

 

>>Trading Bitcoin with a tightly regulated broker<<

 

Here are, once again, the advantages and disadvantages of Bitbank:

 

Pros Cons
Regulated in Japan Focus on Japan
Fiat accepted, bank wire supported Minimum deposit and withdrawal set
No trading fees, deposits free of charge No leveraged trading
Decent number of altcoins available  
Platform with advanced features  
Security  

  

Latest news about Bitbank
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Traders` reviews for Bitbank

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