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Fisco Review - is it scam or safe?

Fisco Review - is fcce.jp scam or good cryptocurrency exchange?

RATING: 3 / 0 REVIEWS Fisco

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Leverage

Trading Fee

Withdrawal fees

Standard

N/A

-

350 yen* / 0.0005 BTC

 

*The fee for withdrawals over 500,000 yen is 756 yen.

 

Fisco is a Japanese exchange that focuses on trading Bitcoin and several other other digital assets against the local currency, JPY. It also facilitates coin-to coin trades and plans to launch leveraged trading.

 

It is not one of the major Japanese cryptocurrency exchanges (BitFlyer, QUOINE, Zaif), but nonetheless it was granted a license by the Japanese Financial Services Agency (JFSA).



Fisco Advantages

 

Regulated in Japan

The biggest advantage of Fisco exchange is the fact that it holds a license by JFSA, as required by local law. Japan has one of the most developed bitcoin communities, while the majority of the exchanges worldwide still operate in the gray area.

 

Low cost of trading

Clients if this exchange are only charged with withdrawal fees. Yes, you got that right! Taking into account that the majority of exchanges charge 0.15% - 0.25% per trade, and many of them also apply fees to deposits, this makes Fisco really stand out.


Fiat currency and Japanese banking support

As we mentioned in the beginning, Fisco works with Japanese yen (JPY). So, its clients can buy Bitcoin or Mona with their local currency or cash out their coins directly in their bank account. This is an obvious advantage and makes Fisco a great entry-level exchange for the locals.

 

Relatively nice platform

The web-based platform provided by Fisco is nothing special in the crypto world, yet it is nicely designed and seems equipped with all the basic tools. Here is a preview:


 


Fisco Disadvantages


Suitable only for locals

What locals probably see as a strong side of this exchange is most likely its greatest disadvantage for all the rest.


Basically, If you are not a resident of Japan, it won’t be easy for you to use Fisco. Their website and platform are available only in Japanese, the exchange works only with JPY and no other fiat currencies, and more importantly, you must have a Japanese bank account in order to deposit or withdraw fiat.


What is more, clients of Fisco who wish to deposit or withdraw JPY, have to undergo ID verification, which requires Japan Passport or Visa.


Only three coins available

The short list of digital assets available at Fisco includes Bitcoin, Monacoin and Bitcoin cash. There is no Ethereum, Ripple, nor Litecoin, let alone some more exotic digital assets.

 

Leverage not provided

Unlike other Japanese exchanges like bitFlyer and BTCBox, Fisco currently does not offer leveraged trading, but plans to add this service in the near future. That being said, some forex brokers offer margin trading in Bitcoin and other coins. Here is a list of some of them which are tightly regulated:

 


>>Margin Trading in Bitcoin with a regulated broker<<



Note that these brokers actually offer crypto CFDs, which is significantly different from buying and selling coins at an exchange. Both types of trading have their advantages and disadvantages.


No wallet service

Fisco does not offer own e-wallet for storing bitcoins. Instead, it only acts as an intermediary – accepting deposits and sending the coins to a wallet which you must create.


Withdrawal fees present

Although these are the only fees at Fisco, we must mention them here. Withdrawals in JPY are charged 350 yen, if the transferred amount less than 500,000 yen, and 756 yen in case of withdrawing more than 500,000 yen.

Meanwhile, withdrawals in Bitcoin are normally charged 0.0005 BTC, and those in Mona and Bitcoin cash - with 0.001 of the respective cryptocurrency.



Conclusion


Operating sinceAugust 2016, Fisco is a Japanese crypto-exchange whose two main strong sides are regulation and low trading costs. The license by the Financial Services Agency (JFSA) makes this exchange a much more credible company than most of its cointerparties worldwide. However, Fisco obviously primarily oriented towards Japan.


Although it does not apply trading, nor deposit fees, the offering of Fisco is limited to three coins, which are mainly traded against JPY.


Lets’s sum up the strong and weak sides of Fisco in a few words:

 

Pros

Cons

Regulated in Japan

Suitable only for locals

Fiat accepted, bank wire supported

Only a few altcoins supported

No trading fees, deposits free of charge

Leverage not provided

Relatively nice platform

Withdrawal fees present

 

No wallet service

 

 

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Traders` reviews for Fisco

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