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BTCBOX

BTCBOX Review
Trader's rating 0
Editor's rating 4

Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:3* 0%** 0%** Free

*margin is not granted instantly.
**only applies for BTC trading. There is a 0.20% fee on altcoin trading.



BTCBOX is a Japanese cryptocurrency exchange. They operate from the domain btcbox.co.jp and should not be confused with btcbox.in – a platform which supposedly provides “free Bitcoin”, but has received multiple negative reviews. The distinction is quite important as the Japanese exchange appears to be a very reputable one.



 
BTCBOX Advantages



FSA Licensed
– BTCBOX is the eight cryptocurrency company to be overseen by the Japanese Financial Services Agency (JFSA). This brings a lot of credibility to their offer, as not a lot of Bitcoin exchanges are regulated by a reputable financial watchdog. They also provide information about the actual company behind the project and their banking partners. While this sounds natural for a regulated company, it isn’t always the case with shadier trading venues. Two-factor verification is also provided.


 
Decent fees, BTC is free – trading Bitcoin at BTCBOX comes without any costs. That being said, altcoin traders will be charged a 0.20% fee. This applies both for market “makers” (the people who place passive orders in the book) and “takers” (the ones who buy or sell at the best price available). This is pretty much the standard at this point in time – not too high, but also not too low, when compared to the competition.


No deposit fees
– there are no deposit fees on blockchain transfers to BTCBOX. Additionally the company does not charge anything extra on bank transfers. While certain costs will be involved in either form of deposit (be they mining or banking), the company does not take anything extra.



1:3 in leverage
– BTCBOX is one of the few exchanges to facilitate margin trading. However, according to company policy each trader willing to borrow coins will have to be processed manually. This means it could be hours or even day before you are approved to receive it. This can definitely be an issue for aggressive traders, who are willing to jump on a chart setup. They will be much better suited with a forex broker.



 
>>Leveraged BTC trading<<




As you may already know a lot of these more traditional financial companies have started providing Bitcoin (and altcoin) trading. This is achieved via CFDs, which is slightly different than setting up a cryptocurrency exchange. In essence you only speculate with the price of the given coin, without owning it. For more information, check the full guide.




Japanese banking support – BTCBOX accepts Japanese Yen deposits. This makes them a great entry-level exchange for the locals.



>>Buy Bitcoin with a credit card<<



Two trading platforms – trading at this exchange is done via two interfaces. One of them is rather simple and rather nice. Additionally, a more “professional” version is also available. It offers solid charting and is arranged even more conveniently. Here is the preview (click to zoom in):
 



 

BTCBOX Disadvantages


Focus on Japan – while English and Chinese versions of the website, this is still an exchange primarily oriented towards Japan. We are not certain if the support will be up to par with the one provided by other companies (although basically everyone has received negative comments on this point).



Margin is not instant – the fact margin has to be provided to clients on an individual basis can be troubling. We haven’t tested the service, but just by reading the terms we expect delays to be quite possible.



Only four coins available – the short list of digital assets available at BTCBOX includes: BTC, BCH, LTC and ETH. Volumes on the ones other than Bitcoin are rather low.


Trading only against JPY – this is another thing limiting non-Japanese clients. It’s just company policy and there is nothing wrong with that, but we must mention it.


Withdrawal fees present – while they are small, these fees may irritate some users. The Bitcoin one is 0.001BTC.


No user reviews in English – BTCBOX doesn’t appear to be popular in the West. This is to be expected, given the previous factors.



Conclusion


BTCBOX is a Japanese cryptocurrency exchange, which is regulated by the Financial Services Agency (JFSA). This makes them a much more credible company than most of the competition. They provide access to Japanese customers to the world of crypto, as they even accept bank transfers. That being said, they may not be the ideal trading venue for a foreigner.

While this is a highly regulated exchange, the world of cryptocurrencies still carries a level of risk. If you are only looking to speculate with the price of Bitcoin, doing so with a forex broker may be preferable. View the link below for more details on the way regulation for forex brokers, offering Bitcoin works.


>>Regulated Bitcoin forex brokers<<



 
Here is the summary of BTCBOX:

Pros Cons
FSA Licensed Focus on Japan
Decent fees, BTC is free Margin is not instant
No deposit fees Only four coins available
1:3 in leverage Trading only against JPY
Japanese banking support Withdrawal fees present
Two trading platforms No user reviews in English

 

CoinSpot

CoinSpot Review
Trader's rating 1
Editor's rating 3.8

Trading Accounts

Account type Daily Limit Leverage Bitcoin Fee Altcoin fee
Standard $2,000/$10,000 None 2%  3% 

 

CoinSpot is one of the leading Australian cryptocurrency "gateway" companies i.e. a service which allows the purchase of crypto with fiat money. They put a lot of emphasis on domestic clients.

 

The company, security of funds

Company

Country Regulation
Casey Block Services Pty Ltd  Australia N/A

 

CoinSpot was founded in Melbourne in 2013. At the time of writing of this review they are not registered with a relevant Australian body, simply because the legislative process in the country is still in progress. You can read a brief summary of the current situation, as well as find reviews on the other major players in the space in the link below. 

 

>>Australian cryptocurrency exchanges<<

 

That being said, CoinSpot is a member of ADCA - the Australian Digital Commerce Association. This may not be a regulatory body, but it shows a long term commitment to the adoption of blockchain technology and it is viewed as a major player by its peers.

 

The company offers traders multiple wallet support, which is not the case with one of their direct counterparts CointTree. On top of that there is a mobile app which allows you to send crypto-payments on the go.

 

There aren't any reports of a massive hack, like the one experienced at Bitfinex, for CoinSpot. This is no guarantee of future security, but is still a nice sign.

 

The user reviews for CoinSpot are very mixed. Some people enjoy their service, while others are dissatisfied with the verification process, the speed of bank transfers (when selling coins) and the fees. Their service is definitely not cheaper than trading coins on some of the other exchanges, but at least they are very transparent when it comes to fees.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Over 30 coins are provided by CoinSpot. This is a very wide array, especially for a company which specializes in accepting fiat currencies. As a comparison, Coinbase offers only Bitcoin, Ethereum and Litecoin. 

 

Maximum daily volume

The initial maximum daily purchase volume at CoinSpot is $2,000. This can be increased to $10,000 a week after you have hit the first cap. While the company does not exclusively mention it, these levels are probably in Australian dollars.

 

Leverage

Leveraged trading is not supported at CoinSpot, which is quite understandable, given their targeted customers. This is simply a place from which one buys cryptocurrencies with Australian dollars. 

 

>>Forex brokers providing Bitcoin trading<<

 

It is worth mentioning, that if you are only looking to speculatively trade Bitcoin, instead of use it four transfers, another type of service may be better for you. We are talking about forever brokers, who offer cryptocurrency trading, like the industry leaders at IG. We must mention there are a few specifics to this kind of service and you should read our guide.

 

 

Fees

The fee structure at CoinSpot Is very clear, which is not the case with all companies who offer direct purchases of coins with fiat currencies. For instance the similar Dutch company Bitonic provides little information about its markups, which many users dislike.

 

CoinSpot charges between 2% (for Bitcoin) and 3% (for altcoins), when trading against the AUD and 1% for crypto to crypto trading. While the direct trading commission may be considered reasonable, 1% is high for digital asset trading. Other exchanges typically charge 0.20-0.25% for this activity.

 

>>List of all cryptocurrency exchanges we have reviewed<<

 

Additionally, the company charges fees on some AUD deposits. This varies by payment method and we will cover the details below.

 

 

Trading platform

 

CoinSpot does not provide what one would typically call a trading platform. The service has a convenient dashboard, which allows you to monitor your different wallets. It looks like this:

 

 

When buying a cryptocurrency one is greeted by a simple order-entry form, which gives you an estimate of the AUD you would have to pay for the given amount of coins. Here is a preview:

 

 

If you want to convert one coin for another, you would have to go through the sell menu. This felt very counter-intuitive, but then again you can find much better exchanges to do this (check the fees section for more information).

 

Additionally, a very simple form of charting is provided, as seen here:

 

 

The overall summary of this “platform” is that it does the job. Experienced traders will not enjoy this, but newbies will enjoy the simplicity.

 

Methods of payment

 

When depositing fiat currencies to CoinSpot, one can choose between POLi Payments, Bpay and a “cash” option, which features going to a newsagent and using Blueshyft. The fees for making a deposit are as follows:

 

POLi payments – free. 

BPAY payments – 2% fee. 

Cash payments – 3% fee. 

 

If you were to sell coins at CoinSpot, you would be funded via Bank Transfer. The company will not charge you anything for that, but the bank may. The actual cost and speed of the transfer will depend on the bank you use.

 

Conclusion

 

CoinSpot is an Australian cryptocurrency exchange, which allows trading against the AUD. They are a well known company, which is respected in the local Bitcoin community. The entire service is very beginner-friendly, but this comes at a cost. While the fees for fiat to crypto trading are acceptable, trading one coin for another comes at much higher rate than with other exchanges. This feels like a solid Australian entry level company, but active traders will prefer dealing with another exchange. Here is a summary: 

 

Pros   Cons
No major hacks yet Slow bank withdrawal times
Multiple payment methods (for AU clients) High crypto to crypto fees
A lot of altcoins supported Focused on Australia (only a con if you are non-AU)
Easy to use interface  

 

Forex
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