Bitbank is an exciting Japanese exchange that offers its users a straightforward and secure way of trading various popular cryptocurrencies against the local currency, the JPY, as well as against other crypto coins.
The exchange has been around for quite some while now and is one of the first exchange platforms to have complete certification by the Japanese Financial Services Agency. For those of you who don’t know, Japan is one of the first countries to have well-established government and nation-wide regulation on cryptocurrencies and crypto exchanges. A license from the JFSA, Japanese Financial Services Agency, brings a high level of credibility to any Japanese exchange.
Bitbank features, advantages, and disadvantages
Low/accessible fees
One of the most important features of Bitbank is the fact that it does not charge any sort of trading and deposit fees. To be more precise, Bitbank users and traders are only required to pay for withdrawals out of the exchange.
To be more precise, market makers and market takers are not charged for operating on the platform. Other than that, its fees are low, amounting up to 0.15% per trade in some cases which is a lot lower than most Japanese exchanges and around what other international exchanges do. As mentioned before, it does not charge fees, even in the case of deposits. What’s more impressive is the fact that the crypto exchange does not even charge for fiat deposits.
Sufficient number of trading pairs
According to CoinMarketCap, Bitbank is currently ranked 19th and has a total trading volume of $138,698,085. Besides Bitcoin, Bitbank supports trading in Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BTC), and Monacoin (MONA).
User-friendly interface and other functional features
The platform has been designed to cater to the needs of both desktop and mobile users. The web interface is straightforward, and the TradingView feature does a good job at providing traders with comprehensive technical analysis indicators (somewhere around 50 indicators) and relevant market data.
Security
Just like most modern crypto exchanges, Bitbank provides its users with both cold and hot wallets. The thing to note here is that the platform’s online wallets are provided via a partnership with BitGo, a popular crypto security company.
Disadvantages
Even though Bitbank is one of the best crypto exchanges out there, the fact that it’s so strongly oriented on the Japanese market might be a disadvantage for traders looking for a versatile trading platform. Hence, the only supported fiat currency is the Japanese yen. It also means that the exchange will be easier to use by people who have a Japanese bank account.
Another disadvantage is represented by the fact that there is a minimum deposit required for digital assets. In the case of Bitcoin, the minimum withdrawal set is 1000 yen or 0,0001 BTC.
Last but not least, Bitbank might not be the best option for advanced traders since it does not support margin trading. This in contrast with some of the best international exchanges, as well as with exchanges from Japan such as Quoinex and bitFlyer, both of which offer leverage of 1:25 and 1:15, respectively.
Conclusion
Bitbank is one of Japan’s best crypto exchanges and one of the first to be licensed by the Japanese Financial Services Agency. The platform boasts one of the lowest fees currently available on the market and only charges its traders for withdrawals. Users and traders can deposit and withdraw in fiat, but sadly, only in Japanese yen. Additionally, bank wire is supported, and the number of available trading pairs is decent. The fact that the crypto exchange does not come with support for margin trading might come as a disappointment for some.
Imagine Source: BlockTribune
