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.
6.8
Score6.8
Score Android
Score iPhone
LocationJapan
CurrenciesJPY
LanguagesJP
Buy withJPY
Fees
AltcoinsYes
Margin tradingNo (Exchange does not support margin trading)
Trust scoreB
Beginner friendlyNo (Exchange is complex and difficult for beginners)
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatYes (The Exchange supports Fiat currency as USD, EUR, etc.)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketNo (The Exchange does not have Websocket)
Mobile appYes (Exchange has a mobile app)
Credit cardNo (Exchange does not support credit cards)
ReferralNo (Exchange does not offer an affiliate program)
Two factor authentificationYes (The Exchange supports two factor authentication)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceNo (Exchange don't have US licence for Money transmitter)
PGP supportYes (Exchange supports PGP encryption)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.
Bitbank - Safety report
Bitbank uses both hot & cold wallets, but online wallets are provided in partnership with BitGo, a specialized crypto security company.
Review of Bitbank
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.
