With the number of crypto exchanges available nowadays, it’s hard to choose which one will fit your needs. Each crypto exchange varies in their withdrawal and deposit fees, interface, and other features, and when it comes to low fees and competitive tools for trading, Bitbank is one of the top exchange platforms in the market. It is an ideal crypto exchange that prioritizes the needs of its clients to provide a better trading experience.
What is Bitbank?
Founded by Noriyuki Hirosue, Bitbank is one of the many crypto exchanges that offer reliable insights for cryptocurrency trading. Among all crypto exchanges in Japan, Bitbank is considered one of the most trusted platforms by Japanese crypto users. Launched in 2016, Bitbank focuses on crypto to Japanese Yen trading, although it also offers coin-to-coin trading.
Bitbank is more than just a trading platform because it also features a wallet service where crypto users can store their tokens. Users can utilize the Bitbank Register for local payments while online merchants can use the Bitbank Pay for their businesses. With these features, Bitbank can offer their users various ways to make use of their crypto coins.
The exchange platform is based in Japan but still accepts investors from around the globe. Bitbank is web-based, meaning users can access it using any device. Moreover, their website is available in English, Chinese, and Japanese.
Additionally, the exchange platform uses TradingView as its source for stock charts with its advanced structure that features more than 50 technical indicators.
Services offered by Bitbank
With Bitbank, you can claim the cryptocurrency you wish by purchasing them using Japanese Yen. However, to purchase a cryptocurrency, you have to create an account first. Begin by visiting the website or downloading the mobile application. You will be asked to verify your identity by sending an ID picture. To complete the account creation, you must validate your 2-factor authentication to secure your account.
Bitbank also allows its users to sell their cryptocurrencies. All you have to do is to enter the amount of cryptocurrency you want to sell and how much you want it to be sold. Once you’ve given the necessary information, the system will be the one to find a buyer who’s willing to purchase your coins.
Trading is the act of speculating the price of cryptocurrencies wherein you exchange them with other cryptocurrencies. You can keep your coins for a short time and either trade them by the end of the day or keep them for a long period of time until its price appreciates.
Advantages of Bitbank
Bitbank is among the crypto exchange platforms that want what’s best for their clients. If you want to use Bitbank, discover more about the advantages it can offer you:
Licensed by JFSA
You can trust Bitbank with your coins since it is licensed by the Japanese Financial Services, which serves as proof of the exchange site’s legitimacy.
Accepts fiat currency
Crypto users can purchase any cryptocurrency using Japanese Yen and they can cash out their money straight from their bank accounts.
Low trading fees
Unlike most crypto exchange sites, Bitbank doesn’t charge crypto traders and users for operating on their platform. This is a huge benefit given that many exchange sites will take advantage of its users’ need for the services they offer and will add additional fees. With only 0.15% fee charge per trade, Bitbank gives its clients an opportunity to use their platform with ease and convenience.
No charge for deposits
Aside from not charging users and traders for trading fees, Bitbank also doesn’t require additional fees for deposits of cryptocurrencies and fiat currencies. Users will only need to pay for withdrawals from the exchange.
Altcoins made available
There are plenty of altcoins available on the exchange. Aside from Bitcoin, Bitbank also offers to trade for Ripple, Ethereum, and Litecoin, among others. The topmost liquid pairs in the platform are BTC/JPY and LTC/JPY.
Security and safety
Bitbank also offers wallets to keep your tokens safe and secured. You can choose between hot and cold wallets in which the online wallet is in partnership with BitGo. Since the launch of Bitbank in 2014, there have been no reports of hacking, security breach or any incident involving the crypto exchange platform.
User-friendly and availability
The exchange site is designed to be available anytime and anywhere. You can access Bitbank using both your desktop and mobile devices.
Disadvantages of Bitbank
Though Bitbank has plenty of advantages, it also has its downsides just like all exchange sites.
Here are some of the things you should consider if you’re planning to use Bitbank:
One of the drawbacks in Bitbank is its focus on the Japanese market which is a disadvantage to those who are looking for a multipurpose platform. Additionally, Bitbank doesn’t support other fiat currencies like the US dollar and euro. The only supported fiat currency is the Japanese yen.
Another disadvantage is the minimum deposit for digital currencies. For instance, the minimum withdrawal set for Bitcoin is 1,000 yen or 0.0001 BTC.
Bitbank doesn’t support margin trading which is a disadvantage if you’re an advanced trader.
Cryptocurrencies offered by Bitbank
There is a wide selection of cryptocurrencies offered in Bitbank. Some of them are:
- Bitcoin – Launched in 2009, Bitcoin is one of the first cryptocurrencies ever created, and up to this day, it is still one of the top digital currencies in the market.
- Ethereum – Ethereum is also one of the top cryptocurrencies today after Bitcoin. It is a decentralized, open-source platform that allows DApps to be built on its blockchain.
- Ripple – Ripple is the company who created the XRP token that’s also offered in Bitbank.
Visit Bitbank and start trading today!
Bitbank will continue to provide the means for crypto users to trade and make transactions with ease. Now that you know what Bitbank is all about, find out of this is the crypto exchange for you by creating an account on their site. Visit Bitbank today and begin trading!
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