Hey everyone! Today we will be looking at the Bitbank Exchange, a platform that is known around the globe due to its special features and easy to use interface.
Established in 2014, Bitbank has made its mark by offering low transaction costs, good liquidity, and adequate security measures for both beginning and professional traders.
Supported major currencies like Bitcoin and Ethereum makes it easier for Japanese users to trade on, Bitbank. Let’s explore deeper and find out more about how Bitbank stands out in the crypto space!
What Is Bitbank?
Bitbank was established in Japan in 2014 and has been able to build an impressive reputation due to its competitive fees and simple interface.
Bitbank mainly focuses on Japanese clients and as such offers trading pairs with the Japanese Yen, along with popular crypto currencies such as Bitcoin, Litecoin, and Ethereum.
The platform is known to have used effective security measures with the use of ssh encryption, two-factor verification, and a mixed pouch of cold and hot wallets to guarantee the safety of clients’ funds.
Moreover, the victims are provided with high liquidity as well as effortless deposits through which they can easily tap into the popularity of bank transfers in Japan.
Key Highlights of Bitbank Exchange
| Feature | Details |
|---|---|
| Founded | 2014 |
| Headquarters | Japan |
| Supported Countries | Primarily Japan, limited access globally |
| Supported Cryptocurrencies | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more |
| Trading Pairs | BTC/JPY, ETH/JPY, LTC/JPY, XRP/JPY, and more |
| Trading Fees | Maker: -0.02%, Taker: 0.12% |
| Deposit Fees | No fees for deposits in JPY and cryptocurrencies |
| Withdrawal Fees | Varies by cryptocurrency (e.g., BTC: 0.001 BTC) |
| Security Features | SSL encryption, Two-Factor Authentication (2FA), Cold and Hot wallet storage |
| Liquidity | High liquidity for smooth trades |
| Customer Support | 24/7 support via email, web form, and live chat |
| Mobile App | Available for both Android and iOS |
| Leverage | Not available |
| Regulation | Regulated in Japan |
| User Interface | Beginner-friendly with advanced trading options |
| Minimum Deposit Amount | Varies by cryptocurrency (e.g., 0.001 BTC for Bitcoin) |
| Minimum Withdrawal Amount | Varies by cryptocurrency (e.g., 0.0001 BTC for Bitcoin) |
Key Features of Bitbank
User-Friendly Interface
The interface provided by Bitbank is understandable and straightforward, enabling its use by amateurs as well as experienced traders.
High Commissions
This brand boasts rather low trading costs and thus coupons a lot even if it trades frequently.
Wide Cryptocurrency Support
The site as it contains the major bitcoins like BTC, ETH, LTC and also other coins as well.
Japanese Yen (JPY) Pairs
The Bitbank is particularly focused on the Japanese clientele and thus offers several trading pairs which involve the Japanese Yen (JPY).
High Liquid
The solid amount of liquidation provides a good basis for reassurance of smooth and quick trading.
High Security Level
The company has not remained behind in terms of SSL encryption, two factor authentication (2FA) systems cold and hot wallets to man the user funds.
Banks making instant deposits
Users can use the system of bank transfers to make instant deposits easily allowing local traders more convenience.
Mobile Access
Mobile apps provided by Bitbank are such that they allow easy access as well as trading on the move.
API Access
Advanced users of Bitbank will find APIs very useful offering integrated system hedging and time based trading.
How to Get Started on Bitbank?
Opening Your Account on Bitbank
Before you begin trading you need to open an account on Bitbank by following these steps:
Creating the Profile:
Go to the Bitbank website and click on the ‘Get Started’ button.
Click the bitbank official link and tap on the button Register Account to fill in your present email address and create a strong password.
Please read the terms and policies and click Confirm, and that should complete your registration in the system.
KYC Verification
To boost the security of your account further step is, to enable two-factor authentication Disabling these option may affect the security of one’s account If you do this, use something like Google Authenticator to make it happen, there are numerous apps available which can be used in this regard.
Deposit Funds
Deposit assets into your account on Bitbank now that it has been approved.
Local customers can send bank transfer of both crypto assets or money in Japanese Yens.
Fund the Account
Depositing without unnecessary delays is something that Bitbank has put in place.
Conclusion Step
As soon as your balance is finalized, select the type of Cryptocurrency you want to deal with, to make the transaction.
All of these cryptocurrencies, as well as the Japanese yen trading pairs, are available on the bitbank platform, including the major coins of BTC, ETH and LTC.
Start Trading
You can buy or sell cryptocurrencies with Bitbank using its intuitive trading interface. Depending on your choice, you can use market orders or limit orders.
Withdraw Funds
In order to withdraw your earnings, go to the withdrawal section, write down your wallet address or simply choose the withdrawal method you wish.
You can transfer crypto or fiat currency in Japanese Yen (JPY) to and from Bitbank.
Access Customer Support
If you have any doubts or encounter problems, you can contact Bitbank’s customer support which is available at any time.
Bitbank Fees Overview
Some users claim that Bitbank does not charge trading fees, but the reality is more complicated. No fees are charged to market makers who earn rebates of 0.02% of their transactions.
These traders provide liquidity by placing limit orders. Meanwhile, liquidity takers, who take already existing orders, pay a special fee which is 0.12%.
Bitbank allows cryptocurrency and Japanese Yen (JPY) deposits without any fee. Unfortunately, there are no features such as zero deposit requirements for JPY in the case of cryptocurrencies. The BTC minimum deposit for example would be 0.001 BTC.
At the same time there are a minimum withdrawal amount for some currencies. For instance, the BTC minimum you can withdraw is 0.0001 BTC.
The other fees are consistent also and depend on the currency: JPY has a 550 to 770 JPY withdrawal fee and for BTC it is 0.001. ETH has a 0.005 and LTC a 0.001 fee. With XRP, Bitcoin Cash and Monacoin on extraction will incur a fee of 0.15, 0.001 BCH and 0.001 MONA respectively.
Pros and Cons of Bitbank
Pros that Bitbank offers
- Trading costs are low when making a market with re-bates of 0.02%.
- Free deposit and withdrawal for either cryptocurrency or Japanese Yan.
- Robust Security Features including the use of SSL and two step verification.
- Sufficient Liquid Demand which enhances trade execution.
- Offer Various Cryptocurrency Pairs with JPY.
- Local Japanese Customers’ can make bank deposits which reflects in the account instantly.
Cons that Bitbank offers
- There are Taker Fees of 0.12% which are charged to liquidity providers takes.
- There are restrictions on deposit amounts limited only to cryptocurrencies.
- Fees charged for the withdrawalof a number of cryptocurrencies like BTC, ETH, etc.
- Seldom Off shore support as it is mostly Japan centric market.
- In some currencies like Litecoin and Ether set minimum withdrawal levels.
Is Bitbank Safe?
Yes, Bitbank is safe for cryptocurrency trading. The exchange has best practices by incorporating security methods like SSL encryption, 2FA, and cold and hot wallets to safeguard user funds.
Moreover, Bitbank is licensed in Japan and registered with a local authority which is another reason why it can be deemed as trustworthy.
While no platform is entirely without risk, having said that, I believe Bitbank is a secure place to trade.
Tips for Maximizing Your Bitbank Experience
In this review, I will write about Bitbank and its features, as well as provide some valuable experienced tips on how to use the platform to its maximum potential and trade without any difficulties.
Place Limit Orders: You can get paid 0.02%- .00% depending on your market maker role which can decrease your trading fees.
Keep Attached to the Markets: It Is always best to understand what is going on in the market and in the general Bitbank ecosystem.
Leverage High Liquidity: Bitbank has good liquidity, thus allowing for fast and smoother transactions.
Know the Team’s Fees: When withdrawing be aware that there are fees and a minimum limit on certain crypto’s.
Check the Minimum Deposit Requirements: All your deposits must exceed the minimum limit in order to function properly.
If you are in Japan, Worry No more as You Can Bank Deposits Instantly: The wait times must be annoying so by using book deposits you can skip them.
Spread Your Risk Out by Purchasing Other Cryptocurrency Pairs: It’s a risk management strategy to buy and sell a variety of cryptocurrency pairs so that your investments aren’t all in one place.
Supported Countries and Regions
Bitbank primarily supports Japan as its focus is solely on Japanese residents with trading pairs ranging in Japanese Yen (JPY).
Although the platform is available to users worldwide, it has been designed for use in the Japanese market which means that certain features or services may be limited in use or may be simply unavailable for areas outside Japan.
Users of other countries can reach the platform, but they may have limitations on some functions such as deposits in local currencies.
Here is a comparison of Bitbank and Bybit across key features:
| Feature | Bitbank | Bybit |
|---|---|---|
| Founded | 2014 | 2018 |
| Headquarters | Japan | Seychelles |
| Supported Countries | Primarily Japan, limited global access | Global access, with some regional restrictions |
| Supported Fiat Currencies | Japanese Yen (JPY) | USD, EUR, GBP, and others |
| Cryptocurrency Pairs | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more |
| Trading Fees | Maker: -0.02%, Taker: 0.12% | Maker: 0.025%, Taker: 0.075% |
| Deposit Fees | None for JPY and cryptocurrencies | None for most deposits (except certain methods) |
| Withdrawal Fees | Varies by cryptocurrency (e.g., 0.001 BTC) | Varies by cryptocurrency (e.g., 0.0005 BTC) |
| Security Features | SSL encryption, 2FA, cold and hot wallet storage | Two-Factor Authentication (2FA), cold storage |
| Liquidity | High liquidity | High liquidity |
| Mobile App | Available | Available |
| Customer Support | 24/7 support | 24/7 support, live chat |
| Regulation | Registered and regulated in Japan | Not regulated, based in Seychelles |
| User Interface | Simple, beginner-friendly | Advanced interface, suitable for experienced traders |
| Leverage | Not available | Leverage up to 100x |
Bitbank Customer Service
| Feature | Details |
|---|---|
| Support Availability | 24/7 customer support |
| Contact Methods | Email, Web form, Live chat (during business hours) |
| Response Time | Typically quick, with email support response within a few hours |
| Languages Supported | Japanese, English (limited support in other languages) |
| Help Center | Comprehensive FAQ section and knowledge base |
| Social Media Support | Active on Twitter, where users can get updates and assistance |
| Support for Issues | Trading, withdrawals, deposits, account security, and general inquiries |
| Escalation Process | Issues can be escalated to a specialized support team if needed |
| Hours of Operation | Live chat and phone support during business hours (Japan timezone) |
Final Thoughts on Bitbank
To summarize, Bitbank appears to be a decent option for customers based from Japan. It is a user-friendly and secure platform where users can trade an array of cryptocurrencies.
The platform offers reasonable market maker fees, high security features and high liquidity making it ideal for both novice and experienced traders. The customer support of Bitbank is fast and easy to access with help available 24/7 and a detailed help desk.
This platform is more catered to the Japanese market but features such as instant bank deposits and small business deposits are appealing to local traders. On the flip side, some global traders may struggle with a lack of support for numerous fiat currencies.
All in all, Bitbank is an exchange on which users can trade various cryptocurrencies with trust and under a safe environment.
