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The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!
|⭐Exchange Name||Rakuten Wallet|
|⭐Trading Fees||Taker 0.2%, Maker 0.1%|
|⭐24-hour trading volume||$3 million|
|⭐Customer Support||AI Chat, Inquiry Form, FAQs|
Established in 2019, Rakuten Wallet is a Japanese crypto exchange under Rakuten Group, an e-commerce giant. The exchange features more than 17 cryptocurrencies and manages a $3 million daily trading volume. Notably, their trading fees, like Taker fees at 0.2% and Maker fees at 0.1%, are in line with industry standards.
Rakuten Wallet excels in these areas:
Regulated by FSA: Rakuten Wallet is supervised by the FSA in Japan and owned by Rakuten Group, a Japanese e-commerce company, which is a reputable company with a good track record.
Multiple features offered: Rakuten Wallet offers a wide variety of features, including spot trading, margin trading, and staking.
Competitive trading fees: Rakuten Wallet's trading fees are competitive with other exchanges.
Easy to use: Rakuten Wallet is easy to use, even for beginners.
Rakuten Wallet lacks these areas:
Limited coins are listed: only 17 coins listed, not many chocies offered compared to other exchanges.
Limited availability: Rakuten Wallet is only available in Japan, Hong Kong, Singapore, and Thailand.
US clients are not accepted: Rakuten Wallet does not offer margin trading for US users.
Customer support can be slow: Rakuten Wallet's customer support can be slow to respond.
Etablsihed young: Being a relatively young player in the field, Rakuten Wallet emerged in Japan in 2019.
|Regulated by FSA||Limited availability|
|Multiple features offered||US clients are not accepted|
|Competitive trading fees||Customer support can be slow|
|Easy to use||Only 17 coins listed|
|Relatively young exchchange|
Rakuten Wallet operates under the regulatory authority of the Japanese Financial Services Agency (FSA) , with regulation number “関東財務局長 第00015号”. The license type held by Rakuten Wallet is the Digital Currency License, and the license name is 楽天ウォレット株式会社.
The Financial Services Agency (FSA) is a government agency in Japan that is responsible for regulating the financial industry. The FSA was established in 1998 and is headquartered in Tokyo.
The FSA's responsibilities include:
Licensing and supervising financial institutions, such as banks, securities firms, and insurance companies.
Regulating financial markets, such as the stock market and the foreign exchange market.
Monitoring financial transactions to detect and prevent fraud and money laundering.
Promoting financial literacy and consumer protection.
Two-factor authentication (2FA): Rakuten Wallet requires users to enable 2FA for their accounts. This adds an extra layer of security by requiring users to enter a code from their phone in addition to their password when logging in.
Cold storage: Rakuten Wallet stores most of its users' funds in cold storage, which means that they are offline and not connected to the internet. This makes them less vulnerable to cyberattacks.
SSL encryption: Rakuten Wallet uses SSL encryption to protect all sensitive data transmitted between its servers and users' browsers. This helps to prevent hackers from intercepting and stealing data.
Rakuten Wallet primarily focuses on providing a platform for trading cryptocurrencies. Cryptocurrencies are digital or virtual assets that use cryptography for security and operate on decentralized networks, typically based on blockchain technology. At Rakuten Wallet, users have the opportunity to buy, sell, and trade various cryptocurrencies. Common examples of cryptocurrencies available on the platform include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and other altcoins.
Rakuten Wallet goes beyond by listing over 17 cryptocurrencies, among them Bitcoin, Ethereum, Litecoin, Dogecoin, and more.
Here are the 17 cryptocurrencies listed on Rakuten Wallet:
Bitcoin Cash (BCH)
The Graph (GRT)
Wrapped Bitcoin (WBTC)
ENJ Coin (ENJ)
In the past 6 months, no new coins have been added to the exchange. Notably, Rakuten Wallet's coin listing speed lags behind compared to some other exchanges like Binance and Coinbase. These platforms often introduce new coins on a weekly or even daily basis.
As of my last knowledge update in January 2022, Rakuten Wallet primarily focused on cryptocurrency-related services, including cryptocurrency trading and wallets. However, it's important to note that Rakuten Wallet's offerings may evolve, and new services may have been introduced since then.
1. Cryptocurrency Wallet Services:Rakuten Wallet provides cryptocurrency wallet services, allowing users to securely store and manage their digital assets. These wallets are essential for individuals who engage in cryptocurrency trading, providing a secure place to hold various cryptocurrencies.
2. Spot Trading:Spot trading refers to the purchase or sale of financial instruments, including cryptocurrencies, for immediate delivery. Rakuten Wallet likely offers spot trading services, allowing users to buy and sell cryptocurrencies at the current market prices. This is a common service provided by cryptocurrency exchanges, facilitating the straightforward exchange of digital assets.
3. Margin Trading (Branch):Margin trading involves borrowing funds to increase the size of a trading position. Rakuten Wallet may offer margin trading services through its branches, allowing users to trade with leverage. Leverage can amplify both potential gains and losses, and users need to manage their positions carefully in margin trading.
4. Margin Trading (Exchange):Similar to margin trading through branches, Rakuten Wallet may provide margin trading services through its online platform or exchange. This service allows users to access additional funds to trade larger positions than their account balances would typically allow.
The whole registration process of Rakuten Wallet can be summarized in the following six steps:
1. Visit the Rakuten Wallet website and click on the “account opening” button to initiate the registration process.
2. Fill in the required personal information, such as your name, email address, and phone number, in the provided fields.
3. Verify your email address by clicking on the verification link sent to your registered email.
4. Provide additional information, including your date of birth, address, and occupation, to complete the registration form.
5. Create a secure password for your Rakuten Wallet account and set up any additional security measures, such as two-factor authentication, to enhance the security of your account.
6. Agree to the terms and conditions of Rakuten Wallet and proceed to verify your identity by submitting the necessary identification documents, which may include a valid ID card or passport.
Once you have completed these steps, your Rakuten Wallet account will be created, and you can start depositing funds and trading cryptocurrencies on the platform.
Purchasing cryptocurrencies through Rakuten Wallet typically involves using their online platform or mobile application. Here's a simplified guide on how to buy cryptocurrencies using Rakuten Wallet:
1. Download the Rakuten Wallet App: Get the Rakuten Wallet app on your smartphone from the app store.
2. Create an Account: Sign up and verify your account by providing necessary information.
3. Deposit Funds: Link your bank account or use other methods to deposit money into your Rakuten Wallet.
4. Open Cryptocurrency Section: Inside the app, find the section for buying and selling cryptocurrencies.
5. Choose Cryptocurrency: Pick the cryptocurrency you want to buy from the available options.
6. Place an Order: Decide how much you want to buy and place your order, specifying if it's a market order or limit order.
7. Review and Confirm: Double-check your order details and confirm the transaction.
8. Secure Your Cryptocurrencies: Consider transferring your purchased cryptocurrencies to a secure wallet for added safety.
Rakuten Wallet follows a maker-taker fee system for trading. Makers post unfilled orders, takers place immediate ones. The maker fee is 0.1%, taker fee is 0.2%. If your order isn't filled right away, a 0.1% fee applies. If it's filled immediately, the fee is 0.2%.
Bank Transfer: No fees for depositing funds via bank transfer to Rakuten Wallet.
Credit Card: Depositing via credit card carries a 3.5% fee.
Debit Card: Depositing via debit card also carries a 3.5% fee.
ATM: Depositing via ATM incurs a ¥110 (about $1) fee.
Bank Transfer: No fees for withdrawing funds via bank transfer from Rakuten Wallet.
Cryptocurrency Withdrawal: Each cryptocurrency withdrawal has a ¥300 (about $2.50) fee.
ATM: Withdrawing funds via ATM incurs a ¥110 (about $1) fee.
For customer support, Rakuten Wallet offers multiple tools like “Q&A,” “AI Chat,” and “Inquiry Form.” These tools provide convenient ways to get assistance for various queries and concerns.
Rakuten Wallet stands out as a favorable exchange for traders who prioritize a FSA (Financial Services Agency)-regulated trading environment. The Japanese Financial Services Agency is known for its strict regulatory standards, and Rakuten Wallet, being compliant with these regulations, provides a secure and regulated space for cryptocurrency trading. This characteristic is particularly appealing to traders who value regulatory oversight and seek a platform that aligns with established financial standards, enhancing trust and confidence in the trading environment.
Rakuten Wallet may be a good exchange for traders in the following types:
Traders who pursue a FSA-regulated trading environment.
Traders who prioritize lower trading fees.
Traders who are just starting out in cryptocurrency trading.
|Trading Fees||Maker 0.10%Taker 0.20%||Maker: 0.04%, Taker: 0.075%||Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%||Up to 0.40% maker fee and up to 0.60% for taker fee|
|Regulation||Regulated by FSA||Regulated by NMLS, MAS/FinCEN (Exceeded)||Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS||Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)|
September 15, 2023
“I've been using Rakuten Wallet for a while now, and I'm pretty satisfied. The interface is user-friendly, making trading a breeze. They've got a decent variety of cryptocurrencies, which is great. I appreciate their customer support; they're quick to help out with any questions. Security's solid too, which puts my mind at ease. On the downside, the trading fees seem a bit higher compared to some others. But overall, it's been a smooth ride for me.”
October 8, 2023
“Rakuten Wallet ticks most boxes for me. The interface is straightforward, even for a beginner like me. They're known for their strong security measures, which I find really important. But, I wish they'd add more cryptocurrencies to their list, that'd be awesome. The customer support, particularly the AI chat, is super handy – instant help! One thing, though, the withdrawal speed could be quicker. Despite that, it's been a reliable exchange for my crypto journey.”
To sum up, Rakuten Wallet is regulated by FSA, with a user-friendly interface and competitive fees. It offers various features, though availability is limited, not accepting US clients. Customer support can be slow at times. While easy to use, it's a relatively young exchange listing 17 coins. Now, it's a good idea to take some time to decide whether or not to use this exchange.
Q: Is it necessary to submit my number？
A: It is necessary to submit your My Number in our margin (sales/exchange) transactions.
Customers who need to submit their My Number will be notified promptly by e-mail, etc., so there is no need to take any action until they contact you.
Q: What are crypto assets？
A: “Crypto assets (virtual currency)” is a general term for new electronic money using blockchain technology such as bitcoin.
Q: What cryptocurrencies does Rakuten Wallet list？
A: Rakuten Wallet lists over 17 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dogecoin.
Q: Is Rakuten Wallet safe？
A: Rakuten Wallet is a relatively safe exchange. The exchange has never been hacked, and it takes security seriously. However, it is important to do your own research before using any cryptocurrency exchange.
Q: Is Rakuten Wallet regulated？
A: Yes, Rakuten Wallet is regulated by the Financial Services Agency (FSA) in Japan.
Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.