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|Regulation||FSA (No. 00004)|
|Funding Methods||JPY and cryptocurrencies|
|Customer Support||Email and Twitter, Online Chat|
Bitbank is a virtual currency exchange company based in Japan. It was founded in 2014 and is registered with the Financial Services Agency (FSA) of Japan. The company offers a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and more.
Bitbank provides a maximum leverage of 4x for trading. It offers both web-based platforms and a mobile app for convenient trading on the go. Deposits and withdrawals can be made in Japanese yen (JPY) as well as various cryptocurrencies.
Pros & Cons
|• Regulated by FSA||• Reports of severe losses and failed withdrawals|
|• Wide selection of trading options|
|• Low fees|
|• Multiple payments|
|• Numerous tradable cryptocurrencies|
Bitbank has several advantages that make it a viable option for virtual currency trading.
Firstly, the company is registered with the Financial Services Agency (FSA) of Japan, ensuring that it follows regulatory standards and operates within the legal framework.
Secondly, bitbank offers a wide range of cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and more. This allows users to have a diverse portfolio and access to various digital assets, increasing their trading options.
Furthermore, bitbank provides a maximum leverage of 4x for trading. This feature can potentially enhance profits, but it is important for users to be aware of the increased risk that comes with leverage trading and exercise caution.
On the other hand, there are also some drawbacks to using bitbank. One limitation is that the platform only supports deposits and withdrawals in Japanese yen (JPY) and cryptocurrencies. This may not be ideal for users who prefer to use other fiat currencies or payment methods.
Additionally, although bitbank offers educational resources such as materials, tutorials, and market analysis, the extent and depth of these resources may vary. Some users may find that they need to consult additional sources or seek further guidance to fully understand virtual currency trading.
Bitbank is regulated by the Financial Services Agency (FSA) of Japan. The company has obtained a digital currency license from the FSA, and its license name is “ビットバンク株式会社”. The regulation number assigned to bitbank by the FSA is “関東財務局長 第00004号”. This indicates that bitbank is operating its virtual currency exchange services within the regulatory framework set by the FSA.
These licenses reflect bitbank's compliance with regulatory requirements in different jurisdictions and underscore its commitment to operating within established legal frameworks.
Bitbank offers both hot wallets and cold wallets for storing cryptocurrencies.
Hot wallets are connected to the internet, which makes them more convenient to use for trading and sending cryptocurrencies. However, they are also more vulnerable to hacking attacks. Bitbank's hot wallets are stored in a secure environment with multiple layers of security, including firewalls, intrusion detection systems, and two-factor authentication.
Bitbank currently offers 29 cryptocurrencies for trading:
• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Ripple (XRP)
• MonaCoin (MONA)
• Tether (USDT)
• EOS (EOS)
• Stellar (XLM)
• NEM (XEM)
• Dash (DASH)
• Monero (XMR)
• NEO (NEO)
• ZCash (ZEC)
• Qtum (QTUM)
• Bitcoin Gold (BTG)
• Augur (REP)
• 0x (ZRX)
• Ethos (ETHOS)
• Kyber Network (KNC)
• Request Network (REQ)
• Status (SNT)
• Civic (CVC)
• BAT (BAT)
• Ontology (ONT)
• VeChain (VET)
Bitbank also offers a number of fiat currency pairs, including JPY, USD, and EUR.
The cryptocurrencies available on Bitbank may change over time, as the exchange adds new cryptocurrencies and removes others. You can check the Bitbank website for the latest list of available cryptocurrencies.
Bitbank charges fees for a variety of services, including:
Spot trading: Bitbank charges a maker fee of 0.12% and a taker fee of 0.2%.
Margin trading: Bitbank charges a margin fee of 0.08% per day.
Futures trading: Bitbank charges a futures fee of 0.02% per day.
Fiat currency deposits and withdrawals: Bitbank charges a fee of 3.5% for fiat currency deposits and 2.5% for fiat currency withdrawals.
Staking: Bitbank charges a staking fee of 25% of the rewards earned.
Bitbank also charges a small fee for API calls. The fee is 0.3 JPY per call for the first 10,000 calls in a day, and then 0.01 JPY per call for each additional call.
Here is a table showing the fees charged by Bitbank:
|Spot fee||0.12% (Maker), 0.2% (Taker)|
|Margin fee||0.08% per day|
|Futures fee||0.02% per day|
|Deposits and withdrawals fee||3.5% (deposits), 2.5% (withdrawals)|
|Staking fee||25% of the rewards earned|
|API calls fee||0.3 JPY per call for the first 10,000 calls in a day, then 0.01 JPY per call for each additional call|
Bitbank supports deposits and withdrawals in both Japanese yen (JPY) and cryptocurrencies. Users can deposit funds into their bitbank accounts by using bank transfers or cryptocurrency transfers. For JPY deposits, users can initiate bank transfers from their personal bank accounts to the specified bitbank bank account.
|Minimum deposit/times||Required number of approvals|
|LTC (Litecoin)||0.001||6 times|
|XRP (Ripple)||0.1||6 times|
|ETH (Ethereum)||0.001||24 times|
|MONA (Monacoin)||0.01||100 times|
|BCC (Bitcoin Cash)||0.001||20 times|
Compare to Other Cryptocurrency Exchanges
Bitbank is a reputable and secure cryptocurrency exchange that offers a wide variety of features and benefits.
Ideal for users prioritizing security, compliance, and seeking opportunities to earn passive income through staking and investment products.
Suited for beginners due to its user-friendly interface and simple buying options. It is also a preferred choice for users in regions with stringent regulations, as Coinbase emphasizes regulatory compliance.
Ultimately, the best crypto exchange for an individual trader will depend on their specific trading style, preferences, and needs.
Bitbank User Review
The liquidity is good, and they offer a wide variety of cryptocurrencies. Customer support is responsive and helpful, and the trading fees are low. I would definitely recommend Bitbank to anyone looking for a reliable and secure crypto exchange.
The security is good, the fees are reasonable, and the liquidity is decent. However, I've had a few issues with the customer support and the interface.
Frequently Asked Questions (FAQs)
Q1: Where is my money stored？
A1: Bitbank uses a combination of hot wallets and cold wallets to store your money. Your fiat currency (JPY) is stored in hot wallets, while your cryptocurrencies are stored in cold wallets. This helps to protect your money from being hacked.
Q2: What kind of rewards can users earn on Bitbank？
A2: Bitbank offers referral rewards, trading rewards, airdrops, and staking rewards to users.
Q3: Can you trade NFTs on Bitbank？
A3: No. Bitbank is a cryptocurrency exchange that only supports the trading of cryptocurrencies. NFTs are not considered to be cryptocurrencies, so they are not supported on Bitbank.
Q4: Is Bitbank good for beginners？
A4: Bitbank is a good exchange for beginners, as it offers a user-friendly interface and a wide range of features. However, beginners should do their research before investing.