Bitbank Exchange Review 2022

Bitbank is a Japanese cryptocurrency exchange that started operations in 2016. It is a cryptocurrency trading platform focusing on Bitcoin and other cryptocurrencies against the Japanese yen (its local currency). There is also the possibility of coin-to-coin trade.

The exchange has a very clean-looking website and appears to have paid more attention to design, user experience, and similar factors than many other exchanges.

Bitbank Exchange Review 2022

The platform is also accessible as a mobile application if you want to do bitcoin trading on a mobile device rather than a desktop computer. The programme is accessible for both iPhones and Android phones, as is customary for bitcoin exchange applications.

US-investors

Bitbank does not expressly prevent investors from the United States from trading on its exchange. All US investors should investigate whether their local state prohibits them from trading at any of the top cryptocurrency exchanges that may be the finest crypto trading site.

Views on Bitcoin Trading

Different exchanges have varying trading perspectives. Additionally, there is no “this overview is the greatest” perspective. It will aid if you are confident which exchange is ideal for you.

Most trading views have in common: they all display the order book, or at least a portion of it, a price chart for the selected cryptocurrency, and order history. They frequently include purchase and sell boxes as well. Before choosing an exchange, check the trading perspective to ensure it seems suitable to you.

Fees associated with cryptocurrency trading

Most cryptocurrency exchanges charge two distinct transaction fees: taker and maker. The taker is the one who retrieves a previously placed order from the order book. By contrast, the maker is the one who produces a charge that is not instantly matched to an existing order in the order book.

Makers are frequently paid with a lower trading charge than takers to provide liquidity on the platform. Cryptocurrency exchanges that do not distinguish among takers and causes impose what are referred to as “flat costs.” Bitbank charges takers 0.12 percent and manufacturers -0.02 percent.

The most extensive empirical study on cryptocurrency exchanges trading fees indicates that the average trading platform taker charge is presently 0.221 percent. In comparison, the average trading platform maker fee is 0.178 percent.

Compared to the industry-standard trading costs, Bitbank’s taker and maker fees are competitive.

Bitbank Fees for withdrawals

Bitbank imposes a withdrawal fee of 0.0006 BTC when you make a BTC withdrawal. This is more than the global average industry of 0.00053 BTC every BTC with withdrawal.

Methods of Deposit

While Bitbank accepts wire transfers as a deposit option, credit and debit cards are not accepted. If you wish to purchase cryptos using a credit card, this exchange is not for you. However, because the exchange permits deposits in fiat currencies, it separates itself from many other exchanges that accept cryptocurrency deposits exclusively.

Users can make orders based on available trade data and indicators or under their analysis. The platform is unique and sophisticated with its market insights and analytical tools.

Platform de échange

Bitbank’s web-based trading platform is entirely compatible with all desktop and mobile. The exchange interface is highly sophisticated and uses TradingView charting, which includes over 50 technical analyses and several analytical tools. Traders can conduct their real-time price analysis or use the forecast data supplied by the algorithm and artificial intelligence software.

Exchange Markets

Bitbank is a relatively niche exchange platform, offering Bitcoin (BTC) & Litecoin (LTC) exchange services (LTC) solely. Additionally, the Japanese Yen is the sole fiat currency that may be exchanged for these cryptocurrencies (JPY).

This isn’t very pleasant for traders from outside of Japan. Most other cryptocurrency exchanges accept either Euros or US Dollars. Traders can, however, acquire Bitcoin and Litecoin on alternative exchanges and then transfer them to Bitbank in using their exchanges. However, the Bitbank bitcoin exchange would better serve traders with a Japanese bank account.

Securing and ensuring justice

Because the JFSA licences the Bitbank exchange, it is a very secure and safe bitcoin exchange. Since its inception in 2014, Bitbank has never experienced a hack or a loss of cash.

The exchange utilises cutting-edge security measures, including SSL-encrypted servers, two-factor verification for logins and transactions, and cold and hot wallet storage. Additionally, each customer is treated similarly and has access to the same services.

Each user has the opportunity to obtain the whole company’s datasets to examine the prediction algorithms’ past performance. It ensures a high level of clarity for users.

Is Bitbank a Secure Platform?

Bitbank provides its users with a widely accepted security mechanism known as two-factor authentication. If activated, this feature stops users from signing in without their mobile device, as only this device generates a one-time password that is only valid for 30 seconds apiece.

This safeguard helps prevent individual account hacking, but it is up to clients to install an authorisation programme and enable two-factor authentication. Additionally, customers can allow SMS verification and biometric authentication using their smartphones.

Bitbank protects its customers’ funds and data by utilising SSL, encryption of server data, and cold storage. There is currently no information on successful hacking attempts against the company’s servers.

Advantages and disadvantages

Advantages

  • Extremely simple to navigate and utilise
  • Cryptocurrencies are kept in cold storage.
  • The fees are modest.
  • Market intelligence and forecasting algorithms

Disadvantages

  • Customer service choices are limited.
  • The Japanese Yen is the only fiat currency that is supported.

Final Thoughts

Bitbank is a Japanese cryptocurrency exchange focusing on Bitcoin and other cryptocurrencies against the Japanese yen (its local currency). The exchange has a very clean-looking website and appears to have paid more attention to design, user experience, and similar factors than many other exchanges. Bitbank charges takers 0.12 percent and manufacturers -0.02 percent. Bitbank is a relatively niche exchange platform offering Bitcoin (BTC) & Litecoin (LTC) exchange services. Users can make orders based on available trade data and indicators or under their analysis.

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