Bitbank Exchange Review
Bitbank is a centralized exchange that occupies #88 on Guru InvestingExchange Tracker. Bitbank has trading volume US$38,879,594 in the last 24 hours and US$13,832,943,565 in the last 7 days.
Bitbank currently has 39 cryptocurrencies, 1 paper currencies and 52 markets (cryptocurrency trading pairs). The most popular trading pair on Bitbank: BTC/JPY.
Compare Bitbank next to other exchanges here: Exchange comparison tool.
Bitbank (stylized as bitbank) is a Japanese centralized cryptocurrency exchange (CEX). Launched in 2016, it offers spot trading and direct cryptocurrency purchases. It is one of the largest centralized trading platforms in Japan.
Bitbank adheres to Japanese encryption regulations and requires all users to comply with the KYC policy. Corporate accounts registered outside of Japan may be permitted to use Bitbank’s spot trading services. The platform is available on desktop and mobile devices.
Markets
The main product of the Bitbank cryptocurrency exchange is spot market. Although margin trading is not available at the time of writing, it is expected to launch in the foreseeable future. The platform serves individual and institutional users registered in Japan.
Although legal entities outside Japan can open accounts if they meet certain criteria, personal accounts of non-residents are not accepted. Japanese yen (JPY) is the only fiat currency supported by the Bitbank spot market. This allows you to trade both crypto-crypto and crypto-JPY.
In accordance with national legislation, Bitbank only has 20 digital assets listed. Thus, the number of Bitbank trading pairs is relatively small compared to other Asian and global crypto exchanges.
The platform provides real-time market data and offers over 70 advanced technical analysis tools. Bitbank volumes and price lists are based on general Japanese financial market data. All assets are stored in offline cold wallets to ensure a high level of security.
There is no commission charged for opening an account on the exchange and its maintenance. Bitbank trading fees are calculated using a maker-receiver model. The default taker rate is 0.12%. Market makers are entitled to a 0.02% discount.
Depositing on the platform is free. However, if users want to deposit in yen, the bank may charge them a transfer fee. This fee is considered third party and is not regulated by Bitbank. When withdrawing funds, Bitbank cryptocurrency fees vary depending on the selected asset.
About company
Cryptocurrency exchange Bitbank was founded as Bitcheck Noriyuki Hirosue in 2014. The platform was renamed before its official launch in 2017. The company’s headquarters are located in Tokyo, Japan. It has received a license from the Japan Financial Services Agency (FSA) and the Kanto Local Finance Bureau.
In the early days of its existence, Bitbank launched an earning program called bitcoinGET. Users could participate in financial activities to earn points that could be redeemed. All Bitbank cryptocurrency rewards were issued in Bitcoin (BTC).
It was reported that in 2019 Bitbank held almost a third of the total market share in Japan.. Between December 2018 and July 2019, Bitbank’s trading volume averaged 30.2% of the overall domestic market.
In June 2020, two Japanese exchanges, Koincheck and Bitbank were compromised. Hackers leaked data from more than 300 Coincheck users. The attack on the Bitcheck cryptocurrency did not affect the integrity of user data; however, hackers changed some data on the site.
In May 2022 it was announced that Sumitomo Mitsui Trust Holdings (SuMi) will create a trust company known as Japan Digital Asset Fund Preparation Company (JADAT) in collaboration with the Bitbank crypto exchange. The platform will offer custodial services for digital currencies and non-fungible tokens (NFTs).
Noriyuki Hirosue is the CEO of the Bitbank cryptocurrency exchange. He previously served as Managing Director of GMO Internet, an Internet infrastructure company. Before starting work on Bitbank, Hirosue founded the car sharing platform Comuca.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
