Bitbank is a cryptocurrency exchange that has quickly gained popularity among crypto enthusiasts around the world. With its intuitive platform, lightning-fast transactions, and state-of-the-art security features, Bitbank is a prime destination for traders and investors looking to buy, sell, or trade cryptocurrencies. But what makes Bitbank stand out from other exchanges in the crowded cryptocurrency market? Read our Bitbank review to find out.
What is Bitbank?
Bitbank is a Japanese-based cryptocurrency exchange that began operating in 2014. Its primary focus is on trading Bitcoin and other digital currencies against the Japanese yen (JPY), making it an excellent option for those looking to enter the Japanese cryptocurrency market. The company also allows for coin-to-coin trading, providing a more diverse range of trading options to its users.
One of the notable features of Bitbank is its sleek and user-friendly website design, which sets it apart from other exchanges. The company seems to have put a significant emphasis on providing an intuitive and visually appealing user experience, making it easy for even new crypto traders to navigate the platform. Overall, Bitbank appears to be a well-designed and reliable exchange for traders interested in the Japanese crypto market.
How to Open an Account at Bitbank?
- Visit the Bitbank website at bitbank.cc (https://bitbank.cc/en/) and enter your email address in the Bitbank sign up box. Click on the “Sign up” button to proceed.
- An authentication email will be sent to your registered email address after clicking the “Sign up” button. Click on the URL provided in the email.
- Select “Personal Account” and enter your name and date of birth on the registration page. Your name on the Bitbank account must be the same as the name of your bank account to be able to make a Japanese yen withdrawal.
- Select “Foreign Nationality” and enter your address, then click on the “Next” button.
- Answer each question by selecting the option that best fits your scenario from the list of options.
- Enter your phone number and confirm that you are not PEPs or anti-social forces. Click on the “Confirm” button.
- Review all the information you have filled out and verify if it’s correct.
- Click on the “Register” button if you are sure that the information you have filled out is correct.
After registering your basic information, proceed to upload your identification documents.
- Choose the type of identity documents you wish to upload.
- Upload both sides of each.
- Choose the second form of identification and upload it in the same way as the first one.
- After you’ve chosen an image, click on the “Upload” button.
- Once you have confirmed that the type of identification document and the image you have uploaded are correct, click on the “Register with this information” button.
When you see “Upload of identity documents finished,” your registration is complete.
Once your application is approved, Bitbank will send you a confirmation of your address by mail. It’s worth noting that the review process may take some time due to the number of new account applications.
Is Bitbank Safe?
Bitbank has implemented several security measures to ensure the safety of its users’ assets and data. Two-factor authentication (2FA) is one of the standard security features offered by Bitbank. This feature prevents unauthorized access to user accounts by requiring a unique one-time password generated by the user’s mobile device. The password is only valid for 30 seconds, making it difficult for hackers to access the account without physical access to the device. Additionally, users can enable SMS verification and smartphone biometric authentication for added security.
Smartphone biometric authentication, such as fingerprint and face recognition, is becoming increasingly popular among cryptocurrency exchanges as it offers an added layer of security. Bitbank exchange allows users to enable this feature, which provides an even higher level of security for their accounts.
In terms of asset and data protection, Bitbank utilizes advanced encryption. The exchange also utilizes cold storage for the majority of its assets, with only a small percentage kept in hot wallets. Despite the volatile nature of the cryptocurrency market, Bitbank has not reported any successful hacking attempts on its servers, which is a testament to the effectiveness of the security measures the exchange has in place.
What Are Bitbank Features?
Bitbank is a smart Bitcoin/crypto asset exchange that offers a range of features designed to make trading easy and convenient. The exchange offers full-scale trading options, which means that users can trade comfortably on their smartphones. Transactions and charts are updated in real-time 24/7, with more than 60 types of technical analysis available for full-scale market analysis. Additionally, Bitbank boasts the no.1 trading volume in Japan, making it a popular choice for traders in the Japanese cryptocurrency market.
One of the key features of Bitbank is its high liquidity, which allows for comfortable trading with fast execution times. The exchange offers 28 different cryptocurrencies for trading, with a Japanese yen deposit also possible. Deposits can be made anytime, with 24-hour real-time payment available even on weekends.
Bitbank places a strong emphasis on security, with offline cold wallet adoption and multisig security measures in place to protect user assets. The exchange’s security measures are top-notch, providing users with peace of mind when using the platform.
Finally, Bitbank offers a user-friendly design that’s simple and highly functional, making it easy to trade without stress on a smartphone. The Bitbank app has even been rated no.1 on Japan’s app store, demonstrating its stability and features.
Overall, Bitbank offers a range of features designed to make trading easy, convenient, and secure. With high liquidity, a user-friendly design, and strong security measures, Bitbank is a reliable choice for traders looking to enter the Japanese crypto market.
What Are Bitbank Fees?
When it comes to fees, Bitbank offers a straightforward fee structure that is easy to understand. As of April 3, 2023, Bitbank charges a trading commission of -0.02% for makers and 0.12% for takers for almost all its trading pairs, which is quite competitive compared to other cryptocurrency exchanges. Some pairs even have a 0% maker and taker, including:
- Apecoin/Japanese Yen (APE/JPY)
- Gala/Japanese Yen (GALA/JPY)
- Chilean/Japanese Yen (CHZ/JPY)
- Oasis/Japanese Yen (OAS/JPY)
Additionally, Bitbank offers a commission service for customers who trade above a certain volume. Deposit fees are free for JPY, while withdrawal fees are 550 yen or 770 yen for amounts over 30,000 yen. Regarding other cryptocurrencies, there are no deposit fees, while the withdrawal fee varies depending on the coin. Furthermore, the exchange charges no account opening or maintenance fees to its users.
Overall, Bitbank’s fee structure is competitive and offers good value for traders looking to trade Bitcoin and other digital currencies against the Japanese yen.
Bitbank Customer Support - Which Customer Support Options Does Bitbank Have?
Bitbank provides customer support through an email ticket system, which is available 24/7. This system allows users to submit their inquiries and receive assistance from support representatives. Bitbank’s email support is useful for users who prefer to receive detailed assistance for their issues.
In addition, Bitbank has a help center page where users can find answers to frequently asked questions. While the help center is limited in terms of information, Bitbank’s support team quickly responds to customer inquiries and can assist with a wide range of trading-related issues.
As you can see, Bitbank’s customer service is a bit underwhelming but sufficient. While the help center may not be as comprehensive as some users would like, the availability of email support and responsive support representatives make it a reliable option for users looking for assistance with their trading needs.
Bitbank Reviews - What Do Customers Say About Bitbank?
Customers have given Bitbank mixed feedback. Some reviews have expressed customer dissatisfaction with the company, stating that it’s shady and advising others to avoid it. These reviews claim that the exchange uses numerous methods to keep consumer funds and manipulate their accounts. Yet, there are also positive reviews from consumers who have used Bitbank to invest in cryptocurrencies and had a nice experience. They say the platform is reliable and efficient, with quick and easy service.
As with any investment platform, it’s important to do research and consider all options before making a decision. That is why it’s essential to take the time to evaluate the reviews, ratings, and feedback from previous and current customers before deciding to invest in Bitbank or any other cryptocurrency exchange.
Final Thoughts: Is Bitbank Worth It?
After examining the various aspects of Bitbank, it’s clear that the exchange has its strengths and weaknesses. On the one hand, Bitbank provides users with a reliable and efficient platform to trade cryptocurrencies, with a high level of security to protect their assets. The site is user-friendly, and their mobile app allows for convenient trading on the go. However, negative customer reviews raise concerns about the exchange’s reliability and customer service.
Ultimately, whether Bitbank is a good choice depends on individual needs and preferences. Those seeking a platform for cryptocurrency trading may find Bitbank a suitable option, provided they are aware of the potential risks and proceed with caution. However, those seeking comprehensive customer support may be better off looking elsewhere.
Is Bitbank legit?
Yes, Bitbank is a legitimate and regulated cryptocurrency exchange. It has been in business since 2014 and has gained a reputation as a reliable and secure platform for buying, selling, and trading cryptocurrencies. Bitbank is registered with the Financial Services Agency of Japan and is required to adhere to strict regulations to ensure the safety of its users’ funds.
Where is Bitbank located?
Bitbank is located in Tokyo, Japan.
What is the minimum deposit for Bitbank?
Bitbank doesn’t have a minimum deposit requirement. You are free to deposit any amount you wish to start trading.