Bitbank Cryptocurrency Exchange Review : Pros & Cons

About Bitbank

Bitbank is a cryptocurrency exchange based in Japan. It was founded in 2016 and offers trading of various cryptocurrencies such as Bitcoin, Ethereum, and stablecoins. Bitbank aims to provide a secure, user-friendly platform for buying, selling, and trading cryptocurrencies in Japan. In addition to trading services, Bitbank also provides educational resources and tools for users to learn about the cryptocurrency market. Bitbank is known for its security measures and commitment to complying with Japanese financial regulations. It has a user-friendly interface and supports multiple payment methods, making it a convenient option for individuals looking to invest in the cryptocurrency market.

Information Table

How To Register At Bitbank Exchange ?

To register on Bitbank, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Bitbank Cryptocurrency Account ?

There is no mandatory verification at Bitbank, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 30,000 yen or more. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Bitbank, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Bitbank Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Bitbank Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Bitbank Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Trading commission

Deposit/withdrawal fee

• The customer is responsible for the transfer fee when depositing to the bank.
• If the withdrawal destination bank account is incorrect, the Japanese yen will be returned to the customer’s account, but the withdrawal fee paid will not be refunded.

Other fees

Features Of Bitbank Crypto Exchange

Available At Android & IOS Store

Bitbank Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Easy-to-use design

Simple and highly functional. You can trade without stress from your smartphone.

No. 1 app store in Japan

Stable app with rich features. Trade on the go. Never miss a trading opportunity.

Full-scale trading is also possible with bit bank

Bitbank is a smart bitcoin/crypto asset (virtual currency) exchange that is simple, lightweight, and highly functional. Trade comfortably from your smartphone. Charts and transactions are updated in real time 24 hours a day, 365 days a year, and full-scale market analysis can be performed with more than 60 types of technical analysis.

No.1 trading volume in Japan

Comfortable trading with high liquidity. 24 types of currencies available.

Security No.1 in Japan

Offline cold wallet adoption. Hacking countermeasures are perfect with multisign. They protect your assets with your advanced technology.

Bitbank Commissions & Fees

This crypto exchange does not charge any fees for depositing funds, regardless of the input channel that the client uses. However, there are withdrawal fees that are fixed, and they differ for different assets and do not depend on the amount or channel of withdrawal. For example, the fee to withdraw Japanese yen is ¥550, and to withdraw Bitcoins, the fee is ₿0.0006. Withdrawal limits are specified in the appropriate column at the time of withdrawal.

As with most exchanges, it is more profitable for Bitbank traders to withdraw large amounts because the commission is not a percentage and is fixed. The site’s fees are lower than the global market average. To confirm this thesis, the table below shows the data for two competing exchanges.

Account opening application

You can complete your identity verification online using your smartphone.

Compliance with Japanese regulations

Bitbank complies with Japanese financial regulations and prioritizes the safety of its users’ assets.

Identification

Align your face and identity verification document with the guide frame on the shooting screen and shoot. You can start trading as soon as 1 day after completing the application.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Bitbank Conclusion

Bitbank is a cryptocurrency exchange that aims to provide a secure, user-friendly platform for buying, selling, and trading cryptocurrencies in Japan. With its focus on security, compliance with Japanese financial regulations, and support for multiple payment methods, it provides a reliable and convenient option for individuals looking to invest in the cryptocurrency market. Additionally, the exchange offers educational resources and tools for users to learn about cryptocurrencies, making it a suitable choice for both new and experienced investors.