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BitBank Review – Is BitBank Scam or Legit?

The advent of cryptocurrency has meant the introduction to more exchange to the crypto-space to allow for seamless transactions and trading of all kind of cryptocurrency. And it is that ideal that brought about BitBank, a new crypto exchange service that was launched in 2014 in Japan. The website specializes in trading bitcoin and other cryptocurrencies against the Japanese Yen (JPY) which is the local currency of Japan.

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Background and General Overview

BitBank was founded by Noriyuki Hirosue and Minematsu Hiroki in Japan where the activities of the exchange are based and controlled in 2014. The company is regulated by the Japanese Financial Services Agency (JFSA) regulations which gives it the credibility it deserves for operation. It was made for trading cryptos against JPY and there is also an option of coin-to-coin trading on the website. The website is known and appreciated for its fresh and stunning interface and the user experience amongst many other things that made them stand out. For using the exchange, there is an option of a mobile application for anyone who would prefer it to trade on the go or somewhere other than the desktop website. The mobile app is available for both Android and iPhone users.

BitBank doesn’t prohibit investors from the US explicitly from trading on the platform, but in any events, there should be a proper analysis to know if the home state of an investor has obtruded any obstacles legally to them trading on such platform as BitBank.

BitBank review

Exchange Platform and Trading View

The BitBank Exchange is an exclusive web-based platform for trading which is fully responsive on both desktops and mobile devices. It has a mobile application as well.

Trading View is one of the things to inspect before choosing an exchange and as much as there is no perfect trading View for every trader, you only chose what type of trading view suits you. Incorporated to this exchange platform is a well-advanced chart from TradingView which has built to it over 50 technical indicators and several tools for accurate analysis.

As much as traders can create a real-time analysis of price actions by themselves, they can still use the prediction data that is generated from the integrated algorithms and the artificial intelligence software attached. Users of the exchange can place orders on the platform based on the market data available and indicators made ready for them or based on their analysis. The platform also provides some features for analysis and market insights.

Being a Japanese exchange, the supporting currency is the JPY and it is quite repelling for traders that want to spend other currencies like the USD or Euros. But to trade on the exchange, it is possible to buy Litecoin (LTC) or Bitcoin (BTC) from other exchange and transfer it to their wallet in BitBank. By implication, it means that the BitBank Crypto exchange is most suited for traders with Japanese bank accounts.

BitBank Fees

Apart from the Trading View, another factor to consider when choosing an exchange is the fees attached to the usage – the deposit, trading and withdrawal. Commendably, the structure of the fee of this exchange is better than most exchanges out there.

Exchange Deposit Fees

BitBank doesn’t charge any fee for depositing on the exchange which made it a great website to turn to for trading. For deposit, BitBank uses bank wire but unfortunately doesn’t allow credit or debit cards as a deposit method which makes the exchange an off-boundary platform for everyone whose sole method of purchase is a credit card. Beyond this, it accepts fiat currencies deposit against other exchange that accepts only cryptos which makes it an advantage against other exchange platforms.

Trading Fees

The trading fees for BitBank takers are 0.15% which is fairly below the average for the industry. The industry average is around. 0.25% though most exchanges use lower fees around 0.10% to 0.15%. there is a very large discount made available for makers. For BitBank, market makers do not get charged but are paid and the fees are -0.05% which means that the market makers are paid for providing liquidity to the exchange. This will make investors who are not just interesting in picking trade to use BitBank more.

Withdrawal Fees

The withdrawal fee that BitBank charges amounts to 0.0001 BTC in case of BTC withdrawal which is also quite lower than the market average that is around 0.000812 BTC/BTC withdrawal.

The fairness of the fees made the BitBank a very competitive exchange for the benefits of the users.

Fairness and Security

The BitBank crypto exchange is very safe and highly secured. They are regulated by the Japanese Financial Services Agency (JFSA). Since the year of inception, 2014, there has not been any report of hackings, breach or loss of funds. The crypto exchange uses the up-to-date and state-of-art security technologies like the two-factor authentication for transactions and logging in even for both hot and cold wallets, SSL encrypted servers.

Talking about fairness, every user of the platform is treated with equity with the same services available to every one of them. Also, every user has access to the download of the company’s datasets which make them see the historical performance of the algorithms that do the predictive analysis. This shows a very high level of transparency which is very commendable.

Customer Support

BitBank has one of the great customer services out there. The offer support using an email ticketing system. The system is readily available for use 24 hours a day and 7 days a week and allows users to confidently state their problems with a promise of adequate assistance. They also have an up-to-date commonly asked question page.

FAQs – Frequently Asked Questions

1. Who owns BitBank?

Noriyuki Hirosue and Minematsu Hiroki

2. Where and when was BitBank established?

Japan, 2014

3. How does the exchange make money?

BitBank makes money only through withdrawal fee which is as minimum as possible. 0.0001 BTC for BTC withdrawals and 0.001 LTC for LTC withdrawals

4. Is BitBank regulated?

Yes, by the Japanese Financial Services Agency (JFSA)

5. Can I trade BTC on Mobile devices?

Yes, BitBank has mobile applications for every user which makes you trade on the go

6. How reliable is BitBank?

BitBank has been proven to be reliable as there hasn’t been any report of breaches or hacking of any kind.

Conclusion

With the fear that the recent volatility in the market is causing, you will need a very reliable and high-quality crypto exchange that provides accurate market insights and of such is BitBank. The exchange has features and tools for successful investing and trading.

 The downside against this exchange platform is the limited fiat currency trading which is only the Japanese Yen, but that doesn’t matter if all trading is to be done with cryptocurrency.

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Adeline Gibbs (Italy)

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stays up-to-date with latest happenings in crypto world.

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