A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bitbank consists of four parts: general information, fees, deposit methods and security.
Bitbank is an exchange based in Japan that launched in 2016. It specializes in trading Bitcoin and other cryptos against the JPY (its local currency). Coin-to-coin trading is also an option.
The exchange has a really crisp-looking website and seem to have focused a bit harder than many other exchanges when it comes to design, user experience and similar things.
The platform is also available as a mobile application if you for any reason would prefer to do your cryptocurrency trading somewhere else than on your desktop. The application is – as usual when it comes to cryptocurrency exchange applications – available for both iPhones and Android-phones.
Bitbank does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still perform their own analysis of whether their home state imposes any legal obstacles to them trading at any of the top crypto exchanges that could be the best cryptocurrency exchange site for them.
Bitbank Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Bitbank:
Bitbank Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees.
Bitbank’s trading fees for takers are 0.15%. This fee is slightly below the industry average. The industry average is arguably around 0.25%, although we currently see a large number of exchanges moving to even lower trading fees (0.10%-0.15%).
The exchange also offers a very large discount on the above trading fees for makers (i.e., providers of liquidity, the party in a trade that doesn’t take the offer that is already on the order book). Makers don’t pay any fees at all – they get paid. The maker fees here are thus -0.05%, meaning that makers are rewarded for providing liquidity to the trading platform. This is naturally a strong competitive edge for the investors who are not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
Bitbank Withdrawal fees
Bitbank charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This is far below the global industry average (0.000812 BTC per BTC-withdrawal).
To conclude on the fees, Bitbank charges very competitive fees to the benefit of all its users.
Bitbank offers wire transfer as a deposit method, but credit cards are not a permitted deposit method. If you for any reason want to buy cryptos with your credit card, then this exchange is off boundaries for you. However, as the exchange accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
Why is security even important? Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Bitbank has a security score of F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):