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 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 fees
The fees at any exchange are crucially important to consider. Bitbank stands out among its competitors here in the way that it currently does not even charge any trading fees. This is however a promotion offer running at the moment and it will not last forever. Even though it is a promotion offer, it is a very strong competitive edge in the market. Maybe this condition even makes this exchange the best cryptocurrency exchange site for you
The exchange’s trading fees when not running a promotion offer are also low: 0.15%.
Bitbank Withdrawal fees
Bitbank charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average.
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):