Welcome to my Bitbank Review!
Cryptocurrencies have been the talk of the town lately. People are learning their way through this modern-day investment.
The very first thing to consider is to find an excellent and reliable platform for these cryptocurrencies.
In this Bitbank Review, we shall get to know this platform and find out if it is legit or a scam. Moreover, you will find out the different cryptocurrencies it offers.
Without any further ado, let's get started.
Bitbank Review Quick Summary
Name: Bitbank
Founder and CEO: Noriyuki Hirosue
Rating: 3/5
Recommended? Yes
More...
What is Bitbank?
Bitbank is a Japan-based cryptocurrency trading platform that was founded by Noriyuki Hirosue in 2016.
It specializes in trading the most common cryptocurrency we have today which is Bitcoin. There are also other cryptocurrencies available in the platform. We shall find out later on.
Apart from this, Bitbank also offers coin-to-coin trading services.
In terms of its website, it is very user-friendly and it is evident that the developers did their best in making the platform look good and very functional.
Moreover, Bitbank has a mobile application, which is very advantageous for those investors who prefer using their mobile phones rather than their laptops or desktop computers.
Cryptocurrencies supported by Bitbank
Since Bitbank is based on Japan, its main currency is Japanese Yen. This can be a hindrance to those investors who do not have access to Japanese Yen.
In this case, investors can purchase cryptocurrencies using their currencies, such as USD from other exchange platforms, and have it transferred to their Bitbank wallet.
Afterwards, they can then access Bitbank's features such as its market analysis and insights.
Cryptocurrencies accepted in Bitbank are the following.
- Bitcoin
- Litecoin
- Bitcoin Cash
- XRP
- BAT
- Qtum
- Ethereum
- Monacoin
Countries it serves
People who resides in Japan can fully enjoy the features and services of Bitbank since it is based in Japan.
But don't worry because the platform also caters people from other countries. Bitbank's support services are offered in English, Japanese and Chinese.
It is important to take note that Bitbank is not explicitly prohibited in the United States of America. However, I suggest that investors from this country should always double check whether their state has restrictions on the usage of trading platforms like Bitbank.
Fees
One thing to consider in choosing a cryptocurrency exchange platform are its fees. In the case of Bitbank, its trading fees for the takers are usually around 0.15.
Considering that the average fee in the industry being 0.25%, Bitbank's fees are quite competitive that can be taken advantage of.
This means that other platforms fees range from 0.10% to 0.15% (which will become the industry average soon), so I highly suggest to check out alternatives first before pursuing Bitbank.
In terms of maker fees, Bitbank actually caught me by surprise. Although there are trading platforms that do charge maker fees, Bitbank steps up its game by charging -0.05%.
Basically, customers are paid 0.05% commission for every liquidity they offer to Bitbank. This is huge for the Bitbank because other platforms charge fees to their customers to give liquidity.
Deposit and withdrawal options
Investors can use wire transfers to deposit their funds. Unfortunately, Bitbank does not accept credit cards. This can be quite inconvenient for customers who prefer to using their credit cards in depositing funds.
However, Bitbank does accept fiat currencies deposit, which is something that most platforms do not offer.
Investors can withdraw their funds in Japanese Yen or cryptocurrencies.
Pros and Cons
Pros
- User-friendly
- -0.05% maker fees
- Market analysis and insights and other features are offered
- Low fees
Cons
- Offers only a few number of cryptocurrencies
- Only accepts Japanese Yen
Is Bitbank a scam?
To conclude this Bitbank Review, let me give you the answer to his question. Looking at its website, I believe that it is a legit platform.
If you are a constant reader of my reviews, you should already know that I always look for online reviews of the companies and businesses I review.
Although, Bitbank has been around for quite some time, I did not find much reviews about it. However, the platform has not been flagged as a scam, which is good.
There are some customer reviews I found in Revian, which gave the platform a rating of 4/5, which is quite good. However, if you ask me, I would still need more reviews and ratings from authority websites.
With this, you can check out my top alternative to Bitbank right here.
Thank you so much for reading my Bitbank Review! If you have any comments or questions regarding the platform, feel free to leave them in the comments section!
