What is Bitbank?
Bitbank is a cryptocurrency exchange based in Japan that commenced operations in 2016. Specializing in trading Bitcoin and various cryptocurrencies against the Japanese Yen (JPY), the platform also facilitates coin-to-coin trading.
User-Friendly Design and Mobile Support
Bitbank stands out with its aesthetically pleasing and user-friendly website design, emphasizing a superior user experience. Additionally, for users preferring mobile trading, Bitbank provides a dedicated mobile application compatible with both iPhones and Android phones.
Inclusion of US-Investors
Bitbank does not explicitly prohibit US investors from participating in trading activities on its platform. However, it is advisable for US investors to conduct their own analysis to ensure compliance with any legal restrictions imposed by their home state.
Exploring the Trading View
Different exchanges offer varied trading views, and users must choose the one that suits them best. Bitbank's trading view typically includes the order book, price chart, and order history, along with buy and sell boxes. Prospective users are encouraged to assess the trading view to ensure it aligns with their preferences.
Competitive Trading Fees
Bitbank employs a fee structure that distinguishes between takers and makers. Takers, executing existing orders, are charged a 0.12% fee, while makers, creating new orders, enjoy a -0.02% fee, signifying a reward for contributing liquidity. Compared to industry averages, Bitbank's fees are notably competitive.
Evaluating Withdrawal Fees
When withdrawing Bitcoin (BTC), Bitbank imposes a fee of 0.0006 BTC. While slightly above the global industry average of 0.00053 BTC per BTC withdrawal, users should consider this factor when assessing overall cost implications.
Deposit Methods
Bitbank supports wire transfers as a deposit method, providing a fiat on-ramp for users. Notably, credit cards are not accepted for deposits, differentiating Bitbank from exchanges that exclusively allow cryptocurrency deposits.
In summary, Bitbank is a Japanese exchange with a strong focus on design and user experience, offering competitive trading fees and a mobile application for on-the-go trading. Prospective users should consider their specific needs and preferences when evaluating this platform.
