Is Fisco Cryptocurrency Exchange legit? What unique features does it have that you should definitely not miss out on? Is actually reliable, or one that you should stay away from? Join me in today’s comprehensive review about Fisco, in which we shall answer these and more questions by tackling these following areas:
- What is Fisco Cryptocurrency Exchange?
- Which cryptocurrencies and fiat currencies are supported by Fisco Cryptocurrency Exchange?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Fisco Cryptocurrency Exchange Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Fisco Cryptocurrency Exchange
Official website URL: https://www.fisco.co.jp/en/
Overall Rating: (3.6 / 5)
Recommended: Yes (For Japanese residents)
What is Fisco Cryptocurrency Exchange?
Fisco Cryptocurrency Exchange (FCCE) is a Japan-based cryptocurrency exchange that was launched back in 2016. It’s a competitor of platforms such as Bitbank and Coincheck, whose presence in the cryptocurrency industry is quite significant.
FCCE has a license that was granted to it by the Japanese Financial Services Agency (JFSA). This information is sufficient enough to make us aware of the fact that this platform is regulated, hence can be trusted to deliver professional services.
The company that owns FCCE merged its operations with the popular exchange known as Zaif, which also had a very good reputation in the crypto exchange industry. Is the joint business one that delivers reliable and consistent services? Read on to find out.
Which cryptocurrencies and fiat currencies are supported by Fisco Cryptocurrency Exchange?
Currently, this platform lets traders trade Bitcoin and Monacoin. This means that the only available trading pairs on this platform are:
- Bitcoin/ JPY
- Bitcoin Cash/ JPY
- Monacoin/ JPY
JPY is also the only available fiat currency on this platform. This essentially takes away your trading options and leaves you to only figure out how to maximize your profits using a very limited number of cryptocurrencies. Whereas you may be skilled enough to profit from trading the available currencies, you may miss out on some very lucrative opportunities that are offered by other alternative platforms, which have a wide variety of currencies.
Countries this platform is available in
This platform is meant to mainly serve Japanese customers, but it doesn’t lock out other international customers from trading on this platform. Even customers in the USA can create FCCE accounts and start trading, but this is subject to fulfilling the set requirements on this platform. Whereas no one is explicitly denied access from this platform, no guarantees are given that one’s application will sail through.
This platform happens to have its unique trading fee offering, which is that they charge 0.00%. It does not matter whether you are a maker or a taker on this platform, you’ll not get charged anything. This, is in my opinion, very competitive since most platforms will require that you part with a percentage of your funds as a taker or maker.
Generally, one might suspect that the withdrawal charges on this platform are quite high since they don’t make any profits by asking from charging trading fees. They, however, happen to charge very competitive withdrawal fees. Currently, FCCE charges 0.000BTC for Bitcoin withdrawals, in comparison to the global industry average, which is at about 0.0008 BTC.
The deposit and withdrawal options
Deposit and withdrawal options cannot also be overlooked. In most cases, you’ll find that they contribute to convenience as one utilizes a given exchange platform. In most cases, you will need an option that will let you get started with a platform ASAP (by making a quick deposit) or one that lets access your proceeds as fast as you need them. Without reliable deposit and withdrawal options, you may end up not fully enjoying a platform.
From the look of things, this platform only allows you to deposit using wire transfers. You can’t unfortunately deposit your funds using a credit card. This comes as negative news to you if you prefer using your credit card to make a quick transaction on the go. In this case, you may need to check out what other alternatives have in store for you.
Is Fisco Cryptocurrency Exchange Legit or is it a Scam?
Fisco Cryptocurrency Exchange is in my opinion a genuine platform, that you can rely on if it’s one that you are comfortable with it (based on its offerings). This exchange is a known competitor of other exchanges in Japan, which are all aimed at serving Japanese customers mainly. As I already highlighted, being an international customer on this platform isn’t directly discouraged, but even looking at the only fiat currency accepted on the platform will show you that you may have a hard time using Fisco.
There are actually not many customer reviews about this platform on the internet. The only ones I found presented in English are those on Revian, for which Fisco has a rating of (3.6/5) stars. Given that those reviews are not a very direct revelation of customer experience (they’re just a brief summary of what to expect), then it’s hard for us to predict what to expect from Fisco. The good thing is that we can always rely on other alternatives in the market, for which there is sufficient information and social proof.
Pros and Cons
- Excellent security
- Works on Android and Ios
- Accepts fiat (only JPY though)
- No trading fees
- Competitive withdrawal fees
- Best suited for Japanese customers mainly
- Limited withdrawal and deposit options
- A limited number of cryptos accepted
- Only accepts JPY as their preferred fiat currency
Do you own or represent Fisco Cryptocurrency Exchange?
If you are a representative or associate of Fisco Cryptocurrency Exchange have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (3.6 / 5)
From the look of things, Fisco is yet another good crypto exchange that those living in Japan can utilize for all their BTC (and BCH)/JPY exchanges. The platform is quite limited when it comes to the range of crypto pairs, as well as deposit and withdrawal options, but you can still use it if you do not want to pay any trading fees. If you’re not currently residing in Japan, I’d recommend that you have a look at what other crypto exchanges that have their focus on international customers have to offer. There’s a good range of platforms that have a sustainable number of features and cryptos, and that can deliver the much-needed flexibility that you’d need as a short-term or long-term investor. Check out my recommended alternatives below:
That will be all for today’s review on what Fisco Cryptocurrency Exchange is about, and what it has to offer. If you have used this platform in the past, feel free to let us in on your experience with it. Feel free to also ask any questions that you may still have about FCCE.
I wish you well,
Eric, investor, and team member on Gold Retired!