What is Bitbank? How does it deliver its services to its customers? Is it reliable? Does it have unique features that you should definitely not miss out on? Join me in today’s review, in which I will be answering the questions above, and more, in a bid to help you decide whether you’ll switch to Bitbank or not. Let’s dive right into it.
- What is Bitbank?
- Which cryptocurrencies and fiat currencies are supported by Bitbank?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Bitbank Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Bitbank
Official website URL: https://bitbank.cc/en/
Overall Rating: (3.5 / 5)
What is Bitbank?
Bitbank is a cryptocurrency exchange platform that’s based in Japan. The platform, which launched in 2016 specializes in trading the most commonly known crypto, Bitcoin, and several other cryptos against the Japanese Yen. Coin-to-coin trading is also allowed on this platform.
This exchange has a very good-looking website. Overall, you can tell that the company that owns this platform is very keen on delivering the best user experience, as portrayed by the design of this platform.
Customers can access Bitbank through a mobile application, which is an option that a significant number of traders prefer to the desktop version. The app version can be accessed on Android and Ios devices.
Which cryptocurrencies and fiat currencies are supported by Bitbank?
Being a Japanese-based platform, the main currency that’s supported on Bitbank is the Japanese Yen. Whereas this is good for those who have access to JPY to deposit on this platform, it may repel traders who’d like to spend other currencies such as USD and Euros. However, the good thing is that you can purchase cryptocurrencies on other exchanges and then transfer them to your Bitbank wallet. Once you have transferred your cryptos to the Bitbank wallet, you can access market analysis and insights through some of Bitbank’s features.
The main cryptos accepted here are:
- Bitcoin Cash
Countries this platform is available in
As we have seen, this platform is a Japanese-based one, hence its best placed to be used by those living in Japan. It, however, still accepts customers from other parts of the world. Its support services are actually offered in English, Chinese and Japanese, hence all who can communicate in these languages can access Bitbank, and utilize its features.
Bitbank isn’t explicitly prohibited for use in the USA, though I’d urge all potential customers in this region to do their due diligence to ensure that their state does not impose any restrictions on using a platform like this one.
Fees matter quite a lot on any given platform. You need to know what you’re going to be parting with as you deposit, trade, or withdraw funds on any platform. For Bitbank, the trading fees for the takers are usually 0.15%. With the industry average being 0.25%, Bitbank offers competitive fees that one can consider taking advantage of if they trade frequently. That said, most platforms are also starting to charge taker fees ranging between 0.10% and 0.15% (soon to be the new industry average), so you should check out the available alternatives before creating a Bitbank account.
The maker fees on this platform are surprising on this platform. Whereas we have seen platforms that do charge customers any maker fees, Bitbank takes things to the next level by charging -0.05%. What this means is that customers get paid a 0.05% commission for providing liquidity to Bitbank. This is such a great competitive advantage for Bitbank since some platforms usually charge customers fees to offer liquidity.
The deposit and withdrawal options
Bitbank lets you use wire transfers to deposit your funds, but credit cards are not allowed. This can be such an inconvenience since a good number of traders would prefer to deposit their money using their cards. If you’ve been using your credit card to buy cryptos on other platforms, then Bitbank is not your go-to option, sadly.
The good thing is that Bitbank accepts the deposit of fiat currencies, to begin with, which is something that not many platforms do not support. You can withdraw your funds in cryptos and JPY.
Is Bitbank Legit or is it a Scam?
Bitbank is, in my opinion, a legit platform. At the time of writing this review, I did some research to see if there is any consumer trust site that portrays it as a scam, but I didn’t come across any. This platform has been around for several years now, and it would have been flagged for not operating within the required guidelines.
There aren’t many customer reviews about this platform, but I managed to come across some on Revian, which are not quite detailed anyway. They only give a summary of what you can expect from Bitbank, which we have already discussed at length. With an average rating of (4/5), I’d say Bitbank is a decent platform, though I’d need to get the backing of genuine customer reviews to make this statement boldly. That said, I’d still recommend trying out an alternative to Bitbank- like the one I’ve recommended below which actually gives you more features.
Pros and Cons
- Easy to use and navigate
- Low fees
- Maker fees are -0.05%
- Market insights and predictions offered
- Only supports JPY
- Few cryptos supported
Do you own or represent Bitbank?
If you are a representative or associate of Bitbank 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: (3.5 / 5)
Bitbank is a platform that does well in terms of providing an easy-to-navigate platform that customers can use to trade, as they also access market insights. The available trading and investing tools enable customers to invest successfully, though this is also dependent on their skill level.
Thus far, Bitbank has remained operational, and desirable to traders due to its attractive fees. Unfortunately, this platform only supports JPY as the only fiat currency and doesn’t accept credit card deposits, which makes it a very limiting platform. If you’re not happy with what it has to offer, then you can see what the alternatives below have to offer.
That will be all for today’s review on what Bitbank is about, and what it has to offer. I hope it was helpful, and that you’re well-armed with information to help you decide whether you’ll switch to it or not. Let me know what your thoughts about it are, or even what your experiences with it have been so far (if you’ve already been using it).
I wish you well,
Eric, investor, and team member on Gold Retired!