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Bitbank logo

Bitbank Exchange Review 2023 - Is It Safe?

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Country: Japan
Launched: 2014
Site: bitbank.cc
Volume: $ 27,517,216.0
Pairs: 7
Mobile app: iOS, Android
Full address: Bit Bank Corporation KDX Nishi Gotanda Building 7F 20 - 9 Nishi Gotanda Shinagawa-ku, Tokyo141-0031
Fees: Bitbank charges 0.12% for takers and -0.02% for makers
Fees: Bitbank charges 0.12% for takers and -0.02% for makers
Grade points: 0.00
Expert Review
May 27, 2020

Bitbank is one of the leading cryptocurrency exchanges targeting the residents of Japan. The exchange tab of the website is not available in languages other than Japanese and those who want to register on Bitbank from overseas have to pay $100 commission. Nevertheless, for those in Japan, this platform is quite convenient as it collects no deposit and trading fees (it’s relevant only for Makers) and has some other nice features.

  1. Bitbank Features
  2. Bitbank Fees Review
  3. Bitbank API
  4. How to Sign Up on Bitbank?
  5. Is Bitbank Safe?

The exchange was launched in 2016. Mainly it's used for trading cryptocurrencies against Japanese yen (JPY) although some prefer crypto-to-crypto trading. The exchange supports the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and Japanese cryptocurrency known as Monacoin (MONA). Fiat currencies other than JPY are not supported.

The Markets Tab

Bitbank exists in the form of a web-based platform and can be accessed from a desktop browser or a mobile app. The mobile app is available both for iOS and Android devices.

Trading volume-wise Bitbank is one of the most successful cryptocurrency exchanges in Japan and one of the best ones in the rest of the world, as well. Good liquidity makes exchanges more convenient in use as the orders are triggered faster at the desired price.

Bitbank Features

The interface of Bitbank exchange is quite sophisticated. The candlestick graph is provided with over 50 tools that can enhance trading overview and make it analysis more detailed and accurate. The navigation is intuitive although the users who don’t know Japanese will have to translate the page first.

The Exchange Tab

Unlike the bulk of cryptocurrency exchanges, Bitbank has a license. The platform is licensed by the Japanese Financial Services Agency which makes Bitbank way safer than most other cryptocurrency platforms. The agency has a huge experience and enough resources to maintain the security of the exchange. Moreover, this license means that Bitbank definitely has no problems with the law.

While some of the Japanese cryptocurrency exchanges provide the feature of leveraged trading, Bitbank doesn't support margin trading. Users wishing to trade in a larger amount using leverage should look for a different exchange platform.

Bitbank Fees Review

Some of the reviews claim that Bitbank doesn't collect trading fees. In fact, the situation is more complicated as market makers don't have to pay fees while liquidity takers pay trading fees. Market makers (those who place limit orders creating liquidity on the exchange) are not paying fees. Instead, they get rewards for trading (0.02%). Those who take orders from the order books (instead of adding new ones) are charged with a 0.12% fee.

Deposit fees both for Japanese yen and cryptocurrencies are not collected on Bitbank. Nevertheless, there's a different limitation —  Bitbank specifies the minimum amounts that can be deposited. JPY is not subject to these limitations while cryptocurrencies should meet the requirements. For example, the minimum amount of BTC that can be deposited is 0.001 BTC.

Also, the minimum amounts of currencies that can be withdrawn are limited, as well (the minimum withdrawal amount of Bitcoin is 0.0001 BTC). The withdrawal fees are flat and vary from currency to currency. In the case of withdrawal of JPY, the fee ranges from 550 to 770 JPY. BTC withdrawal fee is 0.001 BTC.  Withdrawal of Ether costs 0.005 ETH fee. Litecoin withdrawal is 0.001 LTC. Ripple withdrawal costs 0.15 XRP. Withdrawal of Bitcoin Cash is 0.001 BCH. Monacoin withdrawal costs 0.001 MONA.

Bitbank API

The API Documentation

Bitbank provides a set of official APIs through GitHub. There are Rest API, Public API, and Public Stream API. On the Bitbank GitHub account, users are welcome to report bugs. All these factors together create a strong opportunity to use automation to enhance the trading experience.

How to Sign Up on Bitbank?

In order to create an account, one needs to provide an actual email address and tap on the "Open Free Account" button. Then the user receives an email with a verification link. The next step is to set and confirm the password. Then the user is required to provide the personal information including the full legal name, the date of birth, and other data. The next step is associated with requesting more thorough information from a user. This information includes the purpose of registration, profession, annual income, the assets the user has, and so on. Then the user should confirm she/he is not an anti-social element or not an important foreign official (both are prohibited on Bitbank) and share a personal phone number. After confirming all the provided data, the user should upload the photos of the documents verifying her/his identity. Users are free to choose from passport, basic resident register card, and other documents. First, the user should specify the document she/he is willing to provide and then upload the files. The review of the data provided by the user takes some time, but it's better to immediately set 2-factor authentication.

Bitbank FAQ

To open a corporate account the representative should provide the documentation that includes the certificate of the company, historical data, and other documents. All this data is reviewed within 6 months. Also, it is important to provide the verification of the identity of the person in charge of transactions on Bitbank. The process of opening the corporate account is almost the same as the opening of the individual account. The main difference is that it's important to choose the "corporate account" option while applying for a new account.

Non-Japanese traders can open accounts on Bitbank, too, but they will have to go through a different procedure. Overseas users should contact the representatives of the platform directly. The opening of the account for foreign users is not free. The cost is $100 but the payment should be sent in BTC. After providing Bitbank with the name (or the company's name), country of residence, email address, and paying $100-worth of Bitcoin, the company is reviewing the info and creating an account. It takes seven days.

Fiat money can be deposited through bank wire transfer. Funding an account via credit card is not allowed. Another way to fund the account is by sending cryptocurrencies to the account wallet.

Is Bitbank Safe?

Bitbank offers its users such a standard security measure as 2-factor authentication. This feature if enabled prevents signing in without having a user's mobile device as only this device creates one-time passwords that are actually only for 30 seconds each. This measure helps to avoid hacking of the individual accounts but it's up to users to install an authenticator application and enable 2-fa. Also, users are free to enable SMS verification and smartphone biometric authentication.

For the safety of assets and data, Bitbank uses SSL, encryption of the server information, and cold storage (although some assets are stored on hot wallets). To date, there’s no info about the successful hacking attacks on the company servers.

Security Details

There's one thing that raises concerns among some reviewers of Bitbank — the company provides too little information about its team. Trusting money and detailed personal data to an anonymous entity can't be regarded as safe. On the other hand, as Bitbank is cooperating with the Japanese Financial Services Agency we cannot expect that Bitbank will appear to be a scam. JFSA cannot force the company to be fully transparent for the users, but certainly, it won't let any kind of misconduct or fraudulent activity. Moreover, such cooperation is regarded as an advantage that Bitbank has over many other leaders at the market of cryptocurrency exchanges.

Our Score
Functionality 4 / 5
Reputation 4 / 5
Security 5 / 5
Support 4 / 5
Fees 5 / 5
Our Score
4.4 / 5
Pros and Cons
pros

The license of the Japanese Financial Services Agency

Good liquidity

Low fees

The support of corporate accounts

cons

Limitations for people outside Japan

The anonymity of the team

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User reviews
Angela Maxwell 23 Mar
2.0

I carried out extensive research on cryptocurrency recovery after falling victim to scammers with $297,000 worth of Bitcoin, and among the numerous connections I discovered, one proved to be the most suitable for the task. I was clearly wrong when I initially believed that the lost Bitcoin could never be found again. He successfully recovered $292,000 that I invested with them. After getting in touch with Mrs. Roberts Lee (robertslee618@gmail.com) and sending all the information about the transaction with the scammer, he made good on his promise to recover all the lost Bitcoin within 24 to 72 hours. In my opinion, that was a noteworthy triumph that justified the investment of both time and money. (robertslee618@gmail com)

Review image
L. Johnston 14 August 2023
1.0

Easy to put money in, easy to trade, impossible to withdraw your funds.

melissa 26 May 2023
1.0

My experience with bitcoin investment and losing money to scammers. However, yes it is possible to recover your stolen bitcoins/ Ethereum ...sometime in May I fell for a forex scam which promised overly high returns and I ended up losing close to $170,000. I searched for a month for help until I finally came across an article on reddit in regards to recovering stolen cryptocurrency so I reached out to them affliz at( tutanota dot com) You should be careful with whom and where you invest your money.

Tony luis
14 August 2023
Thank you for taking out time to reach us and sorry for your lost, We regret to know you’ve experienced such an issue and hardship where you try and make some trade and option to do investment trading and you end up running into loses with companies guilty of embezzling and depriving investors of their money and profits sadly that how the trading world is now it what it turned into but there a way out and that by you getting to recover all your lost funds back, your profits included and probably charge them with a lawsuit for Illegal Embezzlement of funds. All this can be done by contacting HARPER JAMES via:
( harperjamesplatform @ gmail . com )
jim Haupt 18 April 2023
1.0

it is a scam. they don't return your money. they ask for more money to verify who owns the account.

Tony luis
14 August 2023
Thank you for taking out time to reach us and sorry for your lost, We regret to know you’ve experienced such an issue and hardship where you try and make some trade and option to do investment trading and you end up running into loses with companies guilty of embezzling and depriving investors of their money and profits sadly that how the trading world is now it what it turned into but there a way out and that by you getting to recover all your lost funds back, your profits included and probably charge them with a lawsuit for Illegal Embezzlement of funds. All this can be done by contacting HARPER JAMES via:
( harperjamesplatform @ gmail . com )
Russell 28 January 2023
1.0

bitbank wants 25% deposit of total account value in order to make a withdrawal. There is no logical reason that bitbank should do this. Thus my money is locked up and I can not access it any more. Over $1 million has been lost. What a scam.

Tony luis
14 August 2023
Thank you for taking out time to reach us and sorry for your lost, We regret to know you’ve experienced such an issue and hardship where you try and make some trade and option to do investment trading and you end up running into loses with companies guilty of embezzling and depriving investors of their money and profits sadly that how the trading world is now it what it turned into but there a way out and that by you getting to recover all your lost funds back, your profits included and probably charge them with a lawsuit for Illegal Embezzlement of funds. All this can be done by contacting HARPER JAMES via:
( harperjamesplatform @ gmail . com )
Tasha Williams
22 June 2023
I am proud to recommend Mr. Harry Chawney for a selfless and reliable Bitcoin recovery agent who helped me to recover my Bitcoin Wallet which i had all my savings on, I got his contact from a friend of mine which he helped to also recover her Bitcoin too Contact him via email: harrychawney15@gmail.com, and I hope this was helpful, I wish you Good luck...
Country: Japan
Launched: 2014
Site: bitbank.cc
Volume: $ 27,517,216.0
Pairs: 7
Mobile app: iOS, Android
Full address: Bit Bank Corporation KDX Nishi Gotanda Building 7F 20 - 9 Nishi Gotanda Shinagawa-ku, Tokyo141-0031
Fees: Bitbank charges 0.12% for takers and -0.02% for makers
Fees: Bitbank charges 0.12% for takers and -0.02% for makers
Grade points: 0.00
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