Bitbank Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Tons of cryptocurrencies and tokens, from fiat only Japanese yen, low Taker commission, "minus" Maker commissions, no investment or referral programs, handy trading terminal
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Tons of cryptocurrencies and tokens, from fiat only Japanese yen, low Taker commission, "minus" Maker commissions, no investment or referral programs, handy trading terminal
Our Evaluation of Bitbank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Bitbank is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.24 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Bitbank clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
The Bitbank crypto exchange offers a standard TradingView terminal with authorial modifications by exchange specialists. There are 60 additional tools for technical analysis. The mobile application for iOS and Android has the same functions as the desktop version. The platform is characterized by high-speed transactions, large trading volumes, and stability of work on peak loads. No technical errors or vulnerabilities were detected. The cold storage of user funds in combination with the advanced encryption system and 2FA authentication provides heavy-duty security. It is one of the most reliable exchanges with objectively favorable trading conditions.
Brief Look at Bitbank
Bitbank is a marketplace for buying and selling cryptocurrencies. You can trade Bitcoin (₿), Ethereum (Ξ), Bitcoin Cash, MonaCoin, Stellar Lumen, OMG, and dozens of other crypto assets. The only fiat currency represented is the Japanese yen (JPY). Funds can be deposited through the most popular channels, including direct fiat transfers from a bank card. The exchange is known for one of the lowest rates of trading commissions: 0.12% for the taker, and -0.02% for the maker. There are no deposit fees, and withdrawal fees are also low. There is no minimum deposit, and registration and verification take a minimum amount of time. The exchange does not have specialized solutions for beginners, and investment and referral programs are not offered. From the position of the interface, experts estimate the platform as one of the most convenient and well-thought-out.
- dozens of popular cryptocurrencies and tokens are traded on the exchange;
- trading fees are significantly lower than the market average;
- no minimum deposit, no deposit fees;
- all funds of exchange clients are kept cold;
- the exchange has a state-of-the-art security system for users’ data;
- there is a mobile application in addition to the terminal in the browser;
- terminal and application include tools for market analysis.
- absence of fiat currencies except for the Japanese yen;
- there is no investment or referral program.
TU Expert Advice
Financial expert and analyst at Traders Union
The crypto exchange belongs to Bitbank Group Corporation, launched in 2014. One of the oldest cryptocurrency trading platforms in the region, it is licensed by the Financial Services Agency of Japan (FSA) and is transparent. The license is valid and the site operates within the regional legislation. Traders Union’s analysis of Bitbank’s activities did not reveal any evidence of fraud or defaults to its customers.
Bitbank is one of the few exchanges in the world market offering a minus fee to the maker, which is -0.02%. To cut it to the chase, the exchange pays extra for such transactions. The commission for the taker is 0.12%, one of the lowest rates in the market segment. Withdrawal fees at the exchange are also low, with no commission for input, regardless of the asset or input channel. But it should be borne in mind that the services used by the client to deposit funds may charge their own fees.
According to the results experts at the Traders Union, the exchange is stable and convenient. In the browser, trade is carried out through the TradingView terminal, which has several advantages over the standard version. In particular, additional tools of the technical analysis are introduced, and all functionalities and modifications are included in the mobile application. All operations are executed instantly. The exchange does not limit clients on trading strategies.
Bitbank's disadvantages are the lack of investment solutions, referral programs, and the availability of only standard accounts. Also, the exchange does not offer specialized solutions for beginners, such as demo accounts. However, these points are not very significant.
Bitbank Summary
💻 Trading platform: | TradingView |
---|---|
📊 Accounts: | Standard |
💰 Account currency: | Cryptos, JPY |
💵 Replenishment / Withdrawal: | Bank cards, e-wallets, crypto wallets |
🚀 Minimum deposit: | $1 |
⚖️ Leverage: | 1:1 |
💼 PAMM-accounts: | No |
📈️ Min Order: | From 0 |
💱 Commission: | Market |
🔧 Instruments: | Cryptos, JPY |
💹 Margin Call / Stop Out: | No |
🏛 Liquidity provider: | No |
📱 Mobile trading: | Yes |
➕ Affiliate program: | No |
📋 Orders execution: | Not indicated |
⭐ Trading features: | Tons of cryptocurrencies and tokens, from fiat only Japanese yen, low Taker commission, "minus" Maker commissions, no investment or referral programs, handy trading terminal |
🎁 Contests and bonuses: | Yes |
To start trading on Bitbank, it is crucial to pass the registration procedure which takes less than a minute. After that, the client receives limited access to the functionality of the site until he also passes the verification procedure. Verification can take up to 1 business day. After its completion, all restrictions are removed. There is no minimum deposit, and the client regulates his own financial policy. Although it should be noted that there is a minimum deal size for all trading pairs. Also, it is necessary to consider that at an exchange there is no leverage. Consequently, a client of the site in the process of trading can rely only on his financial resources. The exchange does not impose restrictions on trading strategies. Technical support is represented by a standard system of tickets. The table below summarizes the main trading conditions of the platform, which give a general idea of the features of cooperation with it.
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Commissions & Fees
Account type | Commission (minimum value) | Withdrawal commission |
---|---|---|
Standard | Up to 0.12% per order | Yes |
This crypto exchange does not charge any fees for depositing funds, regardless of the input channel that the client uses. However, there are withdrawal fees that are fixed, and they differ for different assets and do not depend on the amount or channel of withdrawal.
For example, the fee to withdraw Japanese yen is ¥550, and to withdraw Bitcoins, the fee is ₿0.0006. Withdrawal limits are specified in the appropriate column at the time of withdrawal. As with most exchanges, it is more profitable for Bitbank traders to withdraw large amounts because the commission is not a percentage and is fixed.
The site's fees are lower than the global market average. To confirm this thesis, the table below shows the data for two competing exchanges.
Broker | Average commission | Level |
---|---|---|
|
$1.2 | |
|
$20 | |
|
$0.1 |
Investment Programs, Available Markets, and Products of the Crypto Exchange
The crypto exchange does not offer investment programs. There are no staking and other popular solutions for this segment. The platform is focused on active trading, its clients can earn only by making transactions on crypto-to-crypto and crypto-to-Japanese yen pairs.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Bitbank’s affiliate programs:
The cryptocurrency exchange does not provide users with referral programs. Clients of the site can invite other users to it, but payments or trading benefits arising from this are not available to them. However, registered traders invited by them receive benefits through welcome bonuses. The absence of a referral program is often interpreted positively because it indicates that the exchange does not experience difficulties with the influx of new customers.
User Satisfaction