Is Bitbank a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Bitbank is a good crypto exchange to start trading with. In this article you will learn whether Bitbank is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | Cryptos, JPY |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, JPY |
| 💹 Margin Call / Stop Out: | No |
Bitbank Pros and Cons
👍 Advantages of trading with Bitbank:
•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.
👎 Disadvantages of Bitbank:
•absence of fiat currencies except for the Japanese yen;
•there is no investment or referral program.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Bitbank Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Bitbank offers traders the following conditions.
| 💻 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 |
| 💱 Spread: | 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 |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Bitbank commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Bitbank has one of the lowest trading commissions in the global cryptocurrency market. The maker’s fee is -0.02%, meaning that the trader who creates trades from this position receives a bonus payment from the exchange. The taker’s fee is 0.12%. All commissions are fixed, the asset, transaction volume, and the user's total trading volume do not affect them. The only option that affects the fee from the taker is to reduce it by using the rebates from the Traders Union.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | Up to 0.12% per order | Yes |
Investment programs of Bitbank
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Bitbank offers the following passive income options.
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 thedeal 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.
Conclusion. Is Bitbank good for beginners?
The Bitbank cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Bitbank could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.