Cryptocurrency has been around for more than a decade, but it has only recently gained more attention. People are investing in cryptocurrency for various reasons, including its potential to offer high returns, its decentralized nature, and its ability to offer a hedge against inflation.
However, before investing in cryptocurrency the first thing you need to do is to find a trustworthy company.
So is Bitbank a trustworthy company?
This is what we will find out in this review, where we'll take a closer look at the trustworthiness of Bitbank, its features, fees, security, and overall user experience, so you can make an informed decision about whether it's a legit company that is worth investing with.
Bitbank Review Quick Summary
- Name: Bitbank
- Website: bitbank.cc
- CEO/Owner: Noriyuki Hirosue
- Rating: 3/5
What is Bitbank?
Bitbank is a Japanese cryptocurrency exchange platform that allows users to buy, sell, and trade various digital assets.
It was founded by Noriyuki Hirosue in 2016 and has since become a popular exchange among traders in Asia.
According to the website, Bitbank's goal is to make anyone buy, sell, and trade cryptocurrencies with confidence, and also to provide its users with a secure and user-friendly trading experience.
Bitbank also has a mobile app available on both IOS and App store for those who prefer using their mobile phones.
Bitbank supported cryptocurrencies
How Does Bitbank Work?
Bitbank Availability
Before we start, it is important to know if you can use Bitbank in your country. Cryptocurrency has recently been under heavy scrutiny from different governments around the world. As a result, there might be different rules and regulations for crypto depending on your country of residence.
Although Bitbank is available anywhere since it only deals in digital goods, I still recommend you check your country's rules and regulations on crypto. Especially if you are currently residing in the U.S.
How to Trade Crypto on Bitbank?
- Create an account
The first thing you'll need to do is to create an account, to do so, Go to the Bitbank website and click on "Sign up" to create an account. Provide your email address, password, and other details to register. - Deposit funds
Once your account is created and verified, deposit funds into your Bitbank account to start trading. - Choose a trading pair
Bitbank offers a variety of trading pairs that you can choose from. - Place your order
Place an order by selecting the type of order you want to place, entering the amount you want to buy or sell, and submitting your order. - Monitor your trade
Monitor your trade on the Bitbank platform. Track the status of your order, as well as the price and volume of the cryptocurrency you are trading. - Withdraw your funds
Finally, withdraw your funds from your Bitbank account, select the cryptocurrency you want to withdraw, enter the amount you want to withdraw, and the wallet address where you want to receive your funds.
Bitbank Fees & Charges
- Trading fees: Bitbank charges a 0.10% trading fee for both taker and maker orders. This means that you'll be charged 0.10% for every trade you make on the platform,
- Withdrawal fees: Bitbank charges withdrawal fees for withdrawing cryptocurrencies from the platform. that typically range from 0.0005 to 0.01 units of every cryptocurrency being withdrawn.
- Deposit fees: Bitbank doesn't charge any fees for deposits made in JPY or cryptocurrencies. However, if you make a deposit using a bank transfer in a currency other than JPY, you may be charged a conversion fee by your bank.
Bitbank withdrawal methods
Bitbank allows you to withdraw Japanese yen (JPY) via bank transfer, withdraw cryptocurrencies to external wallets,
They also offer cash pickups at convenience stores and post offices in Japan for JPY withdrawals only.
Unfortunately, Bitbank does not accept credit cards, which may be inconvenient for those who prefer using their credit cards.
Bitbank Review and Ratings
I did some research to see what people are saying about Bitbank but it looks like this company doesn't have that many reviews.
Below are the Bitbank reviews and ratings I found:
- Trustpilot - 3.3 out of 5 based on 5 reviews.
- Scamadviser - 1.1 out of 5 based on 8 reviews.
Ratings and reviews of Bitbank dont look quite good. People usually complain about how difficult it is to withdraw their money.
However, you must also keep in mind that this platform is highly marketed towards the Japanese population. So, it can be really hard for an outsider to work with them easily.
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What I LIKE About Bitbank
No.1 Crypto Assets Trade Volume
Secure Platform
User-friendly
Low fees
What I Don't Like About Bitbank
Highly targeted toward the residents of Japan
Limited withdrawal options
Only accepts Japanese Yen
Is Bitbank a Scam? Final Thoughts
To conclude, Bitbank is NOT A SCAM, however, the fact that they don't have reviews online despite being around since 2016 is kind of weird.
Don't get me wrong I'm not saying that this is necessarily a red flag but if you read my other reviews you'll know how much I care about what people are saying about the company I'm reviewing.
Also, this company only works with JPY currency and it's highly targeting Japanese people so I believe it is not for everyone.
Cryptocurrency is an investment that is still relatively new compared to traditional investment tools and currencies. and because it's new, the cryptocurrency industry is very unstable and the value of cryptocurrencies can change rapidly and dramatically.
Most people who invest in cryptocurrency are trying to make money quickly, so they are willing to take risks and experiment with their investments to see if they can predict or control cryptocurrency prices.
However, it's important to remember that investing in cryptocurrency is risky, so If you are considering investing in cryptocurrency, it's important to do your research and understand the risks involved before making any decisions.
That was my Bitbank review, I hope it was helpful, and if you feel that investing in Cryptocurrencies is not for you, then I recommend you to check out my top Bitbank alternative by clicking here.