Introduction to Bitbank
Bitbank is a Japan-focused exchange that carries a small number of coins but whose trading pairs have large amounts of volume. If you don’t mind doing a lot of translating of the website (or can speak Japanese), Bitbank is a good exchange to have an account at as they are a highly liquid, highly competent exchange.
A decent sized exchange, Bitbank processes about $150 million in trades every day all across 13 different trading pairs. The account creation and verification process can be a bit painful as not all parts of the website have been translated into English. Unless you speak Japanese, you’ll need a website translating tool like Google Translate in order to navigate certain processes. You’ll need to be fully verified (submission of ID document required) in order to trade on Bitbank.
How to trade on Bitbank
Bitbank’s trading screen is a bit basic but gets the job done. After depositing a cryptocurrency to trade (or JPY), press the “Exchange” button toward the top left side of the screen and select a coin pairing to start making some trades. If you want to make a purchase directly from the orderbook, select Market order. If you want to place an order on the orderbook, select Limit order.
Fees are quite low on Bitbank, with the standard fee being 0.12% for Taker (market) orders and -0.02% for Maker (limit) orders. This means that Bitbank will actually pay you for adding liquidity to their orderbooks by placing Limit orders.
Overview of supported coins
Bitbank doesn’t have a huge selection of coins, but the trading pairs they do have all have a lot of volume. Coins supported by Bitbank include:
Coins are paired with either JPY or BTC. Bitbank is one of the biggest exchanges that lists MonaCoin (MONA), which is a Japan-based coin that has developed a following in that country over the years.
As it is a rather new exchange, not much is known about Bitbank or their security practices. The language barrier makes it especially difficult to understand what security measures they have employed. It is highly recommended that you activate Bitbank’s 2-FA option before making your first deposit. For those who would rather not use 2-FA, Bitbank also provides a second factor authorization method via text message.
Wrapping it up
In all, Bitbank is a solid, dependable exchange that specializes in JPY-based trading pairs. Despite a language barrier it is possible to register on the exchange and trade from a large number of countries, including the U.S. For those who value low fees, Bitbank is one of the best possible choices out there. There aren’t many exchanges out there that offer a negative fee (they will pay you 0.02% to place Limit orders).
Bitbank’s trading screen mechanics are very simple, meaning you won’t be able to place advanced orders or access many technical analysis features. It also means you won’t need to understand a lot of Japanese in order to successfully place orders.