The world of cryptocurrency has opened up a new dimension in financial transactions, and within this sphere, Bitbank has emerged as a prominent marketplace for buying and selling cryptocurrencies.
Traders Union compiled a detailed Bitbank review that dives into the ins and outs of Bitbank, giving potential investors and cryptocurrency enthusiasts an idea of what to expect from this platform. This Bitbank review will focus on the trading conditions, pros and cons, main features, and comparison with other brokers, providing a holistic insight into Bitbank’s offerings.
What is Bitbank?
According to TU experts, Bitbank is a dedicated platform for cryptocurrency trading. Offering dozens of crypto assets, including popular ones like Bitcoin, Ethereum, Bitcoin Cash, MonaCoin, Stellar Lumen, and OMG, Bitbank provides its users with diverse choices. The only fiat currency represented on the platform is the Japanese yen (JPY), with funds deposited able through several popular channels, including direct fiat transfers from a bank card. With trading commissions as low as 0.12% for the taker and -0.02% for the maker, Bitbank boasts one of the lowest rates in the industry. It also offers quick and easy registration and verification with no minimum deposit requirement. However, the platform lacks specialized solutions for beginners and doesn’t offer investment or referral programs.
Pros and cons of Bitbank
TU experts have identified the following advantages of trading with Bitbank:
Pros:
- Diverse Cryptocurrency Offerings: Bitbank provides a rich trading ecosystem by offering dozens of popular cryptocurrencies and tokens. Whether you’re interested in significant coins like Bitcoin and Ethereum or intrigued by lesser-known tokens, Bitbank offers a diverse selection.
- Lower Trading Fees: One of Bitbank’s significant advantages is its competitively low trading fees. With a trading commission of 0.12% for the taker and a unique -0.02% for the maker, Bitbank stands out from many other platforms. This lower-than-average fee structure can significantly affect long-term trading, providing traders with increased net profitability.
- No Minimum Deposit and No Deposit Fees: Bitbank lowers the barrier to entry by not imposing a minimum deposit requirement. This encourages participation from traders of all levels, including beginners or those with a more cautious investment strategy.
- Highly Secure Fund Storage: All client funds are stored in cold wallets at Bitbank. Cold wallets are offline storage systems for cryptocurrencies, which provide an extra layer of security against online hacks and theft.
- Advanced-Data Protection: Besides financial security, Bitbank uses a state-of-the-art security system to protect users’ data.
Cons
- Absence of fiat currencies other than the Japanese yen and the lack of an investment or referral program.
Analysis of the Main Features of the Forex Broker
According to TU experts, Bitbank scored 3.6 out of 10 overall.
- Execution of orders: 3.39
- Investment instruments: 3.81
- Withdrawal speed: 3.45
- Customer Support work: 3.75
- Variety of instruments: 3.23
- Trading platform: 3.97
Trading Conditions for Bitbank Users
Trading with Bitbank involves using the TradingView platform, and the accounts offered are standard. The account currencies include cryptocurrencies and the Japanese yen (JPY), and the funds can be replenished or withdrawn through bank cards, e-wallets, or crypto wallets.
The minimum deposit is just $1, and the leverage is set at 1:1. PAMM accounts are not offered, and the minimum order starts from 0. The commission is market-based, and the trading instruments include cryptocurrencies and the Japanese yen (JPY). Mobile trading is available, but there’s no affiliate program. The trading features include tons of cryptocurrencies and tokens and low-taker commissions.
Additionally, Traders Union has also reviewed the Cryptohopper bot. To read a detailed review, please visit the official website of the Traders Union.
Conclusion
In conclusion, Bitbank emerges as a solid platform for cryptocurrency trading, boasting low trading fees, a comprehensive range of cryptocurrencies, and an advanced security system. Although the absence of investment or referral programs and limited fiat currency options may deter some traders, the platform’s other strong points could outweigh these aspects. Choosing a trading platform should always align with your specific needs and trading goals. To learn more about Bitbank and other brokers, visit Traders Union’s official website for more detailed reviews and insights.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
