№ 20 | Bitbank - Cryptocurrency Exchanger Review CENTRALIZED
Bitbank is a Chinese cryptocurrency exchange that is licensed by Japanese Financial Services Agency (JFSA).
Bitbank is a part of the large corporation Bitbank Group Inc. The central office of Bitbank Group is located in Shenzhen. However, due to the conservatism of the Chinese Government, the main activity of this corporation is concentrated in Japan.
Bitbank exchange is quite serious about security, which makes the process of registration of a new user not very simple.
Authentication of a new user of the Bitbank exchange platform ends only after the introduction of personal data received by mail. To manage virtual currencies Bitbank created a system for managing hot and cold wallets using the multi-sig system.
Multi-sig is a mechanism that requires the confirmation of a transaction by several people for the transfer of a virtual currency and the acceptance by all of Bitbox's purses for security. The platform was created for trading and exchange operations involving Bitcoin (BTC), however, now it carries out transactions with such digital currencies as Ripple (XPR), BTC, MonaCoin (MNC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).
As the exchange for trades to fiat money, the work with the bank transfers is fully established.
Bitbank is a cheap cryptocurrency exchange, the commission is paid only for withdrawal. The platform is convenient for mobile devices and beautifully designed. In addition, graphs with many indicators for technical analysis are provided.
Bitbank uses hot and cold wallets.
Online wallets are provided in partnership with BitGo, which is a specialized crypto-protection company. Naturally, the worst moment is the fact that the exchange is oriented purely to the Japanese market (there are no pairs either to the dollar or to the euro).
The size of deposit in JPY is not specified, but for the cryptocurrencies is 0.001 BTC. Bitbank does not provide margin trading.
The daily trading volume of Bitbank is approximately close to $53 millions of dollars. At the time of writing there are only 8 crypto assets listed on Bitbank.
- Licensed by JFSA;
- Different ways of tokens storing;
- 2FA support;
- Fees only for withdrawal;
- Low trading commissions.
- Focus only on the Asian market;
- Difficult verification process;
- Lack of token’s diversity;
- No margin trading.