By Nathan Ferguson
BTCBox Review
BTCBox is a well-known crypto platform based in Japan that was founded in 2014. BTCBox also appears to be operating under the jurisdiction of the JFSA, one of the country’s financial regulatory authorities. In this BTCBox review, I will talk about the key features of this crypto exchange.
This platform provides customer support in Japanese, English, and Chinese, indicating that it is primarily focused on clients who can speak these languages. Let’s take a closer look at how this platform’s services work.
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BTCBox is a legitimate platform. We’ve already seen that it’s one that’s extensively regulated and backed by plenty of financial institutions. As a result, it’s difficult for BTCBox to slip under the radar and begin abusing clients. If the platform had been functioning illegally since roughly 2014, it would already have been closed down.
Accessibility
BTCBox appears to be primarily focused on providing services to Japanese customers. Clients from other countries can still access and utilize BTCBox; the only difference is that they must be prepared to confirm that they are legitimate customers. This platform, as previously said, provides help in both English and Chinese, indicating that it has clients from both English and Chinese-speaking areas.
Charged fees
Knowing the fees charged by a platform is very important, as we’ve seen in our reviews because the prices mount up rapidly and can eat into one’s funds. Some of the industry’s most well-known platforms do not levy variable taker/maker costs, instead opting for “flat rates.” BTCBox is one of these exchanges that has flat trading costs for individuals who use its services. A fixed fee of 0.05 percent is charged.
For many years, the market average has been 0.25 percent, although more corporations are moving toward reduced trading costs. The growing industry appears to be 0.10 percent, so you can evaluate your options to determine if the platform you’re now utilizing offers a better deal. However, BTCBox’s costs of 0.05 percent are relatively low.
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Supported Currencies
BTCBox appears to only allow clients to trade in BTC, BCH, LTC, and ETH at the moment. This site was originally intended to be a fiat-to-crypto exchange that solely enabled BTC/JPY transactions. Users can now trade any of the aforementioned cryptocurrencies for the Japanese Yen.
Deposits and Withdrawals Methods
Customers of BTCBox can deposit using a wire transfer or a bank transfer. However, credit cards are not accepted here, so if this is something you’d like to include in your list of acceptable payment options, you’ll have to search elsewhere.
You cannot transfer money from an existing crypto wallet to your BTCBox cold wallet since BTCBox does not support crypto-to-crypto trading. Because Japanese banks allow BTCBox, such transactions will include your BTCBox wallet and a Japanese bank.
Don’t forget to double-check the fees you’ll be charged for these transactions to avoid a rude awakening when you get your bank statement. There are other choices available, so don’t lock yourself into a site that will charge you enormous fees for any transactions you start.
Key intake of BTCBox
Pros
- Japanese banks have been quite helpful.
- BTC trades
- Doesn’t mean that clients from other countries are excluded
- Trading commissions and fees are reasonable
Cons
- Foreigners are not advised to join.
- No crypto-to-crypto trading is available.
- Credit card deposits are not accepted.
Conclusion
BTCBox is a Japanese exchange that, in my opinion, has proven its worth to a wide range of users over time.
If you believe that this exchange is restricting you, you should investigate what other options are available to you. A wide variety of cryptocurrencies are available, so you can diversify your portfolio if you join this exchange.
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Thank you for reading all the way to the end of my review of BTCBox and all it has to offer. I hope you considered it useful and will now be able to make an informed judgment on whether or not to depend on it.