Virtual Currency Exchanges : A Complete Guide to Trading Safely
Table of Contents
- What is a virtual currency exchange?
- Risks of Virtual Currency Transactions
- What are travel rules?
- Hardware wallet protects your assets
- Recommended Virtual Currency Exchanges
- Overseas Exchanges
I want to start trading virtual currency, but I don't know where to choose...
For those of you who have such concerns.
In this article, we will explain the basics of virtual currency exchanges, security measures, and recommended exchanges in an easy-to-understand manner.
What is a virtual currency exchange?
Virtual currency exchanges are online platforms for buying and selling virtual currencies such as Bitcoin and Ethereum.
Main Functions
- Buying and selling virtual currency: You can buy and sell various virtual currencies using Japanese yen and other virtual currencies.
- Virtual Currency Holdings: Opening an account at an exchange allows you to safely store the virtual currency you purchase.
- remittance function: You can send virtual currency to other users or to your own wallet.
Transaction fees
Different exchanges charge different fees. Make sure you understand the fee structure before you start trading.
Advanced Trading Functions
Some exchanges also offer advanced features such as algorithmic trading and leveraged trading.
Risks of Virtual Currency Transactions
Virtual currency trading involves the following risks
- hacking risk: There is a risk that the exchange will be hacked and the virtual currency will be stolen.
- Price fluctuation risk: The price of virtual currency fluctuates widely and losses may occur.
It is important to understand these risks and take appropriate security measures and risk management.
What are travel rules?
Travel rules were applied to virtual currency transactions to combat money laundering and other crimes.
Travel Rules Contents
When transferring virtual currency above a certain amount, exchanges must share information about the sender and receiver.
Hardware wallet protects your assets
hardware walletis a device that allows you to store virtual currency offline.
Advantages
- High Security: Private keys are stored offline, reducing the risk of hacking.
- Superior Privacy: There is no need to worry about private keys being leaked to outside parties.
- Robust durability: Since it is a physical device, it prevents data loss due to PC or smartphone failure.
Recommended hardware wallet: Ledger Nano S Plus
Ledger Nano S Plus hardware wallet
Ledger Nano S Plus supports more than 5,500 virtual currencies and can also securely manage NFTs.
Recommended Virtual Currency Exchanges
Domestic Exchanges
- Coin Check: The interface is easy to use even for beginners. The smartphone application is easy to use and security measures are thorough, so you can start virtual currency trading with peace of mind. The number of currencies handled is 21, which is less than other domestic exchanges, but the major virtual currencies are covered.
- GMO Coin: A highly reliable exchange operated by the GMO Internet Group. Transaction fees are low, especially the no sales commission. It handles 23 types of stocks, one of the largest in Japan, and offers a wide variety of major currencies such as Bitcoin and Ethereum, as well as altcoins.
- bitbank: The site offers a large number of altcoins and more than 30 virtual currencies to trade, supports the Lightning Network, and features low bitcoin transfer fees. It also offers a full range of features for traders, such as chart analysis tools.
Overseas Exchanges
BYBIT
It is an easy-to-use overseas exchange for Japanese users, with Japanese language support. Leveraged trading of up to 100 times is available, and the exchange focuses on derivatives trading. It also offers a wide variety of promotions and bonuses.
MEXC
One of the largest virtual currency exchanges in Asia, handling over 300 virtual currencies. It offers low fees and a full range of trading tools. It also issues its own token "MX" and offers various benefits to holders of MX.
Bitget
It is a virtual currency exchange used by users around the world. It allows leveraged trading of up to 125x and offers a variety of trading methods, including futures and copy trading. It also offers a full range of social trading features, allowing users to reference other users' trades and share their own.
Zoomex
This virtual currency exchange focuses on security. It has introduced advanced security measures such as cold wallets and multi-factor authentication. In addition, the exchange supports multiple languages including Japanese, allowing users from all over the world to use the exchange with peace of mind.
FXGT
It is an international FX firm offering leverage of up to 1000 times. You can trade not only virtual currencies, but also various financial instruments such as FX and CFDs. Japanese-language support is also provided, so Japanese users can use the site with confidence.
Vantage Trading
This virtual currency trading service is provided by Vantage, a well-known FX and CFD trading company. Leveraged trading of up to 1,000 times is possible, and sophisticated trading platforms such as MT4 and MT5 are available. Japanese-language support is also provided, so Japanese users can use the service with peace of mind.
Virtual currency exchange:Detailed Comparison
| (a stock) exchange | Number of currencies handled | Maximum leverage | Transaction fees | Japanese Language Support |
|---|---|---|---|---|
| Coin Check | 21 types | twice | Sales office: 0.5%<br>Exchange: Maker 0.15% / Taker 0.25% | semivoiced sound |
| GMO Coin | 23 issues | ten times | Sales office: Free of charge<br>Exchange: Maker -0.01% / Taker 0.05% | semivoiced sound |
| bitbank | More than 30 types | twice | Maker -0.02% / Taker 0.12% | semivoiced sound |
| OKX | 343 Type | 100 times | Maker 0.08% / Taker 0.10% | semivoiced sound |
| Bybit | More than 130 types | 100 times | Present: 0.1%<br>Derivatives: Taker 0.06% / Maker 0.01% | semivoiced sound |
| MEXC | More than 600 types | 125 times | Present: 0.2% | semivoiced sound |
| FXGT | 19 types | 1000 times | free | semivoiced sound |
| Zoomex | More than 170 types | 100 times | Maker ~0.02% / Taker ~0.06% | semivoiced sound |
| Bitget | Approximately 390 types | 100 times | Spot: Free<br>Futures: Taker 0.051% / Maker 0.017% | semivoiced sound |
| Vantage Trading | Virtual Currency & Stocks | Up to 1000 times | Depends on the broker used, asset class, nature of services offered, etc. | semivoiced sound |
Key Points for Selecting a Virtual Currency Exchange
- Security measures: Make sure there are adequate security measures in place, such as two-step verification and cold wallets.
- Number of currencies handled: Make sure that the virtual currency you wish to trade is handled.
- commission: Check transaction fees and deposit/withdrawal fees.
- Japanese Language Support: Make sure you can get support in Japanese.
- ease of use: The trading screen should be easy to read and operate.
- reputation: Take a look at the reputation of other users.
Summarize
In this article, we have compiled the information you need to choose a virtual currency exchange.
Choose the exchange that is right for you and start trading virtual currency safely!
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