The Japanese cryptocurrency exchange and trading provider BTCBOX has two trading platforms. It only offers a Standard Account with decent leverage levels. It also claims to offer free Bitcoin. Furthermore, claims to be regulated by FSA and supported by Japanese banks. However, we came across many low ratings for this broker and user feedbacks only in Japanese. In this BTCBOX review, we uncover all the truth of this particular broker. Stay with us to know more.
To develop an impartial and worthy review we must talk about the advantages and disadvantages of it vice versa. The possible advantages we came across are mentioned below.
The broker operates from Japan and given license by the Japanese Financial Services Agency. This provides broker BTCBOX much credibility as many crypto brokers operate illegally. It offers two-stage account verification as well. The Bitcoin trading with this broker is costless. However, other cryptocurrencies are traded at 0.20% commission. And it applies to both Makers and Takers. This commission is considered standard. The broker does not charge any fees via blockchain transfer. Also, a bank transfer is charge less. The leverage level on Bitcoin is super attractive of 1:3. Considering the volatile nature of cryptos these are decent and affordable. Many brokers provide leverage levels above 1:10 and its loss causing. It accepts payments via Japanese Yen and attracts many local traders. There are two different trading platforms are provided. One is simple and other is professional. These both have solid charts.
Here we will discuss the disadvantages of BTCBOX. The broker offers two versions, English and Chinese, of its website apart from Japanese. Nevertheless, it primarily entertains Japanese traders. The terms and conditions section of BTCBOX leads us to believe that margin trading is not provided immediately. Only four types of cryptocurrencies BTC, BCH, LTC, and ETH are offered for trading. As mentioned earlier, it only accepts Japanese Yen and makes a difficult entry or payment by other fiat currencies like USD, GBP, or others. The broker charges per withdrawals and it’s unacceptable. Apart from this we certainly don’t know what traders think of this broker as all the feedbacks are in Japanese.
Is BTCBOX scam or legit?
The broker is regulated by the Japanese financial regulator JFSA and has the backing from Japanese banks. Yet, it only developed to serve the Japanese traders. We can see many complaints against it. It also charges withdrawal fees and margin trading takes time. The crypto broker BTCBOX may or may not be a potential scam cryptocurrency broker. Nevertheless, cryptos are volatile assets and must trade with caution.