Cryptocurrencies and bitcoin have become an age-old concept now. It also adopts blockchain technology attracting a huge amount of investment globally. This concept has also provided opportunities for talent pooling from across the globe. And just like how Bitcoin as legal tender in El Salvador turned to success.
For those who are new here, cryptocurrency is a digital currency form. Unlike traditional wallets, these currencies do not take any physical form. Transactions are secure and allow investors to exchange coins and tokens. There are also peer-to-peer transactions. Cryptocurrency transactions undertake the concept of blockchain. This is a public ledger that stores details of digital transactions undertaken. This decentralized platform functions in its way. It means no central agency or hacker can never find their way to your transaction’s details at any time.
Cryptocurrency investments are also susceptible to huge market speculations. As per studies, some investors still reap benefits from the crypto investment. And few lost their entire savings in a night. Hence it is important to tread with caution while investing in cryptos.
Now that we have understood the basic concept, let us now understand how cryptos work in Japan.
How to gain access to cryptocurrency in Japan?
To invest in cryptocurrency, you need to first fulfill the need of registering in an exchange. Investors need to gain access to an exchange. These exchanges allow for investing and trading of cryptos. The biggest and first exchange to get their launch in Japan is the BitFlyer. The second largest is Coinbase. While this exchange has its roots in the USA, it entered Japan market in 2017. If you are looking at trading coins as well, then KuCoin can be your best choice. We will understand the pros and cons in detail. It is important to understand these exchanges have their own rules and procedures. An investor must follow these rules before using an exchange.
Cryptocurrency exchanges in Japan
Understand that no two exchanges work in the same way. In case your application rejects, then check if another exchange accepts your application. If you are unable to complete your online identity verification, then check options for postal verification.
These exchanges accept investor applications based on certain criteria. This includes nationality, visa status, and driving license checks. It is important to check the specifics before investing through an exchange.
Let us now look at the top 05 crypto exchanges in Japan enabling digital transactions.
BitFlyer: This is the largest and trusted bitcoin and cryptocurrency exchange in Japan. Considering the volume of transactions, BitFlyer leads the game. It is the global leading exchange for bitcoin transactions. The Quick deposit functionality is enabled by banks to complete the transactions. BitFlyer charges investors with low transaction costs. This makes it a preferred choice amongst investors. If you are a verified trader, then there is no high limit on the number of transactions allowed per day.
Coincheck: Registered users can use their bank accounts or credit cards for the transaction. Link your bank account to the exchange and use these details to buy bitcoins or other cryptos. If you are a Japanese citizen and wish to trade on low volumes, then Coincheck is your best bet. It allows investments without any identity verification process. But you need to be cautious of the fact that there is no fixed charge assigned to credit card purchases. Transaction charges may vary for every deposit.
PayBis: This is another popular crypto exchange. Based out of the US, today PayBis is available for use in Japan and 180 other countries. They offer their investors high limits of transactions. Also, these transactions are complete at lightning speed. PayBis has a 5-minute identity verification process. This enables investors to start their trading from Day 1 of registration itself.
Cryptocurrencies in Japan
Bitcoin yes has its base in Japan. But other than bitcoin, there are also other cryptos in making their way investment market. Investors can choose between Ethereum, Altcoins, non-fungible tokens, and meme-coins for investment purposes.
In case you are not trading and wish to make cryptocurrency only as an investment model. It is best for you to use a crypto-wallet as well.
