The article highlights the top ten cryptocurrency exchanges for traders in Japan, including bitFlyer, Coincheck, Binance, Liquid, Bitbank, GMO Coin, Huobi Japan, Bitpoint Japan, DMM Bitcoin, and OKX.
The selection of the best crypto exchanges for Japan is based on various factors such as security, fees, ease of use, variety of supported cryptocurrencies, and financing options.
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With a population that is highly receptive to new technology, it’s no surprise that Japan has become a major player in the crypto market. In 2023, there are several notable exchanges operating in the country, each with its own strengths and weaknesses. After researching, we have compiled a list of the top 10 crypto exchanges in Japan.
Cryptocurrency Regulations in Japan
Japan is known for having progressive cryptocurrency regulations, with the country recognizing cryptocurrencies as legal property under the Payment Services Act (PSA). Cryptocurrencies are also considered legal tender in Japan, making it one of the biggest markets for Bitcoin worldwide. In 2018, Japan announced the establishment of a self-regulatory body for cryptocurrency exchanges Japanese Virtual Currency Exchange Association, which gathers all crypto exchanges.
However, the country has had its share of high-profile cryptocurrency hacks, including the Coincheck heist that resulted in the loss of $530 million in digital currency. As a result, the government has made it a priority to regulate exchanges, institutions, and funds involved in the cryptocurrency business. In order to prevent using cryptocurrencies to launder illegally-gained funds, the country is planning to introduce remittance rules this year.
Top 10 Cryptocurrency Exchanges
bitFlyer is perhaps the most popular Bitcoin exchange in Japan, with 2.5 million users. It was founded in 2014 and has since become one of the largest crypto exchanges in the country. It’s a reputable cryptocurrency exchange that offers competitive fees, good security features, and reliable trading services. Being one of the largest cryptocurrency exchanges in Japan and having a significant presence in other regions as well means that bitFlyer has high liquidity, which makes it easier for users to buy and sell cryptocurrencies at competitive prices. The exchange is regulated in Japan, the United States, and Europe.
- No fixed per-trade fee for standard trades
- Trusted by millions since 2014
- Easy-to-use trading interfaces
- 24/7 support
- Strong security features
- A small list of supported currencies
- Low trading volumes
Coincheck allows buying and selling crypto with three forms of payment, starting from as little as 500 JPY (less than $4), and is known for its user-friendly interface. The Japanese cryptocurrency exchange was founded in 2012; it has since become one of the largest exchanges in the country and added an NFT marketplace. Coincheck offers free trades and doesn’t charge any type of taker or maker fee. This is a major advantage for cryptocurrency buyers in Japan, as there are not many affordable alternatives available in the country. On the downside, Coincheck has experienced security breaches in the past, leading to significant losses for users. However, it has since implemented measures to improve its security.
- No trading fees
- User-friendly interface
- Additional features: an NFT marketplace and the ability to buy and sell cryptocurrencies using a credit card.
- Limited coin selection
- Security concerns
Binance is the largest and most popular global cryptocurrency exchange that accepts users and payments from 190 countries, including Japan. The platform has a high reputation and offers a wide range of cryptocurrencies with relatively low trading fees.
Security is a top priority at Binance, and the exchange has implemented several measures to ensure the safety of its users’ funds. These include two-factor authentication, cold wallet storage, and regular security audits. Binance is also known for its innovation and commitment to the development of the cryptocurrency ecosystem.
Large number of cryptocurrencies available
- Low trading fees
- Secure multi-currency wallet
- Good liquidity
- High withdrawal fees
- Regulatory issues
Liquid.com is a cryptocurrency trading platform based in Tokyo that supports 10 fiat currencies and over 100+ crypto assets. It often ranks among the top 10 exchanges in the world in terms of volume and liquidity. The exchange has a strong focus on security and offers low fees and margin trading. Liquid has a user-friendly interface that is easy to navigate, even for beginners. The platform is available in multiple languages and is accessible to users from around the world.
Liquid is also known for its commitment to regulatory compliance. The exchange is licensed in Japan and Singapore, and it follows strict regulatory guidelines.
- Strong focus on security
- Margin trading
- Low fees
- Limited currency selection
- Limited deposit options
Bitbank is another Tokyo-based cryptocurrency exchange that allows trading in multiple cryptocurrencies and has a significant market share in Japan. Bitbank has one of the lowest trading commissions in the global crypto market, with fixed fees that are not affected by assets, trading volume, or total trading volume of users. This could make it more accessible for Japanese traders, particularly those who may not have large sums to invest.
The exchange is transparent, as it provides users with detailed information on its trading volumes, fees, and other metrics, which allows traders to make more informed decisions about their investments.
- Reliable and trustworthy cryptocurrency exchange
- Cryptocurrencies are held in cold storage, which is considered a secure storage method
- Relatively low transaction fees
- User-friendly and easy to navigate
- Provides market insights and prediction algorithms
- Limited customer service options
- Only supports the Japanese yen as the fiat currency, making it inconvenient for non-Japanese users.
GMO Coin is a crypto exchange by the major GMO Internet Group that is based in Japan and handles 22 types of crypto assets. GMO Coin is one of the largest Japanese crypto exchanges and offers one of the lowest trade costs in the industry. The exchange allows users to open an account in as little as 10 minutes, so they can start trading right away. GMO Coin combines advanced trading technology and a commitment to transparency and innovation. Its association with GMO Internet Group provides a sense of stability and trust, making it a great option for cryptocurrency investors who are looking for a reliable and reputable exchange.
- Low trading fees
- Easy to use
- Limited options
- There is no information available on the security or reliability of GMO Coin beyond the fact that it is regulated by Japanese regulators
Huobi Japan is a reputable and popular cryptocurrency exchange known for its secure and reliable trading platform. The exchange offers a range of advanced trading tools and features for experienced traders, such as margin trading and futures contracts. The platform has a strong focus on security and employs industry-standard measures to protect user funds and information. Huobi Japan is also licensed and regulated by the Japanese Financial Services Agency, providing users with an added layer of trust and credibility.
- Wide variety of cryptocurrencies
- Trading fees are relatively low, with maker fees starting at 0% and taker fees starting at 0.2%.
- User-friendly interface
- Strong security track record
- Some users have reported slow customer support response times
- Regulatory scrutiny in the past
- Deposit options are limited to bank transfers
Bitpoint Japan is a reliable and trustworthy exchange for traders in Japan and beyond. It has implemented various security protocols to ensure that user funds are protected, including two-factor authentication, cold wallet storage, and multi-signature technology. The platform has a user-friendly interface that is easy to navigate, making it accessible to new traders. The exchange has a solid reputation in the crypto industry and is licensed by the Financial Services Agency (FSA) of Japan, and has so far maintained a good track record of complying with regulations.
- Compliant with regulations
- Mobile app for convenient trading on-the-go
- Offers competitive trading fees and margin trading options
- Has experienced security breaches and hacking incidents in the past, resulting in loss of funds
- Customer support may not be as responsive or helpful as desired
DMM Bitcoin has a good reputation for security and has not experienced any major hacks or breaches. The exchange is owned and operated by DMM Group, a large Japanese e-commerce and entertainment company. DMM Bitcoin is user-friendly and designed to cater to traders of all levels of experience. The exchange offers a variety of trading options, including spot trading and margin trading. The platform also provides users with real-time market data and charts to help them make informed decisions about their investments. Another advantage of DMM Bitcoin is its customer support, which is available 24/7 and is known for being helpful and responsive.
- High level of security and reliability
- User-friendly interface with intuitive design
- Low trading fees compared to other exchanges
- Limited payment options, only accepting bank transfers from a select number of Japanese banks
OKX is a global cryptocurrency exchange with low exchange fees, fully encrypted communications to ensure security, and advanced financial services. The platform has numerous features, payment methods, cryptocurrencies, and markets to cater to the demands of traders and investors. In addition to its advanced trading platform and extensive range of trading options, OKX is known for its unique approach to building a strong and supportive community of users.
One of the most interesting features of OKX is its focus on social trading, which allows users to follow and copy the trades of other successful traders on the platform. This feature, known as Copy Trading, is designed to help traders who are new to the market to learn from more experienced traders and potentially improve their trading performance.
- Large selection of cryptocurrencies
- Low trading fees
- High trading volume
- Advanced trading features:
- Global reach
- Limited payment options
- Complex user interface
- Regulatory concerns
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|Cryptocurrency exchange||Transaction fees||Number of cryptocurrencies||Pros|
|bitFlyer||0.10% to 6.0%||9-14||– No fixed per-trade fee for standard trades|
– Trusted by millions since 2014
– Easy-to-use trading interfaces
– Strong security features
|– A small list of supported currencies|
– Low trading volumes
|Coincheck||0.00%||~16||– No trading fees|
– User-friendly interface
– Additional features
|– Limited coin selection|
– Security concerns
|Binance||0.00% to 0.10%||350+||– Large number of cryptocurrencies available|
– Low trading fees
– Secure multi-currency wallet
– Good liquidity
|– High withdrawal fees|
– Regulatory issues
|Liquid||0.00% to 0.30%||100+||– Strong focus on security|
– Margin trading
– Low fees
|– Limited deposit options|
|Bitbank||0.00% to 0.12%||24||– Reliable and trustworthy cryptocurrency exchange|
– Cryptocurrencies are held in cold storage
– Relatively low transaction fees
– User-friendly and easy to navigate
– Provides market insights and prediction algorithms
|– Limited customer service options|
– Only supports the Japanese yen from fiat currencies
|GMO Coin||0.00% to 0.05%||12+||– Low trading fees|
|– Limited trading options|
– Not much info available on security or reliability
|Huobi Japan||0.0362% to 0.0462%||400+||– Regulated|
– Wide variety of cryptocurrencies
– Relatively low trading fees
– User-friendly interface
– Strong security track record
|– Slow customer support response times|
– Regulatory scrutiny in the past
– Limited deposit options
|Bitpoint Japan||from 0.00%||17+||– User-friendly|
– Compliant with regulations
– Mobile app for convenient trading on-the-go
– Offers competitive trading fees and margin trading options
|– Security breaches and hacking incidents in the past|
– Customer support may not be as responsive
|DMM Bitcoin||0.00%||7+||– High level of security and reliability|
– User-friendly interface with intuitive design
– Low trading fees compared to other exchanges
|– Limited payment options|
|0.00% to 0.1%||+300||– Large selection of cryptocurrencies|
– Low trading fees
– High trading volume
– Advanced trading features
– Global reach
|– Limited payment options|
– Complex user interface
– Regulatory concerns
What is a cryptocurrency exchange?
A crypto exchange is an online platform that enables users to purchase, sell, and trade cryptocurrencies. They act as intermediaries between buyers and sellers, enabling transactions to take place using fiat currencies or other cryptocurrencies. Cryptocurrency exchanges can offer various features such as trading tools, security features, and storage options for digital assets and are popular among investors due to their relatively low trading fees.
How many cryptocurrency exchanges are there in Japan?
According to a report by Statista, as of February 2023, there were 29 crypto exchanges in Japan listing Ethereum and Bitcoin, which are the most frequently offered coins. A total of 58 different virtual currencies are listed on 32 Japanese crypto exchanges.
What factors should I consider when choosing a cryptocurrency exchange?
First and foremost, investors should look for exchanges that are transparent and have a readily available address, as this can be a sign of legitimacy. Users should also consider the security measures implemented by the exchange, as cryptocurrencies can be vulnerable to cyber-attacks. Other important factors include liquidity, ease of use, and whether the exchange operates in your area. It’s also important to consider the fees charged by the exchange and the currencies that are supported.
Are cryptocurrency exchanges regulated in Japan?
Yes, cryptocurrency exchanges are regulated in Japan. The Japanese Virtual Currency Exchange Association was established in 2020, and all country’s crypto exchanges are members. Japan is one of the first countries to regulate cryptocurrencies, exchanges, institutions, and the funds involved in the business, and it’s the world’s biggest market for Bitcoin.
When choosing a crypto exchange in Japan, it’s important to consider factors such as security, fees, ease of use, available cryptocurrencies, and deposit and withdrawal options. The best exchange for an individual in Japan will depend on their specific needs and preferences. With Japan being one of the first countries to regulate cryptocurrencies, traders in Japan have access to a well-established and regulated market. However, the Japanese government taxes cryptocurrencies under miscellaneous income, meaning traders may face taxes of up to 55% on their trades.
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.