How to Buy Cryptocurrency in Japan
Buying cryptocurrency in Japan
Cryptocurrencies have always been a popular trend in Japan, although they became recognized by the government not so long ago. Bitcoin and other cryptocurrencies were officially made into a valid form of payment in 2017. The residents of Japan can use Bitcoin and similar currencies to pay for goods and services at a variety of places across the country. However, it is important to note that the government has classified cryptocurrencies as a financial asset only. That means cryptocurrencies are not yet legally recognized as an actual currency or legal tender in Japan. While many believed that Japan banned Bitcoin and cryptocurrencies due to the strict laws in this country, that is actually far from the truth. In fact, Japan is a very progressive environment that offers plenty of room for crypto adoption and the use of digital currencies in people’s daily lives. The residents of Japan can find Bitcoin ATMs all over the country, including in restaurants such as Roppongi, Shibuya, and Ginza.
As of 20/03/2021
These exchanges all accept customers from Japan. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow