When you hear "BitTrade" and think of a crypto exchange, you might picture a simple, low-fee platform perfect for beginners. But here’s the truth: BitTrade isn’t a safe or reliable place to trade cryptocurrencies - not even close. It looks clean on the surface, claims zero trading fees, and targets Japanese users with JPY support. But behind that polished interface lies a platform with no regulation, no transparency, and serious red flags that could cost you your money.
What Is BitTrade?
BitTrade is a cryptocurrency exchange based in Japan, launched in 2016. It operates under bittrade.co.jp and focuses exclusively on the Japanese market. Unlike global giants like Binance or Coinbase, it doesn’t support USD, EUR, or other currencies - only Japanese Yen (JPY). It offers spot trading for Bitcoin, Ethereum, and about 19 other coins, with 21 trading pairs total. That sounds fine, right? But here’s where it falls apart: BitTrade is not licensed or regulated by Japan’s Financial Services Agency (FSA).
That’s not a small detail. Japan has some of the strictest crypto rules in the world. Since 2017, all exchanges operating legally there must be FSA-licensed. This means they must hold enough capital, use cold storage for most funds, undergo regular audits, and follow strict KYC rules. BitTrade doesn’t do any of this. There’s no public record of it applying for a license. No audits. No disclosures. Just silence.
Zero Fees? That’s a Red Flag
BitTrade claims 0.00% taker and maker fees. Sounds amazing. But in crypto, if something seems too good to be true, it usually is. Legitimate exchanges need to make money somehow - whether through withdrawal fees, spread markups, or premium services. BitTrade doesn’t list any of these either. FxVerify and Cashback Forex both question whether these "zero fees" are real or just a lure.
Think about it: how does a company pay for servers, staff, security, and customer support if it charges nothing? The answer? It probably doesn’t. Or worse - it’s using your deposits to fund something else. This pattern is classic among scam platforms that disappear after collecting enough user funds.
Traffic and Engagement: A Ghost Platform
According to SimilarWeb data from Q1 2024, BitTrade gets only about 3,105 visits per month. That’s less than 1% of what even smaller licensed Japanese exchanges like BitFlyer or GMO Coin get. And here’s the kicker: 99% of that traffic comes from organic search - meaning almost no one is referring users there. That’s not a sign of popularity. It’s a sign of obscurity.
Even worse, users aren’t staying. The bounce rate is 47%, meaning nearly half the people who land on the site leave immediately. The average visit lasts just 21.15 seconds. That’s not enough time to read a single page. Most likely, users are either confused by the interface, blocked by security warnings, or realizing something’s off and getting out fast.
Security? There’s No Proof
Every reputable exchange publishes details about its security: how much crypto is stored in cold wallets, whether funds are insured, if they use multi-sig, or have third-party audits. BitTrade? Nothing. Zero. Not a single line of information.
Compare that to BitFlyer, which stores over 95% of user funds offline and is audited annually. Or Kraken, which carries $250 million in insurance. BitTrade doesn’t even hint at these practices. That’s not just poor transparency - it’s a major risk. If the exchange gets hacked, or if the owners walk away, your Bitcoin is gone. No insurance. No recourse.
A Documented Withdrawal Scam
The most disturbing evidence comes from a user report on Forex.wikibit.com dated June 17, 2024. The user, "Greentea5931," says they were contacted on Tinder, moved to Line and Instagram, and then convinced to deposit money into BitTrade. They were promised high returns. When they tried to withdraw, the platform froze their account. No response. No explanation. Just silence.
This isn’t an isolated glitch. This is a textbook romance scam using BitTrade as the front. The platform doesn’t appear to have safeguards against this kind of fraud. No user verification checks. No fraud monitoring. No way to report suspicious activity. If you’re being cold-called by strangers on dating apps and told to "invest" on BitTrade - run. Don’t look back.
Confusion with Other Scams
There’s another platform called "Bit Trade" or "Bitbon System" that promises 72% to 228% returns through "liquidity staking." That’s not a real investment. That’s a Ponzi scheme. And because the names are so similar, scammers are likely using "BitTrade" to confuse people. Google "BitTrade" and you’ll see links to both the real site and scammy clones. If you’re not 100% sure you’re on bittrade.co.jp, you’re probably on a phishing site.
Why Japanese Users Should Still Avoid It
You might think: "I’m Japanese. BitTrade supports JPY. It’s local. It should be safe." But Japan has 23 FSA-licensed exchanges. BitFlyer, GMO Coin, and Liquid are all regulated, audited, and have millions in user deposits. They’re stable. They’re safe. BitTrade? It’s not even on the FSA’s official list.
After the 2018 CoinCheck hack - where $530 million in NEM was stolen - Japan cracked down hard. Exchanges now must follow strict rules. BitTrade ignores them all. That’s not a loophole. It’s a danger zone.
What You’re Really Getting
BitTrade offers:
- A Japanese-language interface
- Zero claimed trading fees
- 21 trading pairs
- JPY deposits and withdrawals
But what you’re not getting:
- Regulatory protection
- Secure fund storage
- Customer support that works
- Transparency about fees or security
- Any guarantee your money will be there when you need it
For a few dollars in fees, you can use a licensed exchange that protects you. Why risk everything on a platform that doesn’t even acknowledge it has a responsibility to you?
Alternatives That Actually Work
If you’re in Japan and want to trade crypto safely:
- BitFlyer - FSA-licensed, supports JPY, over 1.2 million monthly visits
- GMO Coin - FSA-licensed, strong security, reliable withdrawals
- Liquid - FSA-licensed, supports margin trading and more coins
All of these are regulated, audited, and have proven track records. None of them promise "zero fees" or hide behind silence. They don’t need to. They’re trusted.
Final Verdict: Don’t Use BitTrade
BitTrade isn’t just risky - it’s dangerous. It lacks regulation, hides its security practices, shows signs of being used in scams, and has almost no user base. Even if the zero-fee claim is true, the cost of using it isn’t money - it’s your entire crypto portfolio.
If you’re looking for a simple, low-cost exchange in Japan, there are dozens of safe, licensed options. There’s no reason to gamble with BitTrade. Your money deserves better than a ghost platform with no accountability.
Is BitTrade regulated by the Japanese Financial Services Agency (FSA)?
No, BitTrade is not regulated by Japan’s Financial Services Agency. As of 2024, it does not appear on the FSA’s official list of licensed cryptocurrency exchanges. This means it operates without legal oversight, and user funds are not protected under Japanese law.
Can I withdraw my funds from BitTrade safely?
There is documented evidence of users being unable to withdraw funds from BitTrade. One user reported being locked out after being scammed via a romance scheme that directed them to the platform. Withdrawal issues are not addressed publicly, and there is no customer support transparency. Withdrawing funds from BitTrade carries a high risk of loss.
Why does BitTrade claim 0.00% trading fees?
Claiming zero fees is likely a marketing tactic to attract users, especially those unfamiliar with how exchanges make money. Legitimate exchanges cover costs through withdrawal fees, spreads, or premium services. BitTrade’s lack of any disclosed revenue model raises suspicion that hidden fees, fund misuse, or outright fraud may be involved.
Is BitTrade safe for beginners?
No. BitTrade is not safe for beginners or anyone. It lacks regulatory protection, has no public security disclosures, and has been linked to scam operations. Beginners should use FSA-licensed exchanges like BitFlyer or GMO Coin, which offer clear rules, customer support, and fund protection.
Does BitTrade support English or other languages?
No. BitTrade is designed exclusively for Japanese-speaking users. There is no English interface, no multilingual support, and no documentation in other languages. This limits its accessibility and suggests it targets only a narrow, potentially vulnerable audience.
What are the risks of using BitTrade compared to Binance or Coinbase?
Binance and Coinbase are regulated in multiple jurisdictions, use cold storage, carry insurance, and have millions of users with verified withdrawal histories. BitTrade has none of these. It operates without oversight, has minimal traffic, and has been tied to fraud. Using BitTrade instead of these platforms is like storing cash under your mattress instead of in a bank.
