How To Buy Bitcoin In Japan
Quite a few people have been reaching out to me on how to buy Bitcoin in Japan. That always happens when the price goes up. In this post I shall share with you two of the major exchanges you can sign up with where you can trade, store, send and receive Bitcoin and other crypto currencies.
Warning: Crypto currencies are extremely volatile and prices can fluctuate drastically within minutes or seconds. Never invest more than you can afford to lose as the space is still maturing, though, in the right direction.
The two major exchanges in Japan
The two major exchanges in Japan are coincheck and BitFlyer and they operate in basically the same way. Bitflyer seems to be a bit more service oriented to foreigners as many of their blog posts are published in both English and Japanese. Coincheck on the other hand will give updates in mainly Japanese and sometimes you'll find a little English sprinkled in the post.
BitFlyer VS Coincheck which one should I sign up for?
Personally, I am signed up to both as some cryptocurrencies available on one, may not be on the other. For instance, the token IOST is available on Coincheck but not on Bitflyer, the token increased 650% since the start of the year ( that doesn’t mean you should go and buy it, it means do some research and make an informed decision). On the other hand, BitFlyer has the Tezos token which cannot be bought on Coincheck.
But I just want to sign up for one? So which one?
Well let me give you the disadvantages and advantages of BitFlyer and Coincheck.
|Fees are cheaper compared to Coincheck.||Limited amount of coins compared to international exchanges|
|English Support in notifications and content.||Sign up process can take sometime especially for foreigners.|
|12 Crypto Currencies that can be traded.|
|In App news on coins they offer.|
|Referral Program that lets you earn as well as the referee.|
|You can Trade TPoints for Bitcoin with Bitflyer|
|15 Cryptocurrencies available to trade.||Recent outages due to server issues|
|Used by many in Japan||Prices slightly higher than Bitflyer.|
|Offers crypto lending to earn passively.||Coincheck was hacked in 2017 and therefore has an image of being unsafe.|
|Offers rewards in Bitcoin for their gas and electric services||Blog posts are mainly in Japanese, lacking English info|
In the picture below you can see some of the price differences of coins on the two exchanges. While it isn't a huge difference, it adds up. And the price you actually see here isn't the exact price you would get when buying or selling as both exchanges take fees.
So, as you see they have their advantages and disadvantages but BitFlyer seems like the better choice at this point in time. And with their new referral program you can sign up using my link and receive 1,000 Yen in Bitcoin for free, I only get 500.
Here is my referral link: https://bitflyer.com/invitation?id=telm5xwo&lang=en-JP
Things you will need to sign up.
- Resident Card
- Your Bank account information
Once your account is set up, you will need to fund it. The best way to do this is via bank transfer. You have to ensure that the bank account information you used when signing up is the same one you are remitting from. There are other methods to fund your account such as using convenient store quick pay options, available 247/365.
Once you have transferred money to the designated account, it will show up in the app/exchange in a few minutes. From there, you can grab some cryptocurrencies by simply clicking "BUY" and confirm.
So When should I buy some Crypto?
Well the funny thing about crypto is everyone wants to buy when the prices are already up. Few want to buy when the market is red ( like the two pictures of the apps above). The truth is there is no prefect time to buy but it is better to buy when the market has taken a dip and many are panicking wondering if Bitcoin will go to zero. Buy low and sell high. What many people do is buy high, panic and then sell low to try and salvage some of the money they put in. Don't let that be you, the markets always go up and then comes back down, it is a never ending cycle. If you buy and the price starts to drop, hold and wait, it will turn around at some point, patience is the name of the game.
The best strategy is to dollar cost average in.
After observing many people in the market and being involved for 4 years, I have come to the conclusion that the best thing to do is to set aside an amount of cash every month ( What you can afford to lose) and buy some coins. So lets say you have 10,000 yen to invest every month ( that you can afford to lose), just purchase that amount every month. This makes it easier to think about and the chances are you will buy high sometimes, and buy low at other times but it averages out.
The last thing I will say, is that this is not a get rich quick scheme. You are investing in a new monetary system and technology that is just getting started. The Amazons and Facebooks of the future will be built in the blockchain space. Just imagine, this blog you are reading right now is built on Blockchain technology which allows me to earn cryptocurrencies for my content. How cool is that?
Posted Using LeoFinance Beta