What is DMM Bitcoin? Summary of features, reputation, fees, and how to troubleshoot when you can’t log in

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Now, in this article we cover DMM Bitcoin’s basic features, reputation, advantages and issues for use, so if you don’t know about DMM Bitcoin yet, please be sure to check it out.

What is DMM Bitcoin

DMM Bitcoin is a cryptocurrency exchange operated by DMM FX Holdings. It originally was called “Tokyo Bitcoin Exchange Co., Ltd.”, but changed its trade name to “DMM Bitcoin Co., Ltd.” and renewed and reopened on January 10, 2018.

As a cryptocurrency exchange operator, it was already certified before the name change, on December 1, 2017.

Source: DMM Coin "Important Matters Description"

Features of DMM Bitcoin

Because it is operated by the large DMM Group, there have been no major incidents with DMM Bitcoin up to now (as of November 14, 2018). Its characteristics are fivefold:

• Spot trading available for 2 assets / Leveraged trading for 7 assets
• Leverage up to 5x
• High-utility trading tools provided
• Fees are basically free
• 24/7 customer support

These features are important for understanding DMM Bitcoin, so let’s look at them in detail one by one.

Spot trading for 2 assets / Leveraged trading for 7 assets

The cryptocurrency assets available for spot trading and leveraged trading on DMM Bitcoin differ.

In spot trading, only the following 2 assets are available.

• Bitcoin (BTC)
• Ethereum (ETH)

Conversely, the following 7 assets are tradable with leverage.

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• NEM (XEM)
• Ripple (XRP)
• Litecoin (LTC)

As you can see from the above crypto assets, DMM Bitcoin can be regarded as an exchange dedicated to leveraged trading.

Leverage up to 5x

DMM Bitcoin allows leverage up to5xonly.

Some other crypto exchanges offer leverage up to 25x, for example.

However, by limiting leverage to 5x, DMM Bitcoin works to avoid extreme risk in customers’ trading.

Provision of highly convenient trading tools

DMM Bitcoin offers trading tools that are friendly to beginners.

As a PC tool, all trading items are designed to fit on one screen.

Moreover, the mobile app for DMM Bitcoin is not inferior to the PC tools in terms of functionality.

With the mobile app, you can place orders with one tap while viewing charts, so its convenience deserves high marks.

Fees are basically free

Source:DMM Bitcoin “About Fees”

DMM Bitcoin’s withdrawal and deposit fees, including quick deposits, arebasically free.

Fees only arise for bank transfer fees or for fees charged by cryptocurrency miners when funds are deposited in cryptocurrency.

Therefore, all withdrawals of cryptocurrencies and Japanese yen from DMM Coin are free of charge.

However, while there are no trading fees in Japanese yen and all cryptocurrency trades are free except for leverage fees, if you carry positions (build-up orders) to the next business day, a 0.04% fee will be charged per position for leveraged trades.

24/7 support

At DMM Bitcoin, support is available via LINE or inquiry form, including weekends, 24 hours a day, 365 days a year.

Many services offer support only on weekdays, so the 24/7 support is very helpful for asset trading.

Benefits of using DMM Bitcoin

DMM Bitcoin has features like low fees, and of course there are other benefits to using it as well.

Storage of funds in cold wallets

DMM Bitcoin stores its cryptocurrencies in cold wallets, which provides high security with no risk of customer assets being leaked via an external connection.

Know-how derived from FX and securities trading

DMM Bitcoin applies the know-how cultivated by the DMM Group in FX and securities trading to its cryptocurrency exchange.

Based on the know-how accumulated by DMM Bitcoin over the years, it enables earning even in a down market, which is a unique appeal of DMM Bitcoin.

Issues when using DMM Bitcoin

However, there are also issues when using DMM Bitcoin.

Wide spreads

DMM Bitcoin is traded on a“over-the-counter”basis rather than on an exchange, so spreads tend to be wider than on exchanges.

Even though trading fees are free, you effectively incur higher costs due to the wider spreads.

No spot trading for altcoins other than Ethereum

The altcoins available on DMM Bitcoin areEthereum (ETH), but the rest are only available for leveraged trading.

Long-term holding of altcoins or using them for transfer or payment may not be suitable here.

What to do if you cannot log in to DMM Coin

Even after registering for DMM Bitcoin, you may not be able to log in.

If you cannot log in, try the following five methods.

If you forgot your password

If you forgot your password, you should apply for a password reset from the exchange screen of DMM Bitcoin.

Click “Forgot your password?” on the login screen and follow the on-screen instructions.

On the final screen that leads to the inquiry form, select “Regarding login ID/password” in the “Inquiry items” field, fill in the required fields, and submit. This will initialize your password through DMM Bitcoin.

Afterward, it may take several days, but a new password will be mailed to the registered address as a written document from DMM Bitcoin.

If two-factor authentication cannot be used

Two-factor authentication is highly secure, but it relies heavily on the device with the authentication app installed, so it cannot be transferred to another device.

Therefore, if the device is lost, damaged, or replaced, the authentication app may stop functioning.

If you can’t obtain the authentication code, contact DMM Bitcoin and apply to disable the two-factor authentication.

To apply for disabling, select “About setting/removal of two-factor authentication” in the inquiry form, fill in the required items according to the screen instructions, and submit.

Later, by replying to the email to your registered address and completing the required steps with your identity documents, you will be able to log in again.

If you are using multiple devices

For security reasons, DMM Bitcoin prohibits simultaneous logins from multiple devices.

Even if you control your password and can obtain two-factor authentication codes, if you cannot log in, it may be because another device is currently logged in.

For example, if you cannot log in on your smartphone, check whether you are already logged in on a PC; if so, log out from the PC to resolve the issue.

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