Overseas cryptocurrency exchanges often offer a more attractive range of tradable assets and lower fees compared to their domestic Japanese counterparts. It's no surprise that a significant number of Japanese investors utilize these global platforms. However, with so many options available, selecting the right one can be a challenge.
This comprehensive guide provides a ranked list of recommended overseas crypto exchanges, details on how to choose one, important considerations, and a step-by-step guide to getting started. Our selections are tailored to be user-friendly, especially for beginners.
Top 10 Overseas Cryptocurrency Exchanges
Here is our ranking of the top overseas cryptocurrency exchanges. The platforms are listed from most to least beginner-friendly.
- Best Wallet: A user-friendly, Japanese-language app that functions as both a wallet and an exchange, making trading and storing crypto simple.
- MEXC: An exchange known for its vast number of supported cryptocurrencies, rapid listings, and high liquidity, particularly for meme coins.
- Margex: An exchange specializing in leveraged trading, featuring AI-powered systems to mitigate price manipulation.
- CoinEx: A platform offering benefits for holding its native CET token, including fee discounts and dividends, alongside a wide array of altcoins.
- ByBit: A popular exchange offering leverage of up to 500x and a "zero-cut" system to prevent margin call liabilities.
- BloFin: A derivatives-focused exchange offering up to 150x leverage without mandatory KYC, complete with copy-trading features.
- KCEX: A platform known for its intuitive UI and low fees, allowing for immediate trading without lengthy identity verification.
- BingX: The pioneer of crypto copy-trading, this platform also supports MT5 and allows users to automatically follow professional traders' strategies.
- PrimeXBT: A versatile platform allowing trading of cryptocurrencies, stocks, and FX from a single account, starting with as little as $1.
- Bitunix: An exchange specializing in derivatives, featuring a unique multi-window function for simultaneous chart analysis.
1. Best Wallet
Best Wallet is a self-custody cryptocurrency wallet and integrated exchange that has gained significant attention for its all-in-one functionality. Here’s why it ranks first:
- Extensive Currency Support: Manage over 1,000 cryptocurrencies across more than 60 blockchains, ideal for portfolio diversification.
- Built-In DEX for Instant Swaps: Utilize the integrated decentralized exchange (DEX) to swap currencies directly within the app.
- Wallet & Exchange Combo: Unlike standard exchanges, it's also a wallet, meaning your assets are securely stored immediately after purchase.
- Benefits of the BEST Token: Holding the native BEST token can reduce transaction fees by up to 90% within the ecosystem.
- Launchpad Access: Safely participate in initial sales of new cryptocurrency projects directly through the app.
With user-controlled private keys, Best Wallet ensures asset security and privacy. Its intuitive interface, combined with advanced security features like 2FA and biometric authentication, makes it suitable for everyone from beginners to advanced users.
Future updates promise to include support for top staking assets and an NFT gallery, making Best Wallet a powerful hub for managing, trading, and investing in crypto.
2. MEXC
Founded in 2018 and based in Seychelles, MEXC serves users in over 170 countries and supports more than 3,000 cryptocurrencies. It is renowned for its speed in listing new altcoins and emerging projects.
Key advantages of MEXC include:
- Industry-Low Fees: Spot trading features 0% maker fees and taker fees as low as 0.05%.
- Rapid New Listings: It aggressively lists new and trending projects, often accompanied by high-yield campaigns.
- No KYC Required: Users can withdraw up to 20 BTC per day without completing identity verification.
MEXC also offers a full suite of features including derivatives, copy trading, and AI trading tools, making it a robust platform for all trader levels.
3. Margex
Margex is an exchange tailored for leveraged trading (up to 100x) while maintaining a user-friendly design. It excels in derivatives.
Its fee structure is highly competitive, with maker fees at 0.019% and taker fees at 0.06%. Its staking feature offers up to 5% APY with no lock-up period, and its copy-trading functionality allows inexperienced users to mimic pros.
A partnership with payment processors enables users to buy crypto with over 40 fiat currencies via credit card or Apple Pay. Security is bolstered by 2FA, cold storage, and an AI-powered "MP Shield" system to minimize price manipulation risks.
4. CoinEx
Hong Kong-based CoinEx has prioritized security and user experience since its 2017 launch. It supports over 600 currencies.
Unique features of CoinEx include:
- CET Token Perks: Holders of the native CET token receive trading fee discounts and VIP benefits.
- Shield Fund: A user protection fund financed by 10% of trading fees, offering compensation in case of unexpected losses.
- High-Performance Engine: A proprietary matching engine capable of processing 10,000 transactions per second ensures a stable trading environment.
CoinEx employs a multi-layered security approach, including hot/cold wallet segregation, 2FA, and regular Proof of Reserves audits.
5. ByBit
ByBit is one of the world's largest exchanges by volume, particularly strong in derivatives trading and popular among all trader classes.
Despite suffering a major hack, the platform reimbursed all lost user funds within 72 hours without halting operations, demonstrating a strong commitment to security and trust.
Standout features include:
- ByBit Pay: Enables seamless crypto-to-fiat payments.
- Advanced Copy Trading: Supports copying strategies not just in crypto, but also in gold and FX pairs.
- Massive Support: Over 1,200 supported cryptocurrencies, one of the highest counts among major exchanges.
ByBit also offers high leverage, staking, an NFT marketplace, and a Web3 wallet.
6. BloFin
BloFin is a derivatives-focused exchange offering leverage of up to 150x on over 530 perpetual futures pairs, including minor tokens. It also provides copy-trading, trading bots, and a demo mode.
Security is a top priority, with measures including asset protection via Fireblocks, real-time monitoring by Chainalysis, 1:1 margin reserves, and third-party insurance. It maintains low trading fees and does not require KYC for most functions.
7. KCEX
KCEX is a emerging Seychelles-based exchange known for its low fees and high leverage. It supports both spot and futures trading with leverage up to 100x.
Its key selling points are:
- Ultra-Low Fees: 0% maker fees on spot and futures; 0.02% taker fee on futures.
- High Leverage: Up to 100x leverage allows for significant positions with small capital.
- Strong Security: Implements 2FA and cold wallet storage.
Note that KCEX does not support fiat currency deposits or withdrawals.
8. BingX
BingX pioneered social copy-trading in crypto. Its core feature allows users to automatically copy the trades of experienced professionals.
It offers two copy-trading modes: "Fixed Margin" for easier risk management and "Order-Based" for more flexibility. The platform is also praised for its transparency, publicly verifying its 100% reserve ratio, and its user-friendly interface that caters to beginners.
9. PrimeXBT
PrimeXBT stands out by allowing users to trade not only cryptocurrencies but also CFDs on stock indices, oil, gold, and forex—all from a single account funded with crypto.
It offers leverage up to 100x, a built-in copy-trading feature, and competitive fees. A major advantage is the lack of a KYC requirement, allowing for anonymous and instant account setup. Its interface is best suited for intermediate to advanced traders comfortable with English.
10. Bitunix
Bitunix is a derivatives-specialized exchange favored for its low fees, advanced order types (stop-loss, take-profit), and intuitive design.
Supporting over 270 cryptocurrencies, it enables professional strategies like hedging, scalping, and arbitrage. User reviews frequently highlight its smooth trading engine and reliable security.
What is an Overseas Cryptocurrency Exchange?
An overseas cryptocurrency exchange is a platform headquartered outside of Japan that facilitates the buying, selling, and trading of digital assets. Operating outside Japanese jurisdiction, they often provide unique services, such as a wider range of tokens, higher leverage, and lower fees. However, using them also comes with inherent risks that must be understood.
These exchanges are typically categorized as:
- Centralized (CEX): Operated by a company, requiring user registration and KYC. They are user-friendly but require trust in the operator.
- Decentralized (DEX): Operate on blockchain via smart contracts, offering high anonymity and freedom but carrying a higher risk of scam coins.
Benefits of Using an Overseas Exchange
There are compelling reasons why many Japanese investors use global platforms.
- Access to a Vast Number of Coins: Gain exposure to thousands of cryptocurrencies, including new altcoins and meme tokens not available on domestic exchanges.
- High Leverage Trading: Utilize leverage up to 100x or more to amplify potential returns (and risks).
- Low Fees and Tight Spreads: Benefit from significantly lower transaction costs compared to domestic brokers.
- Zero-Cut System: Many platforms cover losses that exceed your margin, preventing debt from leveraged positions.
- Lucrative Bonus Campaigns: Take advantage of welcome bonuses, deposit matches, and trading rewards.
- High Liquidity: Enjoy faster trade execution at desired prices due to larger market depth.
How to Choose an Overseas Exchange
Selecting the right platform depends on your individual needs. Focus on these five key criteria:
- Range of Tradable Assets: Ensure the exchange lists the specific coins you want to trade.
- Fee Structure & Trading Costs: Compare maker/taker fees, deposit/withdrawal fees, and spread costs.
- Staking and Lending Yields: If you plan to earn passive income, review the APY offered on various assets.
- Platform Usability & Features: The interface should be intuitive and offer the tools you need (e.g., advanced charts, order types).
- Bonus Promotions: Consider sign-up bonuses and ongoing promotions to boost your initial capital.
Disadvantages and Risks
It is crucial to be aware of the potential downsides.
- Operational Risks Outside Japanese Regulation: Unregistered exchanges operating for Japanese users may be in a legal gray area, offering little to no legal protection in case of disputes.
- Security and Support Concerns: A history of major hacks exists. Furthermore, customer support may be slow or unavailable in Japanese.
- Tax and Transfer Complexity: All profits are subject to Japanese tax laws. Calculating gains from forex-denominated trades and tracking all transactions for accurate tax reporting can be complex.
How to Get Started
Getting started with an overseas exchange like Best Wallet is straightforward. Here’s a simplified guide to buying Bitcoin:
- Download the Wallet: Get the official app from the legitimate source.
- Setup the Wallet: Create an account, verify your email/phone, set a strong password, enable 2FA, and—most importantly—securely back up your seed phrase.
- Find Bitcoin: Use the app’s search or main page to locate Bitcoin (BTC).
- Purchase: Select the amount, choose your payment method (e.g., credit card), and confirm the purchase.
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Frequently Asked Questions
Q: Is it legal for Japanese residents to use overseas crypto exchanges?
A: Yes, it is generally legal for individuals to use these platforms. However, the exchanges themselves may be operating for Japanese residents without proper registration from the JFSA, which could pose legal risks for the exchange, not necessarily the user. Users are always responsible for reporting and paying taxes on their profits.
Q: What is the biggest risk when using an overseas exchange?
A: The primary risks are security (hacks, platform insolvency) and the lack of investor protection schemes that are often available with domestically regulated platforms. There is also a risk of limited legal recourse if something goes wrong.
Q: How do I report taxes for profits made on an overseas exchange?
A: Profits from crypto trading are classified as miscellaneous income in Japan. You must calculate your total gains and losses in JPY for the fiscal year. If your total miscellaneous income exceeds 200,000 yen, you must file a tax return. Using a crypto tax calculation software that supports imports from overseas exchanges is highly recommended.
Q: Do all overseas exchanges require KYC?
A: No. Many platforms allow you to start trading and even withdraw a certain amount of funds without completing full Know-Your-Customer identity verification. However, limits are usually higher for verified accounts.
Q: What is a "zero-cut" system?
A: This is a risk management feature where the exchange absorbs any losses that exceed a user's initial margin on a leveraged trade. This prevents the user from going into debt (owing money to the exchange), a risk known as "negative balance" or "margin call liability."
Q: Can I deposit Japanese Yen (JPY) directly to most overseas exchanges?
A: Typically, no. Most overseas exchanges do not support direct JPY bank transfers. Users usually need to buy a stablecoin like USDT on a domestic exchange first and then transfer that crypto to their overseas exchange wallet to start trading.