The cryptocurrency landscape in Japan continues to evolve, with user preferences shifting across platforms based on trading volume, service satisfaction, and overall experience. A recent 2025 survey conducted by MMD Research (MMDLabo) offers deep insights into which exchanges dominate in key performance areas. The findings reveal that bitFlyer leads in trading activity, while GMO Coin ranks highest in user satisfaction and customer loyalty.
This comprehensive analysis draws from a representative sample of 43,087 Japanese adults aged 20–69 in a preliminary survey, followed by an in-depth study of 593 active crypto exchange users between January 10 and January 15, 2025. The data provides a clear picture of market dynamics, user behavior, and platform strengths.
Cryptocurrency Awareness and Adoption in Japan
Despite growing global interest in digital assets, cryptocurrency adoption in Japan remains relatively niche. According to the survey:
- 44.3% of respondents said they’ve heard of cryptocurrencies.
- Only 10.9% claimed to understand what they are.
- Just 5.5% reported having any trading experience.
- Of those, only 3.2% are currently active traders.
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This funnel indicates that while awareness is moderate, true engagement remains low—highlighting significant room for growth as education and trust increase.
Who’s Trading Crypto in Japan?
Among those with trading experience, a distinct demographic pattern emerges:
- Men in their 40s lead at 21.9%, followed by
- Men in their 30s at 17.0%, and
- Men in their 20s at 14.0%.
This suggests that middle-aged male professionals are the most active participants in Japan’s crypto market—possibly due to greater financial stability and investment experience.
Most Traded Cryptocurrencies
Among the 1,370 current traders surveyed, the most commonly held digital assets are:
- Bitcoin (BTC) – held by 80.7%
- Ethereum (ETH) – held by 41.4%
- XRP (Ripple) – held by 31.5%
This dominance of Bitcoin and Ethereum aligns with global trends, reflecting investor preference for established, high-liquidity assets. XRP’s strong showing may be attributed to its historical popularity in Japan and regulatory clarity compared to other altcoins.
Leading Crypto Exchanges by Trading Volume
When asked which platform sees the highest transaction value, users identified:
- bitFlyer: 22.7%
- Coincheck: 18.8%
- SBI VC Trade: 10.7%
These three platforms collectively account for over half of all high-value trading activity in Japan. bitFlyer’s lead is likely due to its early market entry, strong security reputation, and integration with traditional financial services.
Why Users Choose These Platforms
While the original survey doesn’t detail specific reasons for selection, common factors influencing Japanese users include:
- Regulatory compliance with Japan’s Financial Services Agency (JFSA)
- User interface simplicity
- Availability of Japanese-language support
- Fast deposit and withdrawal options via local banks
Exchange Satisfaction: GMO Coin Takes the Lead
User satisfaction tells a different story than trading volume.
Among the six major platforms evaluated, GMO Coin ranked highest in overall satisfaction:
- GMO Coin: 67.0% satisfied
- Mercari Bitcoin Trading Service: 63.4%
- bitFlyer: 62.0%
GMO Coin’s focus on intuitive design, low fees, and educational resources appears to resonate strongly with retail investors seeking a reliable and beginner-friendly experience.
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Net Promoter Score (NPS®): Measuring Loyalty
The Net Promoter Score (NPS®)—a metric measuring how likely users are to recommend a service—further highlights platform loyalty:
- GMO Coin: –29.0
- bitFlyer: –30.0
- Rakuten Wallet: –37.0
While all scores are negative (indicating more detractors than promoters), GMO Coin edges out competitors with the least negative score, suggesting it has the strongest advocacy base among Japanese crypto users.
Note: NPS® is calculated as % Promoters (9–10 ratings) minus % Detractors (0–6 ratings). A higher score indicates stronger customer loyalty.
Key Factors Influencing Exchange Choice
Although not fully detailed in the summary, typical decision drivers for Japanese users include:
- Platform security and track record
- Fee structure (trading, deposit, withdrawal)
- Range of available cryptocurrencies
- Mobile app usability
- Customer support responsiveness
- Integration with e-commerce or banking services
For example, Mercari’s Bitcoin service benefits from seamless integration with its popular shopping platform, appealing to casual investors.
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Frequently Asked Questions (FAQ)
Q: Which crypto exchange is most popular in Japan?
A: Based on trading volume, bitFlyer is the most used platform in Japan, followed closely by Coincheck and SBI VC Trade.
Q: What is the most trusted crypto exchange in Japan?
A: While bitFlyer leads in usage, GMO Coin ranks highest in user satisfaction and has the best Net Promoter Score, indicating stronger trust and loyalty among its users.
Q: Is cryptocurrency legal in Japan?
A: Yes. Japan recognizes cryptocurrency as legal tender for payments and regulates exchanges under the Payment Services Act. All major platforms must register with the Financial Services Agency (FSA).
Q: Can foreigners use Japanese crypto exchanges?
A: Most Japanese exchanges require residents with local bank accounts and phone numbers. International users often turn to global platforms like OKX for broader access.
Q: Why is GMO Coin more satisfying than others?
A: Users cite its clean interface, low fees, strong security measures, and helpful educational content as key reasons for higher satisfaction—even though it doesn’t lead in trading volume.
Q: How accurate is this survey data?
A: The study surveyed 593 active exchange users across six major platforms, with weighted adjustments for demographic accuracy. While not exhaustive, it provides a reliable snapshot of current market sentiment.
Conclusion
Japan’s cryptocurrency market showcases a clear divide between usage and satisfaction. While bitFlyer dominates in trading volume thanks to brand recognition and infrastructure, GMO Coin excels in user experience and customer loyalty.
For investors evaluating platforms, these insights underscore the importance of balancing popularity with personal needs—such as ease of use, fee transparency, and long-term reliability.
As adoption slowly grows beyond early adopters and tech-savvy males into broader demographics, exchanges that prioritize education, accessibility, and trust will likely gain ground—just as GMO Coin has demonstrated.
Whether you're based in Japan or exploring global opportunities, understanding regional trends helps inform smarter investment decisions.
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