BitFlyer Cryptocurrency Exchange Review : Pros & Cons

About BitFlyer

BitFlyer is a Japanese crypto exchange with over 3 million users worldwide and over €180 billion in global trading volume in 2021. It has licenses to operate in the EU, US and Japan, and claims to meet the highest security standards in the industry. The platform offers ‘bitFlyer Buy/Sell’ with a simple interface for beginners, and ‘bitFlyer Lightning’ for advanced traders. The exchange provides spot trading, margin trading, crypto derivatives, and claims to offer fast transactions, and instantaneous bank transfer and Paypal account funding.

The company was founded in January 2014 by Yuzo Kano and his colleagues Masuda Rikiya and Takafumi Komiyama, former employees of Goldman Sachs. Yuzo Kano served as CEO until 2019, investors of bitFlyer Holdings, Inc. decided to replace the founder with Yoshio Hirako, however Kano is still the CEO of the American subsidiary. 

Information Table

How To Register At BitFlyer Exchange ?

To register on BitFlyer, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your BitFlyer Cryptocurrency Account ?

There is no mandatory verification at BitFlyer, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of FREE. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the BitFlyer, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At BitFlyer Crypto Exchange ?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From BitFlyer Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your BitFlyer Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

BitFlyer Fees

Trading fees depend on the customer’s 30-day trading volume. The buy/sell platform offers trading fees of 0.1% (for users who trade under $50,000 per month) and 0.2% for spot trades, however bitFlyer also offers free trading for BTC/EUR and ETH/BTC

Opening an account with BitFlyer is FREE!

USD Trading Fees

• Your Lightning trading fees are calculated daily between 0:00 and 0:10 AM (JST). Fees may be negotiated based on volume and trade frequency.
• The purchase and sales prices displayed on the Buy/Sell Virtual Currencies displays a substantial fee between 0.1% and 6.0%. In the event of sudden price changes, the liquidity of the market, etc., purchase and sales prices that exceed the scope of the corresponding fees may be offered.

US Dollar Deposits and Withdrawals

Features Of BitFlyer Crypto Exchange

Regulatory Approval

BitFlyer is regulated in Japan and Europe, providing users with a secure and trustworthy platform to trade on.

Zero fees, easy to use

Your interface makes trading simple for beginners. You can create an account for free, trade crypto with no transaction fees from your marketplace.

Wide Range of Cryptocurrencies

BitFlyer supports trading for various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others.

A secure way to invest

As one of the first cryptocurrency exchange with licenses to operate across the US, EU, and Japan combined, bitFlyer follows one of the industry’s highest security standards. Your next-generation security has an industry-leading 7-year streak of no hacking incidents. Also they store 100% of your crypto in cold storage.

Buy crypto with as little as $1

Invest as much or as little as you wish. At bitFlyer, you can invest in the most popular cryptocurrencies like Bitcoin, Ethereum, Litecoin and more with as little as $1.

User-Friendly Platform

BitFlyer has a user-friendly interface that makes it easy for both novice and experienced traders to navigate and use.

Fast Transaction Speeds

BitFlyer processes transactions quickly, ensuring that users can buy and sell cryptocurrencies with ease.

Security

BitFlyer places a strong emphasis on security and implements strict security measures to protect user funds and personal information.

Mobile App

BitFlyer also has a mobile app that allows users to access their accounts and trade on-the-go.

Customer Support

BitFlyer provides excellent customer support and offers a range of resources and tools to help users get the most out of their trading experience.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

BitFlyer Conclusion

BitFlyer is a leading Japanese cryptocurrency exchange. It was founded in 2014 and is headquartered in Tokyo. BitFlyer offers trading services for various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. The exchange has a strong presence in Japan and Europe and has received regulatory approval from both regions. BitFlyer is known for its security, user-friendly platform, and fast transaction speeds. In conclusion, BitFlyer is a reputable and established cryptocurrency exchange that offers a wide range of services to its users.