Last update: May 10, 2022

bitFlyer Review

This bitFlyer review will give you some valuable information about the platform and help you get a sense of whether the service can meet your needs. If you’re the type of person who doesn’t always need to follow the crowd, bitFlyer is an underrated option that can give you an edge over fellow traders.

  • bitFlyer


    1. Operating Since 2014
    2. Cryptocurrencies Supported 5+
    3. Fees Vary
    4. Deposit Methods ACH, bank account wire deposits or wire transfers, Credit Card, Debit Card, PayPal, Visa, and Mastercard
    5. Fiat Currencies USD, EUR, JPY
    6. Verification Methods ID, photo, and phone number
    7. Margin Trading Yes
    8. Futures Trading Yes

Despite relatively low notoriety, bitFlyer is currently providing one of the most feature-rich and easy-to-use crypto trading platforms. Already well-known in Japan and the rest of Asia, the team behind bitFlyer is making a solid case to earn the trust of crypto users regardless of location.

BitFlyer provides all the features users expect to find in a typical crypto platform, and the execution of these features is consistently excellent. However, the exchange does not boast the same features as the most advanced platforms on the market, so experienced traders may find the exchange lacking in certain regards.

About bitFlyer

Initially founded in 2014 by Takafumi Komiyama and Yuzo Kano, bitFlyer currently bases its operations in Tokyo, Japan, leading the nation among crypto exchanges. Utilizing the economic expertise of its founders, bitFlyer has built relationships with other financial institutions and investment firms, a positive sign regarding how other companies view bitFlyer.

Continually expanding since its founding, bitFlyer submits to regulation by the United States and Japanese governments as well as several nations in Europe. The platform allows users to buy and sell Bitcoin and other digital currencies using a range of fiat currencies such as US Dollars (USD), Euro (EUR), or Japanese Yen (JPY), and allows for direct crypto-for-crypto exchange offers.

The system in place for conducting these trades is genuinely excellent. The platform is easy to figure out and makes executing trades a breeze. New users will appreciate the easy navigation and simple instructions, and veterans will be able to jump right into leveraging the platform’s power to optimize their trades.

The bitFlyer exchange is quick and responsive, making it easy to get last-minute trades done when you need to. You’ll also have access to accurate live price-tracking, ensuring you know precisely when to finalize a deal. Unfortunately, while the bitFlyer platform is impressively designed and simple to master, experienced crypto traders may find it lacking in certain features.

For example, the platform only supports five popular cryptocurrencies including altcoins, significantly less than many alternative exchanges. The supported coins include the most prominent names like BitCoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Monacoin (Mona), Ripple (XRP), and LiteCoin (LTC) but support for lesser-known coins is lacking. While this ensures that the currency you trade on the platform is reliable, it may cause users who prioritize variety may look towards other services.

American and European Support

BitFly consistently shows dedication to growing its platform. By expanding to the USA (Bitflyer USA) and Europe just four years after they started offering their service to Japanese users, the team behind bitFly took a big step towards providing access to their service to the entire globe.

BitFlyer USA is the American version of bitFlyer. It’s based in Silicon Valley, San Francisco. The exchange is fully compliant with all mandatory regulators at both a federal level and state level. It also works with the New York Department of Financial Services.

The European branch of bitFlyer is located in Luxembourg. It is incorporated under bitFlyer EUROPE S.A. The office of the company can be found at 121 Rue de Hollerich L-1741, Luxembourg Grand Duchy of Luxembourg. The Commission de Surveillance du Secteur Financier oversees the European branch.

All bitFlyer exchanges form part of bitFlyer holdings, Inc. They use the same API and matching engine. The only difference between these exchanges is access to order books and certain features that are restricted by regulatory restrictions.

BitFly’s leadership works hard to earn consumers’ trust in each country into which they expand. For this reason, they submit to regulation by several governmental bodies, including regulatory bodies in the United States, France, and Japan. In an industry where many options are not regulated, it’s refreshing to see a company with so much oversight.

While bitFly’s expansion is great news for consumers in these areas, it’s important to remember that different regulations apply in other areas. So don’t expect all service features to be available across all versions.

If you’re in the European Economic Area (EEA) or European (EU), you can also trade MonaCoin (MONA) and Lisk (LSK). Meanwhile, Japanese users have access to several more cryptocurrencies.

How Does Bitfly Work?

Whether you’re an advanced trader or new to crypto trading entirely, bitFly offers a platform that will be easy to figure out. Users register with an email address to create a Bitflyer account, which provides limited access to the platform’s features. If you want Pro access and the full ability to start using the bitFly platform to start making money with crypto, you’ll need to provide more info.

The bitFly verification and KYC process is relatively thorough, requiring users to submit a photo ID and proof of residence, as well as a photo and phone number. However, the system quickly gets users through the process, so there’s nothing to worry about here.

Features

When considering the features offered by the bitFly platform, it’s crucial to consider your location. The features of bitFly’s platform vary quite a bit from place to place, so don’t expect all the features from different versions to be available everywhere.

One example is derivatives trading; this feature is available to users in Japan but not the rest of the world. If you’re in the US or Europe, you should only expect access to typical buying, selling, and spot-trading.

Customers from Japan can also access Lightning FX by bitFlyer’s margin trading features with up to 4x leverage.

The Bitflyer Lightning Exchange

Regardless of your role in the crypto world, data always matters. The dependability and accuracy of the data you receive influence your decisions and, ultimately, your profits. BitFly always keeps their users informed by providing the Lightning expansion exchange.

This feature puts a wealth of vital information at your fingertips, from price tracking to order history. In this tab, users can stay up-to-date on the latest market trends while still conducting trades efficiently. The lightning exchange is a truly impressive feature of bitFlyer’s platform, and users should consider it when deciding whether or not to try out the service.

Lightning is a better option for active traders who are experienced. It offers an active trading chart, an open order book, trade listings, recent trade listings and an easy order entry form. Lightning has sound effects that you might find entertaining (or slightly annoying).

You can also chat with other traders, view your trade reports, use bitFlyer’s API, fund and create alerts, and select one of the custom layout themes to get the best PRO trading experience.

Take note that Bitflyer Lightning also comes with margin trading and futures trading. Japanese users can trade on bitFlyer’s Lightning FX platform, which enables users to open a position with up to four times leverage.

The BitFlyer Easy Exchange

Users who wish to exchange their Japanese fiat currency in Bitcoins are primarily using the “Easy Exchange”. It is easy to use and designed for beginners traders. Although the platform lacks advanced charting or analysis tools, traders can still view simple price charts, trade history and place their orders. Easy Exchange is a great platform for beginners traders.

Costs and Bitflyer Fees

BitFlyer’s fees consist of withdrawal fees, trading fees, and deposit fees.

Signing up to use the bitFlyer platform is entirely free, and the team works hard to keep fees low for all their users. This effort has paid off, as bitFlyer is one of the most affordable options available in terms of trading fees. However, it’s important to note that the fee structure varies across different locations, so be sure to find information accurate to your location on their website (bitflyer.com).

The bitFlyer platform allows deposit methods in various crypto and fiat currencies, so it’s always easy to add money to your account. In addition, a wide variety of accepted fiat currency payment methods such as, ACH, bank account wire deposits or wire transfers, Credit Card, Debit Card, PayPal, Visa, and Mastercard ensures that the service is accessible to all users.

In Bitflyer US, wire withdrawal fees are free unless you choose to make your withdrawal via bank transfer (SEPA), in which case the service will charge $10 per transaction. For users concerned about losing profitability to cumulative fees, bitFlyer offers an opportunity to minimize costs without sacrificing utility.

Trading Fees

BitFlyer doesn’t charge maker/taker fees, unlike many other cryptocurrency exchanges. It charges different amounts depending on whether it uses the Lightning Exchange advanced trading platform, or the instant-buy platform.

BitFlyer’s trading fees are based on an investor’s 30-day trading volume. The fees for trades on the Lighting Exchange are listed in the table below.

BitFlyer claims that trading on its instant buy platform is free if you purchase and sell cryptocurrency. However, this is not true. BitFlyer charges a fee between 0.1% to 6.0% for the sale and purchase prices shown on the buy/sell screens. BitFlyer’s instant platform can make it more costly than other exchanges. This includes beginner-friendly platforms such as Gemini and Coinbase.

There are no fees to withdraw or deposit ACH funds from a U.S. bank and there is no fee to deposit wire money. Wire withdrawals can be subject to a $20 surcharge.

You will be charged withdrawal fees if your cryptocurrency is moved off the bitFlyer exchange. Gemini is a better choice if you plan on moving large amounts of crypto off an exchange. It offers a limited number of monthly withdrawals for free.

Safety and Security

Users can feel safe choosing bitFlyer as their primary crypto platform. The team behind bitFlyer has always been dedicated to security, and the company has never suffered a data breach. The platform also uses high-level encryption to ensure that user data is safe every step of the way.

Despite maintaining a clean record for this long, the bitFlyer team has stayed proactive regarding security. The majority of user data is kept in cold storage, meaning that it would remain safe even in the case of a hack. This type of backup is always great to see, as even the best security plans can sometimes fall short, and a contingency is always positive.

The platform also allows users to secure their accounts using two-factor authentication, which requires you to respond to a notification on your phone or computer before logging in. This system effectively enables users to monitor log-in attempts on their accounts and address concerns before they become serious.

The platform also features SSL encryption, which is used to encrypt all customer-relate communication as well as internal communications.

Furthermore, bitFlyer is a platinum member in good standing of the Japan Blockchain Association (JBA). This means that the platform meets all security and trade restrictions requirements of the association. bitFlyer claims it uses the most advanced encryption technology to protect your investments and information.

Overall, BitFlyer is a trusted and reliable cryptocurrency exchange platform. One of few cryptocurrency trading platform that is legally registered and regulated. As well the exchange implements the latest in security technologies such as Multisig Bitcoin security, SSL communication, SHA-256 technology, Google two-factor-authentication, and Anti Money Laundering (AML), and Know Your Customer (KYC) policies. These and many other security protocols and features ensure bitFlyer is a fair and safe cryptocurrency exchange.

Customer Service

Checking the FAQ center on the platform’s website can solve most issues with the bitFlyer platform by checking the FAQ center on the exchange’s website. However, if you run into a problem that you’re having trouble solving, you can always contact bitFlyer support via email.

The team behind bitFlyer is always motivated to help their users, but they do have a high trading volume of requests to address. You should quickly get a response, but don’t panic if things seem a little slow.

PROS and CONS

PROS

  • Top exchange in Japan (Bitflyer Japan), with more than 2.5 Million users around the world
  • Available in both basic and advanced purchasing forms
  • There is no fixed transaction fee to buy Bitcoin or selling crypto assets
  • Low fees for novice traders. Advanced exchange for PRO trader and a regulated exchange

CONS

  • Prices up to 6% for baked-in spreads
  • It is not a top-10 global exchange which can cause lower liquidity
  • Only a few virtual currencies are supported
  • No crypto-to-crypto trading pairs

FAQ

Is There a Mobile App?

Yes, the bitFlyer mobile app is available on both IOS and Android platforms and can be downloaded for free. However, it’s essential to consider that the mobile app does not contain all the features of the full exchange, as the Lightning Exchange is not supported.

Is bitFlyer a Trustworthy Company?

This bitFlyer review has given you a lot of information about the platform’s security features and background, but that’s ultimately up to you to decide. In comparison to competing platforms, bitFlyer is a well-regulated and operated company with extensive security protocols, so users should have nothing to worry about regarding trusting the service.

BitFlyer has submitted to regulation by the governments of multiple nations and is currently the leading crypto exchange in Japan. BitFlyer has the experience and track record that customers look for in their primary trading platform, which it has proven by managing around $250 Billion in transactions yearly.

Where Can I Access bitFlyer?

If you’re engaging in crypto trading from Europe, there’s an excellent chance that bitFlyer is available to you. BitFlyer is available now in many European countries, including France, Italy, Spain, and the UK. Since its foundation, European support has been a focus point for bitFly, and they have effectively accomplished this goal.

BitFlyer is also available in Japan and the United States, but remember that the functionality will vary depending on your version. BitFlyer works to comply with the regulations of each country they operate in, so the features available will depend on the rules that apply in your country.

bitFlyer Crypto Exchange Review for Australia

If you’re an Australian crypto trader, unfortunately, Bitflyer is not yet operating in Australia. But don’t worry, here’s a list of the Best Crypto Exchanges in Australia for 2022.

If you’re still interested in Bitflyer, here’s a quick overview about the exchange.

bitFlyer was established in Japan in 2014. Although it doesn’t list many currencies, bitFlyer claims to be the largest Bitcoin exchange by volume. It also has a U.S.-based subsidiary called bitFlyer USA.

This platform is ideal for intermediate to new cryptocurrency users who want to avoid high fees per trade. However, it can also lead to savings in certain cases for smaller orders. Lightning is a separate exchange that can be used by qualified users who have a qualifying account. Lightning has trading fees that are higher than the basic platform.

bitFlyer is known for its security record and has not been the victim of major breaches or hacks. BitFlyer uses a variety of technologies to protect accounts and cryptocurrency.

It is essential that users use unique passwords for every website, especially those that contain your money or financial assets. bitFlyer requires that user passwords be at least nine characters in length and meet complexity requirements. It provides two-factor authentication as well as an automatic account lockout/timeout feature. For certain account transactions and uses, verification is required.

BitFlyer is an excellent platform for beginners to cryptocurrency. It’s simple to use, and it doesn’t cost a lot if you trade in smaller amounts. BitFlyer’s mobile app is easy to use for crypto newbies.

Spread-based pricing and a restricted list of cryptos supported could make you look elsewhere for cryptocurrency trading, especially if your preference is to trade altcoins. BitFlyer is a great platform for beginners, but it does not offer advanced trading features.

bitFlyer Crypto Exchange Review for Canada

If you’re a Canadian crypto trader, Bitflyer is currently not available in Canada. Don’t worry though, we have a list with the Best Cryptocurrency Exchanges in Canada 2022.

Here’s a quick overview of Bitflyer if you are still interested in the exchange

bitFlyer was founded in Japan in 2014. It offers just five coins and low trading fees. BitFlyer has grown to be one of Japan’s largest crypto exchanges by focusing on just a few things well. This exchange may be a viable option for U.S. crypto investors, especially those who prefer Japanese yen, but you might want to consider other options if you don’t plan to invest exclusively in Bitcoin Cash, Ethereum Classic, Ethereum Classic, or Litecoin.

BitFlyer is ideal for those who are just starting out in crypto and want to remain only in the realms of proven, trusted coins. Sorry, no Dogecoin. It’s also a great choice for serious traders, who may not be interested in altcoins or prefer to purchase them on a different platform.

BitFlyer’s low pricing gives it an advantage over well-known brands such as Kraken, Coinbase, and Gemini, which charge premiums to newcomers. Although bitFlyer’s user-friendly and beginner-friendly buy/sell platform charges a 0.10% fee, it is still a great deal. However, fees can sometimes be as high as 66%. You’ll find fees that are higher than those on any other platform. Make sure you are aware of the actual costs before you make a purchase through bitFlyer.

For those who want to learn while they make investments, bitFlyer’s educational materials are inferior to those on other top platforms.

Advanced users might appreciate the Binance.US-level lower fees, especially on a platform that is available even to those living in New York or Texas where Binance isn’t currently accessible. BitFlyer offers many security features, such as multi-sig. This allows users to make Bitcoin wallets more secure and requires multiple keys to withdraw funds from a Bitcoin wallet.

These are all great advantages, but bitFlyer is not the best choice if you need a wide range of coins to trade. For instance, ADA can’t be bought with bitFlyer.

No matter your level of experience, it is important to consider all aspects before investing in this or any other cryptocurrency exchange. You can’t protect yourself from such a volatile asset even if you have the best security and regulatory platform.

bitFlyer Crypto Exchange Review for United Kingdom

BitFlyer, a crypto exchange based in Japan that is now accessible to U.S. citizens, is well-known for its high security. BitFlyer allows you to buy and sell Bitcoin (BTC) and Ethereum (ETH) along with a few other major cryptos. It also offers advanced and beginner-friendly trading platforms. It’s simple to use and safe, but it lacks many features. There is also a limited selection of cryptocurrency.

This cryptocurrency exchange is ideal for: Investors who value security and are interested trading some of the most important cryptocurrencies. Its low fees will make it easy to use its pro-exchange.

bitFlyer is a leader in security. BitFlyer uses the latest security measures including multisig Bitcoin wallets, SSL encryption, two factor authentication, regular stress tests and regular stress testing of its platform. To protect its crypto funds, the exchange stores them in cold wallets.

BitFlyer’s user-friendly design makes it easy for you to start investing in crypto. It takes only a few minutes to register for an account. Once you have completed the registration and verified your identity, you can add funds and purchase any cryptocurrencies that the exchange offers.

Your bitFlyer account will explain everything clearly so that there is little to no learning curve. To deposit money, click on the “Account Funding” tab. This page will display all the funding options available, along with their fees and how long it takes.

BitFlyer is the right choice for you if security and compliance are important to you. You want to invest only in the most popular cryptocurrencies and keep things simple. You are looking for an advanced trading platform that charges low fees.

If you’ve already tried bitFlyer and not satisfied for some reason, don’t worry. Here’s a list of the Best Cryptocurrency Exchange Platforms In the UK 2022. Check out! Surely you’ll find the best trading option for your needs!

Conclusions

Choosing a crypto platform can be difficult, but bitFlyer provides consumers with an easy option to get started quickly. With extraordinary security measures, an intuitive platform, and a solid mobile app, bitFlyer checks all the boxes to be an incredible overall exchange.

While customer support options are limited, bitFlyer’s team dedicates itself to keeping its users happy and effectively maintains its platform to limit issues. The main downside of bitFlyer for users looking for a platform to serve as their primary cryptocurrency exchange is the lack of supported currencies. For users seeking to branch off from the most popular currencies, bitFlyer probably isn’t what you’re looking for. You could try Coinbase and Binance if you want to work on hundreds of digital assets.

However, bitFlyer offers a variety of advantages for traders who prefer the stability and security provided by the more prominent coins. The bitFlyer platform makes it simple to start making money with crypto by boasting a responsive and intuitive platform designed for quick and easy trading.

The unique information tools offered by bitFlyer provide dedicated users with all the data they need to optimize their trading strategy and maximize their gains. Taking full advantage of the Lightning Exchange and the other data management tools available on the platform is a significant step towards mastering the bitFlyer platform.

Ultimately, bitFlyer is an excellent crypto platform that provides an easy entry point for beginners and enough advanced trading features to catch the interest of veterans. If you’ve finished reading this bitFlyer review and think that the service could be helpful to you, visit their website to learn more.

 

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.