bitFlyer Review 2021
Understanding bitFlyer
bitFlyer is currently the biggest crypto exchange in Japan, and it launched back in 2014. By 2017, it added separate EU and US-based operations to its proceedings. It facilitates the Bitcoin Easy Exchange to exchange Bitcoin seamlessly, and the JPY alongside the Lightning Exchange is built for Wall Street traders.
bitFlyer Review – Platform Interface
bitFlyer Summary
| Headquarters | Japan |
| Found in | 2014 |
| Native Token | None |
| Listed Cryptocurrency | BTC, ETH, XRP, MONA, BCH, LSK *Depends on the Region Also |
| Trading Pairs | BTC/JPY, ETH/JPY, BTC/EUR, XRP/JPY, BTC/USD, MONA/JPY, BCH/BTC, ETH/BTC |
| Supported Fiat Currencies | USD, EUR, JPY |
| Supported Countries | US, Europe, Japan |
| Minimum Deposit | 0.001 BTC |
| Deposit Fees | 0 |
| Transaction Fees | Average |
| Withdrawal Fees | Depends on Currency |
| Application | Yes |
| Customer Support | via Help Center For Queries, Email, Inquery Form, Telephone *Depends on the Region Also |
It was founded by Yuzo Kano and Takafumi Komiyama, who are both former Goldman Sachs traders. Kano intended to form a crypto exchange platform that can compete with the Wall Street Trading system. bitFlyer lightning offers 5 to 8 popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc.
It is effortless to ease, secure, charges low trading fees, supports margin and futures trading and offers a corporate account. With such functionalities on offer, most bitFlyer reviews give it positive feedback.
How Does bitFlyer Work?
Questions like “where is bitFlyer located” and “how does bitFlyer work” are standard for traders to ask. The Japan-based cryptocurrency exchange uses the Lightning Exchange to offer Spot and FX Futures trading. It also supports crypto derivatives, margin trading, and quick transaction execution for experienced traders. However, its registration closure is poorly timed, with Poloniex and Gemini upgrading their trading proceedings to attract businesses and institutions.
bitFlyer lightning stands out from the lot by supporting both trading Bitcoin and futures exchange. Back in 2018, the average daily value traded in bitFlyer BTC futures was 1.5 billion USD. The number was even higher than the total of the subsequent three crypto exchanges combined.
Services Offered by bitFlyer
Services are a big part of every bitFlyer review, so here is an overview of the services offered by the platform.
bitFlyer Reviews – bitFlyer Services
Crypto Exchange
Virtual currency trading is the primary reason behind bitFlyer’s popularity. It allows traders to buy and sell Bitcoin, Ethereum Classic, Bitcoin Cash, Litecoin, and Ethereum. While bitFlyer USA only supports Bitcoin, the Japanese trading platform supports XRP, Monacoin, and Lisk.
Pro Exchange
bitFlyer also offers an option to trade cryptos without any limit. Users can opt for the Lightning Exchange to buy, sell, and deal with the Pro Exchange option without any limitation.
chainFlyer
bitFLyer offers a blockchain explorer service named chainFlyer that provides a simple visualization of Bitcoin’s structure. It showcases real-time BTC transactions and uses animations to simplify the process.
Blockchain Lab
Similar to chainFlyer, Blockchain Lab by bitFlyer provides data about Bitcoin transactions, addresses, and blocks. It also carries out research and development on blockchain tech.
API Playground
Lightning API Playground is an API service by bitFyer to automatically carry out tasks like transactions using the software. The solution works ideally for users with experience with security and programming. It even offers a real-time alternative with Realtime API Playground.
bitFlyer Review: Pros and Cons
The most common reason behind traders looking for a bitFlyer exchange review is assessing its pros and cons. That is why here are the top benefits and drawbacks of using bitFLyer:
| Pros | Cons |
| Simple to use and navigate. | Limited cryptocurrency support. |
| Extremely high liquidity. | Credit card transactions are only supported in Japan. |
| Regulated and licensed. | Lightning Spot Market only supports Bitcoin. |
| Multiple trading platforms. | The dashboard for Bitcoin and Altcoin can be merged. |
| Ideal for beginners. | No live chat support. |
Registration and Login Process
To enjoy comprehensive Bitcoin trading, users need to register their accounts on bitFlyer. Here is how that can be done:
bitFlyer Account Registration
- Reach the official website.
- Browse the Sign Up section.
bitFlyer Sign Up Process
- Enter a valid email address.
- Verify the email and set a password.
- Fill in details like nationality, address, mobile number, and name.
- Verify the mobile number.
- The registration process is completed.
bitFlyer Account Login
- Reach the official site.
- Go to the top-right and select “Login.”
bitFlyer Review – Login Process
- Fill in the email address and password.
- Tap on the “Log In” option.
- The login process is completed.
Trading with bitFlyer
To start trading with bitFlyer, users need to account for multiple things. The process begins with registration, and there are different types of classes you must consider. bitFlyer Japan, Europe, and the US have other account classes. Here is an overview of them all.
Enjoy Trading With bitFlyer
In Japan, there are options like Wallet Class and Trade Class. The former does not support buying, selling, or trading of digital currencies. It supports cryptocurrency deposit and withdrawal with a payment limit of 100,000 Japanese Yen in 7 days. Contrarily, the latter allows complete access to Lightning Exchange, allowing users to trade Futures, FX, and Spot.
In the US, there are options like Trade and ProTrade. The former allows you to send and receive USD and cryptocurrencies. It can also buy and sell crypto on Lightning Exchange for up to 50,000 dollars per day. The latter allows traders to buy, sell, and trade on the Lightning Exchange without any limits.
In the UK, the options are similar to the US version. There is a Trade option that facilitates buying, selling, and trading on the Lightning Exchange. It also supports deposit and withdrawal of fiat currency like EUR and cryptocurrencies up to 250 Euro per transaction. The yearly limit for the trade is 2,500 Euros. The ProTrade option allows you to buy, sell, and trade on the Lightning Exchange without any limitation.
Now that you understand the accounts class on bitFlyer, it is time to learn how to trade crypto on the platform. Here is a step-by-step guide to doing the same:
bitFlyer Reviews – bitFlyer Trading Process
Step 1: Register an Account
The trading process starts by creating an account on bitFlyer. The process to make is specified above. Users can even opt for Signing Up with Google, Yahoo, or Facebook.
Step 2: Account Verification
The next step requires you to verify your account. It can be done by clicking on “Proof of ID” on the home page. The platform will ask for personal identification to verify the account. Submit the details and upgrade the account class for more benefits.
Step 3: Account Funding
Now, users need to fund their accounts.
- Reach “Settings” and register a valid bank account alongside the Bitcoin address.
- Choose “Account Funding” and select a deposit method.
- To deposit Bitcoin, choose “Deposit BTC” and get a registered bitFlyer address.
- You can even send BTC to the new wallet address.
Step 4: Invest in Cryptocurrency
Choose any of the preferred trading pairs and choose the Buy/Sell option from the left menu. Now enter the amount you wish to invest. There is also a preset amount on the trading platform. Tap on Buy Bitcoin and submit the order.
Step 5: Withdraw Cryptocurrency
Users can withdraw cryptocurrencies through bank, ACH, and crypto.
- To withdraw in crypto, you need to register an external wallet address under “Settings” or “Account Funding.”
- After registering the account, reach the Withdrawal page and select BTC.
- Choose the withdrawal address and the amount.
- Select “Withdrawal.”
bitFlyer Fees
It is known for low bitFlyer trading fees, and understandably so. The platform charges significantly low fees, and the rates vary as per the trading volume. Plus, your region can change the bitFlyer fees since bitFlyer Europe, the USA, and Japan impose different fee structures.
| Exchange Name | Maker fees | Taker fees |
|---|---|---|
| bitFlyer USA | 0.12% | 0.12% |
| bitFlyer Europe | 0.20% | 0.20% |
| bitFlyer Japan | 0.15% | 0.15% |
bitFlyer USA Fees
bitFlyer USA straightforwardly charges fees. It charges exchange and trading fees alongside minor bitFlyer withdrawal fees, while most crypto deposits are free. Here is an overview of the charges:
| 30-Day Volume | Lightning Spot Fee | Buy or Sell Fees |
|---|---|---|
| $0 – Less than $50,000 | 0.10% | Free2 |
| $50,000 – Less than $500,000 | 0.09% | Free2 |
| $500,000 – Less than $1 million | 0.08% | Free2 |
| $1 million – Less than $5 million | 0.07% | Free2 |
| $5 million – Less than $10 million | 0.06% | Free2 |
| $10 million – Less than $50 million | 0.05% | Free2 |
| $50 million – Less than $500 million | 0.04% | Free2 |
| Over $500 million | 0.03% | Free2 |
| Deposit and Withdrawal Method | Fee |
|---|---|
| Bank Deposits (ACH) | Free |
| Bank Withdrawals (ACH) | Free |
| Wire Deposits (Fedwire) | Free |
| Wire Withdrawals (Fedwire) | $20 |
However, to check full details of bitFlyer USA fees check here.
bitFlyer Europe Fees
There are four types of charges when it comes to bitFlyer Europe. They are instant buy/sell, withdrawal fees, and spot trading. Using the Lightning Exchange incurs an instant 0.20% fee. As the trading volume decreases, so do the bitFlyer withdrawal fees. There is also a direct purchase creature available that charges 0.1% to 6% fees.
| 30-Day Volume | Lightning Spot Fee | Buy or Sell Fees |
|---|---|---|
| €0 – Less than €1 million | 0.20% | Free |
| €1 million – Less than €10 million | 0.15% | Free |
| At least €10 million2 | 0.10% | Free |
| Deposit and Withdrawal Method | Fee |
|---|---|
| SEPA Deposits | Free |
| SEPA Withdrawals | €0.30 for ≤ €250,000.00 €10.00 for > €250,000.00 |
| PayPal Deposits | 4.9% + €0.35 per transaction |
bitFlyer Japan Fees
Among the lot, bitFlyer Japan offers the most comprehensive services. It supports altcoin and Bitcoin sales and purchases alongside futures and spot trading.
| 30-Day Volume | Lightning Spot Fee | Lightning FX – Futures |
|---|---|---|
| Less than 100,000 JPY | 0.15% | Free |
| 100,000 – Less than 200,000 JPY | 0.14% | Free |
| 200,000 – Less than 500,000 JPY | 0.13% | Free |
| 500,000 – Less than 1 million JPY | 0.12% | Free |
| 1 million – Less than 2 million JPY | 0.11% | Free |
| 2 million – Less than 5 million JPY | 0.10% | Free |
| 5 million – Less than 10 million JPY | 0.09% | Free |
| 10 million – Less than 20 million JPY | 0.07% | Free |
| 20 million – Less than 50 million JPY | 0.05% | Free |
| 50 million – Less than 100 million JPY | 0.03% | Free |
| 100 million – Less than 500 million JPY | 0.02% | Free |
| At least 500 million JPY3 | 0.01% | Free |
It supports deposits and withdrawals via fiat currencies as well. Japanese users can make fiat deposits free of charge with the SBI Sumishin Net Bank. Choosing any other bank will incur a fixed fee of 330 Japanese Yen.
Deposit/Withdrawal Methods
bitFlyer lightning exchange offers multiple deposit and withdrawal methods to users. It supports:
- Debit Card and Credit Card
- Bank Account Transfer
- E-Wallets
- Cryptocurrencies
- Wire Transfer
Currencies Supported by bitFlyer
Crypto support is not bitFlyer’s strong suit, but it still offers several popular cryptocurrencies to traders. Here is a brief list of cryptos supported by the platform.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Monacoin (MONA)
- Lisk (LSK)
**Depends on the region as well here!
bitFlyer Mobile App
The exchange offers a mobile app for Android and iOS users. It is equipped with multiple features like buying/selling, send/receive, and transfer/store BTC in the bitFlyer wallet. The mobile app is quick, convenient, and user-friendly. You can even use a QR code to transmit virtual currencies.
Is bitFlyer Safe?
Questions like “Is bitFlyer safe” is a popular reason why traders go through bitFlyer exchange reviews. Calling bitFLyer a safe, secure, reliable, and competent exchange is not an overstatement. It is among the few registered and regulated web-based trading platforms on the web, which have not faced any major security breach. It implements SSL communication, multi-signature security, SHA-256 tech, two-factor authentication, KYC, and Anti Money laundering AML functions. With such features, the exchange remains one of the safest in the industry.
bitFlyer Website Regulation & Security
Customer Support
Customer support is another area where the platform excels. Users can reach support executives via telephone (in Japan) or email. There is also a Help Center where you can clarify common queries. Unfortunately, there is no live chat support, which hinders its capabilities. However, the platform still manages to stay a popular choice among crypto traders due to its efficient assistance.
Conclusion
With 4+ years of market experience, bitFlyer lightning is one of the most trusted crypto exchanges in the industry. It is highly secure, efficient, reliable, and above all, regulated. Its virtual currency availability is limited, but its trading capabilities are top-class. It supports fiat currencies, bank transfers, wire transfers, and debit/credit cards. It has three different platforms for three regions with other fee structures. The charges are low while it offers viable customer support. Margin trading, bitFlyer wallet, financial services, and trade history are supported too. All these functionalities make bitFlyer a trusted cryptocurrency trading platform for both beginners and advanced traders.
FAQs
Is bitFlyer Regulated?
Yes, bitFlyer is among the few regulated and licensed cryptocurrency exchanges on the web.
What Coins Are on bitFlyer?
The variety of coins depends on the region, with the US only offering Bitcoin and Japan offering eight cryptocurrencies. You can choose from Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Monacoin (MONA), and Lisk (LSK).
What Can You Trade on bitFlyer?
The platform is renowned for its crypto exchange services, with Bitcoin being the most popular option. It can be traded with preferred fiat currency or other cryptocurrencies.
Can US Investors Trade With bitFlyer?
Yes, US investors can use bitFlyer without any issues. There is even a dedicated platform named bitFlyer USA for US traders.
What Countries Does bitFlyer Support?
You can access the exchange in three countries; Japan, the United States, and Europe.