bitFlyer Review 2024

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bitFlyer is a well-known Japanese cryptocurrency exchange that offers digital asset trading and exchange solutions in Europe, the US, and Japan. It lets users buy and sell Bitcoin alongside other crypto using fiat currencies like JPY, EUR, or USD. Traders can even make quick crypto purchases with payment methods like a bank account. Despite its primary popularity in Japan, the exchange is more famous in the US and Europe.

The reasons behind its popularity are simple: it charges low fees, has responsive customer support, and is simple to use. It should be noted that its regulation and charges differ as per the region. It can be stated that bitFlyer is one of the best crypto exchange platforms for crypto newbies. Read through this bitFlyer review to learn more about the advanced trading platform and start making responsible trading decisions.

bitFlyer Summary

Official Website https://bitflyer.com/en-eu/
Headquarters Japan
Founded 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 Android & iOS
Customer Support via Help Center For Queries, Email, Inquiry Form, Telephone
*Depends on the Region Also

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Who can use bitFlyer? 

No matter the experience level, one must think carefully before investing in cryptocurrency. bitFlyer provides two trading options:

bitFlyer Review 2023 - Platform Interface

Default Buy/Sell Option

This easy-to-use platform is one of the best options for beginners. It provides information, stories, and current news about the cryptocurrency alongside its price chart. It can get expensive due to the floating spread charges.

Lightning Option

This option is available to Trade Class and above customers. This option offers various tools for cryptocurrency trading, lower cost, and a much faster speed to trade.  Experienced investors can use this option to their advantage.

bitFlyer Review: Pros and Cons

The most common reason behind traders looking for a bitFlyer exchange review is to assess 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.

How Does bitFlyer Work?

Questions like “Where is bitFlyer located” and “How does bitFlyer work” are standard for traders to ask. The regulated Japanese 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 more experienced traders. However, its registration closure could be better timed.

bitFlyer lightning stands out from the lot by supporting trading Bitcoin and futures exchange. 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 cryptocurrency exchanges combined.

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bitFlyer Features

  1. Low Fees: With some of the lowest fees among crypto exchanges, bitFlyer is a fantastic fiat gateway for novice and seasoned traders. It charges no trading fees and average transactional fees.
  2. Secure Platform: Under the guidelines established by the Japan Blockchain Association (JBA), you must provide KYC information, such as your ID, address, social security number, etc., to open an account with bitFlyer.
  3. Easy to Use: Out of the two trading modes, bitFlyer’s Lightning Exchange is for experienced crypto investors, whereas a simple interface platform is for new users.
  4. Margin & Trading: The bitFlyer lightning exchange offers 4x leverage for margin trading. Users from the US and Europe won’t be able to use this service as it is only available to residents of Japan. 
  5. bitFlyer Account: Institutional investors can apply for a corporate account with additional benefits and features.

Services Offered by bitFlyer

Services are a big part of every bitFlyer review, so here is an overview of the trading services offered by the Japan-based cryptocurrency exchange platform:

bitFlyer Reviews - bitFlyer Services

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Crypto Exchange

The primary reason behind bitFlyer’s popularity is that it offers virtual currency exchange. It allows advanced traders to trade Bitcoin, Ethereum Classic, Bitcoin Cash, Litecoin, and Ethereum. It is one of the top crypto exchanges and advanced trading platforms that supports XRP, Monacoin, and Lisk.

Pro Exchange

The bitFlyer exchange also offers an option to trade cryptos without any limit. Users can opt for the highly secure exchange to buy, sell, and deal with the Pro Exchange option without limitations.

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

Like 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 bitFlyer to carry out tasks like transactions using the software automatically. The solution works ideally for advanced users with experience with security and programming. Additionally, bitFlyer offers a real-time alternative with Realtime API Playground.

bitFlyer Mobile App

This secure cryptocurrency exchange offers a mobile app for Android and iOS users. It has multiple features like sending/receiving, transferring/storing, and buying/selling cryptocurrencies like 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.

bitFlyer Mobile App

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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

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In Japan, there are options like Wallet Class and Trade Class. The former does not support buying, selling, or trading digital currencies. bitFlyer supports cryptocurrency deposit and withdrawal with a payment limit of 100,000 Japanese Yen in 7 days. Contrarily, the latter allows complete access to the Lightning Platform, allowing Japanese users for Futures, FX, and Spot Trading. 

In the US, there are options like Trade and ProTrade. The former allows you to send and receive USD and cryptocurrencies. It can also sell and buy crypto on Lightning Exchange for up to 50,000 dollars per day. The latter allows European traders and others to buy, sell, and trade on the platform 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 top exchange. It also supports the deposit and withdrawal of fiat currency like EUR and different cryptocurrencies up to 250 Euros per transaction. The yearly limit for the trade is 2,500 Euros. The ProTrade option allows you to buy, sell, and trade on the bitFlyer Lightning Platform without limitations.

Now that you understand the accounts class, it is time to learn how to trade crypto on the advanced platform. The prerequisites for opening a bitFlyer Account are as follows before you proceed with the steps:

  1. Passport or Government-issued ID Card
  2. Proof of address
  3. The System will take a Live Photo of Your Face.
  4. Proof of Nationality 
  5. Phone number

When you have these documents available, adhere to this step-by-step instruction:bitFlyer Reviews - bitFlyer Trading Process

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Step 1: Register an Account

The crypto trading process starts by creating a bitFlyer account. Users can even opt for Signing Up with Google, Yahoo, or Facebook.

bitFlyer Sign Up ProcessHere are the steps you may follow:

    1. Reach the official website. 
    2. Browse the Sign-Up section.
    3. Enter a valid email address.
    4. Verify the email and set a password.
    5. Fill in details like nationality, address, mobile number, and name.
    6. Verify the mobile number.
    7. The registration process is completed.

Step 2: Account Verification

The next step requires you to verify your bitFlyer account. It can be done by clicking “Proof of ID” on the home page. The platform will ask for personal identification for verification. Submit the details and upgrade the account class for more benefits.

Step 3: Account Funding

Now, bitFlyer users need to fund their accounts.

    1. Reach “Settings” and register a valid bank account alongside the Bitcoin address.
    2. Choose “Account Funding” and select a deposit method.
    3. Choose “Deposit BTC” to deposit Bitcoin and get a registered bitFlyer address.
    4. You can even send BTC to the new wallet address.

Step 4: Invest in Cryptocurrency

Choose any 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 banks, ACH, and crypto.

    1. To withdraw funds from your trading account, you must register an external wallet address under “Settings” or “Account Funding.”
    2. After registering the account, reach the Withdrawal page and select BTC.
    3. Choose the withdrawal address and the amount.
    4. Select “Withdrawal.”

bitFlyer Security: Best Security for Your Crypto

bitFlyer security is a top-notch solution for crypto protection. The centralized exchange platform uses multi-signature security, SSL encryption, SHA-256 technology, KYC, anti-money laundering, and two-factor authentication to protect clients’ personal and financial information.

The security features are up-to-date and made to go through regular stress tests to check viability and strength. It also maintains regulatory compliance under the Luxembourg Ministry of Finance. Additionally, bitFlyer also holds client funds in segregated accounts. Each bank account is unique, which ensures adequately segregated client assets.

Every bitFlyer user must set unique and strong passwords with at least 9 characters, fulfilling all the complexity requirements. The cryptocurrency exchange also offers an automatic time-out and account logout feature. Among other bitFlyer security features, identity verification is important for specific account transactions and uses. bitFlyer EU is the first of many exchanges registered and regulated in Europe, Japan, and the United States.

In a public statement, bitFlyer promised to improve its cybersecurity controls by the end of 2024. The settlement with the New York Department of Financial Services (NYDFS) has brought the development to light. bitFlyer USA anticipates collaborating closely with the NYDFS to achieve global cybersecurity and risk management excellence.

Overall, bitFlyer users feel secure trading cryptocurrencies on the platform as it stores 100% of clients’ funds in cold storage. With a valid license in Japan, the US, and the EU, bitFlyer works as one of the best crypto trading destinations with industry-leading security standards.

bitFlyer Fees

It is known for slow fees, and understandably so. bitFlyer charges significantly low trading fees, and the exchange rates vary per trading volume. Plus, your region can change the bitFlyer fees since bitFlyer Europe, the USA, and Japan impose different trading 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%

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bitFlyer USA Fees

The bitFlyer Exchange USA straightforwardly charges trading 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 as per the trading volume:

30-Day Trading 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, check the full details of USA fees here.

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Deposit/Withdrawal Methods

bitFlyer exchange offers users multiple deposit and withdrawal methods. It supports:

  • Debit Card and Credit Card
  • Bank Transfer
  • E-Wallets
  • Cryptocurrencies
  • Wire Transfer

Currencies Supported by bitFlyer

Crypto support is not bitFlyer’s strong suit, but it still offers several major 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)
  • Polkadot (DOT)
  • Basic Attention Token (BAT)
  • Stellar Lumens (XLM)

*Depending on the region

Is bitFlyer Safe?

A question like “Is bitFlyer safe” is a popular reason why a novice or professional trader goes through bitFlyer exchange reviews. Calling bitFlyer a reliable, competent, safe, and secure exchange is not an overstatement. It is among the few registered and regulated web-based cryptocurrency trading platforms without major security breaches.

Like other advanced platforms, it implements SSL communication, multi-signature security, SHA-256 tech, two-factor authentication, KYC, and Anti Money laundering AML functions. This is because of the guidelines the Japan Blockchain Association (JBA) established. With such key features, the bitFlyer remains one of the safest in the industry.

Now that you understand whether bitFlyer is safe, the image below shows the same description.

bitFlyer Website Regulation & Security

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Customer Support

Customer support is another area where the bitFlyer 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 remains popular among crypto traders due to its efficient assistance.

bitFlyer Review: Conclusion

With 4+ years of market experience, bitFlyer’s Lightning FX platform is one of the industry’s most trusted & top cryptocurrency exchanges. It is a registered Virtual Currency Exchange Operator regulated by Japan Financial Services Agency (JFSA). It is one of the highly secure, efficient, reliable, and regulated exchanges. Its digital currency availability is limited, but its trading capabilities are top-class.

Along with excellent security, bitFlyer’s mobile app is user-friendly and gives crypto enthusiasts uncomplicated trading options. As one of the leading exchanges, it supports fiat currencies, US Dollars, Japanese Yen, and Euros. Along with a bank transfer, it supports a wire transfer and debit/credit card. Like other exchanges, the bitFlyer referral program allows a $15 reward within 24 hours after your referral trades $100 or more.

It has three different platforms for three regions with other fee structures. It charges low fees and offers viable customer support. bitFlyer wallet, financial services, and trade history are supported too. All these functionalities make bitFlyer a trusted advanced trading platform for beginners and pro 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.

Why should I use trading pairs?

Using trading pairs can help you save money on trading fees. You would have to make two trades instead of one if the trading pair did not exist.

Can US Investors Trade With bitFlyer?

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Yes, US investors can use bitFlyer without any issues, and US Traders also have a dedicated platform named bitFlyer USA.

Can Bitcoins be held offline?

Yes, the bitflyer Lightning Pro exchange stores more than 80% of bitcoins offline safely in cold wallets.

What Countries Does bitFlyer Support?

You can access the licensed exchange in three countries; Japan, the United States, and Europe.

What is “Quick ID verification”?

It is a real-time online verification method that takes less than 5 minutes for new users to verify their accounts and begin trading without restrictions.

How can your 2FA be modified?

After logging in, go to the Settings page and click the button next to “Security Settings” to enable, modify, or disable your 2-Factor authentication. Select how you want to receive your 2FA by clicking the “Update”.

Where is your BTC stored?

All bitcoins owned by bitFlyer are kept in cold storage devices cut off from the network to protect our customers’ funds. Multiple physical locks and a robust round-the-clock security system are used to preserve cold wallets.

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