bitFlyer Review 2023
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With the emergence of many blockchain-operated cryptocurrencies shortly after Bitcoin’s success, there came a need for cryptocurrency exchanges in all corners of the world. Back in the late 2000s, acquiring crypto was a more or less complicated task, as there weren’t many cryptocurrency exchanges available for crypto trades and purchases.
This changed after 2012 when the cryptocurrency market became more established and cryptocurrency exchanges started gaining traction. One such cryptocurrency exchange is BitFlyer, so stay with us if you want to find more about it as our article will give you an overview of its features, fees, safety, and much more.
About the Trading Platform
BitFlyer (bitflyer.com) is a regulated cryptocurrency exchange platform that offers crypto buys and sells, trading options, and other financial services in three major countries and continents in the world: Japan, the USA, and Europe. It was founded by two former Goldman Sachs employees, Takafumi Komiyama and Yuzo Kano, in Tokyo, Japan.
The exchange initially allowed users to buy Bitcoin and only later added some other popular currencies that users can buy, trade, and sell using their preferred fiat currencies such as the US dollar (USD), Euro (EUR), or Japanese Yen (JPY).
BitFlyer is a popular crypto exchange in Japan but most users utilize their services in Europe and the US due to the low fees and options that are offered on the platform. BitFlyer was launched in Japan in 2014 and it’s considered to be one of the largest cryptocurrency exchanges currently in the world. The platform opened separate offices in the US and Europe in 2017.
The platform employs high-security measures, has a friendly user interface, and offers futures and margin trading on their separate LX lightning exchange.
Bitcoin and Other Supported Cryptocurrencies
As we stated earlier, BitFlyer initially offered the original digital currency, Bitcoin (BTC), but later added the most popular altcoins such as Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK), and Monacoin (MONA). Users can use these cryptocurrencies to buy/sell or trade them against crypto or fiat currencies.
All of the featured digital assets can be deposited and traded with fiat currencies like the USD, EUR, and YEN. When compared with other popular cryptocurrency exchanges like Coinbase and Binance, the number of trading pairs is severely limited and includes only popular cryptos.
Trading Fees and Limits
BitFlyer offers one of the lowest fee systems in the crypto industry and these fees differ depending on the size of the trade yet still remain on the lower side of the spectrum compared to other popular exchanges. Also, the fees differ according to which branch of the exchange you are using. BitFlyer Japan, BitFlyer USA, and BitFlyer Europe all incorporate different fee structures.
BitFlyer Japan Fees
The original BitFlyer Japan platform has the broadest offering of virtual currencies and other crypto services like instant purchases that include Bitcoin and the other popular altcoins we’ve mentioned earlier. The platform also includes spot trading and options trading. Bitcoin exchanges on the advanced LX platform are usually free but depending on your 30-day trading volume they tend to range up to 0.15%.
Different trading and transaction fees are put in order for Bitcoin and other altcoins on the regular BitFlyer exchange. Most of the options are free but the fees can vary from 0.1% to 6% depending on the current market volatility. Aside from the trading fees, deposit fees are free on the Japan platform, but there are small withdrawal fees on crypto withdrawals.
The platform has partnered up with the Mitsui Sumitomo Bank in Japan and users who have opened bank accounts in that bank pay lower fees compared to users that use the services of different banks.
The withdrawals of less than 30,000 JPY in crypto through the Mitsui Sumitomo bank cost 220 JPY, while withdrawals through other Japanese banks are charged 550 JPY. Larger withdrawals cost 440 and 770 JPY through the Mitsui Sumitomo bank and other Japanese banks respectively.
The platform also charges a fee for futures trading up to 4x that varies according to the market conditions.
BitFlyer US Fees
The trading fees for the advanced BitFlyer Lightning platform are set at 0.12%, which makes BitFlyer US one of the cheapest platforms in the industry. Fees on the regular platform are not incorporated but there is a floating rate that varies from 0.1% to 6% that’s added to the price depending on market volatility.
Apart from these fees, there are withdrawal fees and fees on USD deposits. Most of the bank transfers are free but users will be charged a $10 fee for wire withdrawals using Fedwire. There are no fees for ACH bank deposits and withdrawals or wire deposits on Fedwire, but ACH wire withdrawals cost $10. The Bitcoin withdrawal fee is 0.0004 BTC.
These fees are low and acceptable for any type of user, beginner, or seasoned investor. Unfortunately, the US platform doesn’t support instant crypto purchases but looks like this feature will be added sometime in the future.
BitFlyer Europe Fees
When using the BitFlyer Lightning platform, users will be charged 0.20% for every fulfilled order and the fee gets lower as users increase their 30-day trading volume.
BitFlyer Europe supports instant purchases using bank cards issued by Visa, Mastercard, Soforit, iDeal, and GiraPay. The fees for all of these different cards are 1.95% per purchase, in addition to a small fixed fee.
Withdrawals up to 250,000 EUR are charged with a 0.30 EUR fee and withdrawals higher than 250.000 EUR are charged with a fixed 10 EUR fee. The Bitcoin withdrawal fee is 0.0004 BTC.
Ease of Use
There are a few interesting features on the BitFlyer platform and we’ll address some of them below:
- The BitFlyer Dashboard is the window that greets you every time you log in to your BitFlyer account. The dashboard is neatly laid out and users can utilize it to quickly find current market information such as crypto to fiat prices and more. On the other side of the screen, there is a navigational menu that gives you quick access to BitFlyer’s other features.
- The BitFlyer Instant Buy feature allows users to instantly purchase cryptocurrencies using a credit card or any other type of instant purchase method. The instant buy feature is one of the most useful tools that beginners can utilize because it’s simple to use and enables new users to quickly buy their cryptocurrency of choice. The whole process of instant buy can be utilized in less than a minute.
- BitFlyer Lightning Trading is a Bitflyer feature that is most suited for seasoned investors and beginners who want to learn more about cryptocurrency trading because it offers an in-depth view of the crypto market through a user-friendly interface. Some of the features include educational tools, trading tools, risk-management orders, and responsive charts.
The list of tools available on the platform might seem limited compared to other exchanges but they get the job done. Basic tools like price charts, trading history, order books, and enter trades are all available on the Lightning platform.
Is BitFlyer Safe?
BitFlyer is a regulated crypto exchange that offers a sophisticated security system. Their security measures include SSL certificates, SHA-2 encryption, multiple website firewalls, and personal account security features like KYC verification and two-factor authentication (2FA). Up to 80% of the digital assets stored on BitFlyer are kept in cold storage, while the remaining 20% are kept online for daily payments and basic functions of the exchange.
The main BitFlyer website offers extensive customer support and a FAQ section to quickly find existing problems. The whole support section can be viewed under Help and the topics are sorted into categories, with a “search” feature to quickly find a particular FAQ.
The platform offers only a ticket support system for users that need assistance, but the reply system only works through email and the usual response rate is under 24 hours.
A Few Words Before You Go...
We wholeheartedly recommend the BitFlyer cryptocurrency exchange to both beginners and active users who are looking for a legitimate and regulated exchange to conduct their crypto transactions.
The pros surely outweigh the cons in the case of Bitflyer, as we have a regulated exchange with some of the lowest fees in the industry, availability in a large number of countries, three different platforms for trading, company-issued wallet, and a great security and verification system. As for the cons, there’s the limited number of cryptocurrencies, the lack of live chat support, and the fact that it’s not available in Australia.
frequently asked questions
BitFlyer has a mobile app that supports both Android and iOS devices. The BitFlyer wallet app can be downloaded from the Play Store or Apple Store. Users can use the app to store their private keys and to purchase or sell crypto on the go. However, we recommend that users purchase a hardware cold wallet for the ultimate safety of their digital assets.
BitFlyer is supported in the US, Japan, and Europe. The countries that are supported in Europe are all in the European Economic Area or EEA and include Austria, Belgium, Germany, Bulgaria, Croatia, Slovenia, Greece, Cyprus, Malta, Romania Czech Republic, Estonia, Slovakia, Poland, Latvia, Liechtenstein, Lithuania, Luxembourg, Hungary, Denmark, Finland, Iceland, Sweden, Norway, Switzerland, Netherlands, France, Italy, Portugal, Spain, Ireland, and the whole United Kingdom.
Unfortunately, BitFlyer doesn’t have a licence to operate in Australia and New Zealand and doesn’t allow for fiat-to-crypto purchases with AUD. Users from these regions will have to conduct their crypto business with some other cryptocurrency exchange that supports their native country, payment methods, and fiat currency.