bitFlyer

Written By
Deniz Saat
Reviewed By

BitFlyer : A trusted cryptocurrency exchange with its presence across the globe. It is a highly secure, easy to use, and fully regulated for buying, selling, and exchanging popular cryptocurrencies. Here’s a detailed review to help you make informed decisions.

Overview

Highly reputable and regulated cryptocurrency exchange.

Low transaction, deposit, and withdrawal fees.

Can use fiat currencies like USD, Euros, and Japanese Yen.

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

Jump to Section

Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
bitFlyer
 Safe? 
ProsConsFAQ

Who are they?

bitFlyer is one of the biggest crypto exchanges globally with its headquarters in Tokyo, Japan. It is owned and operated by bitFlyer Inc and was founded in the year 2014.  bitFlyer has over 2.5 million users. The founder of bitFlyer is Yuzo Kano, a former derivatives trader from Goldman Sachs. bitFlyer began as a cryptocurrency exchange in Japan and later branched out to Europe and the US. It is often ranked among the top cryptocurrency exchanges in the world based on trading volume. bitFlyer is regulated by the Japan Financial Services Agency (JFSA) and the New York Department of Financial Services (NYDFS). This makes it one of the most trusted and reliable cryptocurrency exchanges in the world. It even has different versions for the EU region and the US, due to the different regulatory measures.

Features

bitFlyer is the preferred cryptocurrency exchange for first-time users as well as advanced crypto-traders. It offers a secure, regulated, and trustworthy platform for the buying, selling, and trading of cryptocurrencies. Low transaction fees, strong customer support, and ease of use are some of the benchmarks of bitFlyer. Due to the reasons above, Bitflyer is extensively used by users across Japan, Europe, and the US.

The bitFlyer cryptocurrency exchange has two web-based trading platforms, namely:

  1. Easy Exchange: For users who buy cryptocurrencies on the exchange with Japanese Yen. It is mostly preferred to be used by beginners. This platform has limited options but is simple enough for new users.
  1. bitFlyer Lightning FX Platform: This platform functions as a traditional forex trading platform for advanced traders. It has a sophisticated design and employs advanced features and tools. The bitFlyer Lightning Platform offers the following services:  
  • Bitcoin futures trading
  • Spot trading
  • Margin trading

Users can use different types of orders like market orders, limit orders, and stop losses in this platform.

Cryptocurrencies

  1. Bitcoin (BTC)
  2. Litecoin (LTC)
  3. Ethereum (ETH)
  4. Ethereum Classic (ETC)
  5. Bitcoin Cash (BCH)
  6. Ripple (XRP)  
  7. Fiat currencies like USD, Euros and Japanese Yen

Fiat Currencies

United States Dollar (USD)

Euro (EUR)

Japanese Yen (JPY)

Payment Methods

  1. bitFlyer Japan allows payments using credit and debit cards. It even has a dedicated bitFlyer Visa Prepaid card that allows users to signup and buy cryptocurrencies without charging any extra fees. The prepaid card is denominated in Yen, and it also has a J-Debit feature, which allows ATM card payments for cryptocurrencies.  
  2. bitFlyer US allows instant ACH deposits, wire deposits, and cryptocurrency deposits.
  3. bitFlyer Europe users can make SEPA bank transfers and other accepted modes of payment like iDeal, Sofort, and Giropay.

Supported Countries

  1. All of Europe
  2. UK
  3. Japan
  4. US

 Not available in the following US state:

  1. California
  2. Colorado
  3. Indiana
  4. Kentucky
  5. Maryland
  6. Michigan
  7. Missouri
  8. Montana
  9. Utah
  10. Nevada
  11. West Virginia
  12. Wisconsin

Fees and Buying Limits

bitFlyer is widely known for its low transaction fees. The trading fees range from 0.01-0.15% based on trading volume. The fee is reduced as volume increases.

bitFlyer offers flat fees for both takers and makers at 0.20%. Apart from transaction fees, it also charges withdrawal fees as mentioned below:  

  • Bitcoin withdrawal fee - 0.0004 BTC
  • Litecoin withdrawal fee - 0.0001 LTC
  • Bitcoin Cash withdrawal fee - 0.0002 BCH
  • Ethereum withdrawal fee - 0.005 ETH
  • Ethereum Classic withdrawal fee - 0.005 ETC

Customer Reviews

“bitFlyer cryptocurrency exchange is an excellent trading option for traders and investors seeking to buy and sell virtual currencies in a secure and regulated way. The exchange offers excellent service for both new crypto users as well as advanced traders. Besides, bitFlyer has some of the lowest fees in the industry, making it a handy alternative for everyone looking for a quick, reliable, and inexpensive fiat gateway.”- www.cryptonews.com

“bitFlyer is Japan’s biggest cryptocurrency exchange, and one of the biggest in the world. It launched in 2014 and added the separate US and EU-based operations at the end of 2017. Today, it remains a highly popular option to buy and sell bitcoin and altcoins in a secure, regulated, and trustworthy environment. Despite that, bitFlyer remains one of the lowest-fee exchanges among regulated players, making it a great and reliable option for every trader.” -  https://cryptonews.com/reviews/bitflyer/

“bitFlyer is one of the big dragons in the crypto exchange world. It is from Japan and launched on 9 January 2014. The land of sushi and ninjas not only has an impressive cultural heritage, but they also have plenty of crypto exchanges, but BitFlyer is generally considered the largest one.” - www.cryptowisser.com

“The bitFlyer exchange is an excellent cryptocurrency exchange for both beginners and advanced traders. The website is well designed, and the two trading platforms available are suiting to the demographics they serve. While there are not many digital assets available to trade, fiat currency pairs are available, and traders can participate in the futures markets and trade on margin. Another important point to note is that the exchange is licensed and regulated to operate in both Japan and the United States.” - www.fxempire.com

Is 

bitFlyer

 safe? 

Users around the world trust bitFlyer because of the strict regulations required from Tokyo and New York to operate. It employs the latest security technologies, such as:

  1. Multisig Bitcoin security, SSL encryption, and the SHA - 256 technology
  2. Two-factor authentication feature for users.
  3. Must abide by Anti Money Laundering (AML) and Know your Customer (KYC) regulations.
  4. More than 80% of bitFlyer user funds are safeguarded in cold storage wallets (not accessible online), and are protected by physical locks with 24-hour surveillance.

Pros of 

bitFlyer

  • It charges very low transaction and withdrawal fees.
  • It has a simple user interface accessible for beginners.
  • It supports fiat currencies like USD, Euros, and Japanese Yen.
  • It is a regulated exchange that is secure, reliable, and trustworthy.

Cons of 

bitFlyer

  • It has a limited number of supported cryptocurrencies.
  • It has stringent KYC measures making it difficult for first-time users.
  • The bitFlyer mobile app does not support advanced trading.

FAQ

1. Does bitFlyer have a mobile app?

Yes, bitFlyer has a dedicated mobile app on both iOS and Android devices.

2. Is KYC mandatory for bitFlyer?

bitFlyer performs multiple identity verification processes for the safety of its users. As a regulated entity, it collects and verifies important KYC information from the users before they can buy, sell, or trade on the platform.

3. Is there a fee on deposits?

bitFlyer does not charge a deposit fee. However, it charges withdrawal fees based on the coin and the amount.

4. What are the payment methods allowed on bitFlyer Europe?

As of now, bitFlyer Europe accepts only bank transfers.

5. How do you deposit Euros in the bitFlyer account?

One can deposit Euros directly in the bitFlyer account, it charges no deposit fees in the Trade Pro accounts.

6. What is bitFlyer lightning?

bitFlyer Lightning is an advanced platform by bitFlyer for experienced traders. It is an exchange for Bitcoin Spot, FX, and futures with various crypto pairs.

7. Is bitFlyer support available on the phone?

Yes, bitFlyer provides phone support in case of general inquiries, complaints, and unauthorized use reporting.

WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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