Pros
Cons
Quick Summary
| Headquarters Location | International |
|---|---|
| Fiat Currencies Supported | USD, EUR + 1 other |
| Total Supported Cryptocurrencies | 5+ |
| Trading Fees | 0.08% - 0.10% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Paypal, E-Wallets |
| Support | Facebook, Twitter, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
bitFlyer is a digital currency exchange known for its easy-to-use interface and sophisticated trading options. It caters to the Japanese market while also servicing US and EU clients. As a cryptocurrency exchange, bitFlyer strictly adheres to regulatory standards, creating a secure environment favored by international traders.
For seasoned investors seeking more complex tools for their strategies, the bitFlyer Lightning platform offers advanced capabilities. It ensures that even those with demanding needs can utilize the platform’s essential services. Moreover, newcomers will like bitFlyer’s simple account setup process, which reduces any difficulties associated with complex systems frequently encountered on other exchanges.
bitFlyer’s expansive service area includes Japan, which held the top rank in Bitcoin trade volumes from 2016 through 2021, alongside licensed operations in America and Europe. Additional perks facilitated using bitFlyer include catering to diverse investor profiles ranging from modest spenders to substantially financed individuals.
About bitFlyer
Established in 2014 in Japan, bitFlyer has evolved into one of the most distinguished brands in cryptocurrency. Although initially focusing on Japanese customers, bitFlyer expanded its operations to other regions. This international growth reflects the platform’s dedication to maintaining a secure and dependable trading environment.
One key distinction of bitFlyer is its status as a regulated entity across multiple jurisdictions, positioning it among a select class of cryptocurrency exchanges with such an extensive range of regulatory approvals. Establishing their American base (bitFlyer USA) in San Francisco highlights this commitment, as does acquiring authorization from Luxembourg’s Ministry of Finance for their European base.
The platform’s successful registration as a Virtual Asset Service Provider (VASP) under the supervision of CSSF in 2018 affirmed its adherence to legal guidelines. This accomplishment strengthens its stature as a safe institution where various global clients can engage securely.
bitFlyer has a number of active social profiles including Facebook, Twitter, LinkedIn and YouTube.
bitFlyer has a mobile app on both the Apple App Store and Google Play.
bitFlyer Supported Cryptocurrencies
bitFlyer supports trading on over 5 cryptocurrencies on their platform. This exchange currently supports 4 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies bitFlyer supports
bitFlyer, recognized as one of the premier crypto exchanges, currently provides trading capabilities for a set of 5+ digital currencies. While this selection of cryptocurrency assets may be limited, it includes some of the most sought-after and frequently traded cryptocurrencies on the market, such as Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). The range of available cryptocurrencies differs based on geographical location.
Despite supporting only a select group of cryptocurrencies through its exchange service, bitFlyer guarantees its customers can engage in trades involving some of the top-tier and highly valued digital assets in today’s market.
Trading Experience
bitFlyer provides an advanced trading platform that caters to a wide range of users through its web and mobile applications. The platforms are made for intuitive use, accommodating the needs of traders at all levels.
The bitFlyer exchange features an advanced platform that caters to the needs of professionals and business entities. Features include superior trading instruments, active trading charts, accelerated execution speeds, instant access to market data, open order book visibility, and the latest transaction summaries. These elements render it an all-around solution for trade strategies.
The Easy Exchange feature that bitFlyer presents ensures that newcomers to cryptocurrency trading can easily participate on the platform. With straightforward price charts and basic functionalities for trade, this entry-level interface allows novices to buy and sell cryptocurrencies confidently.
Features such as diverse order types, including market orders or limit orders, complemented by stop-loss functions (complete with auditory signals) enhance the user experience on the platform and fully engage users in their trading endeavors.
bitFlyer Fees
bitFlyer employs a pricing model incorporating trading fees into the buy and sell price spread, omitting the need for a fixed fee on each trade. This straightforward approach fosters greater transparency for users.
The bitFlyer Lightning platform applies a tiered charge system, aligning with one’s trading volume over thirty days. Traders seeking more cost-effective transactions should consider using bitFlyer Lightning due to its lower costs associated with trading activities.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | Free |
| Deposit Fee (Credit/Debit Card) | 2.5% |
| Trading Fee | 0.08% - 0.10% |
| Withdrawal Fee (Bank Transfer) | $0 - $20 |
bitFlyer supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0004 BTC. The average across all other exchanges that we've reviewed is 0.000378 BTC. This means bitFlyer charges above the industry average by 5.79%. This is worth noting because it likely means they are also charging higher fees and spreads across all cryptocurrencies on their platform.
bitFlyer has a maker/taker fee schedule which you can see below.
bitFlyer Fees (JPN)
| Trading Volume (30 Day) | Lightning Spot Fee | Instant Buy/Sell Fee |
|---|---|---|
| Less than 100,000 JPY | 0.15% | None |
| 100,000 to 200,000 JPY | 0.14% | None |
| 200,000 to 500,000 JPY | 0.13% |
bitFlyer Fees (USA)
| Trading Volume (30 Day) | Lightning Spot Fee | Instant Buy/Sell Fee |
|---|---|---|
| $0 to $50,000 | 0.10% | None |
| $50,000 to $500,000 | 0.09% | None |
| $50,000 to $1 million | 0.08% | None |
bitFlyer Fees (EU)
| Trading Volume (30 Day) | Lightning Spot Fee | Instant Buy/Sell Fee |
|---|---|---|
| €0 – Less than €1 million | 0.20% | None |
| €1 million – Less than €10 million | 0.15% | None |
| At least €10 million | 0.10% | None |
Security - Is bitFlyer Safe?
As a secure cryptocurrency exchange, bitFlyer incorporates several security features. Notably, it employs cold storage devices to store approximately 80% of user crypto assets offline, significantly reducing the risk of cyber theft.
bitFlyer enhances account safety with multiple layers, including multi-signature technology and SSL encryption paired with two-factor authentication procedures. The exchange also integrates advanced next-generation encryption systems such as TLS1.2 and AES_128_GCM to protect data transmissions.
To bolster defenses against illicit access attempts, bitFlyer has instituted several measures, including automatic sign-out after periods of inactivity, restrictions based on IP address monitoring, and verification protocols for substantial changes to user information.
As a distinguished Platinum member in the Japan Blockchain Association community, bitFlyer cements its dedication to top-tier safeguarding practices through regular virus assessments and proactive anti-hacking drills.
bitFlyer Customer Support
bitFlyer’s support services, centered around a help page and an email-based ticketing system, offer limited interaction. Customers in need of prompt aid might find this challenging. While these methods can resolve numerous typical concerns, the lack of immediate communication options such as phone or live chat may inconvenience certain individuals.
Structured to cater to different locales, such as the US, Europe, and Japan, bitFlyer’s help page comes with region-specific information that aids users in finding pertinent resolutions to their issues.
Given the limited support avenues available on the platform, customers often must depend on self-help materials and step-by-step guides for troubleshooting. This model falls short for those who prefer swift and more personal customer service interactions.
bitFlyer Support Channels
How to Sign Up on bitFlyer
- Create Account - Visit the bitFlyer website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
bitFlyer Alternatives
Binance
Total Supported Cryptocurrencies
395+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
286+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
336+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
bitFlyer is a secure and all-around crypto exchange designed for trading cryptocurrencies and is suitable for novice and seasoned traders. Its interface provides ease of use combined with advanced trading platforms such as BitFlyer Lightning to accommodate users’ different needs. Strict adherence to regulatory standards and strong security protocols add to its appeal.
There is room for growth in areas like expanding their cryptocurrency offerings beyond the current limited selection and providing customer support via phone or live chat services. Due to its excellent service provision elsewhere, these shortcomings do not overshadow bitFlyer’s strong position among cryptocurrency exchanges.
Those interested in an accessible yet robust trading framework will find what they need with bitFlyer.
bitFlyer User Reviews
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Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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