bitFlyer

bitFlyer Exchange Review

Centralized

bitFlyer Overview

  • bitFlyer is Japan’s most famous crypto exchange in terms of Bitcoin volume and offers a wide variety of cryptocurrencies for trading. The exchange was established in January 2014 and is owned and operated by bitFlyer Inc. The exchange has a headquarter in Tokyo, Japan but provides its service all over the globe. In 2016, bitFlyer extended their virtual trading services to the US and allows Bitcoin trading in three major continents, namely, Europe, Asia and the US.

    The exchange has consistently provided smooth operation since its inception and has not as of yet, faced any security issues. bitFlyer provides a total of three trading pairs including EUR, USD and JPY, while you can buy and sell numerous crypto tokens including ETH, BTC, LTC, etc.

    bitFlyer charges 0.0008 BTC as transaction fees when you withdraw in Bitcoins and charges a fixed fee of $10 USD if you withdraw in USD. Trading fees ranges around from 0.1% to 0.15% and the fee is calculated on the basis of your 30-day trading volume.
    According to a review, bitFlyer has employed a number of security protocols to keep the users safe from any precarious situation. Due to their strict safety regulations, they have been granted licensing from EU, Japan’s Financial Services Agency (JFSA) and 42 states of the US.

    Reviews mention that bitFlyer has a strong customer support section, however, It is unclear how efficient the support of the exchange is, however, upon reading reviews and forums, you can verify that the users are mostly happy with the services provided by the exchange.

    BitFlyer offers its customers two trading platforms matching their different needs. Easy Exchange is for users that are changing fiat currencies with Bitcoin, while bitFlyer Lightning is for more experienced traders that want to sell/buy bitcoin through Limit, Market or Special orders. Additionally, accounts can be corporate or individual, and two account classes are offered Trade and Trade Pro.

    The site of BitFlyer is kept simple and includes a dashboard, a trade report section, and lightening exchange. The trading platform is straight-forward but also detailed, which might make it complicated for beginners. It also incorporates a chat function, a section where graphs can be plotted, a leaderboard, etc. and a settings section where the trading platform can be personalized.

    BitFlyers priorities are usability, reliability, and security. Since it was founded, BitFlyer adapted and developed security protocols and procedures (Multi-sig, AML, KYC)  to ensure customer safety, wherefore they never encountered any security issues by now. A considerable amount of bitcoins are stored offline in cold wallets, and transaction security keeps improving. These special procedures made the exchange a platinum member of the Japan Blockchain Association. Reliability and usability and efficiency are achieved through constant improvements.

    bitFlyer Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      7,922.506 BTC

      • bitFlyer Total Trading Pairs

        6

        • bitFlyer Margin Trading

          Yes

          • bitFlyer Deposit Fees

            JPY: free through SBI Sumishin Net Bank, otherwise 330 JPY per deposit.

            • bitFlyer Trading Fees

              BTC 0.01~0.15% 
              ETH 0.02%
              BCH 0.02%
              Full list here

              • bitFlyer Fiat Deposit

                Yes

                • Accepted Payment Methods

                  Crypto to Crypto, Crypto to FIAT

                  • bitFlyer Native Token

                    No

                    • Native Token Smart Contract

                      N/A

                      • bitFlyer Trading Markets
                        • bitFlyer Stablecoins Trading

                          N/A

                          bitFlyer Markets Data

                          Market Price Volume (24h) Change (24h) Last update
                          BCH/BTC Ƀ 0.02597 BCH 99.22

                          Ƀ 0.000060

                          0.23%

                          2020-08-04 04:52:33
                          BTC/EUR € 7,801.10 Ƀ 0

                          € 0.0

                          0.00%

                          2020-02-28 10:23:58
                          BTC/JPY ¥ 1,199,999.0 Ƀ 5,977.33

                          ¥ 15,499

                          1.31%

                          2020-08-04 08:40:36
                          BTC/USD $ 8,605.80 Ƀ 0

                          $ 0.0

                          0.00%

                          2020-02-28 10:26:37
                          ETH/BTC Ƀ 0.03481 Ξ 174.78

                          Ƀ 0.00053

                          1.55%

                          2020-08-04 08:13:25
                          ETH/JPY ¥ 42,000.0 Ξ 42,008.8

                          ¥ 1,568.00

                          3.88%

                          2020-08-04 08:41:13

                          bitFlyer Withdrawals

                          • Daily Withdrawal Limit

                            Depending on account type. Wallet class up to 100,000 JPY per 7 days

                            • bitFlyer Withdrawal Fees

                              Full list here

                              • bitFlyer Withdrawal Fees Discount

                                High volumes discount. Full details here

                                • Proof of Reserves

                                  N/A

                                  bitFlyer Exchange Rating Analysis

                                  Last edit 18.09.2019

                                  • Bitflyer is a trusted and tried exchange, operating in Japan since 2014 and in the US since 2016. The company has never experienced an attack or loss of funds, and closely works with Japanese, American and European authorities in each one of its branches to ensure regulatory compliance - so much so that when the FSA handed Bitflyer a "business improvement" order, they have made the required adjustments to maintain their compliance, and are since not accepting new user sign-ups, while we are still waiting on news on the matter - there is no definitive date when these sign-ups may open up to the public again.

                                    Bitflyer has a welcoming website and interface, for both newcomers and veterans alike, and offer very low fees relative to their competitors, as low as zero in some parts of the exchange. However, and because of its strict compliance, Bitflyer currently only offers trading against BTC and ETH, with no new listings in sight. Although this may deter some traders, we believe as of now a smooth operation of an exchange without exposure to regulatory scrutiny is highly preferred.

                                    Another selling point for the exchange is the fact they have managed to secure not only insurance for users' JPY deposited in their bank account, but also for their crypto assets - namely Bitcoin - a first in Japan and hopefully a trendsetter. For many customers, Bitflyer is the entry point into Bitcoin and crypto, providing a safe, insured, trusted and easy way to exchange fiat into cryptocurrency, with very low fees and the promise of working with a trusted and reputable company, also having gained the trust of multiple authorities.

                                    bitFlyer Exchange KYC and AML

                                    • bitFlyer Exchange KYC and AML

                                      Personal ID

                                      • bitFlyer AML Policy

                                        AML Policylink

                                        bitFlyer Exchange Additional Information