bitFlyer Review 2019

bitFlyerReview

bitFlyer is the number one cryptocurrency exchange by Bitcoin volume in Japan and offers an array of cryptocurrency assets to trade. The exchange is owned and operated by bitFlyer Inc. and was established in January 2014. bitFlyer is based in Japan with their headquarters located at Midtown Tower 8F, 9-7-1 Akasaka, Minato-ku, Tokyo 107-6208.

bitFlyer is a Japanese cryptocurrency exchange and the rules and regulations in Japan are far more advanced when it comes to these types of operations. Therefore, bitFlyer is a licensed and registered Virtual Currency Exchange Operator with registration number 00003. The exchange is also regulated by both the Japan Financial Services Agency (JFSA) and the New York Department of Financial Services (NYDFS). These regulations make bitFlyer one of the most trusted cryptocurrency exchanges and allow them to operate within the United States as well. Another noteworthy point about this exchange is their partnership with Sumimoto Mitsui Banking Corporation.

Contents

It is obvious that bitFlyer is a competent and trustworthy exchange due to their high Bitcoin volume, regulatory compliance, and partnerships. However, what makes this cryptocurrency exchange stand out for the traders? In the following review, we delve deep into the aspects that make up this cryptocurrency exchange and see what sets bitFlyer apart from the competition.

Exchange Platform

bitFlyer features not one but two web-based trading platforms for the trading of cryptocurrency assets. One of them is called “Easy Exchange” and the other is called “bitFlyer Lightening Platform”.

The “Easy Exchange” is primarily used by users who want to exchange their Japanese fiat currency for Bitcoins. The platform is very user-friendly and is designed with beginner traders in mind. The platform’s features are somewhat limited when it comes to advanced charting and analysis tools, but traders can view a simple price chart, trade history, current buy and sell orders, and place their own orders. The Easy Exchange platform is an excellent solution for beginner traders.

On the other hand, we have the bitFlyer Lightning platform which was built and designed for advanced cryptocurrency traders in mind. The platform feels much more like a traditional forex trading platform as it has a sophisticated design and incorporates many advanced tools and features. Using the bitFlyer Lightning platform, traders can trade with 1:15 leverage and participate in Bitcoin futures trading, Spot trading, and Margin trading. This advanced trading platform is intuitively designed for experienced traders. The charting is placed on the left of the screen and is preloaded with numerous technical indicators. The order books are on the right and appear to be pretty solid with different types of orders such as market orders, limit orders, and stop losses.

All in all, bitFlyer has an excellent trading option for everyone. Whether you’re experienced or not, they have a platform for you.

Exchange Markets

bitFlyer does not offer as many cryptocurrencies to trade as some of the other leading exchanges, but the ones they do offer are highly liquid. The main cryptocurrency traded at bitFlyer is Bitcoin which can be purchased with Japanese Yen for Japanese clients and USD for American clients. Also, Bitcoin can be exchanged for the other cryptocurrencies they offer which include Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monacoin (MONA), and Lisk (LSK). The Ethereum cryptocurrency can also be used to exchange these other cryptos as well. While the range of digital assets is small with bitFlyer, the exchange offers fiat currency pairs which are rare among the most popular cryptocurrency exchanges.

Fees

The bitFlyer exchange is very transparent with their fee structure and also competitive. First of all, it is free to create an account and free to deposit cryptocurrencies onto the exchange. Depositing fiat currencies are free through wire transfer but have a fee for their quick deposit option of 324 JPY for the Japanese Yen currency. As for the trading fees, they range from 0.1% to 0.15%. The fee percentage is based on your 30-day trading volume. Clients who trade 500 million JPY on a monthly basis will give you the lowest fees of 0.1%.

bitFlyer also charges withdrawal fees just like every other exchange. See the withdrawal fees for different cryptocurrencies listed below.

  • Bitcoin withdrawal fee is 0.0004 BTC
  • Ethereum withdrawal fee is 0.005 ETH
  • Ethereum Classic withdrawal fee is 0.005 ETC
  • Litecoin withdrawal fee is 0.001 LTC
  • Bitcoin Cash withdrawal fee is 0.0002 BCH
  • Monacoin withdrawals are FREE
  • Lisk withdrawal fee is 0.1 LSK

As for Japanese Yen withdrawals, the fees vary depending on the method and amount withdrawn but range from 216 JPY to 756 JPY.

Security and Fairness

bitFlyer is a highly competent, trusted, and secure cryptocurrency exchange. They are one of the few cryptocurrency exchanges that are legally registered and regulated by reputable regulatory authority. As well the exchange implements the latest in security technologies such as Multi-sig Bitcoin security, SSL communication, SHA-256 technology, Google two-factor-authentication, and Anti Money Laundering (AML), and Know Your Customer (KYC) policies. These things among many other security features and protocols ensure that bitFlyer is a safe and fair cryptocurrency exchange.

Support

Another area bitFlyer excels in is customer support. The website has an extensive support page complete with a search bar and categories for accessing informative and helpful information. If users can’t find what they’re looking for there, support representatives can be contacted through an email form on the contact page. Response times are fairly quick, and the representatives are professional and friendly.

Pros and Cons

Pros

  • Extremely easy to use and navigate
  • Very high liquidity
  • Licensed and regulated
  • Two trading platforms

Cons

  • Credit Card transactions are only available in Japan
  • A limited number of digital assets (cryptocurrencies)

Conclusion

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.

bitFlyerUser Reviews

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bitFlyerFeatures

Coins Available
  • Bitcoin
Accepted Countries
  • Denmark
  • France
  • Greece
  • Iceland
  • Romania
  • United Kingdom
  • Serbia
  • Finland
  • Montenegro
  • Sweden
  • Bulgaria
  • Cyprus
  • Japan
  • Netherlands
  • Slovenia
  • Andorra
  • Swaziland
  • Austria
  • Estonia
  • Ireland
  • Italy
  • Macedonia
  • Poland
  • Portugal
  • Albania
  • Armenia
  • Belgium
  • Slovakia
  • Czech Republic
  • Germany
  • Liechtenstein
  • Luxembourg
  • Monaco
  • Croatia
  • Norway
  • Spain
  • Switzerland
  • Hungary
US Accepted
Yes

Payment Method

Deposit Options
Wire Transfer, cryptocurrency
Withdrawal Options
Wire Transfer, Credit Card, cryptocurrency
Company Information
Exchange DetailsInfo
Headquarters CountryJapan
Foundation Year2014
Typeexchange
Trading AllowedYes
Contact Information
Email: -

Crypto

SymbolPRICEChange

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