BitFlyer Exchange Review 2023: The Inside Scoop on Features, Fees, and Security

Introduction

Bitflyer is one of the most popular exchanges and is ranked among the top 10 according to coinmarketcap. It has got major users from Japan, European countries, and the USA. In this review, Let us look into the complete guide on the Bitflyer exchange and its aspects such as its features, fees, pros, and cons.

Overview

What is Bitflyer?

Bitflyer is a centralized cryptocurrency exchange founded in 2014 by Yuzo Cano. It offers services in Japan, the USA & European countries with more than 3 Million users. The current CEO of the company is Massaki Seki. 

The exchange offers spot, margin, and derivatives trading with a low trading fee of 0.16% and accepts fiat modes of payment only in USD, JPY, and EUR. 

Bitflyer is funded by global companies such as SMBC Venture Capital, Mizuho Capital, Dai-ichi Life, Mitsubishi UFJ Capital, SBI Investment, QUICK, Venture Labo Investment, etc. 

The exchange has not faced any hack events, which means it has highly layered security and good-quality trading.

Features

• Trading Options– Bitflyer offers spot trading, margin trading, and futures trading.
• T- Point– T points are common points that may be saved or utilized based on how much money is spent at T point and Internet partners around the country. It’s a T point that can be used no matter where you’re going. It is shown in accordance with the points’ expiration date
• Pro trading– Bitflyer Lightning pro exchange provides enhanced transaction tools and the world’s top security standards which are further enhanced by requiring multiple signatures
•  Blockchain Lab– Bitflyer carries out research and development into the creation of new services that use blockchain technology. Here you will find Bitcoin audit tool, Bouncer, Blockchain Writer, and Blockchain docs
• Crowdfunding– Crowdfunding is employed in a variety of industries, including artist assistance, innovation, free software creation, private company initiatives, disaster relief, political activities, and venture capital investment. Project owners (project promoters), supporters (funders), and platformers are the major players in the crowdfunding
• Bitflyer Referral program– You can invite your friends to join Bitflyer using the unique link and for every successful registration you and your friend will receive Bitcoins worth 1500 Yen. There is no time limit for this program
• Easy Accumulation – Users can subscribe to this feature where they can automatically accumulate cryptocurrency with their set reserve fiat currency. You can set your time period and let the system purchase the cryptocurrency in prescribed intervals. In this way, the currency for investing is averaged.

Cryptocurrencies Available on Bitflyer

The exchange supports 18 cryptocurrencies. The most traded pair of Bitflyer is BTC/JPY. The cryptocurrencies are listed below

• Bitcoin
• Ethereum
• Zipang Coin
• Polygon
• Maker
• Symbol
• Chain Link
• Polkadot
• Tezos
• Nem
• Basic Attention Token
• Ethereum Classic
• Litecoin
• Bitcoin Cash
• Monacoin
• Risk
• Ripple
• Stella Lumen

Some of the major trading pairs include: 

• BTC/EUR
• ETH/JPY
• BTC/USD
• XLM/JPY
• ETH/BTC

Bitflyer Supported Countries

Bitflyer Europe is operating in all European Economic Areas:

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.

Bitflyer US operates in the following states:

Alabama, Alaska, Arizona, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wyoming.

Restricted states in the US: 

California, Colorado, Indiana, Kentucky, Maryland, Michigan, Missouri, Montana, Utah, and Wisconsin.

How to Create an Account on Bitflyer?

Let us learn how to create an account on the Bitflyer exchange

1. Log on to Bitflyer.com and Click [Sign Up]
2. Enter your email address and click [Register for Free]
3. Enter the OTP which is sent to your email address. This step is to confirm your email ID
4. Set the password
5. Enable two-factor authentication either by providing your phone number or authenticator app. Enter the authentication code and click [Confirm]
6. Congratulations you have created an account on Bitflyer
7. We recommend you verify your account by providing ID documents like a passport, driving license, or any Government-issued photo ID

How to Buy Cryptocurrency on Bitflyer?

Let us learn how to buy cryptocurrency on Bitflyer

1. Login into your account. Navigate to ‘Buy/Sell’
2. Choose the cryptocurrency you want to buy
3. Click on the Buy button. Choose the amount in fiat or cryptocurrency by clicking on the arrows
4. Enter the amount you want to ‘Buy’. Tap ‘Proceed’
5. Click ‘Submit order’

How to Sell Cryptocurrency on Bitflyer?

Let us learn how to sell cryptocurrency on Bitflyer

1. Login into your account. Navigate to ‘Buy/Sell’.
2. Select the cryptocurrencies and click on the coin you want to sell.
3. Tap the sell button. Choose the amount in fiat or cryptocurrency by clicking on the arrows.
4. Enter the amount you want to sell in the ‘Amount’ box. Click ‘Proceed’.
5. Press ‘Submit Order’ to complete your order. 
6. You can choose to ‘Cancel’ the order if you want to change the amount or close the order. 

How to Deposit Cryptocurrency on Bitflyer?

Let us learn to deposit cryptocurrency on Bitflyer

1. Login to your Bitflyer account and navigate to [Account Funding]
2. Select the cryptocurrency you want to deposit and click [Deposit]
3. Copy the deposit address and paste it into the withdrawal page of the previous exchange
4. Review the details and click [Confirm]
5. You will get a notification once the transaction is complete

How to Withdraw Cryptocurrency on Bitflyer?

Let us learn how to withdraw cryptocurrency on Bitflyer

1. Login to your Bitflyer account and navigate to [Account Funding]
2. Click [Register an external address] and verify the address by clicking the link sent to your email
3. Copy the deposit address from your new exchange wallet and paste it in the withdrawal section of your Bitflyer account
4. Enter the amount of cryptocurrency you want to send from your account and click [Confirm]
5. You will get a notification once the transaction is complete

Exchange Fees & Supported Payments

There are no fees for depositing cryptocurrencies and fiat currencies. However, if you need to withdraw fiat currencies, then charges are applicable based on the bank payment method. 

The trading fee is calculated based on the 30-day trading volume. For beginners, the trading fee is 0.15%. As your trading volume increases there is a significant decrease in the trading volume. 

Referral & Affiliate Program

The exchange offers a referral program where you can invite many friends with a unique referral link. You and your friend will be awarded 1500 Yen worth of Bitcoins for every successful registration. This is a lifetime offer and you can invite any number of friends. 

An individual or a company can apply for an affiliate program, where the individual can promote the Bitflyer exchange to its community of followers, and based on the conversion rates they will be rewarded. 

Customer Support

The Bitflyer exchange has a help section where customers can find relevant topics related to their queries. The topics include – Promotions, Affiliate Programs, Crypto Safety 101: Fraud, Recurring Buy, Referral Program, Account Management, log in and Password, Update Registered Information, Buy/Sell Orders, Deposit/Withdrawal, Lightning, and Settings. If you are still not happy, you can raise an email ticket. There is no chat support or phone support. 

Mobile App

The Bitflyer exchange Mobile App has a star rating of 3.6 and the main complaint is for the slow registration process and slow customer response. The app claims to have better speed and performance. However, the customer review has the opposite story to tell. It is available on both Apple & Google Play Store. 

Recent Updates

Dec 2022 – You can now trade ETH/USD for zero trading fees. The offer is valid till 11 Jan 2023. 

Conclusion

In this review, we get to know that Bitflyer exchange mainly serves Japan, the USA, and other European Countries. It is one of the most secure exchanges with a high level of security and it has never been hacked.

However, it provides only 18 cryptocurrencies to invest in and trade with reasonable trading fees. The exchange offers spot, margin, and derivatives trading. On top of that, it is audited by one of the big four financial auditing firms – Ernst & Young.

The mobile app shows sluggish performance but the desktop interface is smooth. It is good for beginners but they may take a little time to get used to the system. We recommend this exchange for residents of the USA, Japan, and Europe. 

FAQs

Is the Bitflyer exchange available in the U.S.?

Yes, it is available in the U.S. However, it is not available in all states. You can view the complete list of serviceable states here

Was Bitflyer ever hacked? Is it safe?

No, the exchange has got a high level of security and has never been hacked. 

Can I use Bitflyer without KYC verification?

Bitflyer is a regulated and audited cryptocurrency exchange and hence it is complied to submit KYC for audits. You need to submit KYC documents in order to fully use the platform. 

Is Bitflyer good for beginners?

It has got only 18 cryptocurrencies to trade and invest in. A beginner needs to get used to the platform. There are few learning resources on the exchange and customer support is slow. We wouldn’t recommend it for beginners.