Bitflyer Exchange Review 2022: Trading Fees, Security, And Trading Guides!

Choosing the best crypto exchange is still a crucial factor to many in terms of safety, reliability and comfortness. 

Bitflyer is one of the most popular exchanges and ranked among top 10 according to coinmarketcap. Having major users from Japan, European countries, and USA, with user volume $149,558,504 as of March 2022.

In this article, 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?

Launched in 2014, Bitflyer is a Japanese-based crypto exchange that offers crypto trading services in European Countries, USA, and Europe. With 2.5 + million users, it is one of the major cryptocurrency exchanges by trading volume.

Founded by Yuzo Cano and is owned and operated by Bitflyer Co. Ltd. The current CEO of the company is Kuniyoshi Hayashi and CTO is Takafumi Komiyama. The exchange accepts fiat mode of payment only in USD, JPY, and EUR. 

The platform prides out on being a one-stop-shop for all Crypto exchange needs offering spot, margin, and derivatives trading.  

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, this means it has high layered security and good quality trading.

Is Bitflyer Safe And Secure?

Yes, Bitflyer is safe and secure. The exchange is considered to be safe in multiple regions like Japan, Europe, and USA. 

To secure the funds it has adopted multi-sig security technology. The Japan Blockchain Association has designated bitFlyer as a Platinum member (JBA) because bitFlyer’s multiple comprehensive trading limitations and security procedures are in agreement with JBA’s requirements.

Bitflyer Europe is the first Luxembourg-based firm to be registered with the CSSF as a virtual asset service provider.

SSL Encryption with Digicert, adoption of SHA-256 for prevention of data breaches, web application firewall to protect web external attacks, IP Anycast to protect against DDOS attacks. 

A log-in Email is sent to the user’s account which contains a link to freeze the account immediately. 

Automatic logging out, if operations are not performed, withdrawals and deposits are confirmed via email and many more techniques are used by Bitflyer to keep the transactions safe and secure the funds of the users.

Bitflyer Pros And Cons 

Pros

• Multi-level security features.
• Various trading platforms.
• Understandable dashboard.
• Regulated and licensed exchange.
• Very low trading fees.

Cons

• Less number of currencies supported.
• Bitflyer lightning supports only 4 currencies.

Features of Bitflyer

1. Trading Options: Bitflyer offers spot trading, margin trading, and futures trading.

2. 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.

3. Pro trading: Bitflyer Lightning pro exchange provides enhanced transaction tools and world’s top security standards which is further enhanced by requiring multiple signatures.

4.  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.

5. Crowdfunding: Crowdfunding is employed in a variety of industries, including artist assistance, innovation and 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 crowdfunding.

6. Bitflyer Referral program: The bitFlyer app is the sole way to participate in the referral program. In order to qualify for the incentive, make sure your friends sign up using the app as well. Customers who register on the web will not be eligible for the discount. After your referral trades $100 or more, you will get a $15 incentive within 24 hours. Bitflyer lightning trades do not count for rewards. 

7. Bitflyer Affiliate Program: Users can become affiliated with bitflyer by directing new users to this site via link and get an award when the visitor completes KYC, deposits and trades. The rewards are distributed using milestones

Bitflyer Fees And Limits

Bitflyer charges no fee for account creation, maintenance, and deposits. The fees are based on the region because Bitflyer Europe, USA, and Japan charge different fees.

Let us look into detail the fee structure of different Bitflyer exchanges.

Bitflyer Japan Fees

The maker and taker fee is 0.15%. A bitcoin transaction fee is 0.0004 BTC. For monacolin, ripple, and Stellar lumens the transactions are free.

The deposits made through SBI Sumishin Net Bank are free. 330 JPY is charged to other banks for deposits.

Withdrawals 

Exchange fees charged by Bitflyer Japan.

The trading fees by bitflyer Japan are calculated based on 30-day volume.  The spot fees start at 0.15% and can be as low as 0.01%. Futures trading is free.

Bitflyer Europe Fees

The exchange does not charge any fees for account creation, maintenance, and SEPA deposits are free. Withdrawal fees depend on the cryptocurrency you want to withdraw.

Trading Fees.

The trading fees are charged based on 30-day volume. SEPA Withdrawal fee may vary from €0.30 to €10.00. SEPA deposits are free.

Paypal deposits within the European area the fee is 4.9% +  € 0.35 per transaction and outside EEA the fee is 4.9% + 1% +  € 0.35.

EUR Deposits And Withdrawals Fees

Bitflyer USA Fees

Bitflyer USA does not charge any fee for account creation and maintenance. Deposits are free. Withdrawal depends on the cryptocurrency you want to trade and fee for wire withdrawals is $20.

Trading fee is charged based on 30-day volume and the fee starts from 0.10% and can be as low as 0.03%.

Trading Fees

Bitflyer Supported Currencies

Bitflyer supports 14 crypto assets they are :

• Bitcoin
• Ethereum
• Tezos
• Basic Attention Token
• Litecoin
• Monacoin
• Polkadot
• Stellar Lumens
• Bitcoin Cash
• Lisk
• Ethereum Classic
• Ripple
• Chain link
• NEM

Trading pairs depend on the region( Europe, USA, Japan) of the exchange. The most traded pair on bitflyer is BTC/JPY.

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 Area :

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, lowa, 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 US: 

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

Mobile App Of Bitflyer

The Mobile app of Bitflyer is available on Google play and App store. The app provides the same feature as the desktop version. The mobile app is fast, easy to use, and has an understandable interface. You can trade anytime, anywhere with the mobile app.

For Iphone Users, File size is 28MB. Requires IOS 14.0 or higher. Rated 4+.

For Android Users, file size is 17 MB. Requires android 7.0 or up. Rated 3+.

How To Register On Bitflyer?

1. Go to the official website of Bitflyer. Click on ‘Create an account’ or ‘Sign up’, depending on the region.
2. Enter your Email address. Tap ‘ Sign up for free’.
3. A dialog box appears to enter a Keyword.
4. Check your mailbox, for an email titled ‘Bitflyer Account Registration Confirmation’.
5. Copy the keyword and paste it into the box. Click ‘Create an account’.
6. Agree to the terms and click the ‘Agree’ button.

How to Deposit your funds on Bitflyer?

1. Login into your account. Navigate to ‘Account Funding’.
2. Choose the currency and deposit method.
3. Select the receiving agent and enter the amount.
4. Follow the instructions and complete the deposit.

How to Withdraw Funds on Bitflyer?

1. Login into your account. Navigate to ‘Account Funding’.
2. Select the currency and tick the box to ‘Withdrawal to this bank account’.
3. Type in the amount and click ‘Proceed to Withdraw’.
4. Follow the directions and complete the withdrawal.

How to Buy Cryptocurrencies 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 crypto currency by clicking on the arrows.
4. Enter the amount you want to ‘Buy’. Tap ‘Proceed’.
5. Click ‘Submit order’.

How To Sell Cryptocurrencies 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 crypto currency 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. 

Traders Reviews

Some of the Trustpilot reviews on Bitflyer are as follows:

BitFlyer is cool, they cheated with the payment of money, explaining the regulations, and if so why they recommended inviting friends and giving 10 € per person, loss of time and 430 euro for inviting people,  etc.

On Reddit, most of the traders comments are based on how good the exchange is, quick wire transfers, no problem while dealing with the exchange, little chat room exchange for bitflyer users, and more.

Coinpedia Review:

FAQ’s

Closing Thoughts

BitFlyer Exchange is a well-known cryptocurrency exchange that caters to both new and experienced traders. The website is well-designed, and the three offered trading platforms are well-suited to the demographics they serve.

The Exchange offers traders to participate in futures and margin trading and on top of that it is regulated and licensed by reputable authorities. Overall bitflyer is a reputable, trustworthy, and safe cryptocurrency exchange.