The cryptocurrency world is growing very fast taking the world by storm, and most of us want to be part of it? However, the only fear you have is how to invest? Which exchange to choose? This is where you are in a dilemma to choose between ‘a good exchange’ and ‘a better exchange’ for trading cryptocurrencies. One such exchange is Bitflyer exchange. Let us understand the exchange in this Bitflyer Review.
QUICK NAVIGATION :
- About Bitflyer
- Bitflyer Account
- BitFlyer Trading Platform
- BitFlyer Fees
- Is BitFlyer safe to use
- Customer Support
Bitflyer is one of the leading digital currency exchange in Japan that generates large trading volume. The company is also a platinum member of the Japan Blockchain Association. Founded in Jan 2014, this company aims to onboard more and more people on this platform and exposes them to Bitcoin and other digital assets.
Based in Tokyo, the company was started by Yuzo Kano (CEO) with Takafumi Komiyama who is the CTO. The company has partnered with Sumitomo Mitsui for banking operations and the AZX law office for legal operations. The company is yearly audited with Ernst & Young ShinNihon LLC.
Account Registration & Verification
How to set up a new Bitflyer account?
In order to setup a new account on this bitcoin exchange in Japan, log on to www.bitflyer.jp. A user can either make an individual an account or a corporate account. Users can sign up through one of the various options available i.e. email, Facebook, Yahoo or Google. A keyword is sent in the verification email that has to be entered in order to complete the sign-up process.
The account holder gets an account ID that would be essential during transactions. The user has to go through several verification processes and submit an Identification proof along with details such as name, address, and date of birth. Bitflyer also sends a postal mail to the registered address.
The Facebook account and phone number are also verified along with bank details. One important aspect is two-factor authentication. The user can scan the QR code of its account and sync it with Google authenticator. This will add an extra layer of security.
BitFlyer Trading Platform
How to buy and sell Bitcoins in BitFlyer Exchanger?
Bitcoins and Altcoin are the trading pairs for Japanese Yen. Once a user is ready to trade, select the amount of Bitcoin to bought or sold. Real-time pricing for both buying and selling is available on the platform. There is also a graph of BTC/JPY that shows the trading insights against the given timelines. A user can check the order history or view the trade report to check the recent transactions. For payment processing, Bitflyer allows the transactions through credit cards.
There is also a feature of the Bitflyer trading platform – Bitflyer Lightning. It shows the real-time updates of all the transactions occurring. It highlights the trading volume for the last 24 hours, current bidding on digital coins and the value of Bitcoins in the international market.
The Bitflyer Exchange fees vary according to the service. The charges are different for Bitcoin and Altcoins. BitFlyer fees comprise deposit fees, trading fees, and withdrawal fees. BitFlyer does charge a $10 fee to withdraw US dollars to your bank account.
Security at Bitflyer
An important aspect this Bitflyer review deals with is Security. The security is also always a matter of great concern when it comes to digital currency. Thus, the exchange follows strict compliances such as Anti- Money Laundering (AML) & Know Your Customer (KYC) guidelines for user identification. Only genuine clients are on-boarded for trading and exchange since huge investments are made using this platform.
The company uses advanced technology such as Multisig, which needs more that one user to approve a transaction. The servers are continuously monitored for any unauthorized access by using a Web Application Firewall (WAF). Even the internal environment is protected using firewall. The communications are protected by SSL encryption. There is also adoption of SHA-256 and DigiCert SSL.
The exchange has developed in-house Bitcoin daemon to provide extra security to its wallet. This company stores 80% of its currency in cold storage i.e. offline which makes it less vulnerable to any cyber criminal activity or virus. Rest 20% is hot wallet currency and is applicable for active trading.
If a user orders Bitcoins through this platform, it shall take two days to reflect in a Bitflyer account. The platform has also a tie up with a Japanese insurance company that provides its customer the facility of property insurance.
Is BitFlyer safe to use?
The company is licensed from the European Union, Japan’s Financial Services Agency (FSA) and several states in America. The increased exchange volume proves that investors around the world have great trust in it.
These are some security features used by the exchange:
- Web application firewall.
- Multi-sig: The account requires layers of signatures to confirm transactions.
- Account lock function.
- DigiCert SSL server certificate’s highest level EV.
- SSL Communication and encryption.
- Anti-money laundering.
- Two-step authentication using your mobile device.
- SHA-2 (SHA-256) highly secure hash function.
- Automatic timeout.
- Password strength check.
- This exchange stores 80% of Bitcoins in its offline wallet, which has a 24-hour surveillance.
All these securities features state that this Bitcoin exchange in Japan is safe to use.
The exchange provides customer support via email. The response time is unknown. There is a well-organized FAQ section with relevant questions and answers for users’ convenience.
Thus, BitFlyer is a wonderful platform for exchanging digital currency.