Cryptocurrency Exchange

BitFlyer Exchange Review

Overview

Legal NameBitflyer Exchange
HeadquartersTokyo, Japan
CEOYuzo Kano
Year Founded2014
Exchange TypeCentralized
Trading FeesMaker: 0.20%/ Taker: 0.20%
Deposit MethodsWire Transfer, Credit Card and Cryptocurrency
Supported CryptosBitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more
FiatJapanese Yen (JPY)
Customer ServiceEmail, Phone
Trading OptionsSpot Trading, Margin Trading

Today, it remains a very important choice for buying and selling bitcoin and other altcoins in a safe, controlled and trustworthy platform.

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The Tokyo based BitFlyer exchange is undoubtedly the top cryptocurrency exchange based on trading volume in Japan.

In this article, we will provide you with the complete guide on the Bitflyer exchange and look into its aspects such as its features, fees, pros and cons and much more. Let us look into detail in this Bitflyer exchange review now,

What is Bitflyer?

The Bitflyer exchange was established in January 2014 and is owned and operated by bitFlyer Inc. The exchange has headquarters located in Tokyo, Japan but provides its service all over the globe. It was founded by Takafumi Komiyama and Yuzo Kano.

Ever since its founding, the exchange has raised over USD 37 million in 7 rounds of investments. Its backers include big names like Digital Currency Group, SBI Investment, Venture Labo Investment, and others.

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 or buy bitcoin through Limit, Market or Special orders.

Bitflyer Features

  1.  Exchange Platform: BitFlyer exchange features two web-based trading platforms for the trading of cryptocurrency assets. One of them is called “Easy Exchange” and the other is called “bitFlyer Lightning Platform”.
  2. Low fees: BitFlyer charges some of the lowest fees amongst regulated exchanges, which makes it a great fiat gateway for new crypto enthusiasts as well as experienced traders.
  3.  Security: BitFlyer is an extremely competent, trusted and safe cryptocurrency exchange. They are one of the only cryptocurrency exchanges lawfully licenced and governed by a reputable regulatory body.
  4. Customer Support: The customer support at the Bitflyer exchange is very responsive, and you will receive a response within 24 hours or so. Besides, you can browse its extensive FAQ section to find the answers you are seeking.
  5. Margin trading: The Japanese customers can trade on bitFlyer’s Lightning FX platform, which allows you to trade with up to 4x leverage.

Bitflyer Fees and Limits

The BitFlyer exchange is very transparent with their fee structure and also competitive. It is free to create an account and free to deposit cryptocurrencies onto the exchange.

Trading fees are 0.20% flat, meaning that takers and makers both pay 0.20% of the trading fees. The platform charges a withdrawal fee amounting to 0.0004 BTC when you withdraw BTC. BitFlyer accepts deposits through cryptocurrencies, wire transfer and credit cards.

Bitflyer Supported Currencies

The Bitflyer exchange currently supports 8 cryptocurrencies which can be listed as below:

  • Bitcoin
  • Bitcoin Cash ABC
  • Ethereum Classic
  • Ethereum
  • Lisk Coin
  • Litecoin
  • MonaCoin
  • Ripple

Bitflyer Mobile App

There is a native mobile app available for iOS and Android. The mobile app supports all of the essential functions of BitFlyer exchange but does not support the advanced trading feature yet.

Bitflyer-Mobil-App

How to register on Bitflyer?

Step 1: Navigate to the official website and go to the account creation page.

Step 2: Enter your email address, and press the “Sign Up for Free” button.

Step 3: Once your email address is registered, a dialog box to enter a keyword will appear.

Step 4: Now check the inbox for the email address you registered for an email titled “BitFlyer Account Registration Confirmation.”

Step 5: Copy the keyword from the body of the email and paste it into the dialog box and press the “Create an account” button.

Step 6: A dialog box will appear asking you to agree to our Terms of Use and other documents.

Step 7: Now agree to the terms and check the four boxes and click the “Agree” button.

How to recover the Bitflyer password?

If you have forgotten your password, Enter your email address and press the “Request bitFlyer to change your password” button from the Reset Password page. After which you will be able to generate a new password.

How to deposit on Bitflyer?

Step 1: Login to your account and choose Account Funding from the menu.

Step 2: Then, choose JPY and the Deposit Option.

Step 3: From there, select participating convenience stores (receiving agent).

Step 4: Next, enter the amount you wish to deposit and follow the directions on the screen to complete the process.

How to withdraw on Bitflyer? 

Step 1: Login to your account and choose Account Funding from the menu.

Step 2: Then, choose JPY and the Withdraw Option.

Step 3: From there, select participating convenience stores from which you are withdrawing.

Step 4: Next, enter the amount you wish to withdraw and follow the directions on the screen to complete the process.

How to buy cryptocurrencies on Bitflyer?

Step 1: First, select on “Buy/Sell Bitcoin” from the page, and confirm your JPY balance on the top side.

Step 2: Input the amount of Bitcoin you wish to purchase in the “Amount (BTC)” box, either manually or by using the numbered buttons to incrementally increase your purchase size.

Step 3: The total value in JPY of the Bitcoin you wish to purchase will be displayed in the “Reference Total (JPY)” box.

Step 4: Once you are ready to make the purchase, click on the button labelled “BUY COINS”.

Step 5: Next, click on either “Submit Order” or “Cancel”. Press “Cancel” if you want to enter a different amount or not make the purchase.

Step 6: Press “Submit Order” to finalize your order.

How to sell cryptocurrencies on Bitflyer?

Step 1: First, select on “Buy/Sell Bitcoin” from the page, and confirm your JPY balance on the top side.

Step 2: Input the amount of Bitcoin you wish to sell in the “Amount (BTC)” box, either manually or by using the numbered buttons to incrementally increase your purchase size.

Step 3: Then enter the price you wish to sell for in the “Price (BTC/JPY)” box

Step 4: Once you are ready to make the selling, click on the button labelled “SELL COINS”.

Step 5: Next, click on either “Submit Order” or “Cancel”. Press “Cancel” if you want to enter a different amount or not make the sale.

Step 6: Press “Submit Order” to finalize your order.

Bitflyer Pros and Cons

Pros

  • Simple and easy to use interface accessible for beginners
  • It is a licensed and regulated exchange
  • Advanced exchange for PRO traders
  • It provides very high liquidity

Cons

  • Credit Card transactions are only available in Japan
  • Limited number of supported cryptocurrencies
  • Forced KYC measures
  • Mobile app does not support advanced trading

Conclusion

BitFlyer Exchange is a prominent crypto exchange for both beginners and experienced traders. The website is well built and the two trading platforms available are well suited to the demographics they represent.

Although there are not many digital assets available for trading, fiat currency pairs are available, and traders can participate in futures markets and margin trading. Another significant thing to note is that the exchange is authorised and regulated for both Japan and the United States.

Recent Updates

  • On Sep 25, 2020, the price tool for iOS 14 was launched that puts the real time prices of coins like $BTC, $ETH, and more right on your home screen.
  • On Aug 20, 2020, It was announced that bitFlyer USA is now available in Hawaii.
  • On Aug 20, 2020, Excited to be part of Hawaii DFI and HDTC’s Digital Currency Innovation Lab
  • On Aug 01, 2020, Due to Ethereum Classic’s (ETC) network instability, we have suspended ETC deposits and withdrawals

bitflyer - 8.2

8.2

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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