bitFlyer

3 minutes read

About Bitflyer

Bitflyer is one the leading digital currency exchange in Japan that generates large trading volume. The company is also a platinum member of 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, Bitflyer was started by Yuzo Kano (CEO) with Takafumi Komiyama who is currently the CTO. The company has partnered with Sumitomo Mitsui for banking operations and AZX law office for legal operations. The company is yearly audited with Ernst & Young ShinNihon LLC.

Security at Bitflyer – Bitcoin exchange in Japan

The security is also always a matter of great concern when it comes to digital currency. Thus, Bitflyer 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.

Bitflyer 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.

Also Read: Okcoin, TradeSatoshi, Bittrex, Gatecoin, BTC100

If a user orders Bitcoins through this platform, it shall take two days to reflect in a Bitflyer account. Bitflyer has also a tie up with a Japanese insurance company that provides its customer the facility of property insurance.

How to setup 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. User can signup 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.

create account

Account Authentication

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 is 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.

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.

Bitflyer Buy sell bitcoin

There is also a feature of 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.

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.

Customer Support

Bitflyer 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.