Review of BitFlyer Exchange: Unveiling Features, Fees, and Security Insights
Bitflyer, a well-known cryptocurrency exchange, has gained popularity and is ranked in the top 10 according to coinmarketcap. It has a large user base in Japan, as well as in European countries and the USA. This comprehensive review will delve into the various aspects of the Bitflyer exchange, including its features, fees, and advantages and disadvantages.
Overview
Official Website
https://bitflyer.com/
Year Established
2014
Headquarters
Tokyo, Japan
Trading Volume
$46 Million
Trading Options
Spot, Margin & Derivatives Trading
Trading Fees
0.10%
Total Listed Coins
8
Trading Pairs
10
Supported Fiat Currencies
JPY, USD, EUR
Withdrawal Options
ERC
Bank Withdrawal Supported
Yes
Withdrawal Fees
$20 for wire withdrawals
Deposit Methods
SEPA, ACH, Bank Transfer, Debit/Credit Cards
Restricted Countries
10+
Native Token
No native token
Mobile App
Available on Apple & Google Play Store
Support Channel
https://bitflyer.com/en-us/faq
Coinpedia Rating
7/10
Security Rating
7/10
User Interface
User-Friendly
Ease of Set Up
Very Easy
App Store Rating
4.3
Play Store Rating
3.6
Security
Highly Secure
Hacking Attempts/Hacks
Never Been Hacked
KYC Verification Duration
24 Hours
Regulation & Compliance
Compliant
Liquidity
High Liquidity
Proof of Reserve
Unavailable
What is Bitflyer?
Bitflyer is a centralized cryptocurrency exchange that was founded in 2014 by Yuzo Cano. It offers its services in Japan, the USA, and various European countries and has amassed over 3 million users. The current CEO of the company is Massaki Seki.
The exchange provides spot, margin, and derivatives trading with a low trading fee of 0.16%. It accepts fiat modes of payment in USD, JPY, and EUR.
Bitflyer has received funding from global companies such as SMBC Venture Capital, Mizuho Capital, Dai-ichi Life, Mitsubishi UFJ Capital, SBI Investment, QUICK, Venture Labo Investment, and more. The exchange has never experienced any hacking events, which highlights its highly secure and reliable trading platform.
Features
Trading Options – Bitflyer offers spot trading, margin trading, and futures trading.
T-Point – T points are common points that can be saved or utilized based on how much money is spent at T point and Internet partners around the country. It is a versatile point system that can be used anywhere, and it is displayed according to the points’ expiration date.
Pro Trading – Bitflyer Lightning pro exchange provides enhanced transaction tools and the world’s top security standards, which are further strengthened by requiring multiple signatures.
Blockchain Lab – Bitflyer conducts research and development into the creation of new services that utilize blockchain technology. It offers Bitcoin audit tools, Bouncer, Blockchain Writer, and Blockchain docs.
Crowdfunding – Crowdfunding is utilized in various industries, including artist support, innovation, free software creation, private company initiatives, disaster relief, political activities, and venture capital investment. The major players in crowdfunding are project owners (project promoters), supporters (funders), and platformers.
Bitflyer Referral Program – Users can invite friends to join Bitflyer using a unique referral link. Both the user and their friend will receive Bitcoins worth 1500 Yen for every successful registration. This program has no time limit.
Easy Accumulation – Users can subscribe to this feature, which allows them to automatically accumulate cryptocurrency with their reserved fiat currency. They can set the time period and let the system purchase the cryptocurrency at prescribed intervals, effectively averaging the currency for investing.
Cryptocurrencies Available on Bitflyer
Bitflyer supports 8 cryptocurrencies, with the most traded pair being BTC/JPY. The cryptocurrencies supported are:
– Bitcoin (BTC)
– Ethereum (ETH)
– Ethereum Classic (ETC)
– Bitcoin Cash (BCH)
– Stellar Lumens (XLM)
– Basic Attention Token (BAT)
– Tezos (XTZ)
– Polkadot (DOT)
Some of the major trading pairs include:
– BTC/EUR
– ETH/JPY
– BTC/USD
– XLM/JPY
– ETH/BTC
Bitflyer Supported Countries
Bitflyer Europe operates in all European Economic Areas, including 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 include: California, Colorado, Indiana, Kentucky, Maryland, Michigan, Missouri, Montana, Utah, and Wisconsin.
How to Create an Account on Bitflyer?
To create an account on the Bitflyer exchange, follow these steps:
1. Go to Bitflyer.com and click on “Sign Up.”
2. Enter your email address and click on “Register for Free.”
3. Enter the OTP (One-Time Password) sent to your email address to confirm your email ID.
4. Set your password.
5. Enable two-factor authentication by providing your phone number or using an authenticator app. Enter the authentication code and click “Confirm.”
6. Congratulations! You have successfully created an account on Bitflyer.
We recommend verifying your account by providing ID documents such as a passport, driving license, or any government-issued photo ID.
How to Buy Cryptocurrency on Bitflyer?
To buy cryptocurrency on Bitflyer, follow these steps:
1. Log in to your account and navigate to the “Buy/Sell” section.
2. Choose the cryptocurrency you want to buy.
3. Click on the “Buy” button.
4. Choose the amount in fiat or cryptocurrency by using the arrow buttons.
5. Enter the amount you want to buy and click “Proceed.”
6. Click “Submit Order.”
How to Sell Cryptocurrency on Bitflyer?
To sell cryptocurrency on Bitflyer, follow these steps:
1. Log in to your account and navigate to the “Buy/Sell” section.
2. Select the cryptocurrency you want to sell and click on the coin.
3. Tap the sell button.
4. Choose the amount in fiat or cryptocurrency by using the arrow buttons.
5. Enter the amount you want to sell in the “Amount” box.
6. Click “Proceed.”
7. Press “Submit Order” to complete your order.
You can choose to “Cancel” the order if you want to change the amount or close the order.
How to Deposit Cryptocurrency on Bitflyer?
To deposit cryptocurrency on Bitflyer, follow these steps:
1. Log in to your Bitflyer account and go 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 receive a notification once the transaction is complete.
How to Withdraw Cryptocurrency on Bitflyer?
To withdraw cryptocurrency on Bitflyer, follow these steps:
1. Log in to your Bitflyer account and go 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 receive a notification once the transaction is complete.
Exchange Fees & Supported Payments
There are no fees for depositing cryptocurrencies and fiat currencies. However, fees are applicable for withdrawing fiat currencies based on the bank payment method.
The trading fee is calculated based on the 30-day trading volume. For beginners, the trading fee is 0.10%, and as the trading volume increases, the fee decreases significantly.
Past 30-Day Volume
Lightning Spot
– $0 – Less than $50,000: 0.10%
– $50,000 – Less than $500,000: 0.09%
– $500,000 – Less than $1 million: 0.08%
– $1 million – Less than $5 million: 0.07%
– $5 million – Less than $10 million: 0.06%
– $10 million – Less than $50 million: 0.05%
– $50 million – Less than $500 million: 0.04%
– Over $500 million: 0.03%
Referral & Affiliate Program
Bitflyer offers a referral program where users can invite friends using a unique referral link. Both the user and their friend will receive Bitcoins worth 1500 Yen for every successful registration. This program has no time limit, and users can invite as many friends as they want.
Individuals or companies can also apply for the affiliate program, where they can promote the Bitflyer exchange to their community of followers. Based on conversion rates, they will be rewarded.
Milestones
Rewards
– Trade Class User: $5.00
– Deposits $100: $10.00
– Trades $300: $15.00
– Trades $2,000: $20.00
– All Milestones Achieved: $50.00
Customer Support
Bitflyer has a help section where customers can find relevant topics related to their queries. If customers are not satisfied, they can raise an email ticket. However, there is no chat support or phone support available.
Mobile App
The Bitflyer mobile app has a rating of 3.6 on the Play Store. Some customers complain about the slow registration process and slow customer response. The app claims to have better speed and performance, but customer reviews tell a different story. The app is available on both the Apple App Store and Google Play Store.
Recent Updates
Mar 2023 – Bitflyer co-founder Yuzo Kano is set to return as CEO for a second time.
Conclusion
Bitflyer is a popular exchange that primarily serves Japan, the USA, and other European countries. It is known for its high level of security and has never been hacked. However, it offers a limited number of cryptocurrencies to invest in and trade with reasonable fees. The exchange provides spot, margin, and derivatives trading and is audited by Ernst & Young, one of the big four financial auditing firms.
The mobile app has received mixed reviews, with some customers experiencing slow performance. However, the desktop interface is smooth. While it may take beginners some time to get used to the platform, it is recommended for residents of the USA, Japan, and Europe.
FAQs
Is Bitflyer available in the U.S.?
Yes, Bitflyer is available in the U.S. However, it is not available in all states. You can view the complete list of serviceable states on their website.
Has Bitflyer ever been hacked? Is it safe?
No, Bitflyer has never been hacked, and it is considered highly secure.
Can I use Bitflyer without KYC verification?
No, Bitflyer is a regulated and audited cryptocurrency exchange, so KYC verification is required to fully use the platform.
Is Bitflyer suitable for beginners?
Bitflyer offers a limited number of cryptocurrencies to trade and invest in. The platform may take some time for beginners to get used to, and there are few learning resources available. Customer support can also be slow. Therefore, we do not recommend it for beginners.