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bitFlyer is one of the largest Bitcoin exchanges in the world and the largest one in Japan. Licenced and regulated by the Japanese Financial Services Agency (JFSA), the platform has an annual transaction volume surpassing $250 billion. Whilst it does not offer insurance on user funds, bitFlyer is extremely safe, implementing a variety of safety and security measures to protect the platform and its users. The Bitcoin exchange, which is based in Japan, has a positive market standing and is amongst the most reputable cryptocurrency platforms available.
This bitFlyer review will describe the most significant aspects of the exchange and provide you with all the information you need, to make an informed decision. Whilst we endeavour to provide updated and factual information, details might change following the writing of this review. Therefore, we encourage you to visit bitFlyer’s website to get the latest information.
bitFlyer is a trusted and secure Bitcoin exchange which has never been hacked and implements extensive safety measures to protect users and their funds. As a regulated exchange, bitFlyer offers multi-sig security features, SSL encrypted communication, SHA-256 technology, and two-factor authentication (2FA), amongst other, more secretive measures. All users must be verified before using the exchange, reducing the possibility of fraudsters or scams taking place.
Apart from making use of the exchange’s multi-currency wallet to store support funds, bitFlyer offers a convenient way to regain access to your account in case you forget your login details. In fact, the Bitcoin exchange scores highly on safety and convenience on numerous online review sites and blogs.
The bitFlyer Exchange is actually two centralised trading platforms which offer different features targeting specific markets. The Easy Exchange is, as its name suggests, the simplest platform, ideal for newbies and traders who would simply like to exchange fiat currency for cryptocurrency. Whilst the platform’s features are relatively limited, with only basic charting tools available, the Easy Exchange offers a convenient way to place an order and trade Bitcoin or other digital currencies with ease.
bitFlyer Lightning Exchange is the second trading platform and is geared towards the more advanced traders and investors. Similar to a Forex trading platform, it features a variety of advanced charting and analysis tools, as well as advanced orders and limits. In addition, the bitFlyer Lightning platform offers margin trading, with up to 1:15 leverage. You can also trade Bitcoin futures and carry out spot trading.
Both cryptocurrency exchanges are available across digital devices. For smartphones and tablets, you can download the bitFlyer application for Android and iOS systems.
When you open a bitFlyer Exchange account you will get access to a free, in-built wallet where you can store supported cryptocurrencies. This wallet can support Bitcoin, Ethereum, Litecoin, and other altcoins, in a secure environment whilst giving you instant access to your funds to place orders or make withdrawals. Unlike traditional cryptocurrency wallets, such as Trezor and Ledger Nano X, the bitFlyer Exchange wallet does not provide you with access to your private key. It is, therefore, recommended that you transfer funds which you do not intend to use for some time into a cold storage device.
Sending and receiving cryptocurrency using your bitFlyer Exchange wallet is very easy. If you would like to send digital tokens out of your wallet you’ll need to create a withdrawal request and provide the wallet address of the recipient. On the other hand, if you plan to fund your exchange account, you will find the appropriate wallet address in your account details. When sending funds into your bitFlyer Exchange wallet, ensure that you are selecting a supported currency, since funds sent in unsupported currencies may be lost.
Using the bitFlyer account is easy and intuitive, even if this is the very first cryptocurrency exchange you’ve ever used. Extremely user-friendly, your account is easily accessible through links at the top of each page. In case you’ve forgotten your password, the website allows you to reset it by entering your registered email address.
The bitFlyer Exchange sign up process is simple and straightforward. Follow these steps to get started:
After you have created your bitFlyer Exchange account you will need to provide identification information or documents to verify your identity. As a regulated and licensed exchange, bitFlyer takes its Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures seriously. If you have any difficulties to verify your account, the exchange’s customer care team are always available to assist.
bitFlyer operates two account classes for individual accounts. The Trade class requires you to provide identification information but does not require you to submit any actual documentation. Trade Pro, on the other hand, does require documents to be submitted. These documents would normally be a government-issued photo ID and a proof of address document. The main operational difference between Trade and Trade Pro is that the latter does not feature any deposit or withdrawal limits.
bitFlyer supports seven different cryptocurrencies on its platform, which you can buy using both fiat currency and cryptocurrencies. Depending on your nationality, respective bitFlyer sites let you use different fiat currencies. European residents can deposit funds in EUR using credit and debit cards or bank transfers.
Users opting for bitFlyer’s Instant Buy feature need to pay a transaction fee based on the payment method chosen. Card payments are charged at 1.95% + €0.25 per transaction, whereas other payment methods are charged at 1.95% + €0.30 per transaction.
bitFlyer provides a very simple way to buy Bitcoin on the platform. All you need to do is:
In order to trade Ethereum on bitFlyer you should:
bitFlyer Exchange lets you sell any of the supported cryptocurrencies on the platform. Depending on your country of residence, you can cash out using either EUR or any other supported fiat currency. You can also transfer out cryptocurrency from your bitFlyer Exchange wallet. Once you have sold Bitcoin or Altcoins using the steps above, you can cash out by following these steps:
Currently, bitFlyer only supports 7 cryptocurrencies, which is a small number when compared to other major exchanges. The supported cryptocurrencies are:
In order to stay compliant with its licencing requirements, bitFlyer Exchange needs to restrict sign-ups from users in certain sanctioned jurisdictions. Different bitFlyer websites cater to different markets, and users who live in one country, such as Malta (Europe), cannot open an account with a bitFlyer website of a different country, such as bitFlyer Japan.
Through its three main websites, bitFlyer is able to support users who live in the United States, the EU, the UK and Japan.
Only users from the following states or countries can register an account with bitFlyer Exchange:
If your country is not listed in the Supported section above you will not be allowed to create an account.
bitFlyer implements a transparent fees and limits structure across its platform. Their fee structure can be slightly more complicated when compared to other platforms as they offer multiple services, each one with its own fee structure. Nonetheless, all fees are clearly listed.
The bitFlyer Exchange is proud of the fact that it does not charge any account creation or maintenance fee. In addition, deposits in cryptocurrencies are also free. Withdrawals in cryptocurrencies do incur a fee, except for Monacoin withdrawals, which are also free of charge. Withdrawal fee for Bitcoin is 0.0004 BTC
Depositing fiat currency is free, whilst withdrawing it via SEPA transfer incurs a fee. This fee varies depending on the value of your withdrawal.
The Easy & Lightning Exchanges charge a small trading fee starting from 0.15%. These fees are a percentage of the transaction volume which varies depending on your past 30-day history.
On the other hand, their fees for Altcoin Lightning Spot start from 0.2% but it varies by altcoin.
It is worth noting that their fees depend on which platform the trade occurs. Their Bitcoin Market and Altcoin Market service will not charge you any fees, however, the quoted prices might vary depending on order execution and market liquidity.
All of bitFlyer’s fees can be found on the website’s dedicated page.
The main advantage of opening a bitFlyer Trade Pro fully-verified account is that you do not have to worry about any deposit or withdrawal limits, irrespective of which supported currency you use. The minimum order size for ETH/BTC on Lightning Spot (ETH/BTC, BCH/BTC) is 0.01 ETH while that for (BTC/JPY) is 0.001 BTC.
Trade level accounts, that are accounts with basic verification, however, are subject to such limits, which are set at a maximum of €249.99 or currency equivalent per transaction and €2,499.99 or equivalent in a one-year cumulative rolling window. Each cryptocurrency also has a variable minimum trading value.
bitFlyer lets you fund your account using any of its supported cryptocurrencies or a traditional fiat currency which varies depending on which regional website you are using. bitFlyer EU supports EUR payments using credit or debit cards and SEPA bank transfers. Withdrawals in EUR currency are only possible via bank transfer.
bitFlyer takes its security very seriously and implements a suite of tools to protect itself, its users and their funds. These include:
Customer support is one of bitFlyer’s best features. Users can easily get in touch with a customer support agent via email or by using a dedicated form. The team normally responds within a few hours during the operating times, which are 09:00 to 18:00 CET. Alternatively, users can access the detailed FAQ page which features answers and links to a wide variety of frequent questions.
Whilst there are currently no new features to be launched by the exchange in the near future, you should visit bitFlyer’s blog to keep up to date with the latest news. The link to the blog is available at the bottom of the exchange’s website.
Whilst bitFlyer offers trading opportunities for a variety of trading experiences, BitMEX focuses entirely on seasoned traders who invest in Bitcoin futures. In this respect, BitMEX is certainly better equipped, offering a wider variety of instruments and up to 100x leverage. However, BitMEX can only accept Bitcoin payments, excluding users who wish to use fiat currency or any other cryptocurrency to fund their account. Whilst both platforms are secure, bitFlyer is licenced and regulated, whereas BitMEX is not.
Delta Exchange offers Bitcoin future trading with up to 100x leverage but does not support any fiat currency payment. As a result, any user wishing to invest in cryptocurrencies using traditional fiat currencies would need to open an account with a separate exchange. bitFlyer supports both fiat currency and cryptocurrency payments, offering superior limits through its Trade Pro account. In addition, the platform is regulated and licensed, whilst Delta Exchange is not.
Whilst Bybit is considered to be safe and reliable, it is not regulated by any financial authority, unlike bitFlyer, which is licenced by the Japanese Financial Services Agency (JFSA). This means that whilst you can trade anonymously on ByBit, you need to identify yourself, and in some cases present documents, in order to trade on bitFlyer. Whilst both platforms provide free, in-built wallets which store the majority of their cryptocurrencies in cold storage devices, bitFlyer also accepts fiat payments whilst Bybit does not.
bitFlyer Exchange is a well-rounded platform which is geared to cater to both novice and experienced traders. Designed with simplicity and functionality in mind, the exchange’s interface is user-friendly, allowing you to effect orders in seconds. Although the selection of cryptocurrencies is not immense, there is sufficient choice to help anyone get started trading. In addition, the fact that the exchange is licensed and regulated makes it a reliable and trustworthy platform.
Owned by HDR Global Trading Limited, with its headquarters in Hong Kong, BitMEX is a P2P cryptocurrency trading platform and is well established in the crypto community. It's widely popular for its 100x leverage.
Delta Exchange is one of the leading cryptocurrency futures trading platform, offering a variety of Bitcoin and perpetual contracts at favourable market rates.