BitFlyer Review 2024

BitFlyer, established in 2014, is a Japanese cryptocurrency exchange founded by Yuzo Kano. This platform allows its 3 million users to trade various cryptocurrencies with as little as €1.

The company operates under the supervision of CSSF and is a member of the JBA. Bitflyer provides customer services only via email.

BitFlyer Company Information and Regulation

BitFlyer, founded in 2014 by former Goldman Sachs employees Yuzo Kano and Takafumi Komiyama, has quickly risen to become a global leader in the cryptocurrency exchange market. What sets BitFlyer apart from many of its competitors is its strong commitment to regulatory compliance and security. Key points about BitFlyer's regulatory status:

• Obtained a Payment Institution (PI) license from the Luxembourg Ministry of Finance [license number Z00000016]
• Supervised by the Commission de Surveillance du Secteur Financier (CSSF)
• First exchange to become regulated in the US, Japan, and Europe
• Member of the Japan Blockchain Association (JBA)

This regulatory framework makes BitFlyer one of the most compliant virtual currency exchanges globally, providing users with an added layer of trust and security.

BitFlyer Exchange Table of Specifications

To give you a general idea of BitFlyer exchange, let’s review its key specifications in a table format:

Let's take a look at the advantages and disadvantages of using BitFlyer:

While BitFlyer excels in security and regulatory compliance, it may not be the best choice for those seeking a wide variety of altcoins or the lowest possible fees.

BitFlyer Exchange User Levels Features

BitFlyer employs a tiered fee structure based on a user's 30-day trading volume. This incentivizes higher volume trading and rewards active users with lower fees.

Traders should consider that the fees apply for both maker and taker. Also free buy and sell fees might be negotiated based on volume and trade frequency.

BitFlyer Exchange Fees and Commissions

Understanding BitFlyer's fee structure is crucial for maximizing your trading profits. Here's a breakdown of the main fees you'll encounter:

Trading Fees

As shown in the previous section, trading fees range from 0.1% to 0.03% based on your 30-day trading volume.

Deposit Fees

BitFlyer doesn’t charge customer for depositing virtual or fiat currencies to the platform. However, Trader who want to deposit Japanese Yen to this platform need to pay 330 JPY transaction fee.

Withdrawal Fees

Unlike most deposit methods, traders must pay withdrawal fees to transfer their assets. Here’s an overview of the fees BitFlyer charges for withdrawals:

It's important to note that these fees may change over time, so always check the official BitFlyer website for the most up-to-date information.

BitFlyer Exchange Coins and Tokens

While BitFlyer doesn't offer as wide a selection of cryptocurrencies as some of its competitors, it focuses on providing a secure and reliable platform for trading the most popular digital assets. As of the time of writing this article, BitFlyer supports trading for the following cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Ethereum Classic (ETC)
• Lisk (LSK)
• Monacoin (MONA)
• Basic Attention Token (BAT)

In total, BitFlyer offers trading for 8 cryptocurrencies. While this selection may seem limited compared to exchanges that offer hundreds of coins, it allows BitFlyer to maintain high security standards and focus on providing a excellent trading experience for the most widely-traded cryptocurrencies.

BitFlyer Exchange Futures and Margin Trading on Exchange

BitFlyer offers advanced trading options for experienced users through its Lightning Exchange platform. Here are the key features of BitFlyer's futures and margin trading:

• Futures Trading: BitFlyer offers Bitcoin futures contracts, allowing traders to speculate on the future price of Bitcoin without owning the underlying asset.
• Margin Trading: Users can trade with leverage of up to 2x on select cryptocurrency pairs.

It's important to note that futures and margin trading carry higher risks and are only recommended for experienced traders who understand the potential for significant losses.

BitFlyer Account Opening and Verification

Getting started with BitFlyer is a straightforward process. Here's a step-by-step guide to registering and verifying your account:

1. Visit the BitFlyer website and click "Create an Account;"
2. Enter your email address;
3. Verify your email address by clicking the link sent to your inbox;
4. Create a strong password for your account;
5. Complete the basic profile information and enter your address details;

6. Complete the financial information form;
7. Verify your mobile phone;
8. Upload the necessary document to verify your account (ID card, residence permit or driver’s license);
9. Take a selfie and upload it on BitFlyer website.

The verification process plays a vital role in upholding the security and integrity of the platform. Although it might take a bit of time, it’s a necessary measure to ensure a safe trading environment for all users.

BitFlyer Safety Measures

Security is a top priority for BitFlyer, and the exchange implements multiple layers of protection to safeguard user funds and data:

• SSL Communication: All data transmissions are encrypted using SSL technology.
• SHA-2 Encryption: BitFlyer has adopted the more secure SHA-2 cryptographic hash function.
• Two-Factor Authentication (2FA): Prevent unauthorized access by adding an extra layer of security.
• Multi-Signature Wallets: Requires multiple keys for high-volume transaction approval.
• Cold Wallet Storage: The majority of user funds are stored in offline, cold wallets.
• IP Address Restriction: Users can whitelist specific IP addresses for account access.
• Segregated Asset Management: Customer funds are kept separate from company assets.
• Regular Security Audits: Conducted by third-party cybersecurity firms.

These comprehensive security measures have helped BitFlyer maintain its reputation as one of the safest cryptocurrency exchanges, having never been successfully hacked.

BitFlyer Exchange Payment Methods

BitFlyer offers several options for depositing and withdrawing funds:

• Bank Transfer: Supports JPY, USD, and EUR deposits via bank transfer.
• PayPal: Recently integrated for European users, allowing instant deposits.
• Cryptocurrency: Direct deposits and withdrawals for supported cryptocurrencies.

Lack of credit card deposit and withdrawals is a drawback traders need to consider before creating an account in BitFlyer exchange.

BitFlyer User Reviews and Trust Scores

It’s time to go through user reviews and Trust Scores in our BitFlyer review.  While BitFlyer is generally considered a reputable exchange, user reviews on platforms like Trustpilot are negative. The platform receive 1.7/5 stars based on 24 reviews which over 92% of them are 1-star reviews.

Unfortunately, the broker support team doesn’t engage in conversations with traders who had negative experiences with the platform.

BitFlyer Copy Trading Services and Investment Options

BitFlyer offers several investment options beyond simple spot trading:

• Recurring Buy (DCA): Users can set up automatic, recurring purchases of cryptocurrencies, implementing a dollar-cost averaging
• Staking: Traders can stake their Lisk and ETH to receive rewards for securing the network.

BitFlyer continuously evaluate new features to add to their platform.

TF Expert Suggestion

As a highly regulated cryptocurrency exchange with over 10 years of experience, BitFlyer provides services to traders residing in Japan, the US, and Europe. The lack of supporting a wide range of crypto coins and tokens with high instant trading fees, makes it not the most appealing option for most traders.