bitFlyer Exchange Review & Guide
What is bitFlyer?
bitFlyer is a Japanese exchange established in 2014, which has the largest traded volume in the country, having registered over 1 million users. Since 2016, its digital trading services can also be used by US residents.
bitFlyer was among the first companies to be licensed by the JFSA (Japanese Financial Services Agency), and it has also been approved by the New York Department of Financial Services (NYDFS) in November 2017.
The company currently offers Bitcoin trading against several fiat options, although it plans to add more altcoins in the future.
So far, the exchange has not been reported to experience any hacking or security issues that have led to user funds being lost or stolen.
bitFlyer only supports Bitcoin trading against three fiat pairs: USD, EUR, JPY.
The service is available for residents from Japan, Europe, and the US, but there are several states that cannot access the platform including: California, Colorado, Connecticut, Hawaii, Louisiana, Massachusetts, Minnesota, Nevada, West Virginia or Wyoming.
bitFlyer offers two web-based trading platforms. The simplest platform out of the two is Bitcoin Easy Exchange, which enables direct JPY to BTC conversions. The other platform is called BitFlyer Lightning which features a design similar to forex trading platforms. This platform also offers the option of leveraging at a 1:15 ratio.
On the left, a chart with several pre-loaded indicators is featured. In the middle is the order book, and on the right, there is the tape and several other fields are placed below of these.
Multiple themes are available, and sound notifications can be disabled/enabled.
Japanese users have more flexibility regarding their payment options such as credit cards and bank transfers and can access more coins such as BCH, ETH, ETC, LTC, MONA and LISK.
bitFlyer users from the US can only deposit or withdraw digital currency or make US dollar deposits/withdrawals via wire transfer. The exchange accepts Bitcoin transfers for both US and Japanese users.
bitFlyer does not charge any fees for account creation or maintenance nor for depositing via wire transfers. However, your bank might charge certain fees on such transfer.
The exchange charges a US$10 (DKK61) fee for withdrawing US dollars to bank accounts. A fee of 0.0004 BTC is incurred for deposits and withdrawals made with Bitcoin.
The fees vary depending on the services, trading volume and frequency, which can get a bit confusing. Direct conversions from JPY to BTC can incur fees between 0.01% and 0.15%
Deposits made via bank wire transfers to bitFlyer accounts are usually completed in one business day, but this time depends on your bank’s schedule or holiday program.
bitFlyer has the following limits according to the type of your account:
|Bitcoin Easy Exchange||BitFlyer Lightning|
|Maximum daily Bitcoin transactions||US$2,000||US$50,000|
|Maximum daily US dollar transactions||US$2,000||US$50,000|
|Maximum single transaction||US$3,000||Unlimited|
bitFlyer uses a number of security implementations to make sure that user funds are kept safe.
All customer related data communication is encrypted by applying TLS1.2 and AES_128_GCM to all connections to bitFlyer. ECDHE_RSA is the key used in the exchange process. The site is SSL certified and adopts SHA-256 hash encryption.
bitFlyer also offers two-factor authentication which can be enabled from the account’s security settings.
For account creation, US residents are required to supply an email address, personal data, a valid photo ID and, if requested, a recent document that states your address.
bitFlyer offers an FAQ section online and a “Contact” page located in the site’s footer. The FAQ section is not easy to navigate, as you have to search previous queries in order to find what you are looking for.
Pros and cons
- BitFlyer Lightning- enables fast BTC transfers.
- Supports high trading volumes.
- Advanced trading tools and functionalities.
- Fees vary too much.
- Only Bitcoin is available.
- The site is not easy to navigate.
bitFlyer Review: Verdict
bitFlyer is a cryptocurrency exchange which has the highest volume rates in Japan, and also rates highly on the international market. Its most unique feature is that it offers trading options against the Japanese Yen (JPY), and implements strong security measures.