Established in Japan in 2014, bitFlyer is one of the most prominent cryptocurrency exchanges. It is one of the most extensive cryptocurrency exchanges with more than 3 million users and creates other crypto-related technology too. This article is all about the bitFlyer review 2022 and whether bitFlyer is a good exchange. Let’s take a look at it in more detail.
What is bitFlyer?
bitFlyer was established in 2014 by Yuzo Kano. It is a cryptocurrency exchange that focuses on quick trading and is straightforward with no set per-trade fee for standard trades. bitFlyer registered the biggest annual trading volume in Bitcoin from 2016 to 2021 in Japan (that includes spot, net settlement, and futures trading) according to JPBitcoin.com.
bitFlyer Pros:
- Low trading fees.
- It has robust security and satisfies the security requirements of the Japan Blockchain Association
- Users can buy cryptocurrencies with either dollars or yen.
- It has more than 3 million users worldwide
bitFlyer Cons:
- Very few cryptocurrencies supported
- The spread pricing of up to 6%
- The crypto-to-crypto trading pairs are not available
How does bitFlyer work?
The platform only keeps a small number of cryptocurrencies. Yet, the pricing standard and characteristics make it a good alternative for beginners. It also has a good dynamic trading platform for experts, with a separate pricing standard.
The platform has a 0.10% trading fee for a beginner-friendly buy/sell platform. It is a pretty good deal, taking into account that fees are not necessarily that low—and can presumably span as high as 6%.
Fees above 2% are much significantly greater than what you’ll find on almost any competing platform, so make sure your fees are equally viable before using bitFlyer’s buy/sell platform.
What are the features of bitFlyer Exchange?
- Security and Compliance: bitFlyer executes numerous identity verification procedures for security. As a regulated entity, the platform is obliged to relent with particular responsibilities, where it collects and verifies specific KYC information from the clients before confirming the association. bitFlyer was the first exchange authorized to function in Japan, the U.S., and the E.U.
- A secure way to invest: bitFlyer obeys one of the enterprise’s most elevated security benchmarks. Its next-generation security has an industry-leading 7-year bar of no hacking incidents. Also, it stores 100% of the crypto in cold storage.
- Buy crypto with as little as $1: At bitFlyer, users can invest in the most widespread cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more with as little as $1.
- Help in building the crypto portfolio: bitFlyer offers its users the tools and services to begin investing with comfort
- Recurring Buy: In this, users can schedule a recurring buy in minutes. They can buy crypto daily, weekly, monthly, and more. They can invest as low as $10 or as high as $10,000.
- Referral Program: According to its website, both you and your friend will get $15 worth of Bitcoin each when your friend creates a Trade PRO account, deposits, and purchases $100 or more worth of any crypto.
- Advanced Trading: Users can complete complex order types via either its APIs or its Lightning web interface. They can pick from more than 20 special order types to customize their own trading approach.
- Global Liquidity: Users can access the world’s biggest BTC/JPY market instantly from their bitFlyer USD account in addition to USD markets.
bitFlyer Review: Is bitFlyer safe?
bitFlyer seems to have a high reputation for security and has had no substantial hacks or breaches in the past. It uses a variety of technologies to maintain the security of accounts and cryptocurrency.
bitFlyer is a reputable, trustworthy, and safe cryptocurrency exchange. It has been properly registered and is governed by a credible regulatory authority. In addition, the exchange utilizes cutting-edge security technologies such as Multi-sig Bitcoin security, SSL communication, SHA-256 technology, Google two-factor authentication, anti-money-laundering (AML), and know-your-customer (KYC) regulations. These, as well as several other security protocols and guidelines, make sure that bitFlyer is a reliable and secure cryptocurrency exchange.
Available Cryptocurrencies on bitFlyer
The available cryptocurrencies on bitFlyer are between 9 to 14. Some of the prominent are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- Stellar Lumens (XLM)
- Tezos (XTZ)
- Basic Attention Token (BAT)
The important thing to note here is that the people of the European Union (EU) or European Economic Area (EEA), can trade Lisk (LSK) and MonaCoin (MONA). Japanese users can trade more cryptocurrencies.
What are the fees for bitFlyer?
The pricing model of the bitFlyer exchange is both straightforward and driving. To begin with, creating an account and depositing cryptocurrencies onto the exchange are both free. Depositing fiat currencies is free via wire transfer, but there is a fee of 324 JPY for their quick deposit option in Japanese Yen. Trading commissions range from 0.1% to 0.15%. Your fee percentage is calculated by your 30-day trading volume. Clients who trade 500 million JPY per month will pay the lowest fees of 0.1%.
bitFlyer Fees Structure
BitFlyer, like any other exchange, charges withdrawal fees. The withdrawal fees for diverse cryptocurrencies are listed above. The more about fees structure can be found here.
How to create an account and purchase cryptocurrencies on bitFlyer?
If you are not already a bitFlyer customer, you must first register and create a bitFlyer account. The procedure has several steps but is straightforward:
- Go to the main website and enter your email address (this will be utilized and connected with your account); the website will send you a confirmation email.
- Click on the link in the email you just received to verify your registration. Fill out some private data to finish the application form.
- Next, pass their Quick ID verification before proceeding to Trade Pro. So you can use the platform without limitation!
- You have now registered with the platform and are now ready to buy Cryptocurrencies through bitFlyer!
- You have two alternatives: You can Buy/Sell, to efficiently purchase cryptocurrencies with funds from a bank or PayPal deposit. Or you can also trade like a pro by using Lightning!
Create an account
To purchase the cryptocurrency (here Bitcoin)
- Navigate to bitFlyer’s Buy/Sell segment.
- Next, click the “BUY” button on the BTC/USD tab.
- Enter the amount you want to buy in Euros or Bitcoins.
- Finally, check the overview of your order and click “Confirm.” It’s finished! Your Bitcoins will be transferred directly to your bitFlyer wallet!
Conclusion
The bitFlyer cryptocurrency exchange is ideal for both new and experienced traders. While there aren’t many cryptos to trade, there are fiat currency pairs, and traders can actively engage in futures markets and trade on margin. Another important factor to consider is that the exchange is registered and governed in both Japan and the United States.
