Welcome to our Bitflyer review, where we take a closer look at one of the leading cryptocurrency exchanges in the industry. Bitflyer has gained recognition and trust by obtaining licenses to operate in Japan, the US, and the EU, solidifying its position as a regulated and reputable player in the crypto market.
In this review, we will explore various aspects of Bitflyer. We’ll guide you through the account opening process, examine the platform’s robust security measures, analyze its features and fees, explore the available customer support options, and provide valuable insights from customers. So, let’s get started.
What is bitFlyer?
BitFlyer is a titan in the world of digital currency exchanges. Founded in 2014, this Japanese cryptocurrency exchange has rapidly established a global presence, extending its reach to Europe and the United States. BitFlyer is an innovative platform that bridges the gap between traditional financial systems and the burgeoning world of cryptocurrencies, providing a secure and user-friendly environment for buying, selling, and trading a diverse range of digital assets.
What sets bitFlyer apart? It’s a combination of user-friendly design, a vast selection of top digital assets, and a commitment to security and regulation compliance. With a presence in multiple countries, bitFlyer has become the go-to platform for many seeking a reliable, efficient, and transparent cryptocurrency trading experience. Now, let’s see what else you should know about bitFlyer.
How to Open an Account at bitFlyer?
- Visit the bitFlyer website and click on the “Sign Up” or “Create Account” button.
- Provide your email address to initiate the account creation process.
- Check your email inbox for a confirmation message from bitFlyer and click on the verification link.
- Set a strong password for your account and review and agree to the account terms and conditions.
- Congratulations! You now have a “Standby Class” account and can start trading begin exploring Bitflyer.
To enjoy full account access and higher trading limits, you’ll need to complete the Know Your Client (KYC) verification process:
- Upgrade to the “Trade Class” by following the instructions provided on the bitFlyer platform. This unlocks daily trading and withdrawal limits of up to $50,000.
- For even higher limits, consider upgrading to the “Trade Pro Class” by completing the full KYC verification.
- To complete the KYC process, you’ll need to upload a photo ID, a selfie, a bank account statement, a utility bill, and provide your Social Security number.
With your bitFlyer account up and running, you’re ready to delve into the exciting world of cryptocurrency trading and enjoy the benefits of higher account tiers and expanded capabilities.
Security: Is bitFlyer Safe?
The platform implements robust measures to ensure the safety of user accounts and funds. Here are some of the security features provided by Bitflyer:
- Two-Factor and Multi-Sig Authentication: bitFlyer employs two-factor authentication (2FA) and multi-signature (multi-sig) technology to add an extra layer of protection to user accounts. This helps safeguard against unauthorized access and fraudulent activities.
- Suspicious Activity Monitoring: bitFlyer closely monitors customer accounts for any signs of suspicious activity. This proactive approach enables the platform to detect and address potential security threats promptly.
- Manual Verification of Wire Deposits: All wire deposits on bitFlyer undergo manual verification by real people. This meticulous process ensures that funds are thoroughly checked, minimizing the risk of fraudulent deposits.
- Customer Identity Verification: In cases of suspected suspicious activity, bitFlyer may reach out to customers via phone calls to verify their identities. This extra step provides an added layer of protection against unauthorized access.
Additionally, being a Japan-based platform, bitFlyer has remained relatively unaffected by the collapse of other major crypto players. This stability contributes to the platform’s overall security and reliability.
What Are bitFlyer Features?
Compliance and security are at the core of Bitflyer’s offerings, making it a reliable platform for cryptocurrency trading. Here are some key features that set bitFlyer apart:
- Licensed and Regulated: bitFlyer holds the distinction of being the first exchange platform licensed to operate in Japan, the U.S., and the E.U. This regulatory compliance demonstrates bitFlyer’s commitment to meeting stringent industry standards and providing a secure trading environment.
- Platinum Member of Japan Blockchain Association (JBA): As a platinum member of the JBA, bitFlyer adheres to the security and trade restriction measures set by the association. This membership ensures that bitFlyer implements robust security protocols to protect user information and investments.
- Advanced Security Measures: bitFlyer utilizes top-level encryption technology to safeguard user data and funds. It employs multi-signature (multi-sig) technology, requiring multiple keys to authorize cryptocurrency transactions. This reduces the risk of unauthorized access and enhances the security of users’ wallets.
- Offline Storage: bitFlyer stores 100% of Bitcoin offline, reducing the likelihood of hackers gaining access to large amounts of user funds. This offline storage strategy adds an extra layer of protection against potential security breaches.
- Cross-Border Trading: bitFlyer introduces “cross-border trading,” enabling U.S.-based consumers to buy and sell Bitcoin with Japanese yen, thereby accessing the Japanese Bitcoin market. While this feature offers unique opportunities, it currently has limited availability and requires using Bitcoin as an intermediary currency.
- Fiat Currency Support: bitFlyer allows users to make cryptocurrency purchases using fiat currency, such as dollars or yen. However, it’s important to note that JPY withdrawals are not yet supported for U.S. customers. Withdrawals must be made in Bitcoin or USD.
These features provide users with a regulated, secure trading environment, access to the Japanese Bitcoin market, and the convenience of fiat currency support for cryptocurrency purchases.
What Are bitFlyer Fees?
BitFlyer implements fee structures based on type of transaction such as:
- Lightning Exchange Trading Fees
- Instant Buy Platform Fees
- Deposit and Withdrawal Fees
Lightning Exchange Trading Fees: bitFlyer’s Lightning Exchange, its advanced trading platform, charges fees based on the user’s trading volume over a 30-day period. The fees are tiered based on the USD value of the trading volume.
|30-day Trading Volume||Fee|
|$50,000 – $500,000||0.09%|
|$500,000 – $1 million||0.08%|
|$1 million – $5 million||0.07%|
|$5 million – $10 million||0.06%|
|$10 million – $50 million||0.05%|
|$50 million – $500 million||0.04%|
Instant Buy Platform Fees: bitFlyer’s instant buy platform advertises trades as “free,” but it assesses a fee ranging from 0.1% to 6.0% on the displayed purchase and sales prices.
Deposit and Withdrawal Fees: bitFlyer does not charge fees for ACH deposits or withdrawals from a U.S. bank. Wire deposits are also free, but wire withdrawals may incur a fee of $20. Additionally, when withdrawing cryptocurrencies from bitFlyer, there are withdrawal fees specific to each digital asset.
- Bitcoin (BTC) Withdrawal Fee: 0.0004 BTC
- Ethereum (ETH) Withdrawal Fee: 0.005 ETH
- Ethereum Classic (ETC) Withdrawal Fee: 0.005 ETC
- Litecoin (LTC) Withdrawal Fee: 0.001 LTC
- Bitcoin Cash (BCH) Withdrawal Fee: 0.0002 BCH
It’s important to review the latest fee schedule on the official site, as fees may change over time. By understanding the fee structure, users can plan their trading activities and factor in the associated costs when using bitFlyer.
BitFlyer Customer Support: Which Customer Support Options Does bitFlyer Have?
Bitflyer values customer support and provides several options if you seek assistance:
- Help Center: Bitflyer has a comprehensive Help Center on its website. This resource serves as a knowledge base, offering answers to frequently asked questions (FAQs) and providing guidance on various aspects of using the platform.
- Contact Form: For specific inquiries or issues that are not addressed in the Help Center, Bitflyer offers a contact form. Users can fill out the form with their questions or concerns and submit it to the Bitflyer support team.
- Social Media Channels: Bitflyer maintains an active presence on Twitter and Facebook. Users can follow or engage with Bitflyer’s official accounts to stay updated on platform announcements and reach out to the support team through these channels.
It’s important to note that response times may vary depending on the volume of inquiries and the nature of the request. For immediate assistance, users are encouraged to explore the Help Center and FAQs, as they often contain valuable information that may address common issues and queries.
Customer Reviews: What Do Customers Say About bitFlyer?
As with any other crypto exchange, user reviews of bitFlyer exchange vary. Some customers praise the platform for its user-friendly interface, low trading fees, and robust security measures. Others have expressed concerns about occasional delays in customer support responses and not as good amount of trading pairs compared to other top crypto exchanges.
As with any platform, it’s recommended to research and consider multiple perspectives to make an informed decision based on individual preferences and requirements.
Final Thoughts: Is bitFlyer Worth It?
After examining the key aspects of bitFlyer, it’s time to determine if this platform is the right fit for you. BitFlyer’s user-friendly interface, great trading fees, and regulated status make it an appealing choice for sure.
If you prioritize a well-established platform with robust security measures and amazing trading fees for top cryptocurrencies, bitFlyer would be a great option. Ultimately, your decision should be based on your specific needs and preferences in the ever-evolving world of cryptocurrency.
Is bitFlyer Legit?
Yes, bitFlyer is a regulated and reputable virtual currency exchange. It is licensed to operate in Japan, the US, and the EU, which demonstrates its compliance with regulatory requirements in these jurisdictions.
Does bitFlyer have multiple cryptocurrencies?
Yes, the exchange supports multiple cryptocurrencies. The exchange offers a diverse range of digital assets, including popular options such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Can I use Bitflyer in the USA?
Yes, Bitflyer is available for use in the United States. Thanks to its license, US residents can create accounts, trade cryptocurrencies, and access the services provided by Bitflyer.
What is the minimum withdrawal from bitFlyer?
The minimum withdrawal amount from bitFlyer may vary depending on the specific cryptocurrency being withdrawn. For Bitcoin the minimum amount is 0.001 BTC.
How much does bitFlyer charge for fees?
As previously mentioned in our bitFlyer review, this exchange employs a fee structure that varies depending on the type of transaction and trading volume. For trading on the Lightning Exchange, fees are based on the user’s 30-day trading volume. These fees range from 0.03% to 0.10%.