BITFLYER REVIEW

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BITFLYER REVIEW
BITFLYER REVIEW

Bitflyer is a regulated Japanese cryptocurrency exchange that was launched in January 2014. It was founded by Takafumi Komiyama and Yuzo Kano. The exchange is regulated by the Japan financial service Agency. It is the largest cryptocurrency exchange in Japan and one of the largest in the world. It currently ranks at number 14 amongst the top cryptocurrency exchanges on coinmarketcap, with a 24h trading volume of $119,799,421.93.

Initially, the exchange was only available for users in Japan, but in 2017, another version for users in Europe and the United States was launched. It has its headquarters in Tokyo, Japan.

The Bitflyer US office is based in silicon valley and is regulated by the New York Department of financial services. At the same time, Bitflyer Europe is located in Luxembourg, and it’s registered with the Luxembourg trade and companies register and is monitored by the Commission de Surveillance du Secteur financier (CSSF).

FEATURES

Some of the attractive features of bitflyer include its support of major cryptocurrencies, it’s very low transaction fees, top-notch security that enables margin trading and futures trading, and it has an easy to use interface.

SERVICES OFFERED BY BITFLYER

  • Instant buy: with the instant buy, you can purchase your cryptocurrencies instantly with your credit card or other payment method. It is very fast and efficient.
  • Bitflyer lightning exchange: This service provides professional crypto traders with advanced trading tools. You can also communicate with other traders and access the exchange API.
  • Trading: You can trade with the 7 supported trading pairs, and the exchange also supports leverage trading, such as Margin and futures trading.
  • Wallet: You can store your supported cryptocurrency on the bitflyer wallet. The wallets are safe and secure.
  • OTC:Bitflyer provides an Over the counter service for traders trading in large volumes. 
  • Affiliate program: Earn more when you register people with your referral link.
  • Mobile App: The exchange has a mobile application for Android and IOS phones. The app can be downloaded from the Google play store or IOS app store.

HOW DOES IT WORK

  • Registration: To register and create a bitflyer account, you have to visit their website, input your email address and click on the sign-up button. Verify your email address and input all the required information to create an account.
  • Verification: After you have successfully created your account, you need to verify your identity before you can start trading. The requirements for verification include the following:

1) Passport or government issued ID

2) Proof of Address

3) Photograph/Selfie

4) Nationality

5) Phone number

  • Payment method: The accepted payment methods on bitflyer are bank transfers, wire transfers and credit cards. It also accepts PayPal payments. Bitflyer Japan only accepts Japanese credit cards.
  • Supported currency: cryptos supported on bitflyer are BTC, ETH, BCH, ETC, LTC, Lisk (LSK) and Monaco in (MONA). Fiats include EUR, JPY and USD. They are traded against each other on the exchange.
  • Supported country: Countries supported include Japan, the US and European countries.
  • Transaction fee: The trading fee for each bitflyer version is different.

Bitflyer Europe fees

Deposit fee – free

Withdrawal fee – €0.30 for transactions less than €250,000 and €10.00 for withdrawals greater than €250,000.

Trading fee -0.20% for a 30-day trade volume of less than €1 million and 0.15% for trade volumes of €1million to less than €10 million. 0.10% for a volume greater than €10 million.

Bitflyer US fees

Deposit fee- free

Withdrawal fee – $20 for Fedwire

                       – free for ACH

Trading fee per 30-day trade volume

$0 – less than $1million – 0.12%

$1 million – less than $10 million – 0.07%

$10 million and above – 0.02%

Bitflyer Japan fees

Deposit – free through SBI sumishin NetBank, but other methods attract a minimum charge of 330JPY per deposit.

Withdrawal- free

Trading fee: The trading fee per 30 days trade volume ranges from 0.15% to 0.01%. The larger the trade volume, the lower the trading fee.

  • Security: bitflyer’s security system includes the use of multi-signature bitcoin addresses, SSL encryption, and the use of web application firewalls. The exchange stores over 80% of its customer’s funds in a cold wallet and applies the use of the 2-factor authentication.
  • Customer support: The website has a FAQ section and a ticket support system to ask questions or solve problems. The response is usually gotten in less than 24 hours.

Bitflyer is one of the largest exchanges globally with an easy to use system, very low transaction fees compared to other exchanges and millions of users worldwide.

However, the exchange is only available to three regions and supports a limited amount of altcoin and fiat currencies.