BitFlyer Lightning Review

95%
Bitcoin Codes | March, 2024
95/100
Top-of-the-range security measures
Ease of use and accessibility for all
Incentivises big trades and experienced users
Generally low exchange fees
Small pool of tradable crypto options
Expensive spread on exchange fees
Getting Started
4.6 rating
4.6/5
Accepted Payment Options
4.5 rating
4.5/5
Ways to Trade
4.4 rating
4.4/5
Security And Regulation
4.4 rating
4.4/5
Customer Support
4.5 rating
4.5/5
Verdict:
BitFlyer Lightning is one of the fastest-growing crypto exchange marketplaces in the world right now, and since it was founded in Japan, it is all the more impressive. The company recently set up an office in San Francisco as it continues to make expansions into new markets around the world.

The cryptocurrency industry is one that has shown exponential growth over the past decade or so, as more and more coins are engineered and placed on the market every day. Owning a digital, decentralized form of personal currency is appealing to many people who have lost faith in the typical banking system used in most countries.

Cryptocurrency trading also presents a fantastic investment opportunity for many people who are looking for alternative ways to grow their own personal wealth. Many people consider the volatility of the market as a negative, as it increases the risk of monetary loss. However, that same volatility also makes cryptocurrency trading and investing a great opportunity to hit the jackpot and earn massive returns on investments.

But, where can you do this type of cryptocurrency trading and investing? Do banks facilitate this or do you need to find a dedicated platform? Find the answers in our crypto guide below.

Rating

3.8/5

Excellent

TESTED & VERIFIED

Cryptocurrency Exchange Platforms

Generally, crypto and digital asset trading takes place on sites and platforms known as cryptocurrency exchanges. Some of the most popular crypto exchange platforms include Gemini, Luno, and BitFinex. However, these are just a few of the big names. The options are seemingly endless and there’s really no monopoly on the crypto exchange platform market.

Cryptocurrency exchange platforms are used primarily for the trading of and investing in digital assets such as Bitcoin, Ethereum, and a number of other altcoins. In addition to providing standard trading services, many of these crypto exchange platforms also feature price discovery tools. These tools are designed to help online traders understand what makes the crypto market volatile. Additionally, most platforms offer storage for crypto in what is known as a cryptocurrency wallet.

You may wonder: where can I find an all-in-one platform that offers all of these features and more? Does it exist?

The short answer is yes. Most major crypto exchange platforms offer all of these services. Plus, many of them offer bespoke services that make their platform unique.

In this guide, we’re going to take a closer look at BitFlyer Lightning, a relatively new crypto exchange platform that’s been making real waves in the industry. Should it continue on its current path of growth, BitFlyer Lightning looks set to become a major exchange and digital asset trading platform. Here’s why.

What is BitFlyer Lightning?

BitFlyer Lightning is a cryptocurrency exchange platform that was founded in Japan and has recently made its way to a Western, and particularly, US-based audience. BitFlyer markets itself differently to most other exchange platforms by targeting one of the main pain points that seems to deter many potential cryptocurrency investors. It markets itself as the exchange platform that is totally and utterly invested in providing top-notch security for all the digital assets that you may hold on its platform.

BitFlyer Lightning also stores and allows users to trade in most of the major cryptocurrencies on the market right now, including Bitcoin, Ethereum, and many others. It also stores a few more altcoins that are growing at a strong rate. It is only natural to assume that a platform growing at the rate of BitFlyer Lightning will soon have far more options for investments and trading stocked up over the next few years.

Besides marketing itself as the most secure platform on the market right now, BitFlyer also markets itself as being completely user-friendly. It is extremely easy to sign up for the platform, transfer money into your digital wallet, and even start trading. All of the above can be completed in a matter of seconds, which makes BitFlyer Lightning a great starting point for those who are looking to get into cryptocurrency investing and digital asset trading. It is a great beginner platform but also doubles in being sophisticated enough for intermediate and advanced traders.

Rating

3.8/5

Excellent

TESTED & VERIFIED

The Advantages of Using BitFlyer Lightning

BitFlyer lightning provides many advantages over some of the other trading platforms on the market. If you’re looking for an exchange platform option that provides industry-leading security measures, ease of use, and competitively low fees when making exchanges, then BitFlyer Lightning is the way to go.

But let’s get into each of these advantages in a bit more depth below…

Best Online Security Measures

As mentioned above, one of BitFlyer Lightning’s main marketing points is that it provides industry-leading security that other exchange platforms simply cannot match. But what exactly does this mean, and what makes the security measures implemented on BitFlyer’s platform any better than its competitors?

The engineers behind BitFlyer have explained that the platform uses the most up-to-date security measures in the industry, including Multisig Bitcoin wallets that require more than one digital signature in order to transfer cryptocurrency between users. Some other security measures implemented on this platform that smaller (not major) platforms don’t use include SSL encryption standards, two-factor authentication, and the regular stress tests that are mandated to be included in any financial trading platforms.

All-in-all, when using BitFlyer Lightning, you will be getting industry-leading security on your digital assets and cryptocurrency investments – the type of security (if not better) than you would expect from some major exchange platforms on the market.

Ease of Use

One of the biggest hurdles that most cryptocurrency newcomers face when getting into both investing and trading is the fact that many platforms are a little bit confusing, especially when they don’t know much about different types of cryptocurrencies or crypto wallets in the first place. BitFlyer seeks to help newcomers jump this hurdle and begin investing mere minutes after creating an account. And for the most part, the platform achieves this goal.

BitFlyer has an extremely user-friendly design and UI that makes it pretty simple for absolutely anyone to understand where to go, what buttons to click, and what to do, when getting started on the platform. Furthermore, account registration on BitFlyer is extremely speedy and simple, meaning you can get started on your investments without much hassle.

There is also a helpful guide contained in each and every BitFlyer account. So, if you ever feel lost or need help navigating the platform or your trades, you can quickly and easily refer to the handy guidelines.

But, one must remember that with BitFlyer, just because it is so accessible for beginners it does not mean it is not suited to more intermediate and advanced users. On the contrary, in fact, BitFlyer offers an option for those who are above the Trade Class level. Users that prefer this option will gain access to much more advanced trading tools, faster trading speeds, and even lower costs.

As you can see, BitFlyer is suited to absolutely everyone that wants to get involved in cryptocurrency trading.

Low Exchange Fees

One of the main aspects that most people consider when signing up for a cryptocurrency exchange platform is the fees on the exchange, and luckily, BitFlyer Lightning has some of the best exchange fees on the market right now. They’re not quite what experts would consider the cheapest available, but for the other advantages mentioned above, especially with regards to the advanced security measures, these fees seem more than reasonable.

Fees on BitFlyer Lightning are as follows:

  • 0.10% on any trader who trades more than $50 000 per month
  • As monthly trade values increase, the fee on exchange decrease

This system incentivizes those who make big monthly trades to choose BitFlyer as their platform as a choice, because the bigger your trades, the lower the exchange fees will be. But in general, 0.10% on trade seems to be the industry standard. So, newcomers are getting bang for their buck when trading on BitFlyer Lightning too.

Above we’ve discussed some of the main advantages that you will accrue from choosing BitFlyer Lightning as your exchange platform of choice. But what about features that the engineers of the platform are looking to improve on in the future? Is the platform already perfect? Certainly not, and these are some things that the team is looking to build on in the next few years:

Expanding the Cryptocurrency Selection

BitFlyer has one major problem that might stop those who have already been trading in crypto for a long time from joining the platform. That is the fact that in its current state, BitFlyer has an extremely small pool of cryptocurrency options to choose from. Of course, the platform stocks the major coins like Bitcoin and Ethereum, but smaller coins that are currently providing massive investment potential most likely will not be stored on this platform.

But that isn’t to say that BitFlyer will not stock a much larger selection in the future, especially as the engineers have made this one of the main expansion points for the company in the future.

Expensive Spread on a Relatively Standard Platform

Another issue that users have encountered when using BitFlyer in its currently quite primitive form is the fact that with the standard buy/sell option on the marketplace, there are variable trading fees that typically seem to fluctuate from 0.10% (mentioned above) to almost around 6% in some cases – which many experienced and even new investors might find unacceptable.

This is certainly a problem that needs addressing, especially since some smaller platforms even offer trades that contain no hidden fees whatsoever. Some platforms are completely free to trade on! BitFlyer is obviously a platform with lots and lots of potential, and this issue is surely something that will be addressed once the profits, capital, and general size of the platform continues to expand.

Rating

3.8/5

Excellent

TESTED & VERIFIED

How To Use BitFlyer Lightning

Now that you understand exactly what BitFlyer Lightning is, along with what makes it a great platform and what weakens its standing among some experienced cryptocurrency traders and industry leaders, it’s time to figure out exactly how to use the platform.

There are a few easy-to-follow steps that will get you into the trading sphere on BitFlyer in no time!

Let’s get started:

  1. Register an Account: Like on any website, social media platform or exchange marketplace, you’ll need an account before any assets or money can be placed in your possession. To create an account on BitFlyer Lightning you simply need to use an email address, create a password, and provide some personal information related to your identity (for safety reasons).
  2. Transfer Money To Your Customer Account: When creating an account on BitFlyer Lightning you’ll have the option to create and use a customer account –which you must do in order to begin trading. Once you have set up your customer account, you’ll easily be able to deposit money from your personal bank account into your crypto wallet. You’ll need money in the wallet to make any trades.
  3. Start Making Trades: Once you have money deposited into your customer account and crypto wallet you’ll be able to select a cryptocurrency option, whether that be Bitcoin or Ethereum, and make a trade or purchase. If you’d like to withdraw money, you’ll need to place your crypto holdings up for sale and then transfer the money in your customer account into your bank account. From there, you can make a standard bank withdrawal.

Using BitFlyer Lightning is truly that simple! Follow the three steps explained above and you’ll be making the crypto trades that yield the best ROI.

Final Thoughts

BitFlyer lightning has a lot going for it right now, especially when it comes to attracting new crypto investors using security marketing and promising ease of use. But what really makes this platform so special is the fact that it is absolutely perfect for both beginners and experienced cryptocurrency traders. It is accessible and safe for all to use.

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