What is bitFlyer?
bitFlyer is a cryptocurrency exchange that is based in Japan and has a US office in San Francisco. While it only supports a modest number of digital currencies, the pricing model and features make it a great choice for newcomer cryptocurrency users. In addition, bitFlyer has a high-end active trading platform for professionals, featuring a different pricing model.
In addition to being an easy-to-use platform for crypto newbies, bitFlyer offers a pricing model with no specific per-trade fees. Rather, it uses spread-based pricing, where all costs are included in the currency’s price.
Let’s take a closer look and get a better idea of how the exchange works.
How We Reviewed bitFlyer:
As the popularity of cryptocurrencies grows, so too does the number of exchanges expand. Having more options is always a good thing, but there is also the challenge of finding the best crypto coins and best possible service. That’s where we come in. Our team of experts is dedicated to everything crypto related, including exchanges. They approach every platform fairly, test the services, explore the special features, and report what they find here.
Of course, every platform is given fair treatment. If the service is outstanding the team will be sure to let you know. On the other hand, if a platform is lacking, or has had trouble with the law, they’ll also let you know. In other words, if you’re unsure about an exchange check with us first before you make that first deposit.
How Does bitFlyer Work?
As with all cryptocurrency exchanges, bitFlyer provides services to buy, trade and sell digital assets. After an account is verified a trader may jump right in, get instant access to everything on offer, and start trading immediately.
What makes bitFlyer different is in how it handles fees. While most exchanges take a percentage of every transaction, bitFlyer allows all trades for 100% free. Instead costs are built directly into crypto prices, meaning that no fees are ever deducted during normal trade transactions. It’s an innovative system that does not charge unfairly, treats all traders equal, and never discriminates.
What We Rated bitFlyer:
Sign-Up Process: 4.8/5
bitFlyer is a fully regulated exchange that operates strictly within the law. This means that all traders must complete the Know Your Customer (KYC) process. KYC is a precautionary measure aimed at keeping out illegal traders and other unwanted entities.
Deposits and Withdrawals: 4.7/5
bitFlyer supports fiat and crypto deposits, including payments via PayPal, credit card, debit card, wire transfer and bank transfer. Withdrawals are easy, though processing time will depend on the currency being withdrawn.
Available Assets and Ways to Trade: 4.2/5
bitFlyer is strictly focused on just a handful of cryptos, 7 in total. It is a comparably very small selection, though each crypto has been carefully selected for its popularity and overall performance. NFT purchase and trade is also supported.
Customer Service: 4.5/5
bitFlyer takes customer support very seriously. Dedicated staff can be reached via email, or via a dedicated live chat system.
Security and Regulation: 4.4/5
bitFlyer is fully regulated and licensed by the Ministry Of Finance. The platform operates fully within the law. Security is also taken very seriously, with advanced encryption systems securely in place.
|Type:||Crypto Trade Software|
|Profit Close Rate:||85%+|
|Registration:||Free (KYC required)|
|Verification:||Under 10 minute (KYC required)|
|Regulatory Body:||Ministry Of Finance|
|Withdrawal Time:||1 -3 business days|
|Order Execution Time:||Less than 1ms|
|User Data Encryption:||Yes (SHA 256-bit)|
bitFlyer Features and Differentiators
bitFlyer offers a full suite of innovative and interesting trade features, including account automation, a unique referral system, as well as advanced tools for experienced users. It is, however, the platform’s unique approach to fees that has most got traders’ attention.
bitFlyer charges 0% fees on all trades, immediately making it a platform that deserves a closer look. Instead all costs are directly built into crypto prices. This means that all traders, no matter how prolific, are all charged the same rates across the board. It is an excellent solution that does away with the standard approach of charging the most active traders the highest fees.
bitFlyer designers have put a great deal of time and effort into the platforms layout. Navigation is quick and easy, all sections of the site are clearly marked, and engaging in trading is a breeze.
Place Trades Simultaneously
bitFlyer offers various AI based automation services. Experienced traders can customise their account as they see fit, taking much of the hassle out of daily trade. The Reoccurring Buy tool allows for certain specified trades to tick off automatically. It is even possible to let the system make multiple purchases at once, maximising potential when it really matters.
The best part about Reoccurring Buy is that it completely takes emotions out of the game. Experienced traders know the dangers of trading based on emotions, which is exactly why automated trade features are so important.
Zero Licensing Cost
bitFlyer has no licensing costs, and no fees on individual transactions. All fees are equally distributed across standard crypto prices.
The world of crypto trading is a potential goldmine. Those that invest wisely can walk away with massive profits.
Trade Multiple Cryptocurrencies
The biggest current downfall of bitFlyer is that only a handful of cryptos are supported, 7 in total. Though, each of the 7 has been chosen for very good reason. Hopes are, however, that more cryptos are added in the future.
Crypto traders face a very real threat; hackers. That is why bitFlyer is Secure Socket Later (SSL) certified. SSL is a security feature that keeps an added layer of protection between traders and the outside world. All transactions, as well as all personal data, are secure as long as SSL is in effect.
Withdrawals from bitFlyer vary depending on the currency being withdrawn. Crypto withdrawals generally clear within a few hours. Fiat withdrawals can take up to 3 business days before they reflect.
Customer Support Department
There is no substitute for good customer support. At bitFlyer a dedicated, professional team is always standing by to offer assistance. The support team can be reached by email or live chat
Demo Trading Account
Sadly bitFlyer does not currently provide a demo trading feature. Hopes are that the feature will be added in the future
How to Register with bitFlyer
Signing up with bitFlyer is a quick and easy process, potentially taking no more than a few minutes.
1. Registration Form
The first step of registration is the standard entry form. Various details will have to be provided, including a name, verified email address and residential address. It is also at this point that the KYC process will have to be completed. In order for KYC to be completed verified identification documents will have to be provided.
2. Make Your First Deposit
After an account is activated an initial deposit will have to be made. Crypto can be transferred from a wallet. A fiat deposit can be made via PayPal, credit card, debit card, or bank transfer.
3. Demo or Live Trade
Since no demo account feature is provided only live trading is available.
Tips for Making the Most of bitFlyer
bitFlyer offers many advanced services. Making use of these services is the key to getting the most out of standard crypto trading. Let’s take a closer look.
Utilise Your Account Broker
bitFlyer does not offer any dedicated account broker services.
Invest the Minimum at First
The advanced bitFlyer tools are aimed at servicing experienced traders that are already familiar with the market. For those that are not yet experienced, it is advisable that only the minimum amounts be initially invested.
Keep Track of Your Cryptos
It is no good making investments if performance is not being carefully tracked. All crypto investments should be monitored on a daily basis.
Spend 20 Minutes on Your Account Daily
As with all investment strategies, crypto trading requires dedication in order to be a success. Newcomers are advised to spend a minimum of 20 minutes a day on their accounts. The more time spent, the better chances of seeing positive returns.
Crypto trading is a risky endeavour. Since markets tend to rise and fall so suddenly there is a serious risk of losing investments. That is why all trading, no matter how small, should always be treated with due respect. In other words; crypto trading should always be done responsibly.
Keep Track of Your Transactions
Every smart trader knows that keeping track of transactions is essential. A detailed log of every investment and every purchase should always be kept.
The Brief History of Crypto and bitFlyer
The history of bitFlyer can be traced back to 2014. Yuzo Kano, previously a bond trader at Goldman Sachs, decided to branch out and launch a business of his own. He founded bitFlyer, coincidently just a few months before Mt. Gox went out of business.
Finding quick success, it was just a few years before the new bitFlyer exchange reported that it was servicing a total of 100,000 traders. This amounted to about $64 million being transacted on a monthly basis. This meant that bitFlyer was the largest exchange operating in Japan. Soon after the 100,000 user announcement expansion began to occur more rapidly, with the platform today boasting 3 million users.
bitFlyer received full licensing and regulatory approval, then in 2017 expanded to the United States.
Alternatives to bitFlyer:
A few alternatives to bitFlyer include eToro, Coinbase, Binance, Kraken, Coinbase, Crypto.com and others.
Frequently Asked Questions About bitFlyer:
What is bitFlyer and How Does It Work?
bitFlyer is a professional crypto exchange service facilitating the buying, trading and selling of digital assets. The platform stands apart for charging 0% on transactions.
How Much Profit Can I Make with bitFlyer?
Asking how much can be made at a crypto exchange is a loaded question. Smart traders can potentially make a great deal of profit. On the other hand traders that invest recklessly may see more losses than they do profits.
Is bitFlyer Free to Use?
Registration at bitFlyer is free. Transactions are also free. All costs are built into the prices of the cryptos being handled.
bitFlyer App - is One Available?
A free to download bitFlyer app is available for most mobile devices.
Where is bitFlyer Available?
bitFlyer is available in numerous countries around the world, including the United States, Italy Japan, Malta, the United Kingdom, Sweden, Spain, Ireland, Germany, France and many more.
bitFlyer may only be focused on just a few cryptos, but that doesn’t mean it isn’t still amongst the most respected exchanges in the world. The service is outstanding, the customer support superb, and features impressive. As it stands the platform is still somewhat focused on experienced users, though most newcomers will also not find it too difficult to find their way around.
It is, of course, the 0% fees on trading that really makes bitFlyer shine. Few exchanges utilise a similar system, making bitFlyer a true innovator in a crowded market. All in all, there is no better choice for a variety of traders, as long as they are only interested in the few cryptos that are currently supported.