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Bitflyer Exchange Review

By Jinia01/12/2023

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I started trading crypto as far back as 2017 in the middle of a bull market that saw Bitcoin’s price go from $900 all the way up to nearly $20,000. Back then, I was trading on various exchanges, but none of them compared to the level of sophistication, security and reliability I found when trading on BitFlyer.

BitFlyer is one of crypto’s best-kept secret. This crypto exchange is one of Japan’s finest and boasts over 2.5 million users worldwide. It features a secure, reliable and trusted exchange platform that offers an impressive range of features for both beginner and veteran traders. It does that all while charging relatively low fees.

In this article, we will look at what BitFlyer offers and whether it is a good tool to have in your trading arsenal. Let’s get started!

BitFlyer Exchange Pros and Cons

Pros

  • Long history of reliability

  • Zero fixed per-trade fees on buy and sell orders

  • Intuitive and easy to use interface

  • Ideal for beginners and advanced traders

  • Pro exchange version features low fees

Cons

  • Only supports a select few cryptocurrencies

  • Pricey spreads of up to 16% on non-pro version

  • Liquidity is relatively low

TLDR

For those in a hurry, here is a quick summary of what you will learn in this article. 

•Even though it’s not as popular as the Binance and Coinbases of the world, BitFlyer is an industry leading crypto exchange based in Japan. 

•It was founded in 2014 by expert traders who have worked with leading financial institutions such as Goldman Sachs and currently boasts of over 2.5 million users

•They offer some of the lowest trading fees especially on the pro version of their exchange.

•If you use the regular version, you can expect to pay spreads as high as 16%, which is quite pricey. 

BitFlyer Exchange Funding Methods

MethodBuySellSpeed
Bank AccountYesYes1-3 Days
Debit/ Credit CardYesYesInstant
Wire TransferNoNoNA

Overview of BitFlyer Exchange

BitFlyer Exchange is a well-known cryptocurrency exchange that has been around since 2014. It was founded by an expert trader called Yuzo Kano, a former trader at Goldman Sachs. BitFlyer is one of the oldest crypto exchanges in Japan, and it’s also one of the biggest, as it currently boasts over 2.5 million users worldwide.

The exchange offers a secure platform with a simple, intuitive user interface. As far as security goes, BitFlyer has adopted multiple layers of authentication and uses advanced encryption to protect users’ data and funds. Since its launch, there has never been a reported security breach.

The exchange also has a wide variety of trading options, allowing traders to access the global cryptocurrency market easily. Some of its top features include spot and margin trading and futures and options trading. BitFlyer supports Fiat and cryptocurrencies like BTC, ETH, BCH, LTC and XRP. However, they only accept the Japanese Yen (JPY) as a fiat currency.

The main selling point of BitFlyer is its low fees, which makes it very attractive to both beginners and experienced traders.

Security and Safety Features

The security of an exchange is a priority for any user, and BitFlyer takes security very seriously. As mentioned, the exchange uses multiple layers of authentication to guarantee that each user’s data and funds are safe.

With its advanced encryption, BitFlyer safeguards all data to ensure that even if someone breaches their servers, they would still be unable to gain access.

Crypto exchanges use a variety of security features to protect against hackers. BitFlyer also has your typical two-factor authentication, cold storage wallets, multi-signature authorization, and regular backups.

“When trading cryptocurrencies, security should be your top priority. Make sure you are using an exchange that offers industry-leading protection and peace of mind so you can focus on generating profits.” – Gary Vee.

Supported Cryptocurrencies

For avid traders, BitFlyer’s list of supported coins is a dealbreaker as the exchange only lists 18 coins with popular options such as Bitcoin, Ethereum, Litecoin, and Ripple. This can limit a portfolio’s potential if you want to diversify into altcoins or more niche currencies. The good news is that you can buy any of the supported cryptocurrencies for as little as 1 JPY.

Here is a list of some of the popular coins you can trade on BitFlyer:

• Bitcoin

• Ethereum

• Litecoin

• Ripple

• Monacoin

• Bitcoin Cash

• Stellar Lumens

• Ethereum Classic

Trading Fees & Limits

BitFlyer doesn’t charge fees for any standard Buy or Sell transactions of cryptocurrency. Instead, they use a spread pricing fee model where you may have to pay between 0.1% and 6% of the amount involved in the transaction as a fee.

A spread is the difference in price between the bid and asks prices of a security or asset. In other words, it is the difference between what buyers are willing to pay for an asset and what sellers are willing to accept as payment. Spreads can be used as a way to make money by taking advantage of market fluctuations and differences in pricing.

User Interface and Experience

The BitFlyer exchange has a modern and easy-to-navigate design, making it easier to buy and sell cryptocurrencies. The platform is intuitive enough for beginners yet powerful enough for experienced traders. The dashboard provides all the necessary information on pricing, open orders, and trading history. It also allows users to navigate through different sections of the website easily.

The platform also supports two different trading interfaces – Simple and Advanced. The simple interface is great for beginners as it has a much simpler layout and fewer features, while the Advanced interface provides more functionality and granular control over trades. This allows you to customize your trading strategies according to your needs.

Customer Support Services

BitFlyer also offers great customer support services. The company has a dedicated team of knowledgeable and helpful professionals available 24/7 to assist with any inquiries or problems that may arise while using the platform. They are quick to respond to emails, and they also have an extensive FAQ section which can provide answers to common questions.

How Does the Spread Pricing Fee Model Work?

BitFlyer’s spread pricing model involves charging a small fee of between 0.1% and 6% on each transaction, depending on the value of the transaction.

How Secure is My Data on BitFlyer?

The exchange uses various security measures to help keep user data and transactions safe, including encryption, two-factor authentication, periodic security audits, firewalls, real-time monitoring, account isolation and KYC & AML compliance. In addition, BitFlyer uses an internal cold storage system that stores 95% of customer funds offline in physical depositories.

Can I Make withdrawals From BitFlyer?

Yes, you can withdraw from your BitFlyer account to an external wallet. The process is simple and secure, and all withdrawals are subject to KYC & AML compliance policies.

Conclusion: BitFlyer Soars For All Crypto Users

BitFlyer is the perfect platform for cryptocurrency traders, with its user-friendly interface and low fees. Experienced traders can take advantage of Advanced trading features, while beginners can quickly get started with intuitive navigation.

In addition, their 24/7 customer support team can answer any queries or concerns you may have while trading. Security is another major priority on BitFlyer, with an array of measures in place like encryption, two-factor authentication and robust firewalls to keep your data and transactions safe.

Article tags

Exchanges
Jinia

Author

Jinia is a fintech writer focused on the cryptocurrency market and passionate about blockchain technology. With years of experience, she contributes to some of the most renowned crypto publications such as Cointelegraph, Coinmarketcap and others. She also has experience writing about the iGaming industry.

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