bitFlyer is a prominent cryptocurrency platform that you might not be familiar with, but it’s one of the biggest cryptocurrency exchanges in terms of trading volumes. It allows users to trade BTC, ETH, and other cryptocurrencies in a user-friendly and secure setting. The crypto platform accepts fiat currencies, including EUR, JPY, and USD, and it has a significant number of features that will appeal to a wide spectrum of investors and traders across the globe. In this guide, a review will be done on this exchange, so you can have an insight into what this platform is all about. So, let’s get to the basics.
What is bitFlyer?
bitFlyer is a legitimate cryptocurrency platform that is mainly based in Japan but also runs in the United States, and Europe, providing digital currency exchange and trading services for users. Takafumi Komiyama and Yuzo Kano are known to be the developers who founded the exchange. It is regarded as the biggest crypto platform in Japan and is also regarded as one of the biggest in the world in terms of trading volumes. As a user in the exchange, you can trade BTC and other cryptocurrencies on the exchange using your favourite fiat currency. It also authorizes you to purchase cryptocurrency instantly by using your bank card or with the use of other readily available payment options.
Although bitFlyer is a prominent crypto platform in Japan, it is a well-recognized platform used by many traders in the United States and Europe. This is because of its low transaction fees, timely service, superior security, and ease of use. Keep in mind that the Japanese, European, and American versions of the platform offer slightly different services at varying rates. This is because of the regulatory variances among these regions. The good thing about this exchange is that regardless of your country, it remains a user-friendly crypto platform with excellent services and unique features.
bitFlyer’s Basic Features
The bitFlyer platform offers top-notch features for users so they can be able to trade Cryptocurrencies on the platform with ease. The following are some of bitFlyer’s basic features that would interest you:
- Instant trading of bitcoin and other popular altcoins: The bitFlyer exchange supports about eight popular Cryptocurrencies, which is quite remarkable. They include BTC, ETH, LTC, and others.
- Low transaction fees: Another unique feature of this platform is that it has one of the lowest transaction fees among prominent regulated exchanges, making it a great fiat gateway for both new and professional crypto traders.
- Highly protected exchange: The good thing about this platform is that it has never been hacked and is regarded as one of the best in the crypto-world in terms of regulatory adherence.
- Convenient to use: It would interest you to know that bitFlyer has two trading modes. They include a basic interface for basic trades and a complex Lightning exchange for professional traders.
- Margin and futures trading: Margin and futures trading is also possible on the exchange. The bitFlyer’s Lightning FX platform allows you to unlock a role with up to 4x leverage, making it ideal for Japanese traders.
How to Register for a bitFlyer Account
The steps involved in creating a bitFlyer account are straightforward and take only a few minutes. Below are the steps to follow when registering for a bitFlyer account;
- Head straight to bitFlyer’s official website.
- Thereafter, click on the Sign Up button after inputting a valid email address.
- Double-check the email address and generate a strong password.
- The next step is to input your personal information
- Therein, double-check and verify the number that was sent to your mobile device.
- Thereafter, sign in to bitFlyer with your credentials.
Steps Involved in Verifying Your bitFlyer Account
To be eligible as a user in bitFlyer, you are required to be a citizen or resident of one of the supported regions. The supported regions include the United States, Japan, and the European countries. Thereafter, you are to complete an instant KYC identification procedure. This helps to deter illegal transactions and increase the security of bitFlyer accounts and wallets against fraudulent activities from hackers. One of the windfalls of trading with bitFlyer is that you can create your account first and then prove your identity later when you intend to expand your account restriction.
If you intend on not updating your account right away, you must first deposit up to EUR 250 or its equivalent before making crypto deposits. Meanwhile, you must submit some sets of credentials before you can receive a validated PRO account. These credentials include; a copy of your driver’s license or passport, proof of address, a photograph of yourself, nationality, and your phone number. However, advanced or administrative investors can apply for a business account to use bitFlyer exchange and services to their advantage. Also, the good thing about this platform is that the customer verification is simple, quick, and straightforward.
How To Make Deposits on bitFlyer
As a user, you can make use of a bank transfer to deposit funds into your bitFlyer account or use SEPA to make deposits if you are from Europe. Below are the steps to follow to get started;
- Head straight to your bitFlyer account and sign in.
- Go to the top menu and select Account Funding from the drop-down menu.
- Choose your preferred fiat currency, such as EUR for European citizens or USD for US citizens.
- Enter your banking information, as well as a six-digit unique character code, which you will use for completing all your transactions.
- Review the information you have inputted and click the Confirm Payment button.
The Deposit Methods in bitFlyer
bitFlyer exchange allows both wire transfers and credit card deposits. Of course, this is seen positively by many crypto investors. It also qualifies bitFlyer as an entry-level exchange platform, allowing new crypto investors to take their initial steps into the exciting world of cryptocurrency.
When it comes to depositing options, it’s worth noting that bitFlyer allows PayPal payments. Because few exchanges allow customers to purchase using PayPal, bitFlyer has a distinct advantage. It should be noted, however, that bitFlyer Japan only accepts payments made using Japanese credit cards.
bitFlyer Trading and Withdrawal Fees
The fee structure of bitFlyer exchange is quite transparent and reasonable. Trading and withdrawal fees on bitFlyer are among the lowest in the crypto market. The platform offers flat fees as compared to some exchanges that offer both maker and taker fees. Its fees vary depending on where you reside. Thus, this implies that bitFlyer Japan, the USA, Europe have various fee systems. Let’s have a look at them below;
bitFlyer Europe Transaction Fees
The bitFlyer Europe exchange has a reasonable fee structure for purchasing crypto with Euros, which is based on a 30-day trade volume as shown below. A trading fee is not charged to traders who buy and sell cryptocurrencies on the exchange.
Depositing EUR into a bitFlyer wallet via SEPA incurs no costs. However, withdrawing Euros back to a bank account incurs a minor transaction cost of €0.30 for transactions under €250,000 and €10 for transactions over €250,000, which is extremely reasonable.
bitFlyer USA Transaction Fees
In the United States, the fee structure for bitFlyer customers varies slightly. Overall, the fees for purchasing cryptocurrency are comparable to those charged by other US exchanges. There are no fees associated with depositing USD into a bitFlyer wallet via ACH or Fedwire. Fedwire charges a $20 withdrawal fee, which is a tad excessive for newcomers. In the meanwhile, users should use ACH to withdraw funds electronically because it is free.
BitFlyer Japan Transaction Fees
bitFlyer Japan’s trading fees are believed to be low and reasonable. The cost structure is tiered, which means that the trading fee decreases as the trading volume increases over the previous 30 days.
When utilizing SBI Sumishin Netbank to deposit and withdraw JPY into a bitFlyer account, there are no costs. Using other payment methods can also result in a transaction fee of up to 330 JPY per deposit.
Trading Limits on bitFlyer
bitFlyer, like most cryptocurrency exchanges, allows customers to sign up for various levels of accessibility. In all situations, the user will be required to provide personal identifying information and/or engage in particular platform activities. New customers are given a daily deposit and withdrawal limit of $2,000, to begin with. For those pursuing higher level account accreditation, they can simply be raised to $5,000 limits, with $50,000 maximum limitations. All limits are removed for those that sign up for a Pro Trading account. These restrictions exist to prevent the site from being exploited for money laundering or other types of financial fraudulent activities. Only when the site has spent time getting to know its user can the platform lift the user’s restrictions since the platform recognizes that this user has minimal risk for fraudulent conduct.
bitFlyer’s Level of Security
The security level of a cryptocurrency exchange is only as good as its encryption. If a platform is vulnerable to attacks, it doesn’t matter how cool and easy it is. bitFlyer, fortunately, excels in this area, utilizing a variety of security methods. The most significant thing is that the exchange is heavily regulated in the United States, Europe, and Japan. This should reassure customers that asset stored in trust with bitFlyer are secure, given the American company has yet to be hacked or embroiled in a significant incident. The site’s daily users can protect their funds with a password, PIN, and two-factor authentication. This three-pronged security method is sufficient to protect the average user’s assets against theft.
Finally, bitFlyer employs superior security measures to safeguard the monies entrusted to them. Physically, 80% of the Bitcoin held by the platform is kept in a cold wallet. That is to say, the assets are kept on physical hardware. These machines are kept under lock and key, with various layers of locks, and the entire space is monitored 24 hours a day, according to bitFlyer. The 20% left will stay online, providing liquidity for trading. The significant thing to note is that the profitable and growing exchange has yet to see any fund losses.
bitFlyer is a great cryptocurrency exchange for traders and investors who are looking forward to buying and selling virtual currencies in a safe and regulated setting. The beauty of this exchange is that it provides exceptional services to both amateurs and experienced crypto traders. Furthermore, bitFlyer boasts of having one of the lowest fees among all crypto exchanges, making it a viable option for anyone searching for a swift, dependable, and low-cost fiat gateway.