bitFlyer Exchange Review
bitFlyer is the world’s largest Bitcoin exchange operating in Japan, Europe, and the United States. The exchange transacted over $100 billion of volume globally in 2017 and has the highest trading volume of any exchange in Japan.
With bitFlyer’s recent entry into the US market, you may be wondering if it’s a good option for you to use. Comparable to Gemini and GDAX, the reputable platform offers a trusted method to buy Bitcoin with USD.
In this bitFlyer review, we’ll cover:
- Key Information
- How It Works
- Trading Fees
- Available Cryptocurrencies
- Transfer Limits
- Company Trust
- Fund Security
- Customer Support
bitFlyer Key Information
|Site Type||Cryptocurrency Exchange|
|Deposit Methods||Bank Wire, Cryptocurrency|
|Withdrawal Methods||Bank Wire, Cryptocurrency|
How It Works
bitFlyer has two interfaces for you to use to manage your trading:
- bitFlyer Lightning Exchange
The dashboard is where you manage your account and view your trading history. On the Home tab, you’re able to view the value of your assets, some high-level market data, and major account information like your account class.
In the Trade Report section, you can find a record of your trades and bank transactions. You can easily export these documents to a CSV, or Excel, file as well.
The dashboard also includes areas for you to deposit and withdraw funds (both BTC and USD) to/from your account. You must make USD deposits and withdrawals through a bank wire. bitFlyer will reject ACH deposits and return wires that are above your limit.
Finally, the Settings tab in the dashboard is where you’ll update your security settings like creating a 4-digit pin and setting-up 2-factor authentication. These additional precautions are highly recommended no matter the amount of money you trade.
bitFlyer Lightning Exchange
The bitFlyer Lightning Exchange is the platform on which you make your trades. The exchange platform is fairly straightforward but may be intimidating to beginner investors. You can submit simple market and limit orders directly from the interface while viewing the related charts.
These charts include most things that a more experienced trader would want like Fibonacci lines, moving averages, candlesticks, and depth charts.
If you’re looking for more advanced trading options, you can tap on the “Special” tab to set conditionals such as stop-limits and multiple automated trades.
The Lightning Exchange also has a message board for all the traders currently on the platform. It’s not entirely clear what value this brings to the trading experience, but it’s an interesting touch.
There’s a 0.0008 BTC transaction fee when withdrawing Bitcoin from the platform and a $10 fee when withdrawing USD.
The bitFlyer trading fees range from 0.02% to 0.12% for both makers and takers depending on 30-day volume.
Currently, Bitcoin is the only cryptocurrency you can buy and sell on bitFlyer in the United States. The exchange supports additional currencies overseas, but they’re cautious with which ones they choose and are slow to roll-out support.
They haven’t yet announced which coins they plan to support in the US next, but they’ll most likely follow their Japanese counterpart in adding Litecoin, Ethereum, Ethereum Classic, and/or Bitcoin Cash.
Your daily transfer limits are determined by your account class.
With a Trade Lite account, you can deposit and withdraw up to $2,000 each day. This limit is the same whether or not you’re transferring Bitcoin or U.S. dollars. In this account class, you also have a maximum single transaction limit of $3,000 when trading on the platform. To get Trade Lite account class status, you need to provide your name, date of birth, phone number, and home address.
If you additionally submit ID verification, you join the normal Trade account class. In this class, you’re daily deposit/withdrawal limit increases to $50,000. This again applies to both Bitcoin and U.S. dollars. Additionally, your maximum single transaction limit disappears with this class. This means, that there’s no limit to the amount you can exchange in a single trade.
Finally, if you fill out the enhanced due diligence questionnaire, you can receive Trade Pro status. In this account class, there are no limits to any deposits, withdrawals, or trades.
bitFlyer’s large trading volume demonstrates that investors around the world trust the company and the people behind it. The company has also been granted the proper licensing from Japan’s Financial Services Agency (FSA), the European Union, and the majority of states in America.
The exchange is also a platinum member of the Japan Blockchain Association due to their stringent security policies.
bitFlyer is as secure as they come. The platform utilizes all of the standard safety procedures (SSL, multi-sig, 2FA) and stores over 80% of Bitcoin funds in an offline wallet. This wallet is secured by numerous physical locks and a 24-hour surveillance system.
If you’re interested in learning more about bitFlyer’s robust security policies, you can check out their publications here.
You can contact customer support via email although it’s unclear how long responses usually take. Digging through forums and reviews, it’s clear that those who use the exchange love bitFlyer and haven’t reported any issues with customer service.
The website also includes a well-organized FAQ section with a large set of questions and helpful answers.
Although not as intuitive for beginners, bitFlyer could be right for you if you’re looking for a quick way to buy Bitcoin. The exchange is one of the most trusted in the world and has redundant security measures to make sure your funds are safe.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.