The bitFlyer Review
![bitFlyer](https://therealcryptoreview.com/wp-content/uploads/2022/09/30.jpg)
bitFlyer is a cryptocurrency exchange that streamlines and simplifies the process of trading cryptocurrencies and does not charge a flat fee per trade for standard trades. On the other hand, the limited number of supported currencies and spreads of up to 6% may cause you to look elsewhere for a solution that better meets your complex needs at a lower overall cost.
Pros
• There is no one-time fee for each transaction when buying or selling cryptocurrencies.
• Both a standard order form and more sophisticated trading platforms are available
• The most popular exchange in Japan, with over 2.5 million users located all over the world
Cons
• Only a limited number of different currencies are supported.
• It is not one of the top ten global exchanges, which may result in less liquidity.
• Predetermined price adjustments for spreads of up to 6%
Exchanges for cryptocurrencies, in contrast to more conventional brokerage firms, are not required to be members of the Securities Investor Protection Corp. (SIPC). Therefore, investors who have cryptocurrency assets that are mixed together on a custodial cryptocurrency exchange run the risk of having their money lost because they are considered unsecured creditors unless the user terms specifically state otherwise.
The Positives Exposed
When buying and selling cryptocurrencies, there are no transaction fees that are fixed. There is no fee for simple trades, but there are fees for other types of transactions.
• Both a standard order form and more sophisticated trading platforms are available: Upgrades to the professional-grade Lightning exchange platform are available for users with advanced skills (additional fees apply).
• The most popular cryptocurrency exchange in Japan, with over 2.5 million users all over the world bitFlyer is the largest cryptocurrency exchange for users in Japan and has millions of users all over the world.
Defining the Drawbacks
• Only a very limited number of currencies are supported. There aren’t that many digital currencies available to buy, sell, or trade, and there aren’t that many pairs of different cryptocurrencies. The availability of coins depends on the country in which you live. On the platform, users from the United States can trade in nine different currencies.
• bitFlyer is not among the top ten global exchanges, which can result in lower liquidity. bitFlyer has significantly lower trading volumes when compared to the most popular exchanges, which may make it more challenging to successfully execute trades.
Spreads ranging from 0.1% to 6.0% are baked into the displayed purchase and sale prices, meaning that transactions are not actually fee-free as advertised.
Introduction
bitFlyer is a cryptocurrency exchange that operates out of Japan and has an office in San Francisco, California, in the United States. The pricing model and feature set make it a good option for users who are just starting out with cryptocurrencies, despite the fact that it only supports a limited number of different digital currencies. In addition to that, it offers a high-end active trading platform tailored specifically to the requirements of professionals, which is priced differently.
bitFlyer is a cryptocurrency exchange that provides a user-friendly platform for crypto newcomers and a pricing model that does not specify per-trade fees. Spread-based pricing is what is used in its place, which means that all costs are factored into the price of the currency. Here is a more in-depth look at how bitFlyer operates, so that you can determine whether or not it will meet your requirements.
Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets themselves can be highly unpredictable. Before making any decisions regarding your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of Crypto Reviews or the author, nor can the accuracy or timeliness of the information contained herein be guaranteed.
An Overview of the Company
bitFlyer was established in the year 2014 in Japan. Despite the fact that it doesn’t support very many different currencies, it claims to be the largest Bitcoin exchange in the world when measured by volume. It is the parent company of bitFlyer USA, a United States subsidiary with headquarters in San Francisco.
The primary platform is recommended for beginners and intermediate users of cryptocurrencies who are looking for a way to avoid paying high fees per trade. This strategy can, in some instances, lead to cost savings for orders of a smaller size. Lightning functions as a separate exchange for users with qualifying account levels, which includes users in the business and expert communities. In addition, trading fees are a part of Lightning, whereas they are absent from the simple platform.
bitFlyer Supports a Wide Variety of Cryptocurrencies
The fact that only a select few cryptocurrencies are supported by bitFlyer is among the service’s most significant drawbacks. If you are a resident of the United States, the following items are available for purchase and trading on the platform:
• What is Bitcoin? (BTC)
• Ethereum (ETH)
• The original form of Ethereum (ETC)
• Litecoin (LTC)
The Bitcoin Cash Symbol (BCH)
• Polkadot (DOT)
• Stellar Lumens (XLM)
• Tezos (XTZ)
• The Most Primitive Attention Symbol (BAT)
You also have the ability to trade Lisk (LSK) and MonaCoin if you are located in the European Union (EU) or the European Economic Area (EEA) (MONA). Users in Japan now have access to a variety of additional currencies.
Exchanging One’s Knowledge
Buying and selling cryptocurrency on the bitFlyer mobile app and website is as simple as buying and selling stock when using the basic version of the app and website. You should have no trouble navigating and using bitFlyer if you have previous experience managing an account at a stock brokerage firm.
The dashboard gives you quick access to viewing balances, entering trades, and updating your account information. There is a specific location for Bitcoin that is kept separate from where other cryptocurrencies, also known as altcoins, are kept.
bitFlyer Lightning Exchange
The bitFlyer Lightning exchange will be available to you once you have completed the user verification process required to upgrade your account to the “Trade” level. Lightning is an active trading platform that operates independently of the main platform and uses a different pricing model. This is comparable to other cryptocurrency brokerages that offer active trading platforms.
Lightning, on the other hand, provides a more advanced feature set, which includes active trading charts, an open order book, recent trade listings, and a quick order entry form. This is especially beneficial for experienced and active traders. There are a variety of sound effects included in the lightning (or mildly annoying).
Despite the fact that bitFlyer advertises “Free” trades, there are fees of up to 6% associated with buying and selling cryptocurrency.
bitFlyer has two different fee schedules that it uses for its various platforms. In any case, there are no ongoing costs associated with the account.
bitFlyer does not impose a front-end fee that is predetermined for the purchase or sale of standard cryptocurrency transactions. You will, however, be required to pay spread pricing fees that range from 0.10% to 6.0%. The fee may be subject to an increase in the event that there is low liquidity or sudden changes in the market. Be wary of the exchange rates, as the cryptocurrency you buy likely comes with some sort of fee attached to it.
On the Lightning platform, transaction fees are capped at 0.10% for monthly trading volumes of up to $50,000. Fees can drop as low as 0.03% for high-volume traders who are willing to pay more. These fees are among the most competitive available for active trading platforms.
You will be subject to transaction fees if you decide to withdraw cryptocurrency to a wallet or platform that is not operated by you. Both deposits and withdrawals through ACH are free of charge. Deposits made via wire are not charged a fee, but withdrawals made via wire cost $20.
Security
bitFlyer does not have a history of any major hacks or security breaches, which contributes to the company’s positive reputation for security. The security of user accounts and cryptocurrency is ensured by utilising a variety of different technologies.
Users should always make sure to use different passwords on each website they visit, but this is especially important for sites that hold their money or other financial assets. bitFlyer mandates that passwords for users have a minimum length of nine characters in order to satisfy complexity requirements. It has a feature that allows for two-factor authentication in addition to an automatic account lockout and a timeout. Certain uses and transactions of the account are subject to the verification requirement.
If you adhere to the industry’s best practises regarding online safety, you should have no reason to worry about the safety of your bitFlyer account.
Creating an Account with bitFlyer
If you have all of your information on hand, creating an account on bitFlyer is a simple process that can be completed in a short amount of time. To initiate the process of creating an account, all that is required from you is your email address. You will be able to use your “Standby Class” account as soon as you have validated your email address, decided on a password, and accepted the terms and conditions of the account.
For complete access to your account, you will need to go through the know your customer (KYC) verification process. When you upgrade to “Trade Class,” you are able to make up to $50,000 worth of trades per day and up to $50,000 worth of withdrawals per day. In order to access higher limits, you will need to upgrade to the “Trade Pro Class.” The uploading of a photo ID, a selfie, a bank account statement, a utility bill, and a Social Security number are all necessary components of a full KYC verification.
Assistance to Customers
Help pages and an email ticketing system are the only two available options for customer support. There is no way to contact anyone by phone or through a live chat service.
• bitFlyer’s help page for the United States
• Help page for bitFlyer users in Europe
• bitFlyer’s support page in Japanese
Satisfaction of the Customer
Users of bitFlyer have not extensively reviewed the company’s customer service on third-party websites; however, the data that is available point to poor customer support, despite the fact that this is fairly typical among cryptocurrency exchanges. You should think of accounts primarily as being self-service, just like the majority of other businesses in this sector.
Management of Client Accounts
The bitFlyer website and mobile application are both used to manage user accounts. These platforms allow you to make deposits and withdrawals, update your contact information, upgrade your account level, and manage any other aspects of your account that you require.
Even people who have no prior experience with cryptocurrencies should have no trouble navigating and using the mobile and online platforms.
How bitFlyer Stacks Up Against Competitors in the Cryptocurrency Industry
bitFlyer has a relatively short list of currencies and pricing, which, depending on the state of the market, can be better or worse than other competitors. bitFlyer is ranked among the top-20 cryptocurrency exchanges by CoinMarketCap. A closer look is taken here at the comparison between the larger exchange Coinbase and bitFlyer.
bitFlyer Competes Against Coinbase
Both bitFlyer and Coinbase provide professional, active trading platforms in addition to user-friendly platforms that make it simple to buy cryptocurrency. bitFlyer and Coinbase are two of the most popular cryptocurrency exchanges. The following is a side-by-side comparison of important characteristics:
bitFlyer:
• Began operations in 2014
• Supports nine to fourteen different currencies, depending on the region.
• On the basic platform, there are no transaction fees, and spreads range from 0.1% to 6.0%
• A fee on the active platform of 0.10% or less, whichever is lower
Coinbase:
• Began operations in 2012
• Supports more than 160 different currencies
• Maker-taker fees per trade that are 0.6% or lower, if possible
bitFlyer has you covered in every way possible if you want to stick with the most common currencies in use today. However, when you start venturing into the world of altcoins, the menu on bitFlyer becomes quite restrictive.
You can find a comprehensive review of Coinbase here.
FINAL VERDICT
bitFlyer is an excellent option to go with if you are new to the world of cryptocurrencies and looking to get started with a platform that is simple to navigate, doesn’t charge exorbitant fees for trading in smaller amounts, and is user-friendly. Cryptocurrency novices won’t have any trouble opening an account with bitFlyer, and the company’s mobile app is designed to make trading as simple as possible.
On the other hand, spread-based pricing and a limited list of supported cryptocurrencies might make you look elsewhere for your cryptocurrency trading needs, particularly if you like to trade altcoins. This is especially the case if you have a lot of experience trading cryptocurrencies. bitFlyer is most useful for individuals who are just starting out in the world of cryptocurrencies, despite the fact that it does provide a more sophisticated platform for traders with more experience.
Methodology
Crypto Reviews is committed to assisting individuals interested in investing in cryptocurrencies to make decisions that are well-informed and secure. Our team is dedicated to offering our readers objective assessments of the most reputable cryptocurrency exchanges, catering to investors of all experience levels.
Exchanges were evaluated based on a variety of criteria, including safety, fees, the range of cryptocurrencies they support, and more. We also took into consideration whether or not the exchange is governed by an appropriate agency or is completely decentralised.