bitFlyer Review
What we are experiencing today is a technological advancement no one would have anticipated some decades ago and this has prompted a lot of evolution and growth across all industries within the economy. And one of the pointers of this massive advancement in technology is the integration of digital technologies into our everyday lives.
The digitalization of our everyday lives has now steered us into a digital age influencing a lot of changes and growth across all industries within the economy. Among the many industries in the economy, the financial industry seems to experience one of the biggest evolution since we stepped into the digital age.
The digitalization of the financial industry first brought about online trading enabling investors and traders to partake in the financial market at the convenience of their offices and homes. However, the peak evolution of the financial market and a game-changer in the financial industry as a whole started in 2009 through the introduction of Bitcoin.
Bitcoin is the first digital coin or cryptocurrency established in the financial market and since its inception, it has led the way ushering in a wide range of digital coins while establishing a new market in the financial markets; the cryptocurrency market. The cryptocurrency market has continued to grow exponentially, rewarding greatly investors and traders who have dared to invest in the market.
The cryptocurrency market has proven to be filled with a lot of financial opportunities and massive potential gains and as a result, more people are looking to invest in the financial market so that they can also make considerable profits just like many crypto investors. To invest in the crypto market the essential step intending investors must take is to register with a cryptocurrency exchange platform.
Crypto exchange platforms are virtual marketplaces that give access to various traders and investors to store, trade, sell and buy a wide range of cryptocurrencies in the crypto market. Without these exchanges, investors can’t have access to the crypto market which makes it mandatory for every investor to choose a crypto exchange platform to partner with.
It is important that investors choose a decent exchange platform that is well and capable of meeting all their trading requirements if they want to have a better chance at succeeding in the crypto market. However, choosing a decent crypto exchange platform now seems very difficult as scams and mediocre exchanges have become a nuisance in the crypto industry promising to offer features and benefits they most times are unable to offer.
To help out investors in identifying decent crypto exchange platforms in the market, we’ve decided to make reviews of several exchange platforms we consider decent enough to meet the trading needs of an average crypto trader. For this guide, we’ll be discussing the Bitflyer exchange platform in detail. This Bitflyer review will focus on the features, operations, and benefits of the exchange platform and why it’s considered one of the top-performing exchanges in the crypto market by so many investors.
| Exchange Platform | bitFlyer |
| Website | https://bitflyer.com/en-us/ |
| Security | Two-Factor Authentication (2FA), Cold Wallet, Secure Socket Layer Encryption, Web Application Firewall (WAF) |
| Trading platform | Web-based platform and Mobile App |
| Withdrawal Fee | 0.0004 BTC |
| Payment method | Fiat currency and Cryptocurrency |
| Trading assets | Bitcoin, Monacoin, Ethereum, Lisk, Litecoin, and lots more |
| Trading Fee | 0.1% – 0.15% |
bitFlyer is arguably the biggest cryptocurrency exchange in Japan. The exchange platform is operated and owned by bitFlyer Inc. and was founded in January 2014. The bitFlyer exchange platform has its headquarters based in Tokyo, Japan where it manages and controls the exchange’s operations across Japan, Europe, and the United States.
bitFlyer is a licensed cryptocurrency exchange following all regulations and legislations in Japan which seems to be more stringent compared to other countries when it comes to operations that pertain to cryptocurrencies. Hence, the exchange platform is a licensed Virtual Currency Exchange Operator having the registration number 00003.
bitFlyer is also licensed and governed by both the New York Department of Financial Services (NYDF) and the Japan Financial Services Agency (JFSA). And by following all these regulations, bitFlyer qualifies as one of the most reliable crypto exchanges in the industry which permits them to offer their services to US-investors across the United States.
In this review we are about to begin, we’ll have a closer look into the features that form the bitFlyer exchange and what makes it unique from other exchanges
Security Protocol
Considering the fact that bitFlyer was launched partly as a reaction to the hacking scandal faced by Mt Gox, it shouldn’t come as a surprise that one of the main priorities of the bitFlyer exchange platform is security. Since its establishment, the exchange platform has never been hacked and neither has it experienced a major data leak, security breach, or any incident relating to a security breach.
The bitFlyer exchange platform is completely regulated and very ethical and would refund clients’ funds if it was lost due to the exchange’s failure. To protect and safely secure clients’ funds and personal data from hacks and breaches, biFlyer integrated its security system with the following;
- Secure Socket Layer encryption
This is employed to encipher all client-related transactions and communication within the network of systems used by bitFlyer.
- Web Application Firewall (WAF)
WAF is used to detect and monitor unauthorized access into the system of the bitFlyer exchange platform
- Cold Wallet
The bitFlyer exchange platform stores and secures roughly 80% of clients’ digital assets in cold wallets in an offline location kept under constant surveillance systems.
Some other security measures used by bitFlyer include the use of segregated accounts, adoption of proprietary Bitcoin daemon, multi-signature bitcoin addresses, and Two-factor authentication.
Trading Platform
The bitFlyer exchange platform offers its clients two different types of web-based trading platforms to trade various cryptocurrencies in the crypto market. One is called the “bitFlyer Lightening Platform” and the other is known as the “Easy Exchange”.
Easy Exchange
This trading platform is modeled for clients who prefer to trade their Bitcoin for the Japanese first currency. The web-based platform is highly intuitive and user-friendly and is ideal for newbie investors. The trading platform features just the basic analysis and charting tools which makes it best for amateur traders. The trading view of the Easy Exchange consists of buying and sell orders, trade history, and price charts.
bitFlyer Lightning Platform
This web-based trading platform was designed and built for expert and professional cryptocurrency traders. The platform is modeled just like the conventional forex trading platform and it is incorporated with advanced layouts, features, and trading tools. Clients using the bitFlyer Lightning Platform have the opportunity to trade with a leverage of 1:15 and also take part in Spot trading, Margin Trading, and Bitcoin trading features.
The trading view of the bitFlyer Lightning Platform is quite advanced and best understood by experienced traders. The order books are located on the right side of the platform and feature quite several different orders such as limit orders, stop losses and market orders. The price charts are displayed on the left side of the platform and integrated with a lot of trading tools and indicators
In summary, the bitFlyer offers incredible trading platform options which cater to the needs of investors and traders regardless of their trading experience.
Trading Options
The bitFlyer exchange platform does not offer a wide variety of digital coins compared to other top crypto exchanges, however, for the digital coins listed, bitFlyer offers high liquidity. The major cryptocurrency exchanged on the bitFlyer exchange platform is Bitcoin which can be bought using USD and Japanese Yen for American and Japanese clients respectively.
Furthermore, other cryptocurrencies such as Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Lisk (LSK) and Monacoin (MONA) can be traded for Bitcoin. Ethereum which is second to Bitcoin on the global scale can also be used to trade these other digital coins on the bitFlyer trading platform. While bitFlyer offers a limited variety of digital coins, the exchange went ahead to list fiat currency pairs which are unusual among crypto exchanges.
Withdrawal and Deposit Methods
The bitFlyer exchange platform offers very simple and straightforward withdrawal and deposit processes to its clients. The exchange platform makes available two payment method options which are the crypto wallet transfer and bank transfers. Similarly, debit and credit cards are used by clients that are based in Europe to purchase bitcoin on the bitFlyer exchange.
To use bank transfers, withdrawals and deposits of euros can be done using SEPA payments which can take one or two days to process the withdrawal and up to three days to process the deposit of funds. For US-based clients, withdrawals and deposits can be made using Fedwire and ACH. For Japan-based clients, they can make use of various Japanese banks for withdrawal and deposits, however, Japanese clients get to enjoy the best rate with with SBI Sumishin Net Bank.
To protect and secure clients’ funds, for every deposit made into a trading account, clients are expected to quote a 6-digit code. The exchange also allows withdrawal and deposit of funds only to accounts bearing clients’ names.
Withdrawal and deposit via crypto wallet transfer on the bitFlyer exchange are the same as every other crypto exchange platform; sending digital coins to or from an external crypto wallet owned by a client into or from their bitFlyer wallet. Although, clients are required to first make a fiat deposit into their bitFlyer trading account before they can be allowed to withdraw and deposit cryptocurrencies.
Commissions and Fees
bitFlyer is recognized for its transparent and highly competitive fees and commissions it offers its clients. First of all, registering with the exchange platform including the deposit of cryptocurrencies into the trading account is free. The deposit of fiat currencies via wire transfer is also free, but a small commission is charged on the deposit of the Japanese Yen via quick deposit.
In terms of the trading fee, bitFlyer charges a trading fee that ranges between 0.1% to 0.15%, and this percentage is charged on the total trading volume traded within one month. However, for investors who trade more than 500 million JPY in a month, bitFlyer charges a trading fee of 1%.
Furthermore, just like every other crypto exchange in the cryptocurrency market, bitFlyer charges withdrawal fees on each withdrawal made by an investor. The withdrawal fee charged varies from one digital coin to the next and these include
- A withdrawal fee of 0.0004 BTC for every Bitcoin withdrawal
- A withdrawal fee of 0.005 ETH for every Ethereum withdrawal
- A withdrawal fee of 0.005 ETC for every Ethereum Classic withdrawal
- A withdrawal fee of 0.001 LTC for every Litecoin withdrawal
- A withdrawal fee of 0.0002 BCH for every Bitcoin Cash withdrawal
- A withdrawal fee of 0.1 LSK for every Lisk withdrawal
For the withdrawal of the Japanese Yen, the fees and commission charges also vary depending on the amount withdrawn and the method used. However, regardless of these factors, the withdrawal fee ranges between 216 JPY and 756 JPY
Customer Support
The customer support offered by the bitFlyer exchange platform is more than adequate to give investors and traders the required support and assistance they need in the crypto market.
The website is equipped with a comprehensive support page that features a search bar and various sections of helpful information needed by most newbie investors. The search bar is used to easily find the necessary information on the bitFlyer website.
In the case where the needed information can’t be found, an email address is made available on the contact page so that investors can get in touch with a customer representative to log the necessary requests or complaints. Also, the response time is relatively rapid and the support agents are friendly and very professional.
Final Thoughts
The bitFlyer exchange platform is an extraordinary trading option for investors and traders to trade various digital coins in a more regulated and secure way. bitFlyer offers outstanding features and benefits to both experienced and newbie traders at very low fees and commissions.
If what you’re looking for is an exchange platform that is reliable, quick, and offers a cheap gateway system for fiat currencies, bitFlyer is the ideal exchange platform for you
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