This BitFlyer Reviews will go over how

BitFlyer is one of the largest bitcoin exchange platforms which was founded in 2014. It has over $250 billion volume and more than 2 million users since it was founded. The exchange operates from Tokyo, Japan but its service is provided on other continents too. Most of the European countries are supported, also it supports major US states and Asian countries.

bitFlyer offers crypto trading on its platform that’s designed for crypto trading. You can also exchange major cryptocurrencies or buy and sell cryptocurrencies. There are fees when you withdraw funds from your account. And you’ll get charged for each trade order that you complete. 

To use the trading platform you’ll have to verify your account through Know-Your-Costumer (KYC) verification system. bitFlyer has prioritized the user’s security by encrypting all data of the user in an encrypted form. There are other security features like account lock, two-step authentication, automatic timeout, and other security features.

Throughout the review of bitFlyer, we will go in different details. We will go through supported crypto coins, deposit and withdrawal fees, trading fees, verification, security features, etc.

Multi-Devices Supported

BitfFlyer can be used on Windows, Linux, or Mac system devices. You can also use bitFlyer on mobile devices that run iOS and Android operating systems. The website on desktop devices is very-friendly to use as it’s not complicated in design or user interface.

You can manage all your crypto portfolio on desktop and mobile devices. bitFlyer can also be used as a crypto wallet to send or receive crypto coins from other wallet addresses. The mobile app can be used to scan QR code so you can send or receive payments.

The crypto chart gives you real-time price data of major crypto coins. You can access charts through the desktop or mobile devices. The charts show information about the volume change of cryptocurrencies in the last 24 hours.

Buy and Sell Crypto

You can buy bitcoin on bitFlyer through its website or the mobile app. Currently, only 6 cryptocurrencies are available to buy or sell. To buy crypto you can use payment methods with credit cards, bank wire transfer, etc. 

With bitFlyer you can buy and sell the following cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), MonaCoin (MONA), Lisk (LSK), and Litecoin (LTC).

But there are limitations to some countries about the payment methods to buy or sell crypto. The maximum amount that you can buy or sell crypto depends upon your account limits. Buying or selling crypto is simple as you only need to register and confirm your email. 

Once you’ve confirmed your email address linked with the account on bitFlyer, you can start selling or buying crypto. All you have to do is, click the “Buy/Sell” from the list of menu items on the left-hand menu panel. 

You will be sent to a new page that needs to be completed with the crypto amount you want to buy or sell. Once you choose the payment method and complete the payment process, your transaction will be completed depending on the payment method.

Fees

Fees on different payment methods depend on the country that you are. If you’re from the United States, there are no fees charged for deposit methods. 

  • Only the withdrawal method with Bank Wire Transfer (FedWire) has a $10 withdrawal fee.

If you’re from Europe, then you will be charged only when you withdraw. All deposit transactions with SEPA are free so you won’t get charged for any fees. But your bank can charge any fees when you deposit so these fees are not covered by bitFlyer.

Withdrawal methods with SEPA payment methods have fees that depend on the amount you withdraw. 

  • If you withdraw amounts lower than €250,000 you will be charged €0.30 per transaction. 
  • For transactions with larger amounts than €250,000, you will be charged €10.00 for each transaction.

There are fees when you buy any cryptocurrency instantly. For processing payments, there are no fees charged, but you will be charged for the transaction.

  • If you deposit with a credit card then you will be charged 1.95% + €0.25 per transaction
  • Other deposit payment methods will charge: 1.95% + €0.30 per transaction

The table below shows the fee you’ll get charged for trading transactions, deposit, and withdrawal methods with crypto, maintenance fee, etc.

Account Creation FeeFree
Account Maintenance FeeFree
Virtual Currency Deposit FeeFree
Bitcoin (BTC) Withdrawal Fee0.0004 BTC
Ethereum (ETH) Withdrawal Fee0.005 ETH
Bitcoin Cash (BCH) Withdrawal Fee0.0002 BCH
Ethereum Classic (ETC) Withdrawal Fee0.005 ETC
Litecoin (LTC) Withdrawal Fee0.001 LTC
Monacoin (MONA) Withdrawal FeeFree
Lisk (LSK) Withdrawal Fee0.1 LSK
Past 30-day volumeLightning SpotBuy/Sell
€0 – Less than €1 million0.20%No trading fee
€1 million – Less than €10 million0.15%
At least €10 million 20.10%

Funding & Withdrawals

Funding your account depends on the country that you come to. Besides the payment methods with banks or credit cards, you can also deposit or withdraw with cryptocurrencies.

The following payment methods are available to deposit and withdraw from the US:

  • Bank Deposits (ACH)
  • Free Bank Withdrawals (ACH)
  • Free Wire Deposits (Fedwire)
  • Free Wire Withdrawals (Fedwire)
  • Bitcoin (BTC) 
  • Bitcoin Cash (BCH) 
  • Ethereum Classic (ETC)
  • Ethereum (ETH) 
  • Litecoin (LTC) 

If you’re from Europe, then you can deposit or withdrawal with the following payment methods:

  • Single Euro Payments Area (SEPA)
  • Bitcoin (BTC) 
  • Bitcoin Cash (BCH) 
  • Ethereum Classic (ETC)
  • Ethereum (ETH) 
  • Monacoin (MONA) 
  • Litecoin (LTC) 
  • Virtual Currency
  • Lisk (LSK)

Trading Platform

bitFlyer Lightning is an advanced platform that’s built only for crypto trading. The trading platform has a modern design that’s focused on a dark design. Using the trading platform is easy and if you’re a beginner on trading, then you can get used to it very quickly. 

On the home screen of the trading platform, there are multi sections separated. Each section it’s used for different purposes, for example, the bid and ask price. On the bottom of the page, you can see your open orders and closed orders. 

The chart on the left side gives information on crypto markets such as BTC/JPY, ETH/BTC, etc. You can switch to different time frames and analyze the market data in-depth.

On the top left menu, you can access the navigation menu. With the navigation menu, you can access different pages quickly. Depositing funds can be done through the trading platform by clicking “Funds“, menu. 

Other menus such as “Profit & Loss“, list your profit and losses from your trades on statistics. You can also read the news from the menu “News“, and other features that are available on the trading platform.

To use the trading platform, first, you’ll need to create an account. Once you complete the registration, then you need to verify your account. After that, you can deposit and start trading with the bitFlyer Lightning trading platform.

Security

As we mentioned before, all of your data are encrypted according to bitFlyer. But besides the encryption system, bitFlyer offers other security features to enhance your level’s security.

During the registration process, the password that you will use needs to have at least 9 characters and max 30 characters. You have to use a combination of lowercase letters, uppercase letters, numbers, and symbols. By using a stronger password with these combinations of characters, your password would be less exposed to brute force attacks. 

If someone tries to access your account and fails multiple times, then your account will be locked. You can enable the two-step authentication method to protect your account. 2FA can be enabled through a mobile phone number or mobile apps such as Google Authenticator, Authy, etc.

Besides the two-step authentication, you need to authorize your login access through your registered e-mail address. If you stay logged for some minutes but you don’t use the bitFlyer website, you’ll be logged out automatically. You can also enable the multi-signature that requires 2 out of 3 signatures to authorize the transaction.

Verification

To use the trading platform you’ll need to verify your account. The verification uses the Know-Your-Costumer (KYC) system to verify and confirm your identity. You need to upload identity documents and use your face on the KYC system to verify your face. 

Once the verification is completed successfully, you can start trading. There are limitations on the deposits, withdrawals, transactions, etc. 

bitFlyer offers 2 account types that are known as Trade and Trade Pro. Both account types are different for the United States and European clients.

The limits of both account types are shown on the table below:

United States account types:

TradeTrade Pro
Virtual Currency Deposit/WithdrawalAllowedAllowed
US Dollar Deposit/WithdrawalAllowedAllowed
Buy/Sell Virtual CurrencyAllowedAllowed
Lightning ExchangeAllowedAllowed
Max Virtual Currency Deposit/Withdrawal (Daily)$50,000.00Unlimited
Max USD Deposit/Withdrawal (Daily)$50,000.00Unlimited
Max Single TransactionUnlimitedUnlimited
Virtual Currency Trading FeeVisit the Fees and Taxes page.Visit the Fees and Taxes page.

European account types:

TradeTrade Pro
Required InformationName, address, date of birth, country of birth, nationality, identification document’s number, phone numberID and residential proof
Virtual Currency Deposit/WithdrawalAllowedAllowed
EUR deposit/withdrawalAllowedAllowed
Buy/Sell BitcoinAllowedAllowed
Lightning ExchangeAllowedAllowed
Max Virtual Currency Deposit/Withdrawal€249.99 worth (per transaction)€2,499.99 worth (cumulative within the one-year rolling window)Unlimited
Max EUR Deposit/Withdrawal€249.99 (per transaction)€2,499.99 (cumulative within a one-year rolling window)Unlimited
Virtual Currency Trading FeeVisit the Fees and Taxes page.Visit the Fees and Taxes page.

Summary

bitFlyer exchange is an advanced exchange suited for beginners and experienced crypto traders. The fees are competitive compared to other exchange websites and it offers various payment methods. 

bitFlyer is not available on all European countries and US territories. The exchange offers a smooth process to buy and sell cryptocurrencies. Also, you can trade on an advanced trading platform with low trading fees. If you enjoyed this article we would suggest reading our Coinmama Fees article.

Get Started at BitFlyer Here!

Image via pixabay, Writer Behar H.

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