Buy, sell, and trade a variety of cryptocurrencies with bitFlyer. This bitFlyer review is an up-to-date, detailed analysis of the bitFlyer exchange, containing everything you need to know about bitFlyer and whether it’s the right exchange for you.
bitFlyer Inc. (Japan) is the world’s largest bitcoin exchange by volume, having transacted $250 billion so far this year. Since its inception in 2014, bitFlyer has grown to over 2 million users. By 2016, it had established separate operations in the EU and the United States. bitFlyer USA is based in San Francisco, California.
It enables the Bitcoin Easy Exchange to seamlessly exchange Bitcoin and JPY, as well as the Lightning Exchange, which is designed for more experienced traders.
It was founded by Yuzo Kano, CEO of bitFlyer, and Takafumi Komiyama, a former Goldman Sachs trader. Kano intended to create a cryptocurrency exchange platform capable of competing with the Wall Street trading system. BitFlyer Lightning supports 5 to 8 popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others.
It is simple and secure to use, has low trading fees, supports margin and futures trading, and has a corporate account. Learn more about bitFlyer with this bitFlyer review.
bitFlyer review: What is bitFlyer?
bitFlyer is a cryptocurrency exchange where users can buy, sell, and trade a variety of cryptocurrencies. The Japan-based exchange has a branch office in San Francisco and offers some of the industry’s lowest trading fees, with discounts available for high-volume traders. BitFlyer only accepts a few cryptocurrencies and a few types of fiat currency.
For beginners, the platform provides ‘bitFlyer Buy/Sell,’ which has a simple interface, and advanced traders can use ‘bitFlyer Lightning,’ which has a more complex interface. The exchange offers spot trading, margin trading, and crypto derivatives, as well as fast transactions, instant bank transfers, and Paypal account funding.
bitFlyer Pros and Cons
- Easy to use: bitFlyer’s user-friendly design makes it simple to begin investing in cryptocurrencies. It doesn’t take long to create an account. Following completion of those steps and identity verification, you can fund your account and purchase any of the cryptocurrencies the exchange offers.
- All customer cryptocurrency is kept in cold storage offline: The highest level of security is offered by cold storage devices because they are offline. The US bitFlyer exchange claims to hold all of its customers’ cryptocurrency in cold storage.
- Affiliate program: With a bitFlyer affiliate, you can get rewarded when a visitor you direct to the bitFlyer website performs a specific action, such as completing KYC, depositing, and trading. Anyone can participate in its affiliate program after registering on bitFlyer and completing KYC, as long as they fit within bitFlyer Affiliate Program Guidelines.
- Referral program: With the bitFlyer referral program you can earn up to $15 per referral. Additionally, make sure your friends are signing up through the app in order to qualify for the reward. Customers that sign up on the Web won’t be eligible for the reward. The $15 reward will be sent out within 24 hours after your referral trades $100 or more.
- Low Trading fees: The reasons behind the popularity are simple: it charges low trading fees. The buy/sell platform offers free trading fees and bitFlyer lightning offers as low as 0.1% for spot trades (for users who trade under $50,000 per month).
- A limited number of cryptocurrencies: Only a few cryptocurrencies are available, and the number of digital currencies that you can buy, sell, or trade depends on where you live. Users from the United States can trade nine different currencies on the platform.
- No availability of crypto staking and lending: A number of exchanges have launched initiatives that let you earn interest on your cryptocurrency investments. One of the most popular ways to do this is crypto staking and lending, which is when you pledge your crypto to help verify transactions and lend your crypto in exchange for interest payments.
How does bitFlyer work
Bitflyer is a cryptocurrency exchange where you can buy and sell a small number of major cryptocurrencies, the most prominent of which are Bitcoin and Ethereum. It includes a standard buy/sell option as well as bitFlyer Lightning, its pro platform that is available to Trade Class customers. This exchange also allows you to set up recurring purchases if you want to make purchases on a regular basis.
You must provide KYC (know your customer) information in order to open an account with bitFlyer. A scan of your ID, a selfie, your address, and your Social Security number are all required. After bitFlyer verifies your information, you will be able to fund your account and purchase cryptocurrency. Your account class will determine your trading limits and features.
bitFlyer review: How to use bitFlyer
According to this bitFlyer review, to use bitFlyer you can sign up for an account, verify your identity and begin purchasing crypto.
bitFlyer Sign up
With this bitFlyer review, you’ll learn how to register a bitFlyer account.
Go to bitFlyer. On the landing page at the top right, click on “Create an account.” Select the type of account you’d like to create, input your email address, and click on “Sign up for free.”
A confirmation code will be sent to your email to verify your account. Navigate to your email address, copy the code, and input it in the required field, then click on “Go to email and verify.”
Now you’ll be redirected to your email address. Open bitFlyer’s message and click on “Verify email address.”
You’ll be redirected back to bitFlyer, where you’ll need to set your password and input an invitation code if you have one, and click “Set.” On the next page, select your state and click on “Next.”
Now input your phone number and click on “Send Code.” Input the code and click on “Submit.”
On the next page, fill in your personal information and click “Continue.” You’re also required to fill in your financial information and click “Submit.”
Now enter your mobile number associated with your device and click on “Submit now.” A code will be sent to you; input it in the required field and click on “Submit.”
With this bitFlyer review, you can complete the bitFlyer verification process in no time.
To commence bitFlyer KYC verification, you will need to verify your account by submitting your ID documents.
Note: For non-EEA Countries
If you are not from an EEA (European Economic Area) country, please submit your residency permit in the next step.
For EEA Countries
For EEA (European Economic Area) nationals, please submit one of the following documents:
- Driving License (Front side and back side)
- ID Card (Front side and back side)
To commence with ID verification, click on “Verify your account.” On the next page, make sure you have your ID ready and click “Start.”
Select your country and a method of identification. You’ll be required to take clear pictures of the front and back of your selected ID document. On the next page, choose an upload method by clicking on “Continue on mobile” or “Take picture using webcam.”
Note: To obtain a clearer picture for verification, you can select “Continue on Mobile.” On the next page, input your email and click “Send.” A link will be sent to you. Follow the instructions carefully to successfully upload your documents, and also take a picture of your face.
How to buy Bitcoin on bitFlyer
You can fund your account easily with Buy/Sell on bitFlyer.
Note: Transactions done via a standard bank transfer can take a lot of time. In contrast, transactions via your PayPal account are instantaneous. Once the money has been transferred to your bitFlyer account, you can proceed with the purchase.
Go to the Buy/Sell section of bitFlyer.
Then, on the BTC/EUR tab, click on the “BUY” button.
Now indicate the amount in Euros or in BTC that you wish to buy.
Check the review of your order and click on “Confirm.”
How to deposit on bitFlyer
You can deposit on your bitFlyer account using PayPal, as detailed in the detailed guide below in this bitFlyer review.
Log in to your bitFlyer account using the app, at the bottom of the page, please navigate to the “Funds” tab.
Under the “Funds” tab, click on “PayPal Deposit.”
Please enter the amount you would like to purchase and click on ‘PayPal checkout’.
You will be redirected to your PayPal account.
You need to log in and confirm the purchase from your PayPal account. Once the confirmation is done, you will be redirected to your bitFlyer account.
If it is your first PayPal purchase, you will need to wait until the purchase is verified. If it is not your first PayPal purchase, the processing of your transaction should be instant.
bitFlyer offers a mobile app for Android and iOS users. It includes features such as buying and selling, sending and receiving, and transferring and storing BTC in the bitFlyer wallet. The mobile app is quick, convenient, and user-friendly. You can even use a QR code to transmit virtual currencies.
bitFlyer review: bitFlyer Fees
Trading fees depend on the customer’s 30-day trading volume. The buy/sell platform offers free trading fees and bitFlyer lightning offers as low as 0.1% for spot trades (for users who trade under $50,000 per month). However, bitFlyer also offers free trading for BTC/USD and ETH/USD on Buy/Sell but charges fees on the bitFlyer Lightning Spot. while the ETH/BTC pair is free for lightning spots.
The bitFlyer fees are displayed below.
bitFlyer BTC/USD Trading Fees
bitFlyer ETH/USD Trading Fees
bitFlyer BTC/JPY Trading Fees
bitFlyer ETH/BTC Trading Fees
bitFlyer review: bitFlyer Withdrawal fees
bitFlyer charges are also reasonable, as it charges as little as 0.0004 BTC for Bitcoin fees and 0.005 ETH for Ethereum. This bitFlyer review displays the detailed list.
bitFlyer Deposit and Withdrawal Methods
bitFlyer lightning exchange offers multiple deposit and withdrawal methods to users. It supports:
- Debit Card and Credit Card
- Bank Account Transfer
- Wire Transfer
bitFlyer Deposits and Withdrawals for US Dollar
bitFlyer Coin list
The bitFlyer exchange crypto currency list is small; hence, it supports only a few of the major cryptocurrencies on the market. Also, coin availability depends on your country of residence.
Here are the highlights of what you can buy and sell on bitFlyer as a U.S. user:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- Stellar Lumens (XLM)
- Tezos (XTZ)
- Basic Attention Token (BAT)
bitFlyer review: What is bitFlyer lightning?
bitFlyer Lightning is a Bitcoin spot, foreign exchange, and futures exchange, as well as a trading platform for BCH/BTC and ETH/BTC trades. Users can use spot trading to buy or sell Bitcoin for JPY using assets they already own. You can trade FX and futures with up to 2x leverage, allowing users to profit whether prices rise or fall, depending on the strategy used.
This exchange, on the other hand, is geared toward experienced and active traders, as it offers a superior feature set that includes active trading charts, an open order book, recent trade listings, and a quick order entry form.
bitFlyer Lightning Features
bitFlyer Lightning is changing the future of Bitcoin trading. This bitFlyer displays its features:
- Enhanced transaction tools offer outstanding usability to traders
- Experience unprecedented trading speeds
- Invest more efficiently with Lightning trades.
- Simple and refined user interface
- Excellent usability and functionality, refined to the core
- A trading platform designed for the professional user
- It also supports top security standards, with fully supported multi-sig transactions
Powered by cryptography that is more advanced than most major financial institutions, Its security features include:
- More than 80% of bitcoins are stored safely offline in cold wallets
- Transaction security is further enhanced by requiring multiple signatures
How to use bitFlyer lightning
You can start using bitFlyer Lightning in just four basic steps:
Visit the bitFlyer lightning website, then, if you have an account with bitFlyer, input your login details and click on “Log in.”
To identify with the BitFlyer Lightning Pro Exchange, you must begin and complete the KYC process.
You can make your first deposit by transferring it to your customer account.
Now you can begin to use and explore all of bitFlyer Lightning.
bitFlyer Restricted Countries
At the moment, according to this bitFlyer review, bitFlyer does not offer services to residents of Afghanistan, Algeria, American Samoa, Armenia, Azerbaijan, Bahamas, Belarus, Botswana, Burma/Myanmar, Burundi, Cambodia, Central African Republic, Chad, Comoros, Congo (Kinshasa), Crimea, Cuba, El Salvador, Eritrea, Ethiopia, Ghana, Guam, Guinea, Guyana, Honduras, Iran, Iraq, Kazakhstan, Kosovo, Lebanon, Liberia, Libya, Libyan Arab Jamahiriya, Macao, Malawi, Maldives, Mali, Mongolia, Montenegro, Nauru, Nicaragua, North Korea, Pakistan, Palau, Palestinian Territory and Gaza Strip, Papua New Guinea, Samoa, Serbia, Solomon Islands, Somalia, South Sudan, Sri Lanka, Sudan, Swaziland, Syria, Timor Leste, Trinidad and Tobago, Tunisia, Turkmenistan, Turks and Caicos, Ukraine, Vanuatu, Venezuela, Yemen, Zimbabwe, Russia.
bitFlyer review: bitFlyer Customer Support
bitFlyer customer service claims to be available 24 hours a day, seven days a week, with a comprehensive help center that allows beginners to quickly find critical information related to getting started with the exchange and common problems encountered by users. The articles in the help center are organized into categories, and users can also search for specific topics.
For USA residents, the bitFlyer customer service number is 888-676-2035. They can also be contacted via email at https://bitflyer.com/en-us/contact. Furthermore, bitFlyer features a ticket support system to request custom assistance. While responses typically take less than 24 hours, the lack of live chat or phone support options leaves something to be desired.
bitFlyer has a ⭐ rating of 1.8 on Trustpilot with a pool of negative user reviews. While some users praised the support team, others stated that the company has refused to pay them any referral bonuses.
Is bitFlyer legit?
bitFlyer has a good reputation for security and doesn’t have a history of any major hacks or breaches. It relies on a combination of technologies to keep accounts and cryptocurrency safe. bitFlyer is as transparent as it gets when it comes to its security features. It includes detailed security information on its website, which is something you don’t find at every exchange.
Here is a rundown of bitFlyer security features:
Highest strength encryption: It employs the most advanced encryption technology. Customer information and internal communications are SSL encrypted, and it uses SHA-2 data encryption standards.
Cold Storage: It stores cryptocurrency funds offline in cold storage. Because cold storage devices are inactive, they offer the highest level of security. According to the bitFlyer exchange’s home page, it keeps 100% of its clients’ cryptocurrency in cold storage. Over 80% of Bitcoins on its bitFlyer Lightning Pro Exchange are stored in cold wallets.
Multi-sig Bitcoin addresses: It employs multi-signature Bitcoin addresses. To send Bitcoin to these addresses, two or more separate signatures are required, making it much more difficult for a cybercriminal to steal those crypto funds.
Two-Factor Authentication (2FA): It supports two-factor authentication (2FA). To gain access to your bitFlyer account, you must enter your password and a one-time code sent to your mobile device.
System checks: It performs regular virus scans and hacking prevention drills. These stress tests are intended to identify any potential vulnerabilities so that bitFlyer can address them.
bitFlyer review: Bottom line
According to this bitFlyer review, bitFlyer is one of the industry’s most trusted and top crypto exchanges. It is highly secure, efficient, dependable, and, most importantly, regulated. Although its cryptocurrency selection is limited, its trading capabilities are exceptional.
Fiat currencies, bank transfers, wire transfers, and debit/credit cards are also supported. Because the fees are low, it operates various platforms with reasonable fee structures. Margin trading, financial services, and trade history are also supported. All of these features combine to make bitFlyer a reliable cryptocurrency trading platform for both novice and experienced traders.