Skip to content
Swen Keller
- Home
- /
- Cryptocurrency Exchanges
- /
- Bitflyer Review 2024: Benefits,...
Bitflyer Review 2024: Benefits, Cons & Features
Swen Keller
- URL: https://bitflyer.com/
- Headquarter: Tokyo, Japan
- Year Founded: 2014
- Platform App: Web, Mobile
- No. of Cryptos: 10+
- Fiats Available: USD, EUR, JPY
- Withdraw Method: Bank Transfer
- Payment Method: PayPal and Bank Transfer
BitFlyer Review: Our Opinion
Bitflyer is a cryptocurrency exchange best for intermediate traders looking for quick trades and low trading fees. However, Bitflyer offers a limited number of digital currencies and high spreads which would have expert traders searching elsewhere for an advanced trading platform or cryptocurrency exchange with lower costs.
An Overview of BitFlyer
Founded in 2014, Bitflyer is a cryptocurrency exchange headquartered in Tokyo, Japan. While headquartered in Japan, the exchange has an office in San Francisco, California, USA via a subsidiary and Europe.
The trading platform is one of the largest crypto exchanges in the world with over 3 million users. The cryptocurrency exchange was founded by Yuzo Kano who previously worked as a derivatives and bonds trader at Goldman Sachs.
The cryptocurrency exchange only supports a limited number of digital assets, however, its main attraction is its trading features and pricing model which targets beginner traders. Bitflyer exchange also offers an advanced trading platform for advanced traders with different trading costs.
Concerning services offered, the Bitflyer exchange allows users to buy and sell digital currencies with each other or with the crypto exchange itself. Bitflyer exchange also develops and offers crypto-related solutions.
Initially, the crypto exchange only offered Bitcoin trading (allowing users to only buy and sell Bitcoin) via its cryptocurrency exchange but later on, it included margin and futures trading as well as some other virtual currencies for crypto trading. Bitflyer exchange also supports features that allow customers to pay for products and services using cryptocurrency.
Bitflyer exchange has had its share of controversies as the crypto exchange in 2018 ceased accepting new users after regulators in Japan accused the platform of not doing enough to prevent terrorism financing and money laundering. This pushed the crypto exchange to pause its services for some time while it boosted its anti-money laundering measures.
Pros
- Suitable for beginners and intermediate/ experienced traders
- Low trading fees
- Recurring Buy feature
- High Liquidity
- Users can access it through the Mobile app
Cons
- Limited cryptocurrencies available
- Only supports 2 payment methods
- High spreads
BitFlyer Review: Unique Features
BitFlyer Lighting
Bitflyer Lightning exchange is an exchange designed especially for Bitcoin Spot, FX, and Futures trading. It features graphs that users can use to analyze value movements and price averages. Bitflyer Lightning is also used for Bitcoin Cash/Bitcoin (BCH/BTC) and Ethereum/ Bitcoin (ETH/BTC) trades.
Bitflyer Lightning users can chat with other traders, view recent trades and Bitflyer’s order books, browse their trade reports, and make use of Bitflyer’s API.
Recurring Buy
Bitflyer Recurring Buy is a feature that allows users to schedule recurring purchases of their preferred crypto assets. Recurring Buy is suitable for all traders who are looking for the easiest and smartest ways to invest in cryptocurrencies.
The recurring Buy feature allows users to schedule a trade daily, weekly or monthly.
This is easy to set up and all purchases are automatically executed at the scheduled time. Users can invest as low as $10 and as high as $10,000 in recurring Buy.
As already stated, setting up a recurring Buy is simple. All you need to do is set the frequency for the recurring Buy, choose an amount, review your setup, and confirm your settings.
Recurring Buys can be initiated as early as the next day after the order is set. While the frequency of the recurring Buy is flexible, the order cannot be executed on the same day it was created.
All purchases for the recurring Buy order are made using the USD in the user’s account balance.
The user must have a sufficient amount of USD in their account before setting a recurring Buy order. If there is insufficient balance in the USD account, the Recurring Buy order will not be executed. If the purchase is not made, the recurring Buy order will not be canceled, it will restart when the account is credited with USD.
Also, if there is a system error on BitFlyer’s end at the designated time of the order, the purchase will not be executed and no automatic purchase will be made until the next scheduled purchase.
The user cannot set the specific time the recurring Buy is executed, Bitflyer chooses a designated time for the purchase on the designated date. Also, the rate that the order is executed is the same as the price of BitFlyer’s Buy/Sell service.
Bitflyer’s Recurring Buy service incurs no extra charges for its users.
Users can easily cancel recurring Buy purchases whenever they wish to.
To do this, go to the Recurring Buy section and click on “Recurring Buy”. Next, go to “Selected currencies” and choose the currency you want to cancel. Click “Cancel”. That’s it, the Recurring Buy for the selected currency has been canceled.
BitFlyer Mobile App
The BitFlyer mobile app gives users access to the same functionality as the web version. Users can buy Bitcoin ( BTC), Ethereum(ETC), Litecoin (LTC), Bitcoin Cash (BCH), and other supported crypto assets on the go.
The mobile app is available in the Apple App Store for iPhone and the Google Play Store for Android devices.
With the mobile app users can view their portfolio and trade history and also keep track of their profits and loss.
They can also get real-time updates and data on the price of cryptocurrencies and also access crypto market news in the app.
The mobile app has a QR code scanner that allows users to scan and register all external wallet addresses that they intend to deposit or withdraw crypto to.
While the Bitflyer mobile app supports all Bitflyer’s functionalities including recurring Buys, it does not support Bitflyer Lightning.
Cryptocurrencies Available on BitFlyer
Bitflyer users can buy and sell over 10 cryptocurrencies. Available virtual currencies include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, MonaCoin, Stellar Lumens, Polkadot, Tezos, Ethereum Classic, Ripple, Lisk, Basic Attention Token, etc.
The availability of some cryptocurrencies is subject to the location of the user. For instance, while EEA and EU users can trade MonaCoin and Lisk, users in Japan and the US cannot. Also, Bitflyer does not support stablecoins like USD Coin (USDC) that follow the US Dollar.
BitFlyer Review: Fees
Bitflyer offers a range of trading fees and usage fees depending on the action being executed.
Account Creation
No fee
BitFlyer USA Fees
There are no fees for ACH Transfer and wire transfer deposits. But there’s a 20$ fee for wire transfers. ACH withdrawals are free.
BitFlyer Europe Deposit and Withdrawal Fees
All SEPA Deposits to Bitflyer Europe are free. However, for SEPA withdrawals less than or equal to €250,000.00 Bitflyer Europe charges €0.30. For SEPA deposits greater than €250,000.00 Bitflyer charges €10.00 in fees.
PayPal deposits within the EEA (European Economic Area) incur deposit fees of 4.9% and €0.35 PayPal fees per transaction.
Deposits via PayPal outside of the EEA (European Economic Area) incur deposit fees of 4.9% + 1% + €0.35 PayPal fees per transaction.
BitFlyer Japan Deposit and Withdrawal Fees
Bank Transfer Deposit Fees
Quick deposit via SBI Sumishin Net Bank incurs no deposit fee. However, quick deposit via any bank other than SBI Sumishin Net Bank attracts a 330 JPY fee (tax inclusive) per deposit.
For Bitflyer users withdrawing less than 30,000 JPY to Mitsui Sumitomo bank, they’ll have to pay 200 JPY as withdrawal fees (taxes included). For withdrawals higher than 40,000 JPY, users will have to pay 400 JPY in withdrawal fees (taxes inclusive).
Bitflyer customers withdrawing to other banks aside from the Mitsui Sumitomo bank will pay 550 JPY and 770 JPY in fees (taxes included) for transactions lower than 30,000 JPY and higher than 30,000 respectively.
Simple Buy and Sell Fees
Bitflyer does not charge an upfront fixed trading fee for standard buy-and-sell digital currency transactions. But you will have to pay 0.10% to 0.60% in spread pricing fees.
This isn’t the best option as in conditions like low liquidity or high volatility spread fees can rise higher. So even though you won’t be paying trading fees on these trades, there’s a high probability that you’ll have to pay more than what you’d have to in other cryptocurrency exchanges. So the best option is to use the Bitflyer Lightning Exchange to keep fees low.
Trading Fees
Bitflyer charges its trading fees based on the user’s crypto trading volume in the past 30 months for trades on the spot Lightening Exchange platform. The higher the crypto trading volume the lower the fees. That said, here are the fees charged based on the past 30 days of trade.
BitFlyer Japan
- Less than 100,000 JPY: 0.15%
- 100,000 – Less than 200,000 JPY: 0.14%
- 200,000 – Less than 500,000 JPY: 0.13%
- 500,000 – Less than 1 million JPY: 0.12%
- 1 million – Less than 2 million JPY: 0.11%
- 2 million – Less than 5 million JPY: 0.10%
- 5 million – Less than 10 million JPY: 0.09%
- 10 million – Less than 20 million JPY: 0.07%
- 20 million – Less than 50 million JPY: 0.05%
- 50 million – Less than 100 million JPY: 0.03%
- 100 million – Less than 500 million JPY: 0.02%
- At least 500 million JPY: 0.01% (Bitflyer allows the user to negotiate fees based on volume and trade frequency at this trading level)
BitFlyer Europe
Past 30 days trading volume and trading fees for using Bitflyer Lightning Exchange via Bitflyer Europe:
- €0 – Less than €50,000: 0.10%
- €50,000 – Less than €500,000: 0.09%
- €500,000 – Less than €1 million: 0.08%
- €1 million – Less than €5 million: 0.07%
- €5 million – Less than €10 million: 0.06%
- €10 million – Less than €50 million: 0.05%
- €50 million – Less than €500 million: 0.04%
- Over €500 million: 0.03%
BitFlyer USA
Past 30 days trading volume and trading fees for using Bitflyer Lightning Exchange via Bitflyer USA:
- $0 – Less than $50,000: 0.10%
- $50,000 – Less than $500,000: 0.09%
- $500,000 – Less than $1 million: 0.08%
- $1 million – Less than $5 million: 0.07%
- $5 million – Less than $10 million: 0.06%
- $10 million – Less than $50 million: 0.05%
- $50 million – Less than $500 million: 0.04%
- Over $500 million: 0.03%
Crypto Deposit and Withdrawal Fees
- Virtual Currency Deposit: No fees
- Bitcoin (BTC) Withdrawal Fee: 0.0004 BTC
- Ethereum (ETH) Withdrawal Fee: 0.005 ETH
- Bitcoin Cash (BCH) Withdrawal Fee: 0.0002 BCH
- Ethereum Classic (ETC) Withdrawal Fee: 0.005 ETC
- Litecoin (LTC) Withdrawal Fee: 0.001 LTC
- Monacoin (MONA) Withdrawal Fee: No fee
- Lisk (LSK) Withdrawal Fee: 0.1 LSK
- Basic Attention Token (BAT) Withdrawal Fee: 5 BAT
- Stellar Lumens (XLM) Withdrawal Fee: Free
- Tezos (XTZ) Withdrawal Fee: 0.1 XTZ
- Polkadot (DOT) Withdrawal Fee: 0.1 DOT
BitFlyer Review: Payment Methods
Bitflyer offers 2 payment options for your preferred fiat currency, however, some regions like Japan and the United States only have Bank Transfer as a deposit option. Users in Europe can make deposits via PayPal and Bank Transfer.
That said, Bitflyer offers a complex payment method service for users in Japan who need to use a specific bank for low transaction fees.
BitFlyer Review: Security
Bitflyer is a Platinum Member of the Japan Blockchain Association. It is a regulated secure cryptocurrency exchange. It is fully regulated in Europe and is licensed to operate in the European Union. BitFlyer USA Inc is licensed by the Louisiana Office of Financial Institutions as a money transmitter. BitFlyer is also licensed by the Luxembourg Ministry of Finance and audited every year.
Security features further include that Bitflyer stores 100% of its crypto assets in cold storage and also stores 80% of the Bitcoin on the Bitflyer Lightning platform in a cold wallet. The cold storage wallet is protected by a 24-hour surveillance system and several physical locks.
As a regulated exchange, BitFlyer complies with various industry standards in collecting KYC information from their clients. Users are expected to go through various identity verification processes during the process of account creation.
Bitflyer keeps full control of users’ private keys. Users can, however, withdraw their virtual currencies from the platform to an off-exchange wallet where they have full control of their private keys.
Bitflyer uses multi-sig Bitcoin addresses. The wallets are not susceptible to cyber attacks as they require two or more separate signatures to be accessed.
All international communications and customer information are SSL encrypted using the SHA-2 standard for data encryption. It uses a Web Application Firewall to monitor and quickly detect any unauthorized access BitFlyer’s system.
It also runs regular virus checks and security exercises like hacking prevention exercises as well as regular safety and stress tests on its systems.
Users’ accounts are protected with two-factor authentication. For every login attempt, all users are required to provide their account passwords and a one-time code to be able to access their accounts.
The one-time code is sent to the user’s mobile device. While this is a compulsory requirement for all accounts, this security measure has been faulted by many, as the use of SMS confirmations is insecure and has resulted in the loss of users’ funds on different crypto exchanges.
BitFlyer Review: Staking Rewards
Bitflyer does not offer a staking rewards service like other crypto exchange platforms offering similar products.
BitFlyer Review: Supported countries
Bitflyer is available in the United States and Japan and various countries in Europe. Supported countries include Belgium, Finland, Germany, Hungary, Iceland, Ireland, Austria, Sweden, the United Kingdom, Slovakia, Romania, Malta, Netherlands, Delaware, France, Lithuania, Sweden, etc.
Opening a BitFlyer Account
To open a Bitflyer account you need to follow the next steps:
Head to the Create an Account page located at the upper right corner of your screen and input your email address. Next, hit the Sign Up button.
After creating your account successfully, you should receive an email tagged “Bitflyer Europe or Bitflyer USA or Bitflyer Account Registration Confirmation.
You’ll need to click the link embedded in the email. Alternatively, you can copy the verification code in the email and paste it into the Enter Verification Code field within the account registration field.
Next, click the sign-up button. You’ll see a dialog box appear, go through the crypto exchange’s Terms of Use and Privacy Policy as well as the Risks associated with trading cryptocurrencies.
If you agree with the notifications, check the relevant boxes, choose your country or the state where you reside, and hit Start Bitflyer.
That’s it, you’ve opened a Bitflyer account. However, at this point, your account status will show as Standby Class. This means that you cannot perform services like buying and selling Bitcoin and other cryptocurrencies until you upgrade to a higher Account Class.
BitFlyer Review: Trading Experience
Bitflyer offers a mobile app and website trading platform. Buying and selling cryptocurrency on the Bitflyer exchange isn’t as easy as on some crypto stock brokerage exchanges. It is very similar to buying stock on a stock brokerage.
On the Bitflyer exchange dashboard, you can enter crypto trades, view your various balances (fiat currencies and cryptocurrencies) as well as change account settings. Also, because Bitflyer was originally a Bitcoin exchange, there’s a separate section on the platform where you can buy and sell Bitcoin only.
Bitflyer cryptocurrency exchange also offers the Lightning Exchange for users who have done the Identity Verification process. The platform is for advanced users who need active trade charts, trade listings, quick order entry, and open order book.
This account type is for advanced crypto traders. The major difference is that it supports additional trade types such as stop orders and limit orders.
BitFlyer Review: Customer Service
The Bitflyer Support team does not offer face-to-face inquiries. Bitflyer users with inquiries or complaints can contact customer support via the contact form on the website.
Users in Japan can contact customer support via phone at 03-6434-5864.
Bitflyer also has a well-equipped FAQ section that contains helpful guides and information about relevant aspects of the Bitflyer exchange. Users are encouraged to check the FAQ section got answers to their questions before contacting the support team.
BitFlyer Review: Customer Satisfaction
Bitflyer is a great exchange that excels at vital aspects like security. Bitflyer users are however unsatisfied with certain aspects of the crypto exchange. First, the limited selection of cryptocurrencies is a major drawback. BitFlyer users have complained of the inability to diversify their crypto portfolio due to the limited support for cryptocurrencies and the lack of some popular cryptocurrencies.
Also, the limited support channels are another pain point. While the support team offers a quick and helpful response, the absence of support channels like live chat and phone support is not the best for users, especially since other crypto exchanges have these communication channels.
Does BitFlyer Exchange Offer Education?
Yes, Bitflyer, like most cryptocurrency exchanges, offers education via Bitflyer Learn. The platform features articles on Bitcoin and other cryptocurrencies.
Is BitFlyer Right for You?
Bitflyer is best for intermediate cryptocurrency trading. Newbie traders will find the platform very confusing and expert traders will prefer other cryptocurrency exchanges as Bitflyer offers a limited set of assets and little to no features beyond buying, selling, and trading assets.
Final Thoughts
Bitflyer exchange is a crypto exchange best fit for cryptocurrency traders who don’t mind a small set of assets to trade and simple buy and sell trades. The crypto exchange also stands out for its low fees.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read about our Crypto.com review as an alternative to Bitflyer.
FAQ
Most frequent questions and answers
You can trade up to 19 cryptocurrencies on Bitflyer as well as carry out futures trading, margin trading, and derivatives.
Yes, Bitflyer has a wallet that allows users to store their cryptocurrencies on the exchange.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
