bitFlyer is a Japanese crypto exchange with over 3 million users worldwide and over €180 billion in global trading volume in 2021. It has licenses to operate in the EU, US and Japan, and claims to meet the highest security standards in the industry.
The platform offers ‘bitFlyer Buy/Sell’ with a simple interface for beginners, and ‘bitFlyer Lightning’ for advanced traders. The exchange provides spot trading, margin trading, crypto derivatives, and claims to offer fast transactions, and instantaneous bank transfer and Paypal account funding.
How Does bitFlyer Work ?
bitFlyer operates as a cryptocurrency exchange platform, allowing users to buy, sell, and trade various digital currencies. Here’s a breakdown of how it functions:
Account Creation and Funding:
- Signing up for a bitFlyer account is free.
- You’ll need to verify your identity to unlock full features and deposit/withdraw funds.
- Funding options depend on your location and can include bank transfers, ACH deposits (USD only), or PayPal (EUR only).
Trading Platforms:
- bitFlyer offers two distinct trading platforms:
- Easy Exchange: This user-friendly platform caters to beginners. It offers a simple interface for buying and selling crypto at current market prices or placing basic limit orders.
- bitFlyer Lightning Platform: This platform is designed for more experienced traders. It provides advanced features like charting tools, order books, and margin trading (borrowing funds to amplify gains or losses – high risk).
Fees and Costs:
- bitFlyer doesn’t have fixed trading fees. Instead, it uses a spread-based pricing model.
- This means the buying and selling prices you see on the platform already include a built-in fee.
- The spread can vary depending on the specific cryptocurrency and market conditions.
- There are also minimal fees for depositing and withdrawing funds, which can vary depending on the chosen method.
Security:
- bitFlyer prioritizes security measures to protect user funds.
- They boast a strong track record with no major hacking incidents.
- They employ features like multi-signature wallets, cold storage for most assets, and two-factor authentication (2FA).
Overall:
- bitFlyer is a good option for beginners due to its user-friendly platform and educational resources.
- The lack of fixed trading fees might seem appealing, but be mindful of the spreads, which can affect your overall trading costs.
- Experienced traders might find the Lightning Platform useful, but it comes with the added complexity of margin trading.
Important to Remember:
- Cryptocurrency trading is inherently risky. Prices can fluctuate significantly, and you could lose money.
- Before you start using bitFlyer, it’s crucial to research cryptocurrencies, understand the risks involved, and only invest what you can afford to lose.
Who Are the bitFlyer Founders?
The company was founded in January 2014 by Yuzo Kano and his colleagues Masuda Rikiya and Takafumi Komiyama, former employees of Goldman Sachs.
Yuzo Kano served as CEO until 2019, investors of bitFlyer Holdings, Inc. decided to replace the founder with Yoshio Hirako, however Kano is still the CEO of the American subsidiary. Previously, Kano was an equity derivatives trader at Goldman Sachs and BNP Paribas. Yuzo Kano is also the Director of the Japan Blockchain Association.
Takafumi Komiyama is the CTO at bitFlyer Holdings. Komiyama developed settlement systems for Goldman Sachs, and was previously at Sony Interactive Entertainment.
Features and Benefits of bitFlyer
bitFlyer offers a variety of features and benefits that cater to both beginner and experienced cryptocurrency traders. Here’s a breakdown of some key points:
Features:
- Two Trading Platforms:
- Easy Exchange: A user-friendly platform for beginners to buy and sell crypto at market prices or with basic limit orders.
- bitFlyer Lightning Platform: An advanced platform for experienced traders with charting tools, order books, and margin trading (high risk).
- Multiple Fiat Deposit Options: Funding options vary by location and can include bank transfers, ACH deposits (USD only), or PayPal (EUR only).
- High Liquidity: boasts a high trading volume, ensuring smoother transactions.
- Security Measures: Prioritizes security with features like multi-signature wallets, cold storage for most crypto, and two-factor authentication (2FA).
- Beginner Resources: Offers educational resources to help users learn about cryptocurrencies and trading basics.
Benefits:
- Regulated Exchange: bitFlyer is a licensed and regulated exchange, offering a sense of security to users.
- Competitive Fees: While bitFlyer uses a spread-based pricing model, the spreads are generally competitive compared to other exchanges.
- Transparency: The spread-based fee structure makes costs clearer compared to exchanges with hidden fees.
- Focus on Security: Their strong track record and security measures provide peace of mind to users.
- Easy Fiat Deposits: Multiple funding options (depending on location) make it convenient to get started.
Overall:
bitFlyer presents a good balance between user-friendliness and security, making it a good option for beginners and experienced traders alike. Here’s a quick breakdown for different user groups:
- Beginners: Easy Exchange platform, educational resources, and focus on security make it a comfortable entry point.
- Experienced Traders: Lightning Platform offers advanced features like margin trading and charting tools.
Important to Consider:
- Spread-Based Fees: Be mindful of the spreads, as they can affect your overall trading costs.
- Margin Trading Risk: Margin trading offered on the Lightning Platform is a high-risk activity, so only use it if you understand the risks involved.
- Cryptocurrency Risk: As with all crypto trading, there’s inherent risk of price fluctuations and potential losses.
Remember: Always do your research, understand the risks, and only invest what you can afford to lose before diving into cryptocurrency trading.
Where Is bitFlyer Located?
bitFlyer Inc. is headquartered in Tokyo, Japan, while bitFlyer USA, a subsidiary, is located in San Francisco, California.
bitFlyer Restricted Countries
The Tokyo-based crypto exchange does not provide services to residents of the following countries: 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 User Experience?
Here’s a breakdown of the bitFlyer user experience, considering both positive and negative aspects:
Positives:
- Beginner-friendly: Easy Exchange platform offers a straightforward way to buy and sell crypto with a clear interface.
- Educational Resources: bitFlyer provides educational resources to help users learn the ropes of cryptocurrency trading.
- Mobile App: Manage your crypto holdings and trade on the go with the bitFlyer mobile app (iOS and Android).
- Security Measures: Strong focus on security with features like 2FA and cold storage instills trust in users.
- Multiple Fiat Deposit Options: Funding your account is convenient with various options depending on your location.
- Regulated Exchange: Operates under regulatory licenses, providing a sense of security for some users.
Potential Downsides:
- Limited Crypto Selection: Compared to some other exchanges, bitFlyer offers a smaller range of cryptocurrencies to trade.
- Spread-Based Fees: While seemingly transparent, the spread-based fee structure can be less intuitive for beginners to understand compared to fixed trading fees.
- Limited Advanced Features: The Easy Exchange platform caters to beginners, and advanced users might find the Lightning Platform’s features (like margin trading) too complex.
- Mixed Reviews: User reviews on bitFlyer’s experience can vary. Some users find it user-friendly, while others might prefer a more feature-rich platform.
Overall:
User experience with bitFlyer seems positive for beginners who appreciate the platform’s simplicity and educational resources. However, experienced traders might find the limited crypto selection and features on the Easy Exchange platform restrictive. Here are some additional tips:
- Read user reviews from trusted sources to get a well-rounded perspective on the user experience.
- Consider your trading needs and experience level when deciding if bitFlyer is the right platform for you.
- Start with small amounts when you begin trading cryptocurrency to minimize potential losses.
By considering these factors, you can make an informed decision about whether bitFlyer suits your cryptocurrency trading needs.
What Coins Are Supported on bitFlyer?
The platform supports a small range of digital currencies, about 11 digital assets, and Bitcoin can be purchased for Japanese Yen and USD. The list of popular trading pairs includes BTC/JPY, ETH/JPY, BTC/EUR, XRP/JPY, BTC/USD. Among the cryptocurrencies for trading are BTC, ETH, ETC, BCH, LTC and more.
How Much Are bitFlyer Fees?
Trading fees depend on the customer’s 30-day trading volume. The buy/sell platform offers trading fees of 0.1% (for users who trade under $50,000 per month) and 0.2% for spot trades, however bitFlyer also offers free trading for BTC/EUR and ETH/BTC
Is It Possible To Use Leverage or Margin Trading on bitFlyer?
With Lightning FX and Lightning Futures, users can trade with up to 2X leverage. Lightning FX is a built-in service for effective investment of funds that allows customers to margin trade Bitcoin by making a margin deposit and settlements. For corporate accounts, the maximum leverage may vary.
Disclaimer ||
The Information provided on this website article does not constitute investment advice,financial advice,trading advice,or any other sort of advice and you should not treat any of the website’s content as such.
Always do your own research! DYOR NFA
Coin Data Cap does not recommend that any cryptocurrency should be bought, sold or held by you, Do Conduct your own due diligence and consult your financial adviser before making any investment decisions!
