Ease of Use
Platform & Account Security
If you’re involved in the cyrptocurrency space then you may have heard of bitFlyer. Cryptocurrency exchange, bitFlyer, offers its users a straightforward cryptocurrency exchange without all the extra fluff and over-the-top financial services. Does bitFlyer have what your crypto needs? Before you spend, read our thorough review of bitFlyer now.
- Straightforward and easy to use
- Not overcomplicated or over-cluttered with too many services
- Perfect for anyone needing basic cryptocurrency services
- Limited amount of cryptocurrencies available
- Lightning spot market limited to BTC only
- Lightning spot market has annoying noises that seem to have no end
- The Bitcoin and Altcoin sections of the Dashboard trading could be integrated together
Cryptocurrency has been touted as the future of money, with many technologies (often at the cutting edge of innovation) being implemented into financial systems all over the industry. A large number of cryptocurrency tokens are actually dead projects, and another large portion could be deemed to possess no use case in real-world applications and scenarios. Fortunately, there are exchanges that have focused on some of the more important (subject to opinion) cryptocurrencies, without adding all of the exotic, low-liquidity coins, or implementing over-the-top financial services that promote the creation of user debt. The exchange bitFlyer is one of these exchanges, offering straight-to-the-point services in a sleek, easy-to-navigate environment. What does bitFlyer have to offer, and is it a worthwhile and trustworthy exchange?
A Brief History Of bitFlyer
The exchange bitFlyer was founded in Japan in 2014, with headquarters in Tokyo. Yuzo Kano currently serves as the company’s CEO. When compared to the rest of the world, bitFlyer ranks in the top-10 Bitcoin Exchanges by volume. The exchange has also been a leading example of how a regulated exchange should operate, as the company has had to comply with Japan’s strict cryptocurrency regulations. The USA division of bitFlyer was founded in 2016, with headquarters in San Francisco, California.
Currently, users can buy and sell Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ethereum Classic on bitFlyer’s U.S. exchanges. Monacoin, Lisk, and XRP are also available on the Japanese exchange. While this list is stark in comparison to exchanges like Binance and Kucoin, most of these tokens fall in the top-10 market cap (as of this writing), and should be able to provide enough liquidity to trade. The list may be small, but it lends a big hand in the simplicity and ease-of-use of bitFlyer’s services.
bitFlyer Platforms And Tools
An individual using bitFlyer’s services has a couple of options to choose from when it comes to how they can conduct their business. Users can buy and sell Bitcoin through a dashboard interface. The layout is very basic, with a running orderbook, as well as an ordering area to place buy/sell orders, a minimalistic chart, as well as the user’s order history.
To buy/sell altcoins such as Ethereum and Litecoin, there is a separate platform that operates much in the same way that the Bitcoin platform does. To choose which cryptocurrency the user wants to buy/sell, they only need to click a tab of the corresponding crypto logo of choice and enter their order in the order area. A running orderbook, minimal chart, and the user’s order history can be found on this platform as well.
For the spot trader that prefers trading on the live market, bitFlyer offers its Lightning market. This market allows users to trade Bitcoin on the open market, with prices reflecting the current pricing at that time. The Lightning market operates much like many other spot markets in the space, with a basic chart, an order book, a chat feature, a news blurb section, and the user’s order history. Currently, only Bitcoin is available to trade on the Lightning platform.
The exchange also has a Blog that features news and upcoming events relating to the bitFlyer exchange. This can be a handy page to keep up on the goings-on of the exchange, as well as an opportunity to be privy to some of the unique contests held by the exchange.
An Affiliate Program is also offered to customers, incentivizing the promotion and use of the exchange. Customers can receive up to $50 for every person that they refer using their unique referral link. This is an excellent way users can get rewarded for simply sharing the good word about an exchange they may find useful and easy to use.
Since the amount of services offered by bitFlyer are smaller in comparison to some of the other exchanges in the industry, the fees taken by the exchange are relatively straightforward. This is nice because there are certainly some exchanges that have so many services it is hard to keep track of what the exact fee schedule is for the service being used.
If a user would want to make a withdrawal from their account, they will have to pay a fee dependent on the type of asset being withdrawn. For withdrawals of BTC, one can expect to pay a 0.0004 BTC fee. An Ethereum withdrawal will incur a 0.005 ETH fee. Similarly, an Ethereum Classic withdrawal will incur a 0.005 ETC fee. A Litecoin withdrawal will cost the user 0.001 LTC. Lastly, a Bitcoin Cash withdrawal will incur a 0.0002 BCH fee.
All USD deposits, whether the user uses ACH or a Fedwire Wire Deposit, are free. Users can withdraw their USD using ACH with no fees. A USD withdrawal using a wire transaction will cost $10.
Trading on the Lightning spot market has three different fee tiers based on the user’s trading volume over a 30-day period. For traders trading less than $1 million over 30 days, they will pay a 0.12% fee for every order successfully executed. For the trader trading between $1 million, but less than $10 million, they will pay a 0.07% fee. For traders whose 30-day trading volume exceeds $10 million, a 0.02% fee is incurred for every order successfully executed.
The exchange claims that the buying and selling of virtual currencies on the Dashboard is free of fees. However, if one looks at the fine print, one would see that bitFlyer’s prices on the Dashboard actually reflects an inherent fee that could be anywhere between 0.1% and 6.0%, reflected in the price at the point of purchase/sale. This should be kept in mind should one want to buy or sell using the Dashboard.
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bitFlyer Customer Service And Resources
As one of the largest Bitcoin exchanges in the world by volume, bitFlyer seems to have little in the way of customer resources. The exchange does have a slim FAQ in place to answer any commonly held questions that a customer may have. Users can peruse information on subjects such as Account Management, the Lightning marketplace, placing buy/sell orders, and more.
If a user is unable to find a resolution within the FAQ, an Inquiry Form is available to send to bitFlyer’s customer support team. The team’s hours of operation are between 9:00 and 17:00 PST. The team will send their response via email.
Is bitFlyer Trustworthy?
With the growing number of exchanges coming into existence in the crypto space, it can be a daunting task judging whether or not an exchange can be deemed trustworthy. Judging by public sentiment, most users seem to highly enjoy using bitFlyer for their cryptocurrency needs. The exchange also claims to store up to 80% of funds in cold storage, minimizing breach risks. Generally, it seems that bitFlyer has gone the necessary lengths to ensure the highest security standards.
A general word of caution when using any exchange: Do not leave any funds on the exchange, except that which is being actively traded. If the user holds their own funds, only they themselves are responsible for its safekeeping, whereas, if an exchange were to suffer a breach, the fate of the user’s funds hangs at the mercy of the exchange. It should be noted that this warning is not directed at bitFlyer, but should be taken by the reader as a practice that should be integrated into personal habit and implemented as a necessity.
Opening An Account On bitFlyer
While bitFlyer is, for the most part, available for service to customers worldwide, users should take it upon themselves to make sure that their country or region is supported. For example, while the United States is a supported country, further inspection will show that not every state has service. U.S. users can check this here: https://bitflyer.com/en-us/States. States without a license do not currently allow bitFlyers services.
The process of opening a new account on the exchange is very straightforward. To begin, all an individual has to do is enter their email address in the box on the main webpage, and click the Sign Up button. A confirmation code will then be sent to the new customer. Once the code is entered into bitFlyer’s corresponding input box, the user’s email will be successfully verified.
The user will then be required to set their password. As a basic security measure, it is strongly recommended that the customer not use the same password that is used for any accounts on any other website. If one of those webpages were to be breached, or if the customer’s personal information was lost in a breach, access to those webpages (and the user’s accounts) would be easy once the password to one webpage is determined.
After these steps are completed, the new customer will have access to the basic shell of bitFlyer. However, before one can place buy/sell orders on the exchange, the user will have to provide personal information to comply with Anti-Money Laundering/Know-Your-Customer regulations. This information covers topics such as the customer’s address, date of birth, and full name.
Conclusions For bitFlyer
So many exchanges these days are overloaded with services offering opportunities for customers to interact with their cryptocurrencies. Many exchanges these days are no longer really an exchange, but act almost more like a bank. This exchange, bitFlyer, is not one of these overcomplicated exchanges. Quite on the contrary, bitFlyer is very straightforward and easy to use. The fact that they have a smaller amount of assets available for trade aids in preventing the clutter often found on other exchanges. For the new user, this exchange could be well worth their time; for the veteran user, it depends on the services needed. Basic buying/selling is easy here, but if the user needs to trade different cryptos, especially on a spot market, they may want to look elsewhere.