bitFlyer bitFlyer

bitFlyer is a privately held Japanese company founded in 2014 and headquartered in Tokyo. It operates one of the largest cryptocurrency exchanges with 2.5 million users and develops other crypto-related technologies. Bitcoin exchange was bitFlyer's first service, initially focusing on Bitcoins. A Bitcoin derivatives exchange and futures contracts were added later by the company.
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In April 2014, bitFlyer launched its crypto exchange, a few months before Mt. Gox, once the dominant Bitcoin exchange, went bankrupt. The bitFlyer service expanded internationally in November 2017 and in January 2018 to the United States and Europe. According to statistics from 2018, the company handled 80 percent of all Bitcoin transactions in Japan and had grown to 150 employees. As part of a government order, six exchanges, including bitFlyer, were ordered to improve their money laundering procedures, resulting in bitFlyer temporarily suspending services while it implemented new systems. A subsidiary was created by bitFlyer focused on blockchain technology and services in 2019.

Why Should People Use bitFlyer?

In the case of bitFlyer, it is best suited to those new to crypto who wish to remain exclusive to trusted, proven coins – like Bitcoin. For serious traders, it’s a good option if they don’t want to buy altcoins or prefer to buy them separately. Compared to well-known brands like Coinbase or Gemini, bitFlyer’s low prices make it a better choice for those just getting started. 

It’s an amazing deal to pay 0.10% for bitFlyer’s beginner-friendly buy/sell platform, but keep in mind that fees won’t always be that low – and they can exceed 6% in some cases. You’ll find that bitFlyer’s buy/sell fees range above 2%, which are much higher than what you’d find on just about any competing platform. Before you make a purchase, make sure the fees are competitive.

BitFlyer’s educational resources, on the other hand, are pale in comparison to other leading platforms’ offerings.

A platform that is accessible even to those in New York and Texas — two states where Binance is not currently available — offers the same low fees as Binance.US for advanced users. Besides offering comprehensive security to its users, bitFlyer also provides multi-signature functionality, which can help keep Bitcoin wallets more secure by requiring multiple keys to remove money.

If you’re looking to purchase a wide range of coins, bitFlyer has serious flaws. For instance, if you’re trying to buy ADA, you’re out of luck.

It’s crucial that you think carefully before entering into any cryptocurrency exchange, regardless of your experience level. 

Trading background

In the basic bitFlyer app and website, cryptocurrency and stocks can be bought and sold seamlessly. In addition to being easy to use, bitFlyer can be navigated by anyone who has managed a brokerage account. On the dashboard, you can view your balance, make trades, and update your account information. A separate area is devoted to Bitcoins, which are known as altcoins. 

Lightning Exchange powered by BitFlyer

The bitFlyer Lightning exchange is available if you have reached the “Trade” level of your account verification. Lightning, like other cryptocurrency exchanges that offer active trading platforms, is independent of the main platform and offers a different pricing structure.

In addition to these features, Lightning is a powerful choice for experienced and active traders, offering active trading charts, an open order book, recent trade listings, and a quick order entry form. You may find Lightning’s sound effects enjoyable (or somewhat annoying).

Fees and Limitations for bitFlyer

Keeping fees low is possible by funding your account with a SEPA wire transfer (which may take up to 3 business days) and by using the professional exchange called Lightning on the bitFlyer network.

You can buy any amount of Bitcoin, whether small, medium, or large, with fees as low as 0.20%. In theory, fees as low as 0.10% might be possible if your trading volume in the last 30 days exceeded 10 million euros.

The Instant Buy and Buy/Sell markets of bitFlyer, however, might be more attractive to you if you are just starting out with Bitcoin and crypto in general.

The bitFlyer Buy and Sell market

Rather than charging a commission on the difference between its own buying and selling prices, bitFlyer charges an inside spread in the Buy/Sell markets section. The major advantage of the Buy/Sell platform, however, is that users will never be charged a higher price on the Buy/Sell platform. It offers a maximum purchase amount of 20 BTC per transaction.

What is the security of bitFlyer?

The security protocols that bitFlyer employs go beyond compliance with US and European regulations. If you access bitFlyer through an encrypted server, the connection is encrypted with SHA-2 (Secure Hash Algorithm 2, the latest cryptographic hash function).

An extra layer of security is employed by a firewall in case any sudden changes or manipulations are detected on the server.

bitFlyer encourages users to use strong passwords by imposing a threshold on password strength, implementing two-step authentication, and locking their accounts if they enter an incorrect password too often.

As an additional security measure, bitFlyer employs top security professionals, including ex-government officials, and uses industry-leading detection and control procedures.

How to open a bitFlyer account

When you have all your information at hand, setting up an account with bitFlyer is fast and easy. You only need your email address to get started. Then you set a password, confirm your email address, and agree to the account terms and conditions.

The KYC process is required before you can gain full access to your account. You can make trades and withdrawals of up to $50,000 per day when you upgrade to the “Trade Class”. In order to trade at higher limits, you must upgrade to “Trade Pro Class.” Please upload a current photo ID, a selfie, a bank statement, a utility bill, and your Social Security number for KYC verification.

The Management of Accounts

bitFlyer’s mobile app and website both allow you to manage your account. You can change your contact information, upgrade your account level, and make deposits and withdrawals using these platforms.

Even crypto beginners can easily navigate and use online and mobile platforms.

Comparative Analysis of bitFlyer with Other Cryptocurrency Companies

bitFlyer’s list of currencies and pricing is relatively short in comparison to other top-20 crypto exchanges, but it can be better or worse depending on the market conditions. 

Considering the overall

Considering everything you should know about bitFlyer, you can use it to improve your trading experience. It is sleek, user-friendly, and secure. Many of its customers, especially those in their twenties, are traders, so it comes as no surprise that it enjoys a high level of popularity.

Though bitFlyer may not be available uniformly in all countries, new users should be aware of that fact. Japan, the US, and the EU are the only countries that can take advantage of bitFlyer. Rates and service offerings will vary from jurisdiction to jurisdiction.

An overview

bitFlyer emerged like a phoenix from the ashes of Mt Gox when one of the world’s largest cryptocurrency exchanges suffered a security breach and shut down.

The navigation of bitFlyer is very simple, even if its design may not appeal to everyone. Newcomers and professionals alike see value in the ability to buy cryptocurrencies on the exchange quickly and directly.

There are many coins and payment methods available on the site to choose from. Verification does not take more than an hour. Although we may be able to conclude that this is the case in the current market environment, we are curious whether or not the verification process will pass a load test once the market picks up again.

Customer support and service are another priority for bitFlyer, as they are expanding into new markets and want to make sure all users have the chance to access support whenever they need it. In conclusion, bitFlyer is a great choice.

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