bitFlyer Review 2021

To begin the bitFlyer review, we have to know about the company initially. bitFlyer is a known Cryptocurrency exchange in Japan. 

bitFlyer www.bitflyer.com was established in Japan in the year 2014. bitFlyer belongs to the parent company bitFlyer Holdings, Inc. 

bitFlyer Review

According to the bitFlyer review that we are presenting, it accepts payment bank transfer, credit card, debit card, crypto transfer and supports USD, EUR, and JPY.

While there are several Japanese Cryptocurrency exchanges available within the country Japan and this exchange has its origin in the motherland, yet, bitFlyer has bigger aspirations that can be witnessed in its daily volume of 21101 BTC.

Bidders can invest using a mobile app supporting 10 pairs at a time. It charges a very low fee and has a token system. 

Pros & Cons of bitFlyer

bitFlyer would be opening offices in Europe and be turning out to be one of the best-used exchanges. bitFlyer sells only Bitcoin, which restricts people while using exchanges with larger selections, this sometimes diverts users.

Therefore, the bitFlyer review would remain incomplete without reviewing its pros and cons. 

Pros of bitFlyer

  1. It works in almost all exchanges available in the country
  2. Users can opt for 10 pair limits for buying Bitcoins
  3. It offers a reliable and trusted broker
  4. It provides speedy bidding and a very low fee
  5. There are high limits* provided to the users
  6. Easy to use using the web or mobile app
  7. Instant customer service provided during hours

Cons of bitFlyer

  1. It does not work in all countries and exchanges
  2. There is a limit to pair
  3. Highly dependent on brokers
  4. Of course, there are high limits provided but has some terms and conditions
  5. Provides less privacy with second step verification
  6. The maximum limit can be bid using only using a credit card

Features of bitFlyer

Nowadays, it ensures an extremely prevalent option for buying and selling Bitcoin and altcoins in a secure, regulated, and responsible environment. 

Despite that, bitFlyer is recognized as the lowest-fee exchange amid regulated players, which brands it a countless and dependable option for every trader.

  1. It grants users access to buy and sell Bitcoin and top altcoins
  2. The exchange supports 5 – 8 popular cryptocurrencies
  3. The major cryptocurrencies included are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.
  4. It charges a minimum low fees in comparison to regulated exchanges
  5. bitFlyer offers a great fiat gateway for new crypto enthusiasts and veteran traders
  6. Users find highly secure exchange solutions, which makes it easy to use
  7. bitFlyer bids two modes of trading – a simple interface and for pro investors, an advanced Lightning exchange 

History of bitFlyer

Yuzo Kano established bitFlyer in the year 2014. He was a derivatives and bonds trader from Goldman Sachs. The latest app of bitFlyer enabled users to buy, sell and trade Bitcoin and virtual currencies across the exchanges available in Japan. 

This exchange enables people to easily buy and sell Ethereum, Bitcoin, Litecoin, and other virtual currencies with Euros. In a short period, bitFlyer has become one of the trusted exchanges in the world. Mention bitFlyer review does not end here.  

Formation Story of bitFlyer

It was established in April 2014 by the Mt Gox hack. The parent company bitFlyer Holdings Inc acquired the position of one of the biggest Japanese exchanges trading in Bitcoin.

It was co-founded along with Yuzo Kano by Takafumi Komiyama. Both of them had previously worked experience for an investment bank, Goldman Sachs. 

bitFlyer reviewed their previous company, Komiyama used to be a developer, Kano used to be a broker of equity derivative and convertible bonds trading.

Ever since its launch, USD 37 million in 7 rounds of investments have been gained by the exchange. Its backers include big names like DCG, SBI Investment, and other companies Venture Labo Investment.

Investors of bitFlyer

It is mandatory to mention in the bitFlyer review that the exchange’s headquarters are situated in the hub of Tokyo, Japan. 

bitFLyer, Inc is a company licensed as Virtual Currency Exchange Operator (reg. No. 00003), allotted and permitted by the Director of the Kanto, which is the Local Finance Bureau in Japan. 

The Japan Financial Services Agency (JFSA) also regulates the exchange and it is a banking partner with Sumitomo Mitsui Banking Corporation, Japan. 

In early 2018, bitFlyer exchange expanded its reach beyond Japan across the United States and Europe.

We have found in the bitFlyer review about the current investors of bitFlyer:

  1. Digital Currency Group – DCG ropes the expansion of circulated ledger networks by investing in digital currencies.
  2. SMBC (Sumitomo Mitsui Banking Corporation) – It is a worldwide financial services provider with the highest trust of our customers.
  3. Mizuho Bank – It is a leading global bank with the largest customer base in Japan.
  4. Mitsubishi Capital Co. Ltd. – Mitsubishi operates as an undertaking capital firm. The Company stages financing services to healthcare.
  5. Dai-ichi Life Group – Dai-ichi Life is a short and the third-largest life insurer in Japan. 
  6. Mitsui Sumitomo Insurance Venture Capital Co. Ltd. – It operates as a venture capital investing in real estate, construction, healthcare, etc.
  7. Recruit – It is a human resource company headquartered in Japan.
  8. Venture Labo – Venture Labo is a venture capital firm that provides financial support. 
  9. SBI investment Dentsu – This is the information of investments made by Dentsu Group.
  10. Quick – The company has recognized a subsidiary of Nikkei
  11. GMO – It is a holding company of GMO Internet Group.
  12. B Dash Ventures – The Company is the largest wireless carrier, internet service provider, financial institutions, and investors in Japan.

bitFlyer Supported Countries

bitFlyer, which is one of the largest Cryptocurrency exchanges in Japan.

It is significant to mention in the bitFlyer review that to expand its business, bitFlyer has ventured to several countries across the world.

During noting the point for bitFlyer review, it was found that it offers business in 

  1. Austria
  2. Bulgaria
  3. Belgium
  4. Cyprus
  5. Croatia
  6. Denmark
  7. Czech Republic
  8. Finland
  9. Estonia
  10. Germany
  11. France
  12. Hungary
  13. Greece
  14. Ireland
  15. Iceland
  16. Latvia
  17. Italy
  18. Lithuania
  19. Liechtenstein
  20. Malta
  21. Luxembourg
  22. Norway
  23. Netherlands
  24. Portugal
  25. Poland
  26. Slovakia
  27. Romania
  28. Spain
  29. Slovenia
  30. Switzerland
  31. Sweden
  32. United Kingdom

Types of Account Available at bitFlyer

There are two types of accounts available found in the bitFlyer review. It was found that it offers the business with bitFlyer. 

These account types are named ‘trade’, and ‘trade Pro’. The respective account class determines trading limits and available services.

Users can upgrade from trade to trade pro by completing the “Account Information” section on their account. 

  1. Trade – The Max Virtual Currency Deposit/Withdrawal would be €249.99 worth (per transaction) €2,499.99 worth (cumulative within the one-year rolling window). This account trades with restrictions.
  1. Trade Pro – The traded value is set to be unlimited and PayPal deposit is accepted. Further, the account class can be stretched to €2,000.00 (cumulative within the one-month rolling window).
TradeTrade Pro
Required InformationName, address, date of birth, country of birth, nationality, identification document’s number, phone numberIn addition to the former ID and residential proof
Virtual Currency posit/Withdrawal
EUR deposit/withdrawal
PayPal Deposit
Buy/Sell Bitcoin
Lightning Exchange
Max Virtual Currency Deposit/Withdrawal€249.99 worth (per transaction) €2,499.99 worth (cumulative within the one-year rolling window)Unlimited
Max EUR Deposit/Withdrawal€249.99 (per transaction) €2,499.99 (cumulative within one-year rolling window)Unlimited
Max PayPal DepositNot available€2,000.00 (cumulative within one-month rolling window)
Virtual Currency Trading FeePlease see the Fees and Taxes page

bitFlyer Account Verification Process

There are three steps involved in account creation and verification, which readers may like to know in the bitFlyer review

  1. Go to the “Create an Account” page and Sign Up using your email address
  2. Once the Sign Up process is completed, users will receive an Account Registration Confirmation email at the registered email address. The new user is supposed to click the link received in the email and copy the confirmation code to paste it in the “Enter confirmation code” field during the account registration screen.
  3. A dialog box appears displaying information such as ‘Terms of Use,’ ‘Privacy Policy,’ and ‘Risks associated with using cryptocurrencies.’ Read and accept it accordingly by checking the box. Congratulations, you have successfully created an account in bitFlyer. 

Next, you will be asked to furnish documents are as follows: –

  • Valid state-issued ID
  • Utility bill as proof of residence

bitFlyer Maker & Taker Fees in USA, Japan, Europe

bitFlyer seeks minimum trading fees. The table below displays the details of maker and taker fees in the USA, Japan, and Europe. Furthermore, bitFlyer fees differ following jurisdiction existing in the said countries. 

Exchange Maker FeesTaker fees
BitFlyer Us 0.12%0.12%
BitFlyer Europe0.20%0.20%
BitFlyer Japan0.15%0.15%
Bitfitnex0.10%0.20%
Bittrex0.200%0.200%
Kraken0.16%0.26%
CoinBase Pro0.50%0.50%
Bitstamp0.50%0.50%

bitFlyer Fees Lightning Spot in USA

The fee structure of the bitFlyer Lightning Spot in the USA is relatively quite affordable. 

The trading platform creates cash by seeking fees from users for trading and exchange cryptocurrencies and charges a small fee for Cryptocurrency withdrawals.

To assist our readers, we have attached the table in bitFlyer review.

30 Day VolumeLightning Spot FeeBuy/Sell Virtual Currencies
Less Than USD 1,000,0000.12%Free
Between USD 1,000,000 and 10,000,0000.07%Free
More Than USD 10,000,0000.12%Free
Account creation FeeFree
Account Maintenance FeeFree
Bitcoin (BTC)Withdrawal Fee0.0004(BTC)
Etherum (ETH)Withdrawal Fee0.005(ETH)
Etherum Classic (ETC)Withdrawal Fee0.005(ETC)
Litecoin(LTC)Withdrawal Fee0.001(LTC)
Bitcoin Cash (BCH)Withdrawal Fee0.0002(BCH)
Unit Of Transaction (BTC)0.00000001 BTC (=Satoshi)

bitFlyer Fees Lightning Spot in Japan

bitFlyer supports Cryptocurrencies and Crypto services.

The exchange offers Bitcoin and Altcoins sales, spot trading, purchases, and futures trading.

It is a regular Bitcoin exchange via bitFlyers progressive trading interface with the Lightning exchange.

30 Day VolumeBitcoinExchange / Lightning Spot FeeLightning Fx/ Futures
Less Than JPY 100,0000.12%Free
Between JPY 100,000 and 200,0000.14%Free
Between JPY 200,000 and 500,0000.13%Free
Between JPY 500,000 and 1000,0000.12%Free
Between JPY 1000,000 and 2000,000 0.11%Free
Between JPY 2000,000 and 5000,0000.10%Free
Between JPY 5000,000 and10,000,0000.09%Free
Between JPY 10,000,000 and 20000,0000.07%Free
Between JPY 20000,000 and 50000,0000.05%Free
Between JPY 50000,000 and100,000,0000.03%Free
Between JPY 1000,000,000 and 500,000,000 0.02%Free
Between JPY 500 Million and More0.01%Free

bitFlyer Fees Lightning Spot in Europe

The European type of bitFlyer custodies the subsequent fees: spot exchange, instant buy and sell, and withdrawing convinced cryptocurrencies from its stage.

There are also fees allied with building SEPA bank allocations when creating EUR payments and withdrawals.

30 Day VolumeLightning Spot FeeBuy/Sell Virtual Currencies
Less Than EUR 1,000,0000.20%Free
Between EUR 1,000,000and 10,000,0000.15%Free
More Than EUR 10,000,0000.10%Free

bitFlyer Security

bitFlyer is a centralized exchange, equipped with a high security IT system. The exchange will not permit your private key to withdraw your funds to a private wallet. 

These ensure leaving the private key in centralized custodial services. 

  1. SSL Encryption – Entire customer-related communications are encrypted
  2. Web Application Firewall (WAF) – It detects unauthorized access to bitFlyer’s system
  3. IP Anycast – It prevents distributed denial of service (DDoS) attacks
  4. Use of Multi-Signature Bitcoin addresses
  5. Adoption of its proprietary Bitcoin daemon, as opposed to the public Bitcoin daemon
  6. Wallets are protected by locks physical locks and 24-hour surveillance systems

bitFlyer Available Deposit / Withdrawal Method

There are two methods involved in making deposits and withdrawals at bitFlyer. These are Bank transfers and Crypto wallet transfers. 

Apart from this, European customers are facilitated to buy Bitcoins using credit and debit cards. The United States citizens can use ACH and Fedwire, whereas Japanese customers are authorized to use SBI Sumishin Net Bank. 

Customers are needed to estimate a six-digit code with deposits to safeguard security. Naturally, the exchange needs users to deposit and withdraw.

bitFlyer Rankings & Positions in Global Arena

bitFlyer has been trusted by millions of users for buying and selling cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. 

Globally: As per the bitFlyer review, the exchange holds #47,856 rank in France, and #1,217 in finance by category.

The bitFlyer review would be incomplete if we do not include a list of ranking by country here:

bitFlyer Ranking As Per Categories

source: similar web

bitFlyer Ranking as Per Country

source: similar web

  • Rank in the United States – 35,528 upside move 795
  • Rank in France – 47,856 upside move 32
  • Rank in Germany – 59, 809 downsides 6608 

bitFlyer Rankings as per Finance

source: similar web

  • #1,217 in France
  • #1,779 in Germany
  • #6,439 in United States

bitFlyer Review on App Store

bitFlyer Rank as per Google Play

  1. #326 upside 12
  2. #361 downside 101

Summary of bitFlyer Review

bitFlyer Cryptocurrency exchange is an outstanding trading selection for traders and investors looking to buy and sell computer-generated currencies in a secure and controlled way.

The exchange bids exceptional service for both new crypto users, and advanced traders.

Besides, bitFlyer has designated the genuine fees in the business, which is a handy extra for everyone who is perceiving for a fast, consistent, and low-valued fiat access.

bitFlyer is Japan’s biggest Cryptocurrency exchange. Due to its user-friendly approach and authenticity, this exchange has become one of the biggest in the world.

It was established in 2014 and initiated the separate US and EU-based operations at the end of 2017.

Users today recognize it as a highly popular option for buying and selling Bitcoin and Altcoins. It presents a secure, regulated, and trustworthy environment.

We found in the bitFlyer review that despite that, bitFlyer remains one of the lowest-fee exchanges among big regulated traders.

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