bitFlyer Review: Is It Safe? Must Read Before Using

Updated: Jan 15th, 2022
Kevin Groves
Kevin Groves
bitFlyer Review: Is It Safe? Must Read Before Using

bitFlyer is a popular cryptocurrency exchange in the United States that also has obtained licences to operate in Europe and Japan. In this review, we assess the platform's features, benefit, fees, customer support and security measures to help you decide if it's a safe exchange to use.


Trading Fees:Up to 0.2%
Country:Europe, USA & Japan
Currency:EUR, USD & JPY
Promotion:None available at this time

Key Features

  • Trusted cryptocurrency exchange since 2014
  • Licenced exchange to operate in the United States, Europe and Japan
  • Advanced mode for professional and institutional traders
  • Purchase cryptocurrency from as little as 1 EUR
  • Responsive mobile app

bitFlyer is a popular cryptocurrency exchange that provides a beginner-friendly and safe service to buy and sell Bitcoin, Ethereum, Litecoin and other altcoins. The exchange supports fiat currency such as the Euro, Japanese Yen and US Dollar includes several features that will suit a wide range of investors and traders alike. The exchange is best known for their easy and safe to use Instant Buy service. Individuals can obtain crypto rapidly using a credit card and other instant payment methods

Key Features

  • Trusted cryptocurrency exchange since 2014
  • Licenced exchange to operate in the United States, Europe and Japan
  • Advanced mode for professional and institutional traders
  • Purchase cryptocurrency from as little as 1 EUR
  • Responsive mobile app

bitFlyer is a popular cryptocurrency exchange that provides a beginner-friendly and safe service to buy and sell Bitcoin, Ethereum, Litecoin and other altcoins. The exchange supports fiat currency such as the Euro, Japanese Yen and US Dollar includes several features that will suit a wide range of investors and traders alike. The exchange is best known for their easy and safe to use Instant Buy service. Individuals can obtain crypto rapidly using a credit card and other instant payment methods

Ease of useStarStarStarStarEmpty Star
ReputationStarStarStarStarEmpty Star
Deposit methodsStarStarStarStarEmpty Star
FeesStarStarStarStarEmpty Star

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

What Is bitFlyer?

bitFlyer is a cryptocurrency trading platform and licensed financial institution that operates in several jurisdictions across the world including Japan, Europe and the United States. The exchange has amassed thousands of traders and was ranked #1 in 2017 for monthly trading volume with over 250 Billion traded in Japan.

bitFlyer continues to provide a safe and easy platform for users to trade the world's most popular cryptocurrencies and is often featured in online publications such as TechCrunch, The Wall Street Journal and CoinDesk.

bitflyer websitebitflyer website

Is bitFlyer Legit?

bitFlyer appears to be a legitimate crypto assets exchange that is licenced and regulated in multiple jurisdictions around the world such as Europe, Japan and the United States. The exchange has gained the trust of users from all over the world with $250 billion traded in 2017.

bitFlyer Compared

Advanced features, an intuitive user interface and a mobile trading app are important features on bitFlyer. This comparison table lists other top-rated crypto trading exchanges that offer world-class features. 

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Binance Logo


Overall 4.8/5StarStarStarStarEmpty Star
20% off trading feesVisit BinanceBinance Review
Coinbase Logo


Overall 4.8/5StarStarStarStarEmpty Star
$5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
eToro Logo


200+Spread only
Overall 4.5/5StarStarStarStarEmpty Star
None available at this timeVisit eToroeToro Review
bitflyer logobitflyer logo


7+Up to 0.2%
Overall 4.4/5StarStarStarStarEmpty Star
None available at this timeVisit bitFlyerbitFlyer Review

Is bitFlyer Safe?

bitFlyer appears to be a safe exchange to buy Bitcoin and other cryptocurrencies instantly. The website features a number of security measures to prevent against technical attack. Client funds stored in a bitFlyer wallet are secured by Two Factor Authentication, cold wallet storage technology and multi-signature processes.

Features & Services

bitFlyer provides world-class features to buy, trade and sell cryptocurrency using the desktop and mobile app version. The best features of bitFlyer include:

  • A beginner-friendly user interface that will suit beginners and experienced traders
  • 'Instantly Buy' feature to purchase Bitcoin and Ethereum fast
  • bitFlyer Lightning Exchange for professional crypto traders
  • Real-time market data and charting to trade popular altcoins
  • Trading app to monitor portfolio and trade from anywhere
  • Secure bitFlyer wallet that used a cold wallet to protect users funds
  • An affiliate program that rewards you for bringing more users to the platform
  • 24/7 customer service team with multilingual support

Supported Cryptocurrencies

bitFlyer supports 7 of the major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA). These assets can be traded against fiat currencies such as EUR, JPY and USD. Compared to other trading exchanges, the offering of cryptocurrency pairs is limited to popular coins only.

Account Registration

To create an account with bitFlyer, the process is very simple and takes only a few minutes to complete. To start, follow these steps:

  1. Visit the bitFlyer website
  2. Enter in a valid email address and click on the 'Sign Up' button
  3. Verify the provided email address and set a strong password
  4. Enter in details such as name, nationality, address and mobile number
  5. Verify the number sent to the mobile device
  6. Login to bitFlyer using credentials

Verification Requirements

To be eligible for trading on bitFlyer, users must be a resident within the supported regions of the USA, Japan or Europe and complete a verification process. The process is per Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). These activities help to discourage illicit transactions and improve bitFlyer account and wallet security from malicious activity.

To complete the bitFlyer verification, the following information will need to be submitted:

  • Scan of a Passport or Identification Card
  • Proof of address
  • Photograph (selfie)
  • Nationality
  • Phone number

Depositing Funds

To deposit funds into a bitFlyer account, users can transfer funds using a bank transfer (SEPA for EU customers). To get started, follow these simple steps:

  • Log in to bitFlyer account
  • Navigate to the top menu and click on 'Account Funding'
  • Select a preferred fiat currency e.g. EUR for citizens in Europe
  • Enter in banking details and 6 digits unique character code
  • Review details and click on 'Confirm Payment'
bitflyer deposit fundsbitflyer deposit funds

User Interface

The bitflyer dashboard is the default window after signing into an account. The dashboard is well laid out and provides a snapshot of assets within the bitFlyer wallet. Users can also quickly find market information on the right such as the price of Bitcoin in fiat currency. There is a useful navigational menu on the left with quick links to other bitFlyer features.

bitflyer dashboardbitflyer dashboard

Instant Buy Feature

BitFlyer has released a new feature called 'Instant Buy' that allows users to instantly buy cryptocurrencies using a credit card and other instant payment methods. The Instant Buy option is highly suitable for beginners that are looking for a fast and simple way to buy cryptocurrencies such as Bitcoin or the major altcoins using the online desktop version or bitFlyer mobile app.

To buy crypto instantly with bitFlyer, follow these simple steps:

  1. Login to your bitFlyer account
  2. Click on the Buy/Sell link on the left
  3. Select a cryptocurrency to purchase (e.g. Bitcoin)
  4. Enter the amount of Bitcoin you wish to purchase in the 'Amount' field
  5. Review and confirm the purchase by clicking on the 'Buy' button
bitflyer buy bitcoinbitflyer buy bitcoin

bitFlyer Lightning Trading

Cryptocurrency traders will be suited to the bitFlyer Lightning Exchange which provides a beginner-friendly use user-interface with trading tools, risk management orders and responsive charts. Traders that know how to read candlestick charts are able to speculate on the market without having to create another account.

Compared to the most popular cryptocurrency trading exchanges in the world, the features and tools available with bitFlyer Lightning is very simple and suitable for beginners that want to learn how to trade cryptocurrency.

bitflyer lightningbitflyer lightning

The platform's features might be fairly limited compared to other advanced trading exchanges, however, bitFlyer Lighting does include all the basic tools. Users can view a price chart, trade history, order book (recent buy and sell orders) and enter trades using a limit or market order.

bitFlyer Lightning also supports API integration that will allow users to build and test crypto trading bots. This does require programming experience to set up but is a great feature that will appeal to certain traders. An example of how a bot can be used is to automatically place two limits orders either side of order book to profit on the inefficiencies in the market price, often regarded as arbitrage trading. This can be a very profitable strategy for advanced users. bitFlyer could also be integrated with popular automated crypto strategy sites such as Quadency, Wunderbit Trading and Shrimpy.

bitFlyer App

bitFlyer has a mobile trading app that supports both iOS and Android mobile operating systems. The bitFlyer Wallet App can be downloaded from the Google Play Store or the iOS App Store. Users on the app can buy, trade and sell digital currencies on the move and at any time.

bitFlyer Fees

bitFlyer Europe Fees

The bitFlyer Europe exchange offers a competitive fee structure to buy crypto instantly using Euros and is based on a 30-day trade volume as shown below. Traders that buy and sell cryptocurrencies on the exchange do not incur a trading fee.

There are no fees to deposit EUR into a bitFlyer wallet using SEPA. However, there is a small transaction fee of €0.30 for ≤ €250,000.00 and €10.00 for > €250,000.00 to withdraw Euros back to a bank account which is very reasonable. 

Trading Volume (30 day)Lighting Spot FeeInstant Buy/Sell Fee
€0 - Less than €1 million0.20%None
€1 million - Less than €10 million0.15%None
At least €10 million0.10%None

bitFlyer USA Fees

The fee structure for bitFlyer users in the United States varies slightly. Overall, the fees to buy crypto are competitive to other exchanges in the US. There are no fees to deposit USD into a bitFlyer wallet using a bank deposit via ACH and Fedwire. There is a $20 withdrawal fee using Fedwire which is a little high for beginners. Users should use ACH to electronically withdraw funds as it is free.

Trading Volume (30 day)Lighting Spot FeeInstant Buy/Sell Fee
0 - Less than 1 million0.12%None
1 million - Less than 10 million0.07%None
At least 10 million0.02%None

bitFlyer Japan Fees

The trading fees with bitFlyer Japan are considered to be low and competitive. The fee structure is tiered which means the trading fee gradually reduces with higher increased trading volume based on the previous 30 day period.

There are no fees to deposit and withdraw JPY into a bitFlyer account using a bank transfer through SBI Sumishin Netbank. We do note using other payment methods can incur a transaction fee up to 330 JPY for each deposit.

Trading Volume (30 day)Lighting Spot FeeInstant Buy/Sell Fee
Less than 100,000 JPY0.15%None
100,000 - Less than 200,000 JPY0.14%None
200,000 - Less than 500,000 JPY0.13%None
500,000 - Less than 1 million JPY0.12%None
1 million - Less than 2 million JPY0.11%None
2 million - Less than 5 million JPY0.10%None
5 million - Less than 10 million JPY0.09%None
10 million - Less than 20 million JPY0.07%None
20 million - Less than 50 million JPY0.05%None
50 million - Less than 100 million JPY0.03%None
100 million - Less than 500 million JPY0.02%None
At least 500 million JPY0.01%None

bitFlyer Wallet SecuritFlyer Security

bitFlyer prides itself on adopting the highest security standards to offer a trading environment where its users feel safe making Bitcoin transactions. The website includes security measures such as SSL certificates, SHA-2 encryption and web application firewalls.

Users funds in the bitFlyer wallet are kept safe with security measures such as:

  • Two-factor authentication (2FA)
  • 80% of assets kept in cold storage wallets
  • Multi-signature process

While the security measures are in line with industry standards for crypto exchanges, we recommend users always transfer their assets to an external wallet. If you don't have a wallet, read our article on the best Bitcoin hardware wallets.

Customer Support

The bitFlyer website has a comprehensive support and FAQ section to beginners get started with bitFlyer. The support section help topics are sorted into categories for quick navigation, or users can use the search feature to find a frequently asked question.

bitFlyer features a ticket support system to request assistance, ask questions, or provide feedback on the service. The response via email was quick (less than 24 hours) and the customer support representatives were professional.

Frequently Asked Questions

bitFlyer EU provides services to Europe and European Economic Area (EEA) residents. The exchange currently operates in every country within the EEA such as: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.

bitFlyer Japan users that are part of the EEA can open an account with bitFlyer EU however will need to create a new account using a different email address.

bitFlyer US is a cryptocurrency trading platform for customers in the USA that want to buy, trade, store and sell Bitcoin and other digital assets such as stablecoins. bitFlyer US is a separate entity from the European and Japanese exchange so users in the US will need to create an account on the bitFlyer US website. For a list of other crypto exchanges in the USA, read this article.

bitFlyer does not have a licence to operate within Australia and allow fiat-to-crypto purchases with the AUD. Customers from this region will need to purchase digital currencies such as Bitcoin using an Australian crypto exchange.

The bitFlyer affiliate program allows users to generate additional income by promoting bitFlyer to friends and family to earn rewards up to €130. To be eligible for affiliate commissions, each referred users needs to complete account registration with bitFlyer and perform trades.


To conclude our bitFlyer review, the exchange is an easy to use cryptocurrency platform that is ideal for both beginners and advanced traders. The user interface is well designed on the desktop and mobile app versions. It is licensed and regulated in multiple regions such as Europe, Japan and the United States which is very important.

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Kevin GrovesKevin GrovesKevin Groves

Kevin is the founder and chief editor at HedgewithCrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2016, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.

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