bitFlyer Review
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Finding a suitable exchange for investing in is a challenging task. One platform growing increasingly popular with investors is bitFlyer. But how does the exchange stack up against other popular platforms? In this bitFlyer review, we’ll discuss the exchange’s fees, features, and usability to help our readers decide which platform is right for them.
https://bitflyer.com/
Our bitFlyer Review - Quick Verdict
bitFlyer is a stable and secure cryptocurrency platform that is easy to use and offers deep global liquidity for the purchase of digital assets. The instant buy and sell feature is a great method for beginners to start a crypto portfolio with competitive fees below 0.1% per trade. However, the advantages stop there and serious crypto traders will not find staking, earning interest or leverage trading compared to the larger platforms like Kraken and Binance.
While bitFlyer is likely suitable for a beginner, those looking to utilize technical indicators or charting tools will need to look for an alternative platform. Furthermore, with just 11 available cryptocurrencies, users are quite limited in what they can invest in.
bitFlyer Pros:
- Secure Exchange
- Low Trading Fees
- Easy to Use
bitFlyer Cons:
- Only 11 Cryptocurrencies Supported
- No Live Support
Pros Explained
- Secure Exchange. bitFlyer is a secure exchange for crypto trading that is yet to suffer a hack. With the platform opting to keep the majority of client funds in cold storage, it’s unlikely that users will be left out of pocket as a result of a hack. Considering the prevalence of digital attacks in the crypto space, bitFlyer’s commitment to security is likely to resonate with investors.
- Low Trading Fees. Nobody wants to be charged excessive amounts simply for trading. Thankfully, bitFlyer's fee structure is very competitive, even in the lower tiers. With a 0.1% trading fee, users can ensure they're getting the most for their money.
- Easy to Use. For those new to the space, it can take time to work out how to use a crypto exchange. However, bitFlyer guides its users throughout the entire process and boasts an intuitive design, perfect for beginners looking to make their first investments.
Cons Explained
- Only 11 Cryptocurrencies Supported - Most popular exchanges support hundreds to thousands of cryptos. However, with just 11, bitFlyer comes in far below the average. As such, the platform is only viable for investors looking to branch into a narrow range of assets.
- No Live Support - Another area that lets bitFlyer down is its customer support. While the exchange does enable users to get assistance through a ticket system and a help center, the lack of live support means people could be waiting a while to get a response to a query.
bitFlyer At A Glance
| Exchange Name | bitFlyer |
|---|---|
| Features | Lightning Exchange, Recurring Buy, Instant Buy |
| Accepted Fiat Currencies | USD, EUR, JPY |
| Deposit Methods | Bank Transfer, PayPal, Credit/Debit Card |
| Supported Cryptocurrencies | 11 |
| Number of Trading Pairs | 0.1% for Bitcoin/Ethereum trading pairs |
| Trading Fees | 11 Available Denominated in Account Currency (EUR, USD, JPY) |
| Customer Support | Help Center, Ticket System |
| Security Measures | Cold Storage, 2FA, Multi-Sig, SHA-2 Encryption |
| Mobile App | Yes (Android and iOS) |
bitFlyer Exchange Overview
bitFlyer is a cryptocurrency trading platform and licensed financial institution that is regulated and operates in several jurisdictions across the world including Japan, Europe and the United States. Used by over 2 million users, it provides 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 Compared and Alternatives
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 Coinbase | 250+ | 0.4% (maker), 0.6% (taker) | Rating | $5 BTC bonus (USA only) | Visit Coinbase | Coinbase Review |
 Kraken | 222 | 0.16% (maker) and 0.26% (taker) | Rating | None available at this time | Visit Kraken | Kraken Review |
Review of the Top Features on bitFlyer
bitFlyer Lightning Exchange
Well-suited for experienced traders, the bitFlyer Lightning Exchange is an advanced trading platform that enables users to perform technical analysis of crypto trading pairs. The bitFlyer Lightning platform has candlestick charts and uses various technical indicators, including RSI, MACD, Estimated Moving Average (EMA), Bollinger Bands, and several others. These are all valid trading tools for experienced traders to utilize. Furthermore, the bitFlyer Lightning Exchange uses the standard order book format, making it possible for users to see unfilled orders.
bitFlyer Lightning supports API integration, allowing users to build and test crypto trading bots. While this does require programming experience, bitFlyer could be integrated with some of the best cryptocurrency trading bot platforms, such as Pionex, 3Commas, Bitsgap, and Coinrule.
While the bitFlyer Lightning Exchange features are satisfactory, they remain limited. For example, the range of indicators for crypto trading is sparse, and the Lightning Exchange is only available for BTC and ETH pairs. As such, the Lightning Exchange will only be helpful to beginners looking for a bit more detail; traders aiming to plot complex strategies will need to look elsewhere.
bitFlyer Instant Buy
BitFlyer has a feature called 'Instant Buy' that allows users to buy cryptocurrencies using a credit card instantly. The Instant Buy option is excellent for beginners looking for a fast and straightforward way to buy crypto assets and is supported by both the bitFlyer web platform and mobile app. However, the details about the price history and flow of orders are limited when using Instant Buy, meaning that anyone wanting to perform analysis before buying should use the more advanced Lightning Exchange.
Recurring Buy
Another interesting feature of the bitFlyer exchange is its recurring buy capabilities. Users can set a frequency (daily, weekly, monthly), date, and amount to invest, with bitFlyer automatically executing the transaction in line with the investor's wishes.
Perfect for investors that utilize Dollar-Cost-Averaging (DCA), a common investing technique that enables people to invest over time while minimizing risk, the recurring buy feature ensures that investors will never forget to make a purchase.
Account Creation & ID Verification
Creating a bitFlyer account is an easy process. All that’s required is an email address and password. However, as part of the verification process, users must input details pertaining to earnings and the source of investment funds.
To be able to trade, deposit, or withdrawal on bitFlyer, users must complete the know-your-customer (KYC) verification process. The verification process is straightforward, users scan a QR code, then take a picture of themselves and a valid photo ID (passport, driving license) using a mobile device.
Supported Fiat and Deposit Methods
Offering support for a good range of fiat currencies and deposit methods is crucial for accessibility. Unfortunately, bitFlyer only accepts EUR, USD, and JPY, meaning users looking to deposit in GBP, AUD, or other fiat currencies have been alienated.
There are slightly more options when it comes to depositing funds. Users can choose between bank transfers, credit/debit cards, PayPal, and cryptocurrency. Although the supported fiat currencies are limited, there are ample options for investors looking to deposit, boosting the platform’s overall rating.
Supported Crypto & Trading Pairs
bitFlyer supports 11 of the largest cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Stellar (XLM), and Bitcoin Cash (BCH).
The above assets can be traded against fiat currencies, including EUR, JPY, and USD as mentioned. However, we found bitFlyer’s range of supported cryptocurrencies to be limited compared to other trading platforms. As such, investors looking to buy and sell a wide range of less-known assets might be better to find an alternative platform. For example, we’ve reviewed Binance, the world’s largest exchange by volume which has over 600 supported assets.
bitFlyer Fees
bitFlyer Europe Fees
The bitFlyer Europe exchange offers a competitive fee structure that starts from 0.20% to buy crypto instantly using Euros and is based on a 30-day trade volume. 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 compared to other cryptocurrency exchanges.
| Trading Volume (30 Day) | Lightning Spot Fee | Instant Buy/Sell Fee |
|---|---|---|
| €0 - Less than €1 million | 0.20% | None |
| €1 million - Less than €10 million | 0.15% | None |
| At least €10 million | 0.10% | None |
bitFlyer USA Fees
The fee structure for bitFlyer users in the United States varies slightly. But, overall, the fees for buying crypto are competitive with other US-based exchanges. While 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 as there are no withdrawal fees.
The trading fees on bitFlyer US start from 0.1% and reduce with volume. The fee structure has recently changed since our last review. Previously, users with less than $1 million in monthly volume were charged at 0.12%, with the next available tier for users transacting between $1 and $10 million having a fee of 0.07%.
| Trading Volume (30 Day) | Lightning Spot Fee | Instant Buy/Sell Fee |
|---|---|---|
| $0 to $50,000 | 0.10% | None |
| $50,000 to $500,000 | 0.09% | None |
| $50,000 to $1 million | 0.08% | None |
bitFlyer Japan Fees
The trading fees with bitFlyer Japan are considered to be low and competitive. Like the other regions, the fee gradually reduces with increased trading volume based on the previous 30-day period. The costs are very competitive compared to Coincheck, another major crypto exchange in Japan.
There are no fees to deposit and withdraw JPY into a bitFlyer account using a bank transfer through SBI Sumishin Netbank. However, it’s important to note using other payment methods can incur a transaction fee of up to 330 JPY for each deposit.
| Trading Volume (30 Day) | Lightning Spot Fee | Instant Buy/Sell Fee |
|---|---|---|
| Less than 100,000 JPY | 0.15% | None |
| 100,000 to 200,000 JPY | 0.14% | None |
| 200,000 to 500,000 JPY | 0.13% | None |
bitFlyer Fees Compared
To make it easy to see how bitFlyer compares against other exchanges, we’ve included a table of trading fees from prominent crypto exchanges. As most exchanges have switched to a tier-based structure, we’ve included the lowest tier figures as they’ll apply to most readers.
| Exchange Name | Trading Fee (US) |
|---|---|
| bitFlyer | 0.1% |
| Binance | 0.1% |
| Crypto.com | 0.075% |
| ByBit | 0.1% |
bitFlyer Ease of Use
The bitFlyer dashboard is the default window after signing into an account and is laid out well, providing a snapshot of assets within the bitFlyer wallet. Users can also quickly find market information on the right, like the current BTC price in fiat currency. There is a helpful navigational menu on the left with quick links to other bitFlyer features.
Users wanting to buy crypto on bitFlyer can do so with ease. After navigating to the buy/sell section using the quick links, users set up an order, and view statistics like a 24-hour high/low and overall market cap.
While buying and selling Bitcoin and other cryptos is simple, the bitFlyer exchange lacks charting tools or indicators. As such, users are forced to use an external platform like TradingView to plot strategies. The lack of tools is detrimental to the exchange’s usability and isn’t excusable, considering how standard TradingView integration has become.
bitFlyer Mobile App
The bitFlyer exchange has a mobile trading app that supports iOS and Android devices, meaning that investors can download the bitFlyer Wallet App from the Google Play Store or the iOS App Store. The app enables users to buy, trade, and sell digital currencies on the move at any time. The bitFlyer mobile app boasts a clean and easy-to-navigate interface. The home screen shows all tradable assets and critical information like price and 24-hour performance as shown below.
A news section collates articles from CoinTelegraph to provide users with general market information. While undeniably a bonus, it would be nice to see bitFlyer add articles from other outlets to avoid biased opinions.
Users wanting to buy or sell crypto on the app can do so without hassle. However, while a basic price chart is easily viable, users cannot draw on the chart or add any indicators, which is not ideal for technical traders.
Users of the mobile bitFlyer exchange awarded the app an average rating of 3.5/5 stars. However, the lack of reviews indicates that most exchange users trade on the web platform.
bitFlyer Wallet Security
To create an environment where its users feel safe making Bitcoin transactions, bitFlyer utilizes the highest security standards. The website includes security measures such as SSL certificates, SHA-2 encryption, and web application firewalls. Users’ funds in the bitFlyer wallet are also kept safe by using various industry-standard techniques, including, Two-factor authentication (2FA), cold storage for client assets, and multi-signature verification.
When writing this bitFlyer review, the exchange has not suffered any hack. However, the bitFlyer exchange is yet to provide proof of reserves, something likely to off-put security-conscious investors. While bitFlyer’s security measures align with industry standards for the best 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 safest cryptocurrency wallets.
Customer Support
The bitFlyer website has a comprehensive help center that enables beginners to quickly find crucial information related to getting started with the exchange and common problems often faced by users. Articles on the help center are divided into categories, with users also able to search for specific topics.
Furthermore, bitFlyer features a ticket support system to request custom assistance. While responses typically take less than 24 hours, the lack of live chat or phone support options leaves something to be desired. While most users praised the support team, some stated that the company refused to pay any referral bonuses, hindering consumer trust.
Final Verdict and Scores
To conclude our bitFlyer review, the exchange is regulated, easy to use, and intuitive, making the platform suitable for beginners. However, the lack of advanced features desired by technical traders makes the platform better for investing than trading.
While the bitFlyer exchange is suitable for beginners, investors and traders looking for advanced features will likely be disappointed by how simple the platform is. Furthermore, with support for only 11 cryptocurrencies, making a well-diversified portfolio with bitFlyer is difficult.
Below, we’ve summarized our scores for each component of bitFlyer.
| bitFlyer Criteria | HWC Score |
|---|---|
| Features | 3.85 / 5 |
| Supported Fiat and Deposit Methods | 3.5 / 5 |
| Supported Crypto & Trading Pairs | 3 / 5 |
| Fees | 4.5 / 5 |
| Ease of Use | 3.5 / 5 |
| Customer Support | 3.5 / 5 |
| Security Measures | 4 / 5 |
| Mobile App | 3.5 / 5 |
Frequently Asked Questions
As it stands today, bitFlyer has not suffered a major security breach and appears to be a safe exchange to buy Bitcoin and other cryptocurrencies instantly. The website features several security measures to prevent a digital attack. Furthermore, client funds stored with bitFlyer are held in cold storage and protected with 2-factor authentication.
Residents of the United States can buy, trade, store and sell Bitcoin and other digital assets, such as stablecoins, on bitFlyer via its bitFlyer US branch. bitFlyer US is a separate entity from the European and Japanese exchanges, meaning users in the US will need to create an account on the bitFlyer US website.
bitFlyer offers both a referral program and an affiliate program. Users promoting the bitFlyer via the referral program can expect to earn €10 paid in BTC for each qualified user brought to the platform. The US affiliate program enables users to make up to €50 but has stricter qualification requirements.
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