bitFlyer Cryptocurrency Exchange: A Comprehensive Review
bitFlyer is a prominent cryptocurrency exchange that has been making waves in the digital asset space since its inception. Known for its robust security, ease of use, and regulatory compliance, bitFlyer caters to traders across the globe. This article explores bitFlyer”s history, features, and why it”s a trusted name in the crypto industry.
History of bitFlyer
Founded in 2014 in Tokyo, Japan, bitFlyer was created by Yuzo Kano and Takafumi Komiyama, two former Goldman Sachs employees, with a vision to provide a secure and efficient cryptocurrency trading platform. Its establishment coincided with the rising interest in Bitcoin and the need for a regulated exchange in Japan.
Key milestones in bitFlyer”s journey:
- 2014: Launch of the platform, focusing initially on Bitcoin trading.
- 2017: Expanded operations to the United States and Europe, becoming one of the few exchanges to obtain regulatory licenses in multiple jurisdictions.
- 2021: Introduced advanced tools for institutional traders and launched a user-friendly mobile app.
Today, bitFlyer is among the most trusted exchanges in Japan and is recognized globally for its reliability.
Main Characteristics
bitFlyer is known for several standout features that set it apart from competitors:
- Regulatory Compliance: Licensed in Japan, the US, and the EU, ensuring a safe trading environment.
- Ease of Use: An intuitive interface designed for both beginners and experienced traders.
- Advanced Security: Implements cold wallet storage, SSL encryption, and multi-signature technology.
- Cross-Platform Trading: Accessible via desktop and mobile applications for seamless trading.
Exchange Rating
bitFlyer consistently ranks among the top exchanges in Asia, with high ratings for its security, liquidity, and compliance. It is a preferred choice for traders seeking a regulated platform with a strong reputation.
Number of Coins
bitFlyer supports a limited but carefully curated selection of cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
Currently, the platform offers 15+ cryptocurrencies, focusing on reliability and market demand.
Depositing and Withdrawing Money
Deposit Methods:
- Bank Transfers (fiat currencies like USD, EUR, and JPY).
- Cryptocurrency Transfers.
- Credit/Debit Cards (limited to specific regions).
Withdrawal Methods:
- Bank Transfers.
- Crypto Wallets.
Fees:
- Deposits via bank transfers are usually free, while withdrawals incur a small fee depending on the method and currency.
Processing Time:
- Cryptocurrency transactions are processed instantly.
- Fiat transactions may take 1–3 business days.
Popular Currency Pairs
The most traded pairs on bitFlyer include:
- BTC/JPY
- ETH/JPY
- BTC/USD
- BTC/EUR
The BTC/JPY pair is particularly popular due to bitFlyer”s strong presence in Japan.
Advantages and Disadvantages
Advantages:
- Fully regulated in multiple jurisdictions.
- User-friendly for beginners and powerful enough for professionals.
- High security with zero reported hacks.
- Reliable fiat-to-crypto gateway.
Disadvantages:
- Limited selection of cryptocurrencies compared to competitors.
- Higher trading fees for low-volume traders.
- No support for NFT trading.
Registration Process
Signing up on bitFlyer is straightforward:
- Visit the website or download the app.
- Provide an email address and create a password.
- Complete KYC verification to unlock full trading features.
- Enable 2FA for enhanced security.
Active Users
bitFlyer serves over 2.5 million users globally, with the majority of its user base in Japan, Europe, and the US. The platform has seen steady growth, driven by increased adoption of cryptocurrencies.
Mobile Applications
bitFlyer offers mobile apps for iOS and Android, highly rated for their simplicity and reliability:
- Key Features: Real-time market tracking, instant trades, price alerts.
- Ratings: Average rating of 4.6/5 on app stores.
Customer Support
bitFlyer provides multiple support channels:
- Email: Responses within 24–48 hours.
- Help Center: Comprehensive FAQs and guides.
- Languages Supported: English, Japanese, and French.
P2P Trading
bitFlyer does not currently support peer-to-peer trading. Its focus remains on centralized spot and margin trading.
Geography
bitFlyer is most popular in:
- Japan: Its primary market and headquarters.
- Europe: Strong presence in countries like France and Germany.
- United States: Licensed in multiple states.
It is banned or restricted in countries with strict crypto regulations, such as China.
Languages Available
The platform supports three main languages:
- English
- Japanese
- French
Device Usage
bitFlyer is accessible on:
- Desktop: Preferred by professional traders.
- Mobile: Accounts for 60% of user traffic, reflecting the global shift to mobile trading.
Additional Instruments
The platform offers:
- Margin Trading: For advanced traders.
- Recurring Buy: Automate crypto purchases to take advantage of dollar-cost averaging.
Corporate Accounts
bitFlyer supports corporate and institutional accounts with:
- API integration.
- Higher transaction limits.
- Dedicated account managers.
Trading Fees
- Maker Fee: 0.10%.
- Taker Fee: 0.15%.
High-volume traders enjoy discounted rates.
Fiat Money
bitFlyer accepts fiat deposits and withdrawals in:
- JPY
- USD
- EUR
Investors and Ownership
bitFlyer is a private company with significant backing from Japanese venture capital firms. It is owned and operated by bitFlyer, Inc., headquartered in Tokyo.
Team Information
The bitFlyer team includes 100+ professionals, with expertise in finance, blockchain, and cybersecurity.
Exchange Token
bitFlyer does not have a native token, setting it apart from exchanges like Binance or FTX.
Trading Volumes
bitFlyer processes over $200 million in daily trading volume, with BTC/JPY being the dominant trading pair.
NFT Support
Currently, bitFlyer does not support NFT trading or have a dedicated marketplace.
Affiliate Program
bitFlyer offers an affiliate program with competitive rewards for referred users, making it a popular choice for content creators and crypto enthusiasts.
Traffic Data
The platform attracts over 5 million monthly visits, with the bulk of traffic from Japan.
Types of Orders
bitFlyer supports:
- Market Orders
- Limit Orders
- Stop Orders
Bonuses
The exchange occasionally runs promotions, such as:
- Welcome Bonuses for new users.
- Discounts for high-volume traders.
Interesting Facts
- bitFlyer was the first exchange to receive a license in Japan under the Payment Services Act.
- The platform integrates blockchain education for users, promoting crypto literacy.
bitFlyer stands out as a secure, regulated, and user-friendly cryptocurrency exchange, ideal for both beginners and advanced traders. With its strong foothold in Japan and a growing global presence, it remains a reliable choice for anyone looking to trade digital assets in a trusted environment.