BitFlyer Exchange Overview
Servicing clients in the U.S., Europe and Japan, bitFlyer is the largest exclusively Bitcoin exchange in these markets. Founded in 2014, the exchange now has over a million registered users.
bitFlyer entered the U.S. in 2016 and was quick to see remarkable trading volumes, peaking at over $100 billion the following year. In addition, the exchange has the highest volume of trading of any Japanese exchange at home.
Similar to Gemini, the Winklevoss Twins’ cryptocurrency exchange, bitFlyer allows users to buy Bitcoin with U.S. dollars, while users in Japan and Europe can employ Japanese yen and euros to transact on the platform.
The exchange has made much of its security measures since inception, and to date, those remain uncompromised and watertight. Investor trust in the company is pronounced, as trading volumes show, and the Japanese outfit has enjoyed and maintained a high level of user satisfaction. Clearly having hit a sweet spot in the original build, bitFlyer has been vindicated by an extremely loyal following and minimal complaints on forums about UX.
The company operates as a licensed exchange in Japan, Europe and most American states. A great marriage of financial service and technical excellence, the company is a leading member of the Japan Blockchain Association (JBA) and tight security protocols have steered the exchange clear of any negative press.
Why Is bitFlyer Better?
Although many exchanges and indeed blockchain projects overall make much of security, bitFlyer is tried and tested. Very astutely, the exchange also stashes around 80 percent of its held Bitcoin in an offline wallet. This wallet is kept under tight security as well as 24-hour surveillance. While perhaps not as easy on beginners as other exchanges from some angles, bitFlyer compensates by making it simple and quick enough to buy Bitcoin.
The constant vigilance behind the scenes generates a very customer-centric environment, and the company’s FAQs and onsite intel is self-explanatory. Having had the value of the passage of time to hone their offering, bitFlyer is a polished exchange with great UX.
A user’s dashboard is the kick-off point where current holdings, market signals and data are displayed. Users can employ the dashboard to deposit and withdraw both BTC and U.S. dollars.
Tying into AML legislation, users’ accounts are defined by limits to deposits and other monitoring based on the user level. Under the Trade Report tab, users can see a ledger of all transactions, and can also download all documents pertaining to their accounts.
Furthermore, the dashboard governs a user’s access to security settings, where authentication protocols are set up. Users are encouraged to employ the maximum security available on the exchange.
The bitFlyer exchange [bitflyer.com] allows users to buy Bitcoin quickly, all the while secure within a sleek and upmarket digital exchange. The transaction capacity is running far ahead of user demand, and the company ensures that the twin pillars of security and user speed are never compromised.
Getting Started on bitFlyer
The bitFlyer exchange fees follow a detailed construct and it can be difficult at times to determine exact costs when new to the site. A snapshot of the exchange looks like this:
- Cryptocurrencies traded: BTC only
- Fiat Currencies accepted: JPY, USD and EUR
- Deposit via: Wire or bank transfer, crypto wallet, CC
- Deposit Fees BTC: 0.0004
- Withdrawal Fees BTC: 0.0004
- Wire: US$10
- Trading Fiat Pairs: JPY, USD, EUR
On the bitFlyer site, users submit personal details that include an email address and await approval. Once the company gives a user the nod, it’s a simple two-step process to deposit funds and lodge a trade.
Trading charts are sophisticated yet user-friendly, and users will encounter candlesticks, Fibonacci lines and moving averages. Traders can also employ settings under the “Special” tab to set up auto-trigger trades and adjust stop-loss limits.
Although there is a site forum in the form of a messaging board, the exchange seems populated by self-contained, competent traders as there is not much communal gossip on messaging.
Crypto Exchange Expanding Slowly
While BTC is the sole option for American traders, the company is expected to follow the original Japanese outlet and add Ether, Litecoin and potentially Bitcoin Cash to the number of cryptocurrencies available to trade in the near future.
Treading carefully among various snippets of international regulation, the company has various trading classes that enable the different needs and desires of individual crypto traders.
Daily transfer limits are based on a user’s account class. A Trade Lite user account can deposit and also withdraw a maximum of $2,000 a day. The limit remains the same regardless of whether a user funds an account with crypto or fiat currencies. Single trade limits for the Trade Lite account category sit at $3,000 on bitFlyer. As a “Lite” account, however, users only have to supply a name, date of birth, home address and contact phone number.
Submitting a copy of a verified ID document allows users to establish a normal “Trade” account. In this class, users can experience a drastic jump up in limits, with the daily deposit and withdrawal limit rising to $50,000. There is also no cap on a single transaction in this echelon.
As a last option, if a user is prepared to complete a further detailed questionnaire, they can attain “Trade Pro” status on their account. In this category, there are no limits to anything and a user may deposit, trade and withdraw unfettered by a limit on any of those actions. As a Trade Pro account holder, a user is free to cash out completely whenever they wish.
BitFlyer in Conclusion
A product of the original insistence on building a crypto exchange without compromising existing fintech standards, the bitFlyer exchange continues to present as a model exchange for both regulators and traders. Whether by design or default, the exchange has managed to provide fast and seamless user experience from the start, while at the same time over-fulfilling on regulatory demands since inception.
For dedicated Bitcoin enthusiasts, a better-organized and more cost-effective exchange is hard to come by. Individual traders are advised to compare fees before choosing an exchange.
Apart from costs, security and history count too, and it’s here where bitFlyer excels, having never had an ugly spat nor suffered theft or inexplicable loss as many platforms have. The infamous Mt.Gox collapse that destroyed that largest Japanese cryptotrade platform at the time was a warning heeded by bitFlyer.
The company has been at pains to enact above-par security facilities to ensure nothing like that monstrous theft tarnishes their image. Mt.Gox filed for bankruptcy and has since disappeared, although it would appear that bitFlyer has risen on its own merits and not merely taken up that slack. Fast, efficient and uncluttered, the exchange has a library feel to it where quiet, persistent traders enjoy conventional trading with Bitcoin without nasty surprises.