Hey everyone! Today, let us explore Bitflyer, which is one of the biggest players in the cryptocurrency exchange in japan.
Different traders, whether novices in search of a simple platform or veterans looking for advanced options, can find something useful at Bitflyer.
The platform’s security infrastructure is also top class and it has other options such as spot trading and margin trading which makes Bitflyer a smooth sailing in the world of cryptocurrency.
Come with me as I shed light on how this particular platform sets itself apart from the competition in the bustling world of crypto and what makes it one of the best exchanges. Let’s get to it!
Introduction
bitFlyer is one of the largest exchanges of cryptocurrency in Japan with a userbase of more than 3 million across the world and trading volume of over €180 billion in 2021.
The company has licenses for operation across EU, US, and Japan and it follows strcit security measures.
The platform provides “bitFlyer Buy/Sell” for beginners which incorporates smooth interfaces and “bitFlyer Lightning” for advanced traders. The platform allows spot and margin trading as well as crypto derivatives, offering fast and funding through bank transfer and PayPal.
Know Quick Details About Bitflyer
| Feature | Details |
|---|---|
| User Base | Over 3 million users globally |
| Global Trading Volume | Over €180 billion in 2021 |
| Licenses | EU, US, Japan |
| Security | High industry-standard security measures |
| Platforms | bitFlyer Buy/Sell (for beginners), bitFlyer Lightning (for advanced traders) |
| Trading Options | Spot trading, margin trading, crypto derivatives |
| Funding Options | Instant bank transfer, PayPal account funding |
| Transaction Speed | Fast transactions |
Some Popular Token Available On This Exchange
| Token Symbol | Token Name | Category | Key Use Case | Blockchain |
|---|---|---|---|---|
| XRP | XRP | Cryptocurrency | Fast and low-cost cross-border payments | XRP Ledger |
| BTC | Bitcoin | Cryptocurrency | Store of value, peer-to-peer transactions | Bitcoin Blockchain |
| ETH | Ethereum | Cryptocurrency | Smart contracts, decentralized apps | Ethereum Blockchain |
| ADA | Cardano | Cryptocurrency | Decentralized applications, smart contracts | Cardano Blockchain |
| DOGE | Dogecoin | Meme Cryptocurrency | Peer-to-peer transactions | Dogecoin Blockchain |
| UNI | Uniswap | Decentralized Finance | Decentralized exchange platform | Ethereum Blockchain |
| SOL | Solana | Cryptocurrency | High-speed decentralized applications | Solana Blockchain |
Who Are the bitFlyer Founders?
In January 2014, bitFlyer came into existence through the efforts of Yuzo Kano alongside his colleagues Masuda Rikiya and Takafumi Komiyama, all of whom were employed at Goldman Sachs prior.
Kano served as the company’s CEO until 2019, when Yoshio Hirako was appointed as CEO by bitFlyer Holdings, Inc. investors. Regardless of that decision, Kawano still acts as CEO of the company’s subsidiary in the US.
Before he started bitFlyer, he was an equity derivatives trader at BNP Paribas and Goldman Sachs. He is also a member of Japan Blockchain Association as a director.
Prior to his role as bitFlyer Holdings CTO, Komiyama worked for sony interactive entertainment and developed settlement systems for Goldman Sachs.
Where Is bitFlyer Located?
bitFlyer Inc. is headquartered in Tokyo, Japan, while bitFlyer USA, a subsidiary, is located in San Francisco, California.
Trading Fees on Bitflyer
How to Start Trading on Bitflyer
Create Account
Go to BitFlyer’s website and click on “Sign Up”. You have to provide your email id, and then follow the intraction to verify your email.
Setting Password
Create a secure password to your account, and accept the terms of use set by BitFlyer.
Fill Out Your Profile
Enter your personal information which includes: your full name, contact address, and phone number.
Identity Verification
Complete KYC by filing identification documents for verification.
Funds Deposit:
After your account has been verified, you can deposit money through bank accounts, credit cards, or any other cryptocurrency.
Start Trading
Navigate the BitFlyer platform to place buy or sell orders to begin trading.
Bitflyer Services and Features
Cryptocurrency Exchange
BitFlyer supports purchasing and selling of multiple crypto assets like Bitcoin, Ethereum, Litecoin, and other cryptocurrencies with their exchange.
Futures Contracts and Derivatives
On this exchange, users can purchase futures contracts and Bitcoin derivatives which enable them us to trade for certain prices in the future.
Integrated Wallet
BitFlyer allows users to send, receive, and store their crypto securely on an integrated wallet that features 2FA, cold wallets, and Multisig.
Mobile App
Users can trade cryptocurrency anywhere using the mobile app. Users can also view their portfolio and track their performance.
Business Accounts
BitFlyer has specialized business accounts dedicated to institutional investors, which comes with a set of services designed for their unique needs.
Affiliate Program
Users can earn commissions by advertising BitFlyer to potential customers through their affiliate program.
Market Data and News
Users are provided with market data, news and price data on cryptocurrency to help them monitor the market.
Payment Methods
Bank transfers, credit cards, and other cryptocurrencies are payment methods accepted by BitFlyer.
Here’s a table showing the supported countries and banned countries for Bitflyer :
| Supported Countries | Banned Countries |
|---|---|
| ✔ United States | ❌ Afghanistan |
| ✔ Japan | ❌ Iran |
| ✔ European Union countries | ❌ North Korea |
| ✔ Singapore | ❌ Syria |
| ✔ Canada | ❌ Cuba |
| ✔ Australia | ❌ Sudan |
| ✔ Hong Kong | ❌ Venezuela |
| ✔ South Korea | ❌ Other countries with restricted access due to local regulations |
Bitflyer PROS & CONS
| Pros | Cons |
|---|---|
| ✔ Easy-to-use interface for beginners (bitFlyer Buy/Sell) | ❌ Limited range of cryptocurrencies compared to some exchanges |
| ✔ Advanced trading features for experienced traders (bitFlyer Lightning) | ❌ High fees on certain transactions and services |
| ✔ High security standards with two-factor authentication | ❌ Limited customer support options in some regions |
| ✔ Supports fiat and crypto deposits, including PayPal and bank transfers | ❌ Limited educational resources for beginners |
| ✔ Available in multiple countries (EU, US, Japan) | ❌ Restrictions on certain countries for accessing the platform |
| ✔ Licenses in major jurisdictions (EU, US, Japan) | ❌ Trading volume may be lower compared to larger exchanges |
Is Bitflyer Secure?
Yes, the bitFlyer cryptocurrency exchange is deemed secure. Combatting cyber threats starts with account protection and 2FA is a good means to that end.
The platform also keeps most of its assets in cold storage, which is offline and removed from hacker’s reach. bitFlyer is also able to operate in some of the world’s largest regions as Japan, US, and the EU, which ensures further regulatory scrutiny.
Constant monitoring and high-level encryption protocols are other steps bitFlyer uses to protect valuable assets and private user information.
Bitflyer Customer Support
bitFlyer offers substantial customer assistance on various platforms. Customers can effortlessly report their issues via email or actively chat with the relevant personnel. For specific problems, customers can talk to the personnel directly.
The company also actively engages on social media platforms like Facebook, Twitter, etc. Currently, customers can also reach bitFlyer via mobile in some regions.
The company aims to provide swift responses, although clients have pointed out big variances in response times based on the requests received. For new customers, bitFlyer provides ample help which range from how to create an account, make deposits, and even questions regarding account security. The Help Center can aptly answer such queries in minutes.
Conclusion
In summary, bitFlyer gives assurance of is providing its users a lot of features and possibilities ranging from elementary capabilities as well as advanced tasks.
It’s user-friendly and easy to navigate, has strong security features in place, permits various cryptocurrencies, making it an excellent option for trading. Moreover, having its licenses in important countries as Japan, the EU, and the USA gives the platform credibility and extra regulatory protection.
It may have some shortcomings, like higher prices and less available cryptocurrencies than bigger exchanges offer, but it is still a dependable and reputable cryptocurrency trading platform.
