bitFlyer Review 2022

bitFlyer Review 2022

Robert McDougall 

January 4, 2022

Cryptocurrency

What is bitFlyer?

bitFlyer is a famous cryptocurrency exchange that has been in the business for almost a decade now. Starting in 2014, bitFlyer has gained popularity due to the diverse options and features it offers. With more than 2.5 million users from all over the world, bitFlyer is considered one of the biggest crypto exchanges ever to exist.

The platform was founded in Japan, and later on, it expanded its services to Europe and the US. As for its main headquarters, it is in Minato City, Tokyo, and the platform regulates all the financials from there (for the JP version). Users can easily open an account to get started, but you might not be able to access the exchange entirely if your country of residence is not on their supported list. Important to note, that bitFlyer has three different versions of their exchange. The first one is for Japanese residents, the second one is for US residents, and the third version is for European investors.

  • Web Address: www.bitflyer.com
  • Main location: Tokyo, Japan
  • Cryptocurrencies: BTC, ETH, ETC, BCH, LTC, MONA (not available in USA) & LSK (not available in USA). 7 additional coins available for JP market.
  • Fiat Currencies: USD, EUR, JPY
  • Trading Fees: USA: 0.10%, EU: 0.20%, JP: 0.15%
  • Deposit Methods: PayPal (Europe only), Bank Transfer (ACH/SEPA/JP Banks), Fedwire, Cryptocurrency
  • Deposit Fees:  PayPal within European Economic Area: 4.9% + €0.35; PayPal outside of European Economic Area: 5.9% + €0.35; Japanese Bank Transfer: ¥330; SEPA, Fedwire, ACH: Free
  • Mobile app: Yes

My Overall Thoughts on bitFlyer

bitFlyer might not be the most diverse crypto exchange you can find online, but they are pretty good at what they offer. bitFlyer has not only expanded their exchange to different regions of the world, but they have also enhanced the quality of their trading platform and improved the experience for beginners and amateurs. To be specific, the following three points are the main reasons why I would recommend bitFlyer to new users:

1) Advanced Lighting Exchange:  Every professional trader wants to trade efficiently and with various tools, which is only possible if the platform allows it. Thanks to bitFlyer’s lightning exchange, traders can enjoy a premium and advanced experience where they can trade with all of the features they would expect.

2) Security and protection:  Experienced traders will never compromise on their security and identity when it comes to online activities. With that in mind, bitFlyer has definitely made a secure platform that is protected through several methods and verification systems.

3) Easy withdrawals and deposits:  One thing that some major crypto trading platforms lack is a way to deposit and withdraw fiat currency. Fortunately, bitFlyer offers several convenient options for users to deposit and withdraw money without facing many difficulties.

There is quite a lot of room left for improvement for bitFlyer, with the main criticism being the limited range of cryptocurrencies available to trade, buy or sell easily. If you are looking for a crypto exchange that has a wider selection of coins, you can have a look at this article on the best crypto exchanges.

Key Features & Advantages of bitFlyer

As mentioned above, bitFlyer is quite a popular and extensive crypto exchange. What are the reasons behind its success? Let’s check out the main features that make bitFlyer a great pick for crypto traders and investors.

Negatives & Disadvantages of bitFlyer

Keeping aside the good aspects, there are a few negatives of bitFlyer that you might want to understand before jumping on the platform. Let’s take a look at them and see if they will have any impact on your needs.

What Services does bitFlyer offer?

If you want to understand everything that bitFlyer has to offer to their users, take a look below and get all of your questions answered.

Supports some of the most popular cryptocurrencies:  Along with Bitcoin, bitFlyer supports some popular and altcoins that you can buy, sell, or trade. This allows investors to get their hands on the assets that are hot on the market and have potential for the future. bitFlyer does not offer an extensive range of cryptocurrencies, and you will have to proceed with only a few coins available. Here is the list of cryptocurrencies available at bitFlyer:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Monacoin (MONA) - not available in USA
  • Lisk (LSK) - not available in USA

Japanese users also have an additional 7 coins available, on top of the list above. These are: XRP, BAT, XLM, XEM, XTZ, DOT and LINK.

If you are a beginner to cryptocurrency, you will not have too much of an issue as you gain access to a handful of assets to start your journey with. However, if you are picky with your coins, and you have a very specific idea of which coins you want to trade, then bitFlyer may not be suitable for you. You can choose another exchange such as Binance or KuCoin that offer hundreds of coins.

Exceptional and advanced trading platform:  If you have been trading for a few years, then it is expected that you want to use advanced features and tools aligning with your expertise to trade and maximise profits. Basic exchanges do not include all the necessary features, but bitFlyer is definitely one of the best and most advanced platforms available. bitFlyer's trading platform is known as Lighting Exchange and can be accessed through any of the available versions of the platform. Not only can you use the charts to track precise movements of the markets, but bitFlyer offers many other options and features too. The Lightning Exchange is fast and accurate, making it possible for traders to keep an eye on any little change, and also allows traders to get in touch with the trading community and discuss different topics. 

Easy and simple interface:  If you do not want to sort through hundreds of categories and sections to reach basic options, then bitFlyer will suit you quite well. With a very simple and easy-to-understand interface, bitFlyer not only offers a convenient experience to advanced traders but beginners and amateurs as well. Even if you are new and unfamiliar with how cryptocurrency exchanges operate, you don't need to worry when trading with bitFlyer. 

Right after creating an account, you will have your dashboard in front of you, where all of your options will be displayed. It doesn't matter whether you want to deposit, withdraw, trade, or quickly buy/sell assets, everything is only a click away. 

App available for smartphones:  Smartphones have taken over the entire world to such a large extent, that we often feel helpless without them. Almost everything you want to use and access is now within a small handheld device lying in your pocket.

The same goes for crypto trading and investing, and bitFlyer has made it possible to do so with their mobile app. Whether you have an iOS or an Android phone, you can easily download bitFlyer's mobile app from the respective store. There is one downside you will encounter while using bitFlyer's mobile app, and that is the  lack of professional trading features. The bitFlyer app doesn't support professional trading, which is not ideal for experienced traders. Hopefully bitFlyer introduces this feature in later updates to offer convenience to their users.

Start trading with a low amount:  We all know how risky crypto trading and investing can be, due to the volatility of the market. Not only that, there are also fears about crypto being a bubble, or that regulation will cause prices to crash. These are some of the main reasons beginners and amateurs are reluctant to invest a large amount of their money.

To solve this issue, bitFlyer allows their traders to begin investing with as little as $1 to see how everything goes. If you are a beginner, you can easily open an account and deposit only what you are comfortable with. You can familiarise yourself with the basics of the crypto market, and watch the trends over time. As you gain more confidence, you can invest higher amounts if you desire.

Extensive security measures:  bitFlyer is one of the most secure cryptocurrency exchanges available. Even while creating an account, users have to go through a lengthy process of verifying their identity. You will need to provide personal information along with several official documents and even a picture. This is to ensure you are a real person, and so that bitFlyer can meet their KYC and AML obligations. Users can secure their accounts themselves with the aid of 2FA and email and mobile verification methods. As crypto exchanges become targets of hacks, these security features become a necessity in order to protect the assets of users. 

Convenient and affordable deposit and withdrawal methods:  bitFlyer offers several deposit and withdrawal options for all three versions of their exchange. It does not matter if you are living in Japan, Europe, or the US, you can easily deposit and withdraw fiat currency and cryptocurrency on bitFlyer. Some other exchanges do not accept fiat deposits, but bitFlyer makes it easy for users to start trading with their local currency.

US and European users supported:  Due to the rules and regulations imposed by the US authorities, it has become quite difficult for many crypto exchanges to operate within their country. Thanks to different versions available at bitFlyer, now US residents can easily access the platform and trade or buy/sell assets without restrictions. bitFlyer also accepts users from almost all European countries to trade, sell, and buy assets with ease. 

Quick crypto buying and selling:  bitFlyer users that don't want to mess around with complicated charts, features and options can opt to easily buy and sell crypto with the quick trading option.

Margin Trading available in Japan:  Margin trading is available on bitFlyer, with 4x leverage. However, this is only available for Japanese residents; users from the US and Europe won’t be able to access margin trading on the lightning exchange. 

What I don't like about bitFlyer

If we look a little away from the bright side of bitFlyer, there are a few things too that I don’t actually like. All of them are listed below and you can examine how they can affect your experience.

Very few cryptocurrencies listed:  This certainly is the biggest con of bitFlyer, and it can surely affect the experience of many traders and investors. bitFlyer has only 14 cryptocurrencies available on the platform for Japanese users, and even fewer for Europe (only 7) and the USA (just 5). This is likely to be disappointing for most investors who want a diverse portfolio, and experienced traders who want more opportunities to make successful trades. 

Not available worldwide:  Unfortunately, bitFlyer is not available in every country. While there are versions of the exchange for Europe, the US, and Japan, many other countries are not supported, such as the rest of Asia, Australia, and New Zealand.

No Live Chat support - only email:  bitFlyer only offers customer support via email. There is no option to speak to a live chat agent directly to resolve your issue. This can be frustrating if you have an urgent issue that you want dealt with quickly. 

bitFlyer Fees

bitFlyer Deposit Fees

The deposit fee depends on which geographical location you are in.

USA:

Bank deposits (ACH): Free

Wire deposits (Fedwire): Free

Europe:

Bank deposits (SEPA): Free

PayPal for users within EEA: 4.9% + €0.35 fee

PayPal for users outside EEA: 5.9% + €0.35 fee

Japan:

Bank transfer through SBI Sumishin Net Bank: Free

Bank transfer through any other bank: ¥330 

bitFlyer Trading Fee

The trading fee varies depending on your geographical location, and can be reduced if you are a large volume trader, based on your previous 30 day trading value.

USA: 0.10%

Europe: 0.20%

Japan: 0.15%

bitFlyer Fiat Withdrawal Fees

Again, the withdrawal fees will vary depending on where you are located, as follows:

USA:

Bank withdrawal (ACH): Free

Wire withdrawal (Fedwire): $20

Europe:

Bank withdrawal (SEPA) for ≤ €250,000:  €0.30

Bank withdrawal (SEPA) for > €250,000:  €10.00

Japan:

Bank withdrawal to Mitsui Sumitomo Bank for < ¥30,000:  ¥220

Bank withdrawal to Mitsui Sumitomo Bank for ≥ ¥30,000:  ¥440

Bank withdrawal to any other bank for < ¥30,000:  ¥550

Bank withdrawal to any other bank for ≥ ¥30,000:  ¥770

bitFlyer Crypto Withdrawal Fees

Crypto withdrawal fee varies for each coin. You can simply check the fee at the time of withdrawal or visit their fee page to get an accurate withdrawal fee for different cryptocurrencies.

Pros and Cons of bitFlyer

Pros
  • Some of the most popular cryptocurrencies supported
  • Fiat and crypto deposits and withdrawals available
  • US residents are able to access bitFlyer
  • Professional trading platform
  • Mobile app available
Cons
  • Very limited range of cryptocurrencies
  • Many countries are not supported
  • No Live Chat customer support

Verdict

If you are living in the US, Europe or Japan and want to kickstart your crypto adventure, bitFlyer is unquestionably a great option. With the help of their lightning exchange, you can experience a whole new trading world with useful options and features. If you are a beginner, the easy layout will help you get familiar with everything in no time. In case of any problem, you can either read their FAQs or fill their form with your query to get an answer.

The main downside of bitFlyer is the lack of cryptocurrencies available. If you are after a crypto trading platform with a wider range of coins, take a look at our recommendations of the best crypto exchanges. You can also take a look at the table underneath which has some key information that you might find useful.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

What cryptocurrencies are available on bitFlyer?

bitFlyer does not have a very extensive range of cryptocurrencies available on its platform. Traders in the USA can only trade BTC, ETH, ETC, BCH and LTC. 

Is personal verification necessary on bitFlyer?

Yes, bitFlyer is quite strict when it comes to the verification of your account and identity. Users have to submit the stated documents along with their own pictures in order to use their account.

Can you use bitFlyer outside of the US and EU?

bitFlyer is only accessible to users in the USA, EU and Japan.  

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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