bitFlyer is one of the largest cryptocurrency exchanges in the world by market volume and has offices in Tokyo, San Francisco, as well as Luxembourg.
- Beginner Friendly
- Integrated Wallet
- Mobile App
- Business Accounts
- Cold Storage
- Affiliate Program
- Two factor Authentication
What is bitFlyer?
bitFlyer is the third-largest cryptocurrency trade around the world by advertise volume and the world’s biggest crypto trade for the Japanese yen. Being the biggest Bitcoin and blockchain company in Japan, bitFlyer begun to extend its operations into the US and European crypto markets to compete with its USD and EUR showcase competitors, Kraken and Bitstamp.
Who is Behind bitFlyer?
bitFlyer was established in January 2014 by two previous Goldman Sachs investors: Yuzo Kano, who was a dealer for subsidiaries and bonds, and Takafumi Komiyama, who created settlement frameworks for the elitist speculation bank.
How to use bitFlyer
As soon as you go to the bitFlyer website, you will see a banner at the top asking you if you’re a resident of the United State, Europe or Japan, depending where you access the website from.
This is because there are varying legal entities behind each of the website variant & each of the entities is subject to their own regional legal regulations.
How to sign up and fund your bitFlyer US account
Getting started with bitFlyer is actually simple. Once signing up with an email address and checking the email inbox to confirm the signup, it is necessary to set a password & agree to terms and conditions.
After verified, the next step is to transfer funds to your account, which is possible from the following payment methods in the US: instant ACH deposits, wire deposits and cryptocurrency deposits.
How to buy Bitcoin (BTC) on bitFlyer
bitFlyer Buy/Sell Markets
In the Buy/Sell markets bitFlyer charges an inside spread, meaning it is making money on the difference between its own prices of buying & selling.
The most advantage of the Buy/Sell platform is that clients cannot experience cost slippage and as it were pay the shown cost. The most extreme sum to be acquired by means of this highlight is 20 BTC per execution.
The Bitcoin Buy/Sell market as well as the Altcoin Buy/Sell markets are kept strictly separated for some reason and can only be accessed through respective navigation item.
bitFlyer Lightning Exchange
bitFlyer Lightning is the company’s professional exchange for spot trading, in which customers can place orders on an open order book and execute trades between themselves and other customers.
The difference between bitFlyer Lightning and bitFlyer Buy/Sell markets is that in the latter, your trading partner is bitFlyer, who acts as broker. Brokers have own stock of crypto assets and you can buy bitcoin and other cryptocurrencies from bitFlyer or sell them to bitFlyer.
bitFlyer iOS/Android App
In 2019 bitFlyer has launched its app (“bitFlyer Wallet”) available on Android and iOS across the US and Europe, which allows you to quickly buy, sell, send or receive any of the following cryptocurrencies: Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Ethereum Classic.
After securing your advanced resources, you’ll either keep them securely put away in your wallet and track your portfolio’s execution or strip them once more by offering them back to bitFlyer or sending them to companions. Moreover, there’s a news area that permits you to effectively capture up on the most recent crypto news whereas utilizing the app.
bitFlyer Fees & Limits
You can keep trading fees really low if you opt for spot orders on the bitFlyer Lightning exchange. Once you deposit USD to your account, you can buy any small or large amount of Bitcoin, with fees as low as 0,12%.
The fees as low as 0.02% are possible, only if having a trading volume at least $10 million over the past 30 days.
Is bitFlyer trustworthy?
Within the U.S., bitFlyer has 47 state MSB licenses, counting the BitLicense – with bitFlyer being the primary non-US substance to get it. In Europe bitFlyer is administered by the CSSF, the Luxembourg monetary controller, after having been allowed a Installment Institution permit by the Service of Fund. In Japan bitFlyer is completely directed by the Japanese FSA.
These licenses oblige bitFlyer to have strict and solid guidelines when it comes to buyer securities (i.e. resource isolation between corporate stores and clients stores) as well as to have inner and outside reviews from reviewing companies for it’s IT security, financials and operations.
Is bitFlyer secure?
Separated from the US and European directions that bitFlyer complies with, there are a few security conventions that bitFlyer utilizes. When getting to bitFlyer, you’re associated through an SHA-2 (Secure Hash Calculation 2, the most recent set of cryptographic hash capacities) scrambled server.
At a time when one of the world’s biggest cryptocurrency trades – Mt Gox – fell casualty to a hack and had to terminate its operations, bitFlyer rose from the cinders like a phoenix and made a strong exchanging stage with state-of-the-art security standards. Even in case bitFlyer may not if it’s not too much trouble everybody from a plan point of see, it is exceptionally simple for clients to discover their way around the exchanging stage.