bitFlyer Comprehensive Review 2022 – Features, Fees, Pros & Cons

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bitFlyer is one of the leading crypto exchanges that has made its name around offering affordable crypto trading. A platform that touts itself as a market leader for its BTC trading volume, bitFlyer is an excellent platform for traders and investors of all types.  bitFlyer also makes an exception with its competitive fee structure and the additional convenience feature it provides over the two different trading platforms. However, while the platform has a commendable market presence, high trading volumes, and commendable security measures, it lacks customer support.  Therefore, if you’ve been weighing the pros and cons of starting your crypto journey over bitFlyer, this is the review for you.  Continue reading as we explore the different aspects of bitFlyer. By the end of this review, you’ll have all the information you need around it. So, let’s check out if bitFlyer is the platform for you!  

Pros And Cons Of bitFlyer

Pros

  • No fixed pre-trade for trading crypto tokens
  • Different trading models for users of every type
  • Low trading fees structure
  • Access to on-demand Blockchain Lab
  • Seamless fiat-to-crypto and crypto-to-crypto trading
  • Regulated and licensed operations
  • Cons
  • Limited crypto tokens for purchase
  • Complicating spread prices between 0.1%-6.0%

bitFlyer At A Glance

Official Website  https://bitFlyer.com/en-eu/
Headquarters  Japan 
Founded in  2014
Native token None
Number of listed cryptocurrencies  10+ (Or more, depending on the region)
Trading pairs  8
Supported fiat currencies  USD, EUR, JPY
Minimum deposit None
Trading fees 0.001 BTC
Withdrawal fees Dynamic 
Customer support  Via Help Center, email, Telephone, or inquiry form(depending on the location)

What Is bitFlyer Exchange: Company Overview

Founded in 2014, bitFlyer is one of the top crypto exchanges from Japan. Over the years, the platform has established itself as a leading crypto service provider for users of all types. While the platform may be limited in terms of the crypto tokens, it claims to be one of the leading BTC crypto exchanges in terms of the trading volume.  bitFlyer adds to the list of investor-friendly crypto exchanges, mainly due to the low crypto trading fees that it charges from its users. In addition, the user-friendly approach of the exchange also adds to users who are new to the field and are looking to trade in limited orders by trading in small sizes. Experts and businesses can also make use of the advanced tools to make the most of their advanced trading strategies.   In addition, users signing up for the bitFlyer exchange can get their hands on several trading pairs for their crypto assets. Depending on the region or country you’re accessing it from, you might also come across new and unique features presented by the platform. It is also a renowned option among users in the states, primarily because it adds to the security of its US-based users via the San Francisco-based subsidiary bitFlyer USA.

Cryptocurrencies Supported in bitFlyer

As mentioned earlier, bitFlyer is a bit short-hand regarding the total number of crypto that it supports (which also depends on the regions you’re operating from). Users signing up for the platform can access some established crypto projects like Ethereum (ETH) and Bitcoin (BTC). On the contrary, they can also invest in some budding projects like Litecoin (LTC), Ethereum Classic (ETC), and Bitcoin Cash (BCH).  The platform currently supports eleven different crypto projects, the names of which are: 

Litecoin (LTC) Ethereum (ETH) Stellar Lumens (XLM)
Lisk (LSK) Bitcoin (BTC) Ethereum Classic (ETC)
Tezos (XTZ) Monacoin (MONA) Polkadot (DOT)
Basic Attention Token (BAT) Bitcoin Cash (BCH)

In addition, bitFlyer also supports other tokens like XRP and MonaCoin (exclusive for its users in Japan). However, since bitFlyer is also open to new and upcoming projects, the chances are that the platform might start accepting projects with better potential in the future. 

Key Features Of bitFlyer

bitFlyer touts itself as one of the leading sellers of BTC in terms of volume. Interestingly, the platform also likes to establish the fact with the numerous features and functionality that it has to offer. To begin with, the platform provides its users with an immersive trading experience while ensuring they have the options to advance in the field.  However, that’s not all! To give you an idea, we’ve listed some of the critical features of the bitFlyer platform. Let’s check them out:  

bitFlyer Desktop Platform

The trading platform provided by bitFlyer is by far one of its most fascinating features! The desktop platform is simple, easy to navigate, and designed for users of all types. Users signing up for the platform can easily leverage the clean UI to buy crypto assets. In addition, you can also view other necessary aspects of the trade like other ongoing trade, remaining funds, and update your account information. Adding to it, users also have access to a separate section dedicated only to Bitcoin trading.  The exceptional trading experience over the desktop platform has earned the platform a name among its competitors. In addition, users signing up for bitFlyer find it easy to carry on with their trades over the platform. Lastly, the “Home” dashboard of the platform also presents the users with real-time updates on their digital assets, with changes going back to 24 hours.

bitFlyer Mobile App

The bitFlyer mobile app is another standout feature of the platform. This platform carries features and functionalities equal to the desktop application, with a change in some areas. Once installed, the mobile app also presents us with a similar UI, keeping up with the same simplicity as the desktop platform. However, the only difference here would be the difference in order types (users trading from the mobile app will be limited to accepting limit orders and market orders only). This way, the mobile app takes away users 'flexibility.  As for the ratings of bitFlyer’s app, the Google Play Store has rewarded the platform with 3.6 out of 5 (based on 4,600 reviews). It also scores 4.3 out of 5 stars (based on 200 reviews) on the Apple Store. So overall, the mobile application seems to be doing a reliable job at easing on-the-go trades for users.  bitflyer

Recurring Buy

The recurring buy feature is a provision made for advanced users. As the name suggests, the recurring buy feature allows users to buy crypto tokens periodically, where they’ll be allowed to set up crypto purchases over days, weeks, months, or even bi-monthly.  However, users should understand that this feature buys crypto tokens at market prices. Therefore, if you’re thinking of setting up an advanced trading strategy using the recurring buy process, it might not work. Besides, the service is free and won’t cost anything extra besides the regular transaction charges attracted by your trades. Users also have the option to cancel the purchases made using this feature.  Lastly, while the feature is an excellent tool for real-time trading, bitFlyer has currently limited its users to set up recurring purchases with limited coins. Primarily: Litecoin (LTC), Bitcoin (BTC), Bitcoin Cash (BCH), Monacoin (MONA), Ethereum (ETH), Ethereum Classic (ETC), Lisk (LSK), BAT (Basic Attention Token), XTZ (Tezos), XLM (Stellar Lumens), and DOT (Polkadot).

Additional Features Of The Platform

Those mentioned above were some of the critical features of the bitFlyer platform. However, that’s not all! Users signing up for the platform get more than the immersive trading experience and recurring payments. Therefore, to help you understand better, we have listed some additional features that allow bitFlyer to stand out from its competitors. Some of these features are: 

  • Multi-Coin Support: One of the most excellent perks of signing up for the bitFlyer platform is the multi-coin support that it provides to its users. Once on board, you have the option to trade in multiple crypto tokens that comprise both famous and budding crypto projects. This way, users can diversify their folios as per their needs. 

Besides, bitFlyer also allows its users to deal in several trading pairs. They can trade in either of the following: XRP/JPY, ETH/JPY, BTC/EUR, BTC/USD, MONA/JPY, BTC/JPY, BCH/BTC, or ETH/BTC. It allows them to maximize their profits and gives advanced users a scope to explore different aspects of the industry. 

  • Online Wallets: Users accessing bitFlyer for everyday trades need to register themselves with the platform’s hot wallets. This wallet allows them to access trades in real-time without compromising their funds' safety.

Besides the fact that the platform has never reported any significant hack or cyber attack incidents, the wallets are considered safe. 

  • Real-Time Reporting: The real-time reporting feature is currently available to the users of the Lightning platform. Here, the user has a real-time view of their trades, available funds, and the market positions that they have held in the last 24 hours. 

This way, advanced traders will know their positions in real-time without compromising their strategies. 

  • Relatively Low Fees: The competitive fee structure of bitFlyer is another compelling thing about the platform. Users trading with cryptos doesn’t need to pay any withdrawal fee (besides in the case of wire transfers). 

However, there’s a small spread fee, ranging between 0.1% - 6%, depending on the type of trading account you use. Overall, the fee seems to be cost-effective for regular traders. 

  • bitFlyer Referral Program: Users signing up for the crypto exchange also get access to bitFlyer's referral program. The platform provides every user with an individual code that they might use to refer to their friends. Once they sign up, the code owner receives a certain amount of tokens per the program.

Trading Experience

The trading experience of bitFlyer is one of the most alluring additions to its users. The platform features two web-based trading platforms based on the expertise and experience of different users signing up for them. In the section below, we’ve explained the walkthrough of both these experiences.

bitFlyer’s Easy Exchange

As the name suggests the bitFlyer ‘Easy’ exchange is set for beginner investors and traders. The platform is beginner-friendly and brings out a minimalist layout for beginner investors. In addition, the beginner channel gives you access to simple tools like current trade orders, trade history, and price charts while allowing them to place their orders.  While the functionalities are limited, bitFlyer has tried to keep up with all the basic functionalities, keeping it similar to its advanced trading platform. Furthermore, the platform is primarily used by traders in Japan who want to exchange their fiat currencies for BTC. Lastly, users signing up for the ‘Easy Exchange’ always have the option to upgrade to the advanced trading platforms by paying some fees.

bitFlyer’s Lightning Platform

While the easy exchange was a good start for beginners, the ‘Lighting’ program is a head start for seasoned professionals and advanced traders. This is because the platform tends to keep its design similar to a traditional forex trading platform with sophisticated design elements. Besides, the platform is embraced by several advanced features and tools.  Using the bitFlyer Lightning platform, traders can take up to 15x leverage on their Bitcoin purchases. In addition, the platform also serves as a gateway to Bitcoin spot, futures, and margin trading. Besides, this trading platform also introduces advanced chart styles and charting features, preloaded with advanced technical indicators.

Fees Structure

The bitFlex trading platform stands out from its competitors, primarily for the fee structure that it has to provide. The platform doesn’t depend on the traditional maker/taker fees. Instead, the charges vary depending on the type of platform and the country you’re trading from.  Here’s a detailed walkthrough of the different fee structures of the platform:

Monthly Volume Fees

Similar to the other crypto platforms’ bitFlyer’s trading fees also depend on the total monthly volume of any individual user. Here’s an overview of the fee structure for the 30-day monthly volume (it’s only for the Lightning trading users):

30-Day Volume (USD) Fee
Volume lower than $50,000 0.10% of the transaction
Volume between $50,000 to $500,000 0.09% of the transaction
Volume between $500,000 to $1 million 0.08% of the transaction
Volume between $1 million to $5 million 0.07% of the transaction
Volume between $5 million to $10 million 0.06% of the transaction
Volume between $10 million to $50 million 0.05% of the transaction
Volume between $50 million to $500 million 0.04% of the transaction
Volume over $500 million 0.03% of the transaction

bitFlyer uses two fee schedules for both platforms, and no recurring fees are charged for maintaining the account. Besides, users don’t need to pay any fixed upfront fee for standard trading. However, they need to be paying between 0.10%-6.0% in terms of the spread fees. It should also be noted that the fee structure is floating and changes as per the market and liquidity.  bitFlyer also charges its users based on the different tokens that they withdraw. Here’s an overview of the withdrawal fee on different tokens:

Token  Withdrawal Fee
Polkadot (DOT) 0.1 DOT 
Bitcoin (BTC) 0.0004 BTC
Ethereum Classic (ETC) 0.005 ETC
Tezos (XTZ) 0.1 XTZ
Litecoin (LTC) 0.001 LTC
Stellar Lumens (XLM) Free
Bitcoin Cash (BCH) 0.0002 BCH
Basic Attention Token (BAT) 5 BAT
Ethereum (ETH) 0.005 ETH

Lastly, users don’t attract any type of fee over withdrawals or ACH deposits. However, wire withdrawals over bitFlyer cost $20.

Is bitFlyer Safe?

Yes, the platform is conveniently safer than the other options that we currently have in the market. In addition, the platform has a good reputation for its robust security backed by its clean record of no attempted hacks or data breaches.  The platform implements a combination of different technologies to ensure the safety and security of its digital assets. Here’s an overview of the different preventive measures taken by the platform: 

  1. SSL encryption: The platform leverages SSL encryption to secure its communication lines. Everything type of communication, from internal operations to customer-related, is backed under this encryption. 
  2. WAF: bitFlyer also implements a web application firewall (WAF) as an added cushion to detect and monitor unauthorized access to the system.
  3. IP Anycast: IP manipulation has long been a trusted method for crypto hackers! This is where bitFlyer provides safety to its customers by integrating IP Anycast into its servers. This way, the platform prevents any DDoS attacks on its platform.

Besides, the platform also leverages added security measures in the form of multi-signature, adopting a private Bitcoin daemon, and locking 80% of its funds in cold wallets. As a result, the platform is a reliable option among many added security features like Google two-factor authentication, SHA-256 technology, and AML (Anti Money Laundering).

Opening A bitFlyer Account

Opening an account with bitFlyer is easy! All you need to do is visit the website and get started with the steps mentioned below:  Step 1: Click on the ‘Sign up’ button in the extreme right corner of the interface. Step 2: Once there, you’ll come across a sign-up window. Upon reaching the window, add all the relevant information (email, phone number, name) and click on the “Sign Up For Free!” button that’s marked in red.  Step 3: Complete the registration process by authenticating the link received in your email after filling in all the necessary information. Remember, when signing up for bitFlyer, you’ll have to undergo the KYC (know your customer) verification to gain complete access to the trading account. Besides, you'll unlock better trading capacities when upgrading to different accounts.

Customer Satisfaction

Customer support is another area where bitFlyer has made significant advancements! Existing users over the platform had mostly good things to say about the platform. Regarding its customer support, users can reach out to their support executives via email or telephone (currently limited to Japan).  Besides, the platform also offers an excellent Help center that is more like a platform with pre-listed question answers around the common concern. Unfortunately, the platform currently lacks live chat support, limiting and hindering its abilities. However, the platform wins the hearts of its customers with the real-time assistance feature.  Regarding reviews from famous third-party companies like Glass Door, customer satisfaction is poorly rated due to the limited data on the platform. 

 

bitFlyer Vs. Competition 

Considering the widely accessible crypto trading functions that bitFlyer brings to the platform, the platform has earned quite a name in the industry. Besides, the competitive trading fees and a wide array of features on the Lightning platform make it a reliable option to get started with.  However, while the exceptional features do a great job of making the platform unique, let’s not forget the cons that bring it down. One such disadvantage of bitFlyer is its complaints concerning the customer care executives. Therefore, if you’re having second thoughts about signing up for bitFlyer, the chances are that you might want to sign up for one of its primary competitors, Coinbase Pro.  bitFlyer vs. Coinbase Pro Both bitFlyer and Coinbase Pro are among the most user-friendly crypto trading options available in the market. Users signing up for the platforms enjoy the ease of crypto trading and professional tools and features.  Here’s a summarized overview to help you get head-to-head on the critical differences shared by the platform:

  1. Supported Cryptos: Coinbase Pro supports over 160+ crypto tokens, while bitFlyer allows users to trade with its limited selection of 9-14 tokens (depending on the region). Here, Coinbase Pro takes the lead with more tokens.
  2. Trading Fee: Users signing up for bitFlyer must pay a spread fee between 0.1% - 6.0%, depending on the platform they trade. On the contrary, Coinbase Pro charges a 0.6% fee per its maker-taker model.
  3. Trading Volume: A firm's trading volume influences the platform's volatility. Currently, bitFlyer has a trading volume of 23,468,087, while CoinbasePro has a daily trading volume of 128,979,540.

Looking at this insightful review, it’s clear that both bitFlyer and Coinbase Pro tend to provide their customers with the best overall service. However, Coinbase Pro takes the lead over bitFlyer regarding supported cryptos and competitive trading fees. However, suppose you’re a user with a limited approach to crypto trading. In that case, you might want to sign up for bitFlyer as the platform has higher trading volume, offering on-demand flexibility. 

 

Final Verdict

Should You Consider Using bitFlyer?

Of course, with its several functionalities, bitFlyer stands out as a reliable crypto exchange for users of all types. Therefore, here are some pros of the platform to give you an idea of the added advantages of trading with the platform: 

  1. Low Fees: The competitive fee structure is one of the pros of signing up with bitFlyer. The platform doesn’t have a maker/taker fee model and operates over competitive spread rates, ranging from 0.1-6%. However, it should be noted that the platform won’t charge you anything on withdrawals except wire transfers. 
  2. Access To Advanced Trading Tools: bitFlyer provides its users with multiple trading account options. Users can choose between a regular or professional trading experience via the ‘Lightning’ platform. The model allows advanced users to make the most of their trades by utilizing real-time tools and options.
  3. Regulatory Compliance: Security has often been one of the most compelling aspects of signing up for any platform. Interestingly, the platform is regulated for operating to perform its operations in the US. Besides, the platform is also accessible in other countries with similar regulatory visions.

Shortcomings Of bitFlyer

Similar to its pros, the platform also has its downsides, and bitFlyer has some of them. Some of these shortcomings include:

  • Limited Token Selection: Users signing up for bitFlyer have limited access to crypto tokens. Users have access to over 11 different crypto tokens (depending on the region). bitFlyer has projects like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Polkadot (DOT), and Basic Attention Token (BAT), among others. 
  • No Real-Time Customer Support: Another drawback of bitFlyer is that the platform currently lacks real-time customer support. Users generally have to wait for their turn or reach customer care over registered emails. 

With this, we come to an end to our comprehensive bitFlyer review! Overall, the platform has presented its users with reliable performance for over 4+ years. Besides, the additional features of the platform like the bitFlyer lightning have innovated the traditional means of crypto trading. Therefore, if you’re looking for a secure, reliable, and effortless crypto trading platform with top-class functionalities, you might want to sign up with bitFlyer. However, despite all the pros, the platform lacks in certain spots, primarily the lack of crypto tokens and lousy customer service. Therefore, if you’re still unsure of your options, we suggest you continue searching for different exchanges, keeping the same parameters in mind. All the best! 

FAQs

Are there different coins for different countries in bitFlyer?

Yes, there are numerous varieties of coins, depending on the region from which you are operating bitFlyer! Users of the US only have access to Bitcoin, while Japanese users can choose from Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin (BTC), Ethereum Classic (ETC), Monacoin (MONA), Litecoin (LTC), and Lisk (LSK).

 How long does it take for users to withdraw money on bitFlyer?

The withdrawal process is generally smooth and the platform is known for its quick turnaround with payments. However, depending on the region you’re operating bitFlyer from, it can take anywhere between 24-48 hours.

 What are the certifications carried by bitFlyer?

Over the years, bitFlyer has established itself as a reliable platform for its millions of users worldwide. Considering the impact that it has put on businesses, the platform is offered a PI (Payment Institution) license and has also been supervised by CSSF (Commission de Surveillance du Secteur Financier).

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