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bitFlyer Review & Rating 2022

bitFlyer Review & Rating 2022

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bitFlyer is the largest Bitcoin and cryptocurrency exchange in Japan. The exchange is also available in the USA and Europe. It is one of the most popular cryptocurrency exchanges and allows users to buy, sell, and trade a variety of digital assets. The platform offers a simple and easy-to-use interface for users of all levels of experience. In addition, bitFlyer provides a variety of features and tools to help users make the most of their trading experience.

Some of the key features of bitFlyer include:

- A user-friendly interface: The platform is designed to be simple and easy to use, even for those who are new to the world of cryptocurrency trading.

- A variety of payment methods: bitFlyer offers a variety of payment methods, including bank transfer, credit/debit card, and cryptocurrency.

- You can buy sell Cryptocurrencies with zero Commissions. You can also start your buying with $1. 

- A wide range of digital assets: The platform supports a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, and more.

- A variety of features and tools: bitFlyer provides a variety of features and tools to help users make the most of their trading experience. These include charts, a news feed, and more.

If you're looking for a cryptocurrency exchange, read our bitFlyer review on AtoZ Markets. It's a neutral review. We have done extensive research to write this review copy.

Overview of Bitflyer

The parent company of bitFlyer is bitFlyer Holdings Co Ltd. The exchange was established in 2014 in Japan with current capital 4.1+ trillions Yen. bitFlyer headquarters are in Tokyo, Japan and Alaska, USA. As of July 2022, bitFlyer was the largest cryptocurrency exchange in Japan by volume.

bitFlyer is the first cryptocurrency exchange to have licenses to operate in the US, Japan, and the EU. They have an industry-leading 7-year streak with no hacking incidents. bitFlyer also stores all your crypto in cold storage.

How to open an Account on bitFlyer?

To open an account on bitFlyer, you will need to visit the website and click on the "Sign Up" button. After providing your email address and creating a password, you will be able to access your account.

Now you have to verify  your account by providing some personal information like your name, address, and date of birth. After that, you will need to upload a photo ID and proof of residence. Once your account is verified, you will be able to start buying and selling cryptocurrencies.

In order to make a deposit, you can use one of the supported payment methods, such as bank transfer or credit card. For withdrawals, you can use a bank transfer or a cryptocurrency wallet.

bitFlyer Pros and Cons

bitFlyer Pros

√ One of the largest exchanges in Japan with high liquidity

√ Has been licensed by the FSA, providing greater legitimacy and peace of mind for users

√ Offers a user-friendly platform with a variety of features

√ Most popular crypto exchange in Japan 

Cons

- Some users have complained about slow customer support

- Very limited number of Cryptocurrencies 

bitFlyer Vs Coinbase

Now that we have covered the basics of bitFlyer, let's compare it coinbase side by side.

- Coinbase is one of the most popular cryptocurrency exchanges and allows you to buy and sell Bitcoin, Ethereum, and Litecoin. You can also use Coinbase to buy goods and services with Bitcoin, Ethereum, and Litecoin. Coinbase has a very user-friendly interface and is one of the easiest exchanges to use.

- bitFlyer is another popular cryptocurrency exchange that allows you to buy and sell Bitcoin. bitFlyer also has a user-friendly interface and is very easy to use. However, bitFlyer does not allow you to buy goods and services with Bitcoin.

- Coinbase has a higher trading volume than bitFlyer and is available in more countries. Coinbase is also a regulated exchange and is compliant with KYC and AML regulations.

- bitFlyer has lower fees than Coinbase and allows you to trade with leverage. bitFlyer also offers a mobile app.

- bitFlyer was established in 2014  and is headquartered in Japan. Coinbase was established in 2012 and is headquartered in the United States.

- bitFlyer offer 9 to 14 Cryptocurrencies while Coinbase offers 150+ crypto currencies.

Read our Full Review of Coinbase 

Overview

Products and Features
7/10
User Interface (UI)
7/10
Trust/Reputation
7/10
Fees
7/10
Liquidity
8/10
Regulation and Fund Security
9/10
Deposits and Withdrawals
8/10
Customer Support
7/10

Products and Features

7/10

bitFlyer offers a variety of products and services to help users make the most of their trading experience. These include:

- A user-friendly interface: The platform is designed to be simple and easy to use, even for those who are new to the world of cryptocurrency trading.

- A variety of payment methods: bitFlyer offers a variety of payment methods, including bank transfer, credit/debit card, and cryptocurrency.

- A wide range of digital assets: The platform supports a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, and more.

- A variety of features and tools: bitFlyer provides a variety of features and tools to help users make the most of their trading experience. These include charts, a news feed, and more.

Cryptocurrencies available on bitFlyer

Buy/Sell Bitcoin (BTC)

Buy/Sell  Ethereum (ETH)

Buy/Sell Bitcoin Cash (BCH)

Buy/Sell Litecoin (LTC)

Buy/Sell Ripple (XRP)

Buy/Sell Monacoin (MONA)

Buy/Sell Polka Dot

Buy/Sell Tezos

Buy/Sell Stella Lumens 

Buy/Sell Ethereum Classic 

Buy/Sell Basic Attention Token 

Bitcoin (BTC) is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin is a decentralised peer-to-peer electronic cash system that does not require a central authority, such as a bank or government, to issue new money or keep track of transactions.

Ethereum (ETH), a decentralised platform, runs smart contracts. Applications that work exactly as they were programmed are free from fraud and third-party interference. Ethereum is a decentralised platform for smart contracts. Applications that work exactly as they were programmed are available without the possibility of fraud or interference from third parties.

Bitcoin Cash (BCH), a cryptocurrency that was created from a fork in Bitcoin, was launched on August 2017. Bitcoin Cash allows for more transactions by increasing the block size.

Litecoin (LTC) is a cryptocurrency created in October 2011 by former Google engineer Charles Lee. Litecoin is similar to Bitcoin in many ways, but it has faster transaction times and a different mining algorithm.

Ripple is a real time gross settlement system (RTGS), currency trade and remittance network that was created by Ripple Labs Inc, a US technology company. Ripple uses a distributed open-source protocol and can support tokens that represent fiat currency, cryptocurrency or other units such as mobile minutes or frequent flyer miles.

Monacoin (MONA) is a Japan-based cryptocurrency project launched in December 2013. Monacoin is based on the Bitcoin protocol but differs from Bitcoin in that it allows for anonymous transactions. The Monacoin project includes a wallet service, a social networking platform, and a payment processing system.

Polka Dot (DOT) is a cryptocurrency created in 2016 by Blockstack, a US-based company that offers a decentralised computing platform. Polka Dot is based on the Bitcoin blockchain and uses a proof-of-stake consensus algorithm.

Tezos (XTZ) is a decentralised blockchain platform that supports smart contracts and aims to provide a more robust and secure environment for decentralized applications. Tezos uses a proof-of-stake consensus algorithm and offers features such as formal verification, which allows developers to mathematically prove the correctness of their code.

Stellar Lumens (XLM) is a cryptocurrency created in 2014 by Jed McCaleb, the founder of Ripple. Stellar Lumens is a decentralised protocol that allows for fast and low-cost international money transfers. The Stellar network is powered by a native currency, lumens (XLM).

Ethereum Classic (ETC) is a cryptocurrency created in 2016 when the Ethereum blockchain hard forked. Ethereum Classic is identical to Ethereum except that it does not support the DAO, a decentralised autonomous organisation that was hacked in 2016.

Basic Attention Token  (BAT) is a cryptocurrency created by Brendan Eich, the co-founder of Mozilla and the creator of JavaScript. Basic Attention Token is a utility token that is used to pay for advertising and attention-based services on the Brave platform.

What is bitFlyer Lightning?

bitFlyer Lightning is a Bitcoin exchange that offers customers the ability to buy and sell Bitcoin with near-instant settlement. bitFlyer Lightning trades are settled off-blockchain, which enables faster settlements and lower transaction fees. The exchange is currently available in Japan and the United States.

What are the benefits of using bitFlyer Lightning?

The bitFlyer Lightning exchange offers a number of benefits, including:

  1. Near-instant settlements - Bitcoin trades on bitFlyer Lightning are settled off-blockchain, which enables faster settlements.
  1. Lower transaction fees - Bitcoin trades on bitFlyer Lightning have lower transaction fees than those on the Bitcoin blockchain.
  1. Advanced features - bitFlyer Lightning offers advanced features such as multi-signature wallets and support for the Lightning Network.

What is bitFlyer Recurring Buy service?

The bitFlyer Recurring Buy service enables customers to automatically buy a specified amount of Bitcoin (BTC) or Ethereum (ETH) at predetermined intervals. Customers can choose to have their purchases made daily, weekly, or monthly. The service is currently available in Japan and the United States.

What are the benefits of using the bitFlyer Recurring Buy service?

The bitFlyer Recurring Buy service offers a number of benefits, including:

  1. Convenience - Customers can set up their recurring buys in advance and not have to worry about manually placing their orders each time.
  1. Flexibility - Customers can change the amount they want to buy, the frequency of their purchases, or cancel their orders at any time.
  1. Discounts - Customers who use the Recurring Buy service receive a 0.1% discount on their transaction fees.

User Interface (UI)

7/10

The bitFlyer user interface (UI) is designed to be simple and easy to use. The platform offers a variety of features and tools to help users make the most of their trading experience. These include charts, a news feed, and more.

The bitFlyer app is available on Android and iOS, with a mobile-friendly website also available. The app is well designed and easy to use, with a range of features including price charts, order books, and trade history. The app also allows users to set up price alerts and create watchlists.

The bitFlyer app is a good choice for Japanese users looking to buy and sell Bitcoin on the go. The app is well designed and easy to use, with a range of features including price charts, order books, and trade history. The app also allows users to set up price alerts and create watchlists.

Trust/Reputation

7/10

The exchange is based in Tokyo, Japan and was founded in 2014 by Yuzo Kano. bitFlyer is one of the largest cryptocurrency exchanges in Japan and one of the first to be licensed by the Japanese Financial Services Agency. The company has also been granted a BitLicense by the New York State Department of Financial Services.

bitFlyer has built up a large user base in Japan and is one of the most popular exchanges in the country. The exchange offers a variety of features and services, including margin trading, mobile apps, and a loyalty program. bitFlyer is also one of the few exchanges that allow users to buy and sell Bitcoin directly from their bank accounts.

The company has been praised for its security measures, which include two-factor authentication and a host of other features. bitFlyer was also one of the first exchanges to introduce segregated witness (SegWit), which improves transaction speed and reduces fees.

bitFlyer is a reliable and trusted exchange that offers a variety of features and services. The company has a strong reputation and is one of the largest cryptocurrency exchanges in Japan. bitFlyer is a good choice for Japanese users looking to buy and sell Bitcoin.

Fees

7/10

bitFlyer account opening is completely free. Buy/sell is free but lighting spot trading charges start from 0.1% fee on all trades. 

You can compare fees with other crypto exchanges like Binance, Bybit and Kraken.

Liquidity

8/10

One of the key benefits of trading on bitFlyer is the exchange's high liquidity. This means that there is always a large number of buyers and sellers on the platform, which makes it easy to buy or sell bitcoins at a fair price.

The exchange also has a low spread, which is the difference between the bid and ask prices. This makes it easier to buy and sell bitcoins at a fair price, as there is less of a chance that the prices will be manipulated by large traders.

bitFlyer's high liquidity and low spread make it a good choice for Japanese users looking to buy and sell Bitcoin. The exchange is also one of the few that allow users to buy and sell Bitcoin directly from their bank accounts.

Deposits and Withdrawals

8/10

The deposit is free. Withdrawal fees vary depending on the Cryptocurrencies you are withdrawing. 

Check the below chart to know the details of withdrawal fees.

bitFlyer withdrawal fees

EUR Deposits and Withdrawals

bitflyer charges EUR Deposits and Withdrawals. Withdrawal fees through SEPA start from €.30 to €10.

PayPal Deposit fees are 4.9% + €0.35 per transaction (within EEA) and 4.9% + 1% + €0.35 per transaction (outside EEA).

bitFlyer Lightning charges 0.1% for monthly trading volumes up to $50,000. Fees for high-volume traders may drop to as low as 0.3%. These fees are extremely competitive for active trading platforms.

Customer Support

7/10

bitFlyer offers 24/5 customer support through its website, email, and Twitter. The company also has a FAQ section on its website that covers a range of topics, including account registration, deposit and withdrawal methods, and security measures.

bitFlyer's customer support is responsive and helpful, with a wide range of information available on the company's website. The exchange offers 24/7 support through its website, email, and Twitter.

Conclusions

bitFlyer is a large and popular cryptocurrency exchange based in Japan. The company offers a variety of features and services, including margin trading, mobile apps, and a loyalty program. bitFlyer is also one of the few exchanges that allow users to buy and sell Bitcoin directly from their bank accounts.

The exchange has built up a large user base in Japan and has a strong reputation. bitFlyer is a safe and reliable choice for Japanese users looking to buy and sell Bitcoin.

Reviewed By

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