bitFlyer Review 2021: Is it Safe or Legit?

bitFlyer is a popular Japanese cryptocurrency exchange. In addition, bitFlyer provides a beginner-friendly and safe service to buy and sell crypto. Hence, in this bitFlyer review, we aim to provide you with accurate and the latest information on its features, security, trading fees, and more.

Summary (TL; DR):

  • The Luxembourg Ministry of Finance has licensed bitFlyer. 
  • Ernst & Young has fully audited bitFlyer.
  • Furthermore, bitFlyer is the first Luxembourg-based company to have received the Virtual Asset Service Provider registered with the CSSF. 
  • Separate exchange platforms for Japan, US, and EU residents (bitFlyer Japan, bitFlyer US, and bitFlyer EU). 
  • bitFlyer provides an API for traders. 
  • No deposition and account maintenance fee. 
  • Various trading and account types are available, catering to different needs. 
  • The bitFlyer mobile app is available on both iOS and Android devices for free.
  • In addition, bitFlyer offers referral and affiliate programs. 

What is bitFlyer exchange?

bitFlyer is a cryptocurrency exchange launched in 2014 in Japan and added the separate EU and the US-based platform at the end of 2017. Takafumi Komiyama and Yuzo Kano have launched the exchange, and have previously worked for an investment bank, Goldman Sachs.

bitFlyer was ranked #1 in 2017 for its monthly trading volume, and it has over 2.5 million users worldwide. Furthermore, it has also been featured in esteemed online publications such as The Wall Street Journal, TechCrunch, and CoinDesk. The exchange has proceeded to raise over USD 37 million in 7 rounds of investments. Its backers include prominent companies like SBI Investment, Digital Currency Group, and Venture Labo Investment. 

bitFlyer
bitFlyer

You can start trading with as little as 1 EUR on bitFlyer. Moreover, if the crypto world is new to you, bitFlyer has an Easy Exchange platform. But, if you are an expert looking for advanced features, you can trade on the bitFlyer Lightning Exchange platform. 

With its advanced blockchain applications, bitFlyer aims to take the Financial Tech sector a step further in the game. Furthermore, it has an easy-to-use interface, low fee structure, responsive support, and top-notch security features, regardless of the type of exchange you choose.

For demonstrating impeccable compliance and making the crypto-asset market a safer space for people, bitFlyer received the Elliptic Compliance Award for the second time in a row.

How to use bitFlyer?

bitFlyer Signing up

The steps for signing up on bitFlyer are pretty straightforward. We have listed them below:

  • Go to the bitFlyer homepage and simultaneously enter your name, email address, and other primary information.
  • Complete your registration by clicking on the link sent in the confirmation email. 

Additionally, bitFlyer recommends you complete your KYC verification and upgrade to TradePro, where you can enjoy the deposit and withdrawal without any limits. 

bitFlyer Review: Signing up
bitFlyer Review: Signing up

However, You should note that you will have to make a fiat deposit to deposit to your bitFlyer account first before starting to trade if you are Trade class.

How to set up a bank account on blitFlyer?

bitFlyer enables users to attach up to four bank accounts with their account.

  • On a web browser: Select account funding. Further, choose JPY and then press “register a bank account” to finally add a bank account.
  • Through wallet app: Select account information. Then click on a bank account and press “add bank account” to add a bank account.

How to sell bitcoin on bitFlyer?

Sell Bitcoin on bitFlyer in simple steps.

  1. Enter the desired amount of Bitcoin for sale in the Amount box and the price in the Price box. 
  2. Further, Select the SELL COINS button. 
  3. Finally, Select the Submit Order within 6 seconds to successfully place the order.  

Also, read Best 7 Crypto Trading Signals Telegram Channels

bitFlyer Review: Account Types

bitFlyer offers you two types of accounts

  1. The Individual customers’ account: This account has two different classes, namely Trade (limited daily and yearly trading) and TradePro (unlimited). The table below differentiates the two:
DetailsTradeTrade Pro
Required InformationName, address, date of birth, country of birth, nationality, identification document’s number, phone numberIn addition to the former: ID and residential proof
Virtual Currency Deposit/ WithdrawalYesYes
EUR deposit/ withdrawalYesYes
PayPal DepositYesYes
Buy/ Sell BitcoinYesYes
Lightning ExchangeYesYes
Max Virtual Currency Deposit/ Withdrawal€249.99 worth (per transaction)€2,499.99 worth (cumulative within the one-year rolling window)Unlimited
Max EUR Deposit/ Withdrawal€249.99 (per transaction)€2,499.99 (cumulative within the 30-day one-year rolling window)Unlimited
Max PayPal DepositNot available€20,000.00 (cumulative within a one-month rolling window)

2. Corporate Account: It represents a corporate entity rather than an individual. However, It allows users to fund their corporate accounts with a corporate bank account only. 

bitFlyer Review: Trading Types

  1. Instant Buy: The instant buy option at bitFlyer allows you to immediately buy bitcoins using your credit card when you are in a hurry.
  2. Buy/ Sell: To buy bitcoins using the funds in your account deposited via a bank or PayPal. 
Buy/ Sell
Buy/ Sell

Availavble payment methods

bitFlyer EU presently permits you to make payments through Bank transfer or PayPal.

Exchange Types

bitFlyer Review: Easy Exchange

The bitFlyer Easy Exchange is the solution for you if you are a beginner and are still not comfortable using advanced charts and tools. Firstly, The design and interface resonate with the needs of beginner traders. Moreover, You get to view a simple price chart, current buy and sell orders, trade history, and also get to place your orders. 

bitFlyer Lightning Exchange

If you are interested in executing complex trades and are a professional trader, the bitFlyer Lightning Exchange should be your go-to type. You get to trade with 1:15 leverage and get access to Bitcoin futures trading, Spot trading, and margin trading. Here, you can buy or sell directly at your set prices. biFlyer currently offers only BTC/ JPY trading.

bitFlyer Lightning Exchange
bitFlyer Lightning Exchange

You can even add the limit order to your order book and not match it with pre-existing orders with the help of the Limit Order option. On top of this, you can use bitFlyer API, create alerts, choose custom layout themes, and even chat with other traders for the best professional trading experience.

Also, Japanese customers can use bitFlyer’s Lightning FX platform to open a position with up to 4x leverage.

Also, read An Overview of Bitcoin Lightning Network

Supported cryptocurrencies

The bitFlyer exchange supports some of the most valuable cryptocurrencies that have high liquidity, and those are BTC (Bitcoin), BCH (Bitcoin Cash), ETH (Ethereum), EETC (Ethereum Classic), LTC (Litecoin), LSK (Lisk), and MONA (Monacoin). 

The supported fiat currencies on the platform are USD, EUR, or JPY. 

bitFlyer Review: Limits

If you have not upgraded to TradePro, you will meet certain limits. For instance, 

  • BTC- The minimum order size of Bitcoin is 0.00001 BTC.
  • ETH- The maximum amount of Ethereum that you can purchase at a time is 60 ETH, and the minimum withdrawal amount for ETH is 0.001 ETH. 
  • PayPal- There are limits for PayPal deposits on bitFlyer. However, The minimum purchase that you can make is 10 EUR. On the other hand, the maximum limit is 20,000 EUR per month.  

bitFlyer Review: Fees

bitFlyer fees are exceedingly low. Moreover, you get to make deposits for free. Not only that but the account creation and maintenance are free too.

The table below demonstrates the withdrawal fee for the available bitFlyer exchange.

withdrawal fee
withdrawal fee

SEPA and PayPal Fees at bitFlyer

SEPA and PayPal Fees
SEPA and PayPal Fees

As mentioned earlier, bitFlyer Japan, bitFlyer US, and bitFlyer EU have a slightly different trading fee structure.

bitFlyer Japan Fees

bitFlyer Japan
bitFlyer Japan

EU Fees

Past 30-day volumeLightning SpotBuy/ Sell
€0 – Less than €1 million0.20%Free
€1 million – Less than €10 million0.15% Free 
At least €10 million 20.10% Free 
bitFlyer EU

bitFlyer US Fees

30 Day VolumeLightning SpotBuy/ Sell
$0 – Less than $1 million0.12%Free
$1 million – Less than $10 million0.07%Free
At least $10 million0.02%Free
bitFlyer US

Also, read Earn Bitcoin For Free

Supported Countries

bitFlyer EU currently supports every country within the European Economic Area (EEA).

If you live in Japan, you can use the bitFlyer Japan platform and the bitFlyer US if you are a US resident.

bitFlyer Mobile App

The bitFlyer app is available on both iOS and Android devices for free. From creating the account to trading, you can do everything using the mobile app.

bitFlyer Mobile App
bitFlyer Mobile App

How to transfer funds from Coinbase to bitFlyer?

You can easily transfer funds from Coinbase to bitFlyer quickly with these steps. 

  1. In bitFlyer, Navigate to the Account Funding Menu
  2. Choose a crypto asset and simultaneously select the Deposit tab. 
  3. The screen displays an address.
  4. Finally, From Coinbase, transfer funds to the given address to complete the deposit. 
  5. Once bitFlyer confirms the transaction; the funds display in your account. 

Also, read Coinbase Review | Is it the Best Crypto Exchange in the USA?

bitFlyer Review: Customer support

Over the years, bitFlyer has consistently kept its customers happy by being quick to respond to their issues and for providing an empathetic service. Firstly, you can contact them using bitFlyer support, and you will receive a response within 24 hours or so. Secondly, you can also send an email to [email protected].  

Apart from these, the bitFlyer exchange Twitter team solves customer queries. In addition, they have Twitter accounts with active communities: 

You can get the latest updates about the crypto industry, bitFlyer features, and products and offers on the bitFlyer blog. Moreover, If you face any trouble regarding crypto trading, you can visit the bitFlyer academy site. Furthermore, You can even check out their extensive FAQ section to get your answers. 

bitFlyer Review: Referral Program

BitFlyer has a referral program that enables you to earn €10 worth of Bitcoin when each of your invitees creates an account and trades €100 of crypto or more.

Is bitFlyer Safe?

2.5 million people have entrusted bitFlyer with their funds for a reason. However, It has faced hacking before, and it is licensed under the EU’s PSD2. You should take a look at some of its notable security features:

  • SSL Communication that encrypts all your data communication.
  • Adoption of DigiCert SSL server certificates
  • Adoption of SHA-2 (SHA-256)
  • A firewall protects the internal environment
  • Two-step authentication
  • Automatic Timeout
  • Multi-Signature
  • Stores over 80% of bitcoins in a cold wallet
  • In-house developed Bitcoin daemon
  • CSRF (Cross-Site Request Forgery) measures
  • SQL Injection prevention measures
  • XSS (Cross-Site Scripting) measures
  • Identity verification for notable changes. They will confirm with you over the phone first before implementing the changes.
  • Real people verify the bitcoin deposit and transactions 
  • Segregated management of customer assets
bitFlyer Security
bitFlyer Security

bitFlyer Review: Pros and Cons

ProsCons
Meager fees.A Limited number of cryptocurrencies are available.
Simple user interface Pro trading requires compulsory KYC verification.
Offers both Beginner and Professional types of exchange.Transactions via credit card are available only in Japan. 
Top-notch security features.
bitFlyer Pros and Cons

bitFlyer Review: Conclusion

Renowned and trusted by millions? Check. Elementary and advanced features available? Check. Low fee and high security? Check. When a platform has more than enough to offer to you, then you ought to try it out once. Moreover, their alert support system will help you out if you happen to get stuck somewhere. Finally, their UI is modish, uncomplicated, and convenient.

Though the supported cryptocurrencies are limited in number, they are among the industry’s most vital ones. Furthermore, If you wish to trade with a fuss-free mind and get a seamless trading experience, you should go for bitFlyer. Overall, bitFlyer is an uncomplicated, well-regulated, and trustworthy cryptocurrency exchange platform.  

Frequently Asked Questions 

Where is bitFlyer located?

bitFlyer has headquarters in Tokyo, Japan. However, it is operational in many countries. Moreover, It has a separate website for US investors. 

Does bitFlyer list ICOs?

At the moment, it is not listing new currencies or tokens but, it states that their staff would be happy to any related queries.

Is the Instant Buy option available? Can I pay with a Credit Card?

bitFlyer’s Instant Buy with Credit Card purchase option is currently available only in Japan. 

Is bitFlyer Available in Australia?

As of recent, bitFlyer neither has a license to operate within Australia nor does it fiat-to-crypto purchases with the AUD.

What is a recurring buy at bitFlyer?

You can set daily, weekly, bi-monthly (on the 1st and 15th), and monthly (any day between the 1st and the 28th) crypto purchases by using the ‘Recurring buy’ feature on the bitFlyer app. Furthermore, this feature supports all the cryptos that are available on the platform. If your account has sufficient funds, bitFlyer will automatically purchase on the set dates regardless of the price. 

What are the bitFlyer limits?

You can invest as low as €10 or as high as €10,000. 

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