bitFlyer Bitcoin Marketplace Review
As Japan’s largest cryptocurrency exchange, bitFlyer is also one of the biggest around the globe. 2014 was the official launch. In 2017 there was an addition made for separate US and EU based operations. This interface is easily used by all levels of exchange users, but it has a plethora of advanced trading options. Unlike other Asian exchanges, US dollars or Euros can be traded for Bitcoin. The reliable and secure exchange only offers Bitcoin, so people looking for other forms of cryptocurrency aren’t going to benefit from this platform.
- Strong and secure
- Easy to use even for beginners
- Small fees
- No telephone number for customer support
- Bitcoin is the only cryptocurrency available
The trading fees at bitFlyer are some of the lowest in all of the market. There are variances dependent upon the amount of the trade, but even smaller trades don’t have a large fee assessed.
bitFlyer doesn’t have a charge for deposits in Euros, but withdraws are EUR 0.30 when the amount is under EUR 250,000. Amounts over EUR 250,000 the fee is EUR 10.
A flat rate of 0.0008 BTC is assessed for Bitcoin withdraws.
Yuzo Kano and Takafumi Komiyama, both previous employees in investments at Goldman Sachs, founded bitFlyer in 2014 at the height of the Mt Gox hack. There are plenty of options when compared to other exchanges offered with bitFlyer, but it isn’t as intimidating to those just starting out with its simple interfaces. That balance of being accessible yet complex has helped it grow into one of the largest exchanges in the world.
As of right now, users can only exchange Euros and US dollars with Bitcoins, but there are plans to add other forms of cryptocurrency in the future.
Safety and Security
Security and safety are two of the biggest focal points for bitFlyer. Some of the safeguards that they have implemented include:
- A web application firewall for monitoring and detecting unauthorized use
- SSL encryption
- IP Anycast for prevention of DDoS attacks
- Multi-signature Bitcoin addresses
- Its own proprietary daemon
- Regular safety and stress testing
- Customer funds being kept separate from bitFlyer’s accounts
Ease of Use
Stop and limit trades is an example of an advanced option, but the website in all is simple to follow. Everything is displayed on the users “Home” page including assets and 24-hour change in the value of assets.
Trading is done on a different dashboard where users can use a graph that is tracking prices and values of recent trading. At first glance, it seems complicated, but after purchasing Bitcoin, it can be very easy to understand. There is an option for users to buy Bitcoin at the current market value.
Additionally, there is a mobile app for both Android and iOS users so that deposits, trades, and paying for goods with Bitcoin can be done on the go.
Deposits and Withdrawing
Deposits and withdraws are easy. They can be done with crypto wallet transfers or bank transfers. SEPA payments are required for bank transfers so they can take a bit longer. A six digit number is required for deposits for security. Deposits and withdraws can only be done in the user’s name for another level of protection.