BitFlyer is a Japanese cryptocurrency trading platform that is providing services in different parts of the world like Europe and the US. It has been serving traders for a while now and its major point of attraction is affordability. In this BitFlyer review, I will not only cover its fee structure but also discuss some other major features that make it a complete option.
BitFlyer was launched in 2014 by two friends, a bonds trader named Yuzo Kano and a software developer named Takafumi Komiyama. The company has established its headquarter in Tokyo while its regional offices are located in California and Luxembourg. The exchange has raised an investment of 37 million US dollars so far. Now, let us discuss some of the most prominent features of this exchange.
Easy Account Verification Process
If you want to start trading with BitFlyer, you need to be a resident of any of the supported countries such as the US, Japan, or any European country. You will also have to go through a short identification process under KYC policy. An advantage of trading with this exchange is that you can open an account first and verify your credentials later.
Initially, you would need to deposit at least 250 Euros to start trading through this platform. To get your account verified, you need the following credentials.
Address (with proof)
The trading fees of this exchange are considered to be the lowest in the online trading market. The fee varies depending on the volume of the trade being executed. In addition, the fees vary according to the country of the trader. BitFlyer offers the lowest price for residents of the USA while the rates for Japanese traders are a bit high as compared to the USA but still not higher than other exchanges. Note that the exchange charges no deposit or withdrawal fee.
Its lightning spot rates are tier-based and they become lower when the trading volume increases. Below is a brief comparison of lightning spot in different countries.
30-Day Trading Volume US Europe Japan
Less than 1 Million 0.12% 0.20% 0.15%
Between 1-10 Million 0.07% 0.15% 0.13%
More than 10 Million 0.12% 0.10% 0.07%
BitFlyer is a secure trading platform as it has given all the required attention to this aspect. It has adopted all the security systems and policies that a trader can think of and this is the major reason behind traders’ satisfaction. Some of the steps taken by BitFlyer are given below.
First of all, the exchange uses SSL encryption technology to encrypt all the communications and information of traders. Secondly, it has enabled a firewall system that prevents the forceful entry of criminals. Thirdly, the majority of traders’ currency is kept in cold wallets from where theft is not possible until unless the assets are moved into any hot wallet. In addition to these protocols, safety tests are taken regularly to figure out any kind of possible loophole.
Available Trading Options
Like the trading fees, this feature is also different for traders belonging to different geographical locations. The exchange offers all the major cryptocurrencies for trading but Japanese traders get the most of the options in this aspect. In the case of trading fees, US citizens were at advantage but in this category Japanese traders enjoy advantages.
The available options include Bitcoin, Ethereum, Litecoin, Ethereum Classic, Ripple, Basic Attention Token, Lisk, and Monacoin. Sadly, traders belonging to Europe and US cannot trade Ripple and Basic Attention Coin temporarily.
BitFlyer trading platform is an amazing trading option for traders. This exchange is a great option for new as well as experienced traders. It is a satisfying trading venue for traders from every point of view which is why I recommend you to visit the platform and see the features of this marvelous trading platform for yourself.
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