Comparison of Bitflyer vs Bit [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitflyer vs Bit comparison!

Your expert: Alejandro Borja

Bitflyer

Your expert: Xavier Tarrasó

Bit

Main points

Fees

0,10%

Earns

Yes

Customer service

4/5

0.07%/0.04%

Fees

Yes

Earns

3/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.0 – Competitive fees with some discounts for high-volume trading.

3.6 – Reasonable fees but higher for certain advanced trading options.

Level

0,10%

0.07%/0.04%

Brief explanation

BitFlyer structures its commission fees with an aim to be transparent and competitive, though they are often perceived as slightly higher than some of its global competitors. The exchange charges a flat fee for transactions, which can vary slightly depending on the market conditions and the specific services used. For instance, trading Bitcoin typically incurs a fee of about 0.1% to 0.15%, but this can differ for other cryptocurrencies or more complex transactions such as futures or options trading. Importantly, these fees contribute to the high level of security and regulatory compliance that BitFlyer offers, making it a trusted platform despite the slightly higher costs.

Bit.com offers a competitive fee structure that’s attractive for both casual and serious traders. The exchange charges a 0.06% fee for takers and a 0.04% fee for makers, which is below the industry average. This low fee schedule is beneficial for high-volume traders as it allows them to maximize their profits on each trade. Additionally, Bit.com does not charge any deposit fees for cryptocurrencies, though there are fees associated with fiat withdrawals and deposits, which vary depending on the payment method and the currency involved. Overall, this fee arrangement supports an active trading environment at a reduced cost.

Bitflyer

Year Founded: BitFlyer has been operational since 2014, giving it a long-standing presence in the cryptocurrency world. This longevity in the rapidly evolving digital currency landscape speaks to its stability and enduring commitment to its users.
Security Methods: BitFlyer employs rigorous security measures, including compliance with multiple regulatory standards across jurisdictions. It uses advanced encryption and follows strict internal security protocols to safeguard user data and funds.
Possible Regulation: The exchange is one of the few that has successfully navigated the strict regulatory environments of Japan, the United States, and Europe. It holds significant licenses, including the prestigious New York BitLicense, enhancing its credibility and trustworthiness.
Reputation and Reviews: BitFlyer's reputation in the crypto community is strong, bolstered by positive reviews from users who praise its user-friendly platform and security practices. Its regulatory compliance further reinforces its reputation as a trustworthy platform.
Trading Volume and Liquidity: With a substantial trading volume and high liquidity, BitFlyer offers users the advantage of better price stability and the ability to execute large transactions with minimal impact on the market price, making it a reliable platform for trading major cryptocurrencies.

Bit

Security Methods: Bit.com employs advanced security protocols including multi-factor authentication, cold storage of assets, and continuous system monitoring, ensuring a high level of protection for user funds and personal data.
Reputation and Reviews: Since its inception, Bit.com has quickly built a strong reputation for reliability and professionalism within the crypto community. The positive reviews and testimonials from seasoned traders underline its credibility and trusted status in the market.
Trading Volume and Liquidity: Bit.com is known for its high trading volume and liquidity, which is crucial for executing large trades without significant price slippage. This makes it an ideal platform for institutional investors and professional traders who require quick order execution.
Transparency: The exchange is transparent about its fee structure, trading processes, and the security measures it implements. This openness is essential for building trust with users and is a core reason why many choose to trade on Bit.com.
Withdrawal and Deposit Policies: Bit.com offers clear and user-friendly policies regarding withdrawals and deposits. These policies are designed to provide convenience while also ensuring the security of transactions, which significantly enhances user trust and satisfaction with the platform.

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Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

bitFlyer, Inc.

Unknown

Regulation

Regulated in Japón

Regulation not specified

Year founded

2014

Unknown

Founder

Yuzo Kano

Unknown

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitflyer	FEATURES	Bit
BitFlyer allows relatively low minimum trades, making it accessible for beginners.	Minimum Trade	Allows small minimum trades, accessible for those looking to start with modest amounts.
Fees are slightly higher than average, which may deter frequent traders.	Trading and Transaction Fees	Competitive fees across trading types, appealing to high-volume traders due to lower costs.
Offers a moderate selection of major cryptocurrencies, but lacks variety in altcoins.	Number of Cryptocurrencies	Offers a decent variety of cryptocurrencies, though not as extensive as the largest platforms.
Supports a solid range of trading pairs, suitable for most traders’ needs.	Crypto-to-Crypto Trading Pairs	Provides a wide range of crypto-to-crypto trading pairs, enabling diverse trading strategies.
High transparency regarding security practices and compliance, fostering user trust.	Website Transparency	The website provides clear and detailed information about fees, policies, and trading options.
bitFlyer offers a prepaid card in Japan, which can be used for online and in-store purchases. This card allows users to spend their crypto directly, making it convenient for daily use.	Credit/Debit Card	Bit.com lacks an exchange card, limiting additional spending flexibility and benefits for its users compared to some competitors that offer branded cards with rewards.
Provides secure cold storage options, ensuring safety for user funds.	Storage Offering	High-level security storage solutions including cold storage options to protect user assets.
Offers basic staking features and rewards but not as extensive or competitive as other exchanges.	Staking and Rewards	Offers staking options but with limited rewards compared to leading competitors.
Both mobile and desktop platforms are user-friendly, well-designed, and reliable.	Mobile App and Desktop	Both mobile and desktop platforms are well-designed, offering full functionality and user-friendly interfaces.
Generally responsive and helpful customer service, though some users may experience delays.	Customer Service	Customer service is available, but response times can vary, impacting user experience during peak times.
Efficient deposit and withdrawal processes, but could be improved with more payment methods.	Deposit and Withdraw	Efficient processes for depositing and withdrawing funds, though improvements could be made in speed.

Key features

Analysis tools

Basic to intermediate charting tools

Basic charting tools

Mobile APP

Security

High 4,9/5

High 4,6/5

Additional features

Spot trading, margin trading, Bitflyer Lightning exchange, recurring buys

Spot trading, margin trading, lending services, OTC trading

Anonymity

Yes

Key points

Available cryptocurrencies

10+

30+

User-friendliness

Bitflyer features a simple and intuitive interface, ideal for beginners. The platform focuses on providing a seamless trading experience, making it easy for new users to buy and sell cryptocurrencies.

Bit offers a straightforward and intuitive platform that is easy for beginners to use. The interface is clean and provides essential features without overwhelming new users.

Value for money

Provides reasonable value for money with low trading fees and a user-friendly platform, making it a good choice for beginners.

Offers reasonable value for money with competitive fees and a straightforward trading experience, though it may lack some advanced features.

Countries of operation

Japan, United States, Europe

United States, Canada, United Kingdom, Australia, Singapore

Best for

Great for beginners and experienced traders in Japan, the US, and Europe who want a user-friendly platform with competitive fees.

Great for beginners and experienced traders looking for a straightforward trading experience with competitive fees.

Base currencies available

JPY, USD, EUR, BTC

Account

Trading

Bitflyer provides a secure and easy-to-use platform with a decent selection of cryptocurrencies. It is particularly popular in Japan. However, it lacks some of the advanced trading features found on other major exchanges.

BIT exchange offers robust security and a user-friendly interface. While it provides essential trading features, it lacks the advanced tools required by professional traders. The exchange also has moderate liquidity.

Deposit and withdrawal

Bitflyer offers secure and efficient deposit and withdrawal methods, including bank transfers and crypto deposits. Withdrawals are processed within a day, and fees are competitive .

BIT exchange supports multiple deposit options such as bank transfers and cryptocurrencies. Withdrawals are processed efficiently, usually within a day. Fees are minimal, enhancing accessibility.

Account opening process

Bitflyer’s account opening process is easy and efficient. Users need to provide personal information, verify their identity, and address. The process is fully digital and typically takes less than a day.

BIT exchange provides an easy account registration process. Users need to provide personal details and verify their identity. The account is usually approved within a day, ensuring quick access to trading.

KYC required?

Yes

Customer Service

Bitflyer offers customer support via email and live chat. The support team is responsive, and support is available 24/7, making it convenient for users needing immediate help.

BIT offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.

Security

Bitflyer ensures high security with 2FA, encryption, and cold storage. It is regulated by Japanese authorities, ensuring strong security for investors.

BIT offers strong security features, including 2FA and encryption. Despite its robust security measures, the platform lacks regulation from major financial authorities, which could be a concern for some users.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend BitFlyer for users new to cryptocurrency trading due to its user-friendly interface and robust security measures. While its trading fees are a bit higher and the variety of cryptocurrencies somewhat limited, BitFlyer’s strong regulatory compliance and excellent platform stability make it a reliable choice for those prioritizing security and ease of use. If you’re starting your crypto journey, BitFlyer is a commendable option to consider.

Xavier Tarrasó

As an expert on our website, I recommend Bit.com for traders looking for a robust platform that excels in derivatives trading and offers high liquidity. Its advanced security and comprehensive trading tools make it a strong choice for experienced traders. However, new traders should be aware that the platform’s complexity and limited fiat support could pose initial hurdles. Overall, Bit.com is a standout exchange for those looking to leverage sophisticated trading strategies in the cryptocurrency market.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.