Comparison of Bitflyer vs Blocktrade [ 2024 ]

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

Your expert: Alejandro Borja

Bitflyer

Your expert: Xavier Tarrasó

Blocktrade

Main points

Fees

0,10%

Earns

Yes

Customer service

4/5

0,30%

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

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

3.9 – Competitive fees with additional benefits for European traders.

Level

0,10%

0,30%

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.

Blocktrade employs a competitive and transparent fee structure that aligns well with industry standards, making it a cost-effective choice for traders. The platform charges a flat trading fee which is comparable to, if not slightly below, the average fees charged by other exchanges. This straightforward approach ensures that traders can engage in transactions without worrying about variable costs based on the type of trade or the asset being traded. Additionally, Blocktrade does not impose high withdrawal fees, keeping them reasonable and ensuring that users retain most of their earnings. This fee structure is particularly advantageous for frequent traders and those dealing in smaller amounts, as it minimizes the impact of fees on overall investment returns. The clarity and fairness of the fee system at Blocktrade contribute significantly to its attractiveness as a trading platform, especially for those new to the cryptocurrency markets or looking for a cost-effective trading solution.

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.

Blocktrade

Possible Regulation: Blocktrade operates under the regulatory oversight of the Estonian Financial Intelligence Unit and has a legal entity registered in Luxembourg. This adherence to stringent European financial laws ensures a high level of operational integrity and compliance, making it a trustworthy platform for traders.
Security Methods: The platform employs advanced security measures to protect user assets and data. These include the use of secure servers, encryption protocols, and a robust internal security framework. The commitment to security is crucial in gaining and maintaining the trust of users.
Transparency: Blocktrade is known for its clear and transparent operational practices. This includes straightforward disclosures about trading fees and the risks associated with trading cryptocurrencies. Such transparency is essential for building trust with users who value clear and honest communication.
Customer Service: Blocktrade offers dedicated customer support, providing users with timely and helpful assistance on a range of issues, from technical support to transaction inquiries. Good customer service is instrumental in building trust, as it ensures users that the exchange is responsive and attentive to their needs.
Trading Volume and Liquidity: While not among the largest, Blocktrade maintains a healthy trading volume and liquidity, which indicates a stable trading environment. This liquidity is vital for users to execute trades efficiently without significant price slippage, further enhancing trust in the platform’s capabilities.

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Account Minimum

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Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

bitFlyer, Inc.

Blocktrade S.A.

Regulation

Regulated in Japón

Regulated in the UE

Year founded

2014

2018

Founder

Yuzo Kano

Luka Gubo

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitflyer	FEATURES	Blocktrade
BitFlyer allows relatively low minimum trades, making it accessible for beginners.	Minimum Trade	Blocktrade allows users to start trading with as little as 1 USD for cryptocurrencies and 3 EUR for fiat, making it accessible for beginners and those testing the platform.
Fees are slightly higher than average, which may deter frequent traders.	Trading and Transaction Fees	Fees are competitive within the industry, typically aligning with or slightly better than average, which benefits frequent traders.
Offers a moderate selection of major cryptocurrencies, but lacks variety in altcoins.	Number of Cryptocurrencies	Currently supports only 8 cryptocurrencies, which may be limiting for those looking to diversify beyond the most common coins.
Supports a solid range of trading pairs, suitable for most traders’ needs.	Crypto-to-Crypto Trading Pairs	Offers a basic range of crypto-to-crypto trading pairs, sufficient for new traders but less so for advanced users.
High transparency regarding security practices and compliance, fostering user trust.	Website Transparency	The website provides clear information about trading conditions and fees, though some users might seek more detailed data on security practices.
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	Lacking a dedicated exchange card, Blocktrade misses an opportunity to provide additional convenience and value to its users through card-linked benefits.
Provides secure cold storage options, ensuring safety for user funds.	Storage Offering	Offers secure cold storage options, but lacks some of the more advanced custody solutions available on other platforms.
Offers basic staking features and rewards but not as extensive or competitive as other exchanges.	Staking and Rewards	Does not currently offer staking or other passive income/reward programs, which could detract from its appeal to long-term investors.
Both mobile and desktop platforms are user-friendly, well-designed, and reliable.	Mobile App and Desktop	Both the mobile app and desktop platform are user-friendly and well-designed, making trading accessible for all user levels.
Generally responsive and helpful customer service, though some users may experience delays.	Customer Service	Generally responsive customer service with multiple channels available, though peak times can see delayed responses.
Efficient deposit and withdrawal processes, but could be improved with more payment methods.	Deposit and Withdraw	Supports multiple deposit and withdrawal methods including EUR transactions, but the options for other fiat currencies are limited.

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

Staking, Blocktrade Earn program, advanced trading tools, fiat on/off ramps

Anonymity

Yes

Key points

Available cryptocurrencies

10+

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.

Blocktrade provides a straightforward and easy-to-use platform, ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

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

Provides decent value for money with competitive fees and a focus on European markets, making it a good choice for regional users.

Countries of operation

Japan, United States, Europe

Germany, Austria, Switzerland, Slovenia, France

Best for

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

Ideal for European investors looking for a reliable platform with competitive fees and a focus on security.

Base currencies available

JPY, USD, EUR, BTC

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.

Blocktrade offers a straightforward trading experience with a limited selection of cryptocurrencies. It focuses on security and ease of use, making it suitable for beginners.

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 .

Blocktrade provides standard deposit and withdrawal methods, including bank transfers and crypto deposits. Withdrawal times are moderate, and fees are generally low.

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.

Blocktrade’s account opening process is simple and fully digital. Users need to submit personal details and verify their identity. The process is quick and typically takes less than a day to complete.

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.

Blocktrade provides support via email and live chat. The support team is knowledgeable and responsive, but the lack of 24/7 support may be a drawback for some users.

Security

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

Blocktrade ensures security through 2FA, encryption, and cold storage. It is not regulated by top-tier financial authorities, which might 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 reviewer on our website, I highly recommend Blocktrade for traders seeking a secure and regulatory-compliant platform. Its strong adherence to European financial regulations ensures a secure trading environment, which is crucial given the volatile nature of cryptocurrencies. If you’re looking for a straightforward, reliable exchange with competitive fees and solid customer support, Blocktrade should definitely be on your radar.

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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.