Comparison of Bitflyer vs Coinsbank [ 2024 ]

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

Your expert: Alejandro Borja

Bitflyer

Your expert: Xavier Tarrasó

Coinsbank

Main points

Fees

0,10%

Earns

Yes

Customer service

4/5

0,20%/0,50%

Fees

Yes

Earns

2/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Yes

Passive income

Buy and hold

Comparison of fees

Rating

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

3.7 – Competitive fees with additional benefits for cardholders.

Level

0,10%

0,20%/0,50%

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.

CoinsBank structures its commission model to accommodate both crypto-to-crypto and fiat-to-crypto transactions. The trading fees are notably higher than the industry average, typically around 0.50% for takers, which is double the more commonly seen rate of 0.25% among various exchanges. This elevated fee structure can impact high-volume traders significantly, making it a critical consideration for anyone looking to use CoinsBank for frequent trading activities.

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.

Coinsbank

Year Founded: Established in 2016, CoinsBank has been active for several years, providing a stable and evolving service platform in the cryptocurrency exchange market.
Customer Service: Offers a comprehensive array of customer support options including email, telephone, and live chat, ensuring that users have access to assistance whenever needed.
Security Methods: Implements robust security measures including two-factor authentication (2FA), cold storage of funds to protect user assets, and SSL encryption for data security.
Reputation and Reviews: Despite some challenges, CoinsBank has managed to maintain a mix of positive reviews particularly for its user-friendly interface and multi-functional platform, highlighting its commitment to customer satisfaction.
Regulation: CoinsBank is licensed under the International Financial Services Commission (IFSC) of Belize and is registered with FinCEN MSB in Belize, indicating compliance with certain regulatory standards.

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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.

CB Exchange LP

Regulation

Regulated in Japón

Not regulated

Year founded

2014

2016

Founder

Yuzo Kano

Unknown

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitflyer	FEATURES	Coinsbank
BitFlyer allows relatively low minimum trades, making it accessible for beginners.	Minimum Trade	The platform offers a low minimum trade amount, making it accessible for beginners or those looking to start with small investments.
Fees are slightly higher than average, which may deter frequent traders.	Trading and Transaction Fees	CoinsBank charges higher than average fees, which could be a deterrent for high-volume traders.
Offers a moderate selection of major cryptocurrencies, but lacks variety in altcoins.	Number of Cryptocurrencies	Offers a moderate selection of cryptocurrencies including major ones like Bitcoin, Ethereum, Litecoin, and Ripple, but lacks a wider range as seen in larger exchanges.
Supports a solid range of trading pairs, suitable for most traders’ needs.	Crypto-to-Crypto Trading Pairs	A decent range of trading pairs is available, though not as extensive as some of the larger platforms.
High transparency regarding security practices and compliance, fostering user trust.	Website Transparency	The platform lacks some transparency regarding team details and operational insights, which could affect user trust.
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	Dont’ have crypto card
Provides secure cold storage options, ensuring safety for user funds.	Storage Offering	Excellent security measures with cold storage options that ensure the safety of digital assets.
Offers basic staking features and rewards but not as extensive or competitive as other exchanges.	Staking and Rewards	Offers some staking options, but the rewards and varieties are not as competitive as other top exchanges.
Both mobile and desktop platforms are user-friendly, well-designed, and reliable.	Mobile App and Desktop	Both mobile and desktop platforms are user-friendly and reliable, suitable for trading on the go.
Generally responsive and helpful customer service, though some users may experience delays.	Customer Service	Provides various channels for support including live chat and email, although response times can vary.
Efficient deposit and withdrawal processes, but could be improved with more payment methods.	Deposit and Withdraw	Supports multiple deposit and withdrawal methods including bank transfers and cards; however, the high fees on certain transactions can be a disadvantage.

Key features

Analysis tools

Basic to intermediate charting tools

Basic charting tools

Mobile APP

Security

High 4,9/5

Low 2/5

Additional features

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

Crypto debit card, OTC trading, staking, Coinsbank wallet

Anonymity

Key points

Available cryptocurrencies

10+

Few, primarily major cryptocurrencies

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.

Coinsbank provides a straightforward and easy-to-use platform that is 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.

Delivers reasonable value for money with competitive fees and a wide range of supported cryptocurrencies, though it may lack some advanced features.

Countries of operation

Japan, United States, Europe

United Kingdom, Europe, United States, Canada, Australia

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 traders seeking a secure platform with a wide range of supported cryptocurrencies and competitive fees.

Base currencies available

JPY, USD, EUR, BTC

USD, EUR, GBP, RUB, 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.

CoinsBank provides a secure trading platform with a good selection of cryptocurrencies. It offers additional services like a wallet and card but has higher fees compared to some competitors.

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 .

CoinsBank provides multiple deposit options, including bank transfers and cryptocurrencies. Withdrawals are processed quickly, with competitive fees.

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.

CoinsBank provides a straightforward account registration process. Users need to submit personal information and verify their identity. The process is efficient and usually 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.

CoinsBank 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.

CoinsBank employs comprehensive security measures, including 2FA and cold storage. However, it lacks regulation from major financial authorities, which might be a concern for some investors.

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’ve extensively evaluated CoinsBank and can confidently share my insights. For individuals new to cryptocurrencies or those seeking a multifunctional platform, CoinsBank stands out with its user-friendly interface and versatile offerings, including wallets, cards, and merchant services. However, it’s crucial to be aware of the higher transaction fees and the limited information about the team behind the scenes. These factors should be carefully considered when deciding if CoinsBank aligns with your trading and investment needs. Overall, if convenience and a variety of services are your priority, CoinsBank could be a suitable choice.

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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.