Bitflyer Review 2024

Autor

Revisor

Last update: 9 months ago

Our veredict

BitFlyer presents as a robust platform especially for those new to the cryptocurrency space, boasting user-friendly features that enhance accessibility. One of the strongest points of BitFlyer is its commitment to security, highlighted by its regulatory compliance across multiple jurisdictions, including Japan, the US, and Europe. This compliance not only reassures users of its legitimacy but also ensures a secure trading environment through stringent measures.

On the flip side, while BitFlyer supports a good range of popular cryptocurrencies, its offerings might not be as extensive as some of the larger global exchanges, which could be a limitation for users looking to trade more exotic or less common cryptocurrencies. Additionally, BitFlyer has faced criticism for having relatively high fees compared to its competitors and for a trading platform that might not be as advanced or feature-rich as those found on other major exchanges. These aspects might deter more experienced traders looking for lower costs and more complex trading tools. Overall, BitFlyer is a reliable choice for beginners prioritizing security and ease of use but might not fully satisfy the needs of more advanced traders seeking depth in trading options and cost efficiency.

Pros

Cons

Investing risks losing your money

4,5

Threenvest Score

Fees

0,10%

U.S Legal

Yes

With the confidence of Threenvest

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.

Best Crypto Exchanges

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About BitFlyer Exchange

BitFlyer, established in Japan, has swiftly risen to prominence as a major player in the global cryptocurrency exchange market. Founded by former Goldman Sachs employees, the exchange emphasizes security and regulatory compliance, gaining the trust of both novice and experienced traders worldwide.

What is BitFlyer?

BitFlyer is a cryptocurrency exchange that provides a platform for trading various digital assets. It is known for its rigorous security measures and deep liquidity, which ensures that traders can buy and sell large volumes of cryptocurrency without significant price slippage.

Background and History

Launched in 2014, BitFlyer was designed with a clear focus on compliance and security, reflecting Japan’s strict regulatory environment for financial services. The platform quickly expanded beyond Japan, entering the U.S. and European markets and adhering to their respective regulatory frameworks. This expansion was part of a broader strategy to capture a significant share of the global crypto trading market, emphasizing its secure trading environment.

Founders

The founding team of BitFlyer includes Yuzo Kano, a former Goldman Sachs trader, and Takafumi Komiyama, a former Mitsubishi UFJ Morgan Stanley Securities employee. Their background in traditional finance helped shape BitFlyer’s approach to security and regulatory compliance, distinguishing it from competitors.

Fun Facts

BitFlyer was one of the first exchanges to hold licenses to operate across Japan, the US, and Europe, showcasing its global compliance capabilities.
The exchange played a pivotal role in forming the Japan Blockchain Association, which helps guide the country’s regulatory approach to cryptocurrency.

This comprehensive approach to secure, regulated trading makes BitFlyer a reliable choice for traders looking for a safe environment to conduct cryptocurrency transactions.

Why Choose Bitflyer?

BitFlyer is a stellar choice for cryptocurrency enthusiasts for several compelling reasons. Firstly, its user-friendly interface is a standout feature, simplifying the trading process for newcomers and enhancing the experience for seasoned traders. This ease of use, combined with comprehensive educational resources, makes it an attractive option for those just beginning their cryptocurrency journey.

Secondly, BitFlyer’s rigorous adherence to regulatory standards across multiple jurisdictions not only reinforces its reliability but also provides a layer of security that is critical in the digital assets space. Users can trade with confidence knowing they are on a platform that values and ensures the safety of their investments.

Lastly, BitFlyer offers robust customer support. This feature is crucial as it ensures that users’ concerns and queries are addressed promptly, enhancing their overall trading experience. Whether you are looking to make your first cryptocurrency purchase or are an experienced trader seeking a reliable platform, BitFlyer offers the tools and security to meet your trading needs effectively.

Where it falls short

BitFlyer, while a reputable exchange, faces certain challenges that could be improved to enhance user satisfaction and market competitiveness. Firstly, the limited selection of cryptocurrencies is a notable drawback. As the crypto market expands, users increasingly seek diverse trading options, including lesser-known altcoins and emerging digital assets. Expanding its asset offerings could attract a broader user base and meet the evolving demands of the market.

Secondly, BitFlyer’s fee structure, particularly for trading and withdrawals, is perceived as higher compared to some of its competitors. This can deter cost-sensitive traders, especially those who engage in frequent trading. Implementing a more competitive and transparent fee structure could improve its appeal, encouraging higher trading volumes and greater user retention.

Features	Explanation
Minimum Trade	BitFlyer allows relatively low minimum trades, making it accessible for beginners.
Trading and Transaction Fees	Fees are slightly higher than average, which may deter frequent traders.
Number of Cryptocurrencies	Offers a moderate selection of major cryptocurrencies, but lacks variety in altcoins.
Crypto-to-Crypto Trading Pairs	Supports a solid range of trading pairs, suitable for most traders’ needs.
Website Transparency	High transparency regarding security practices and compliance, fostering user trust.
Credit/Debit Card	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.
Storage Offering	Provides secure cold storage options, ensuring safety for user funds.
Staking and Rewards	Offers basic staking features and rewards but not as extensive or competitive as other exchanges.
Mobile App and Desktop	Both mobile and desktop platforms are user-friendly, well-designed, and reliable.
Customer Service	Generally responsive and helpful customer service, though some users may experience delays.
Deposit and Withdraw	Efficient deposit and withdrawal processes, but could be improved with more payment methods.

Investing risks losing your money

Xavier Tarrasó

EIP and Cryptocurrency Investor

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.

Fees

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.

Pros

Transparent Fee Structure: BitFlyer maintains a clear and straightforward fee schedule, making it easy for users to understand what they will be charged.
Competitive Bitcoin Fees: For Bitcoin transactions, BitFlyer's fees are competitive, which can be particularly advantageous for frequent BTC traders.
No Hidden Charges: The exchange prides itself on having no hidden fees, ensuring traders know exactly what costs they are incurring.

Cons

Higher Fees for Altcoins: Compared to Bitcoin, the fees for other cryptocurrencies might be relatively higher, which could be a drawback for traders looking to diversify their portfolios.
Lack of Fee Discounts: Unlike some other exchanges, BitFlyer does not offer lower fees for high-volume traders or those using the exchange's native tokens, which could limit its appeal to professional traders.

Trading Commissions

BitFlyer’s trading fees are relatively straightforward, generally around 0.1% to 0.15% per transaction for most users, which aligns closely with industry standards. However, these rates can vary depending on the volume of transactions and the specific market. For high-volume traders, the exchange offers a tiered fee structure, incentivizing larger trades with lower fees. This tiered system is particularly beneficial for professional traders and institutions that operate with high capital and transaction frequencies.

Hidden Commissions

Unlike many competitors, BitFlyer prides itself on transparency and does not hide additional fees in its pricing structure. This approach enhances trust among its user base but requires users to be aware of potential costs associated with withdrawal and non-trading activities, which might not be as prominently displayed as trading fees.

Comparative Analysis

When compared to other major exchanges, BitFlyer’s fees are competitive for Bitcoin trading but may be on the higher side for other cryptocurrencies and special trading options like futures and derivatives. This aspect of BitFlyer’s fee structure might deter traders looking for low-cost trading solutions across a wide range of crypto assets.

Market Context

It’s essential to contextualize BitFlyer’s fees within the broader market dynamics. The cryptocurrency trading landscape is highly volatile, and while BitFlyer’s fees might seem higher in some cases, they fund robust security measures and regulatory compliance, which can safeguard investments amidst market fluctuations.

Strategic Implications

For traders, understanding BitFlyer’s fee structure is crucial for strategic planning. The clarity and predictability of the fee schedule allow traders to calculate potential costs upfront, aiding in more accurate budgeting and profitability analysis.

Conclusion

In summary, BitFlyer presents a fee structure that balances competitiveness with high operational standards. While its fees are not the lowest in the market, they support a secure and compliant trading environment. Traders and investors considering BitFlyer should weigh these fees against the benefits of enhanced security and regulatory assurance, which can be decisive factors in the turbulent realm of cryptocurrency trading. This analysis positions BitFlyer as a suitable choice for those who value transparency and stability in their trading platform.

Product selection

BitFlyer offers a diverse range of services and products designed to cater to both novice and experienced cryptocurrency traders. The platform is particularly noted for its strong emphasis on security and regulatory compliance, which are integral to its operations. BitFlyer’s core offerings include spot trading, where users can buy and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin directly. Additionally, the exchange provides advanced trading options such as futures and options trading, allowing users to speculate on the future prices of cryptocurrencies. These derivatives are popular among more experienced traders looking for hedging strategies or greater exposure to the crypto markets without the need to hold the underlying assets. BitFlyer also supports various funding and withdrawal methods, including bank transfers and credit card payments, making it accessible and convenient for users worldwide. This comprehensive approach to cryptocurrency trading ensures that BitFlyer remains a competitive and appealing choice for those looking to engage with the digital currency space.

Pros

Advanced Trading Options: BitFlyer provides a range of advanced trading options, including futures and options trading. These offerings cater well to experienced traders looking for more complex trading strategies.
User-Friendly Interface: The platform is known for its intuitive interface, which makes it easy for beginners to navigate and execute trades effectively.
Strong Regulatory Compliance: BitFlyer operates with a high degree of compliance to regulatory standards, particularly in Japan, the USA, and Europe, enhancing its trustworthiness and reliability for users.

Cons

Limited Cryptocurrency Selection: Compared to other leading exchanges, BitFlyer offers a relatively limited selection of cryptocurrencies, which might be a drawback for users looking to trade a broader array of digital assets.
Higher Fee Structure: Although BitFlyer provides high security and regulatory compliance, its fee structure is comparatively higher than some of its competitors, which could be a deterrent for cost-sensitive traders.

Read more about product selection in Bitflyer

BitFlyer, as a versatile cryptocurrency exchange, offers a robust selection of services and products that cater to both novice and experienced traders. Here’s an extensive overview of what BitFlyer brings to the table:

Services and Products Available

Spot Trading: BitFlyer allows users to buy and sell a variety of cryptocurrencies at current market prices. This includes major cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Futures Trading: The platform offers Bitcoin futures, which are agreements to buy or sell Bitcoin at a future date at a price that is predetermined.
Options Trading: BitFlyer provides options trading, giving traders the right, but not the obligation, to buy or sell a cryptocurrency at a set price before a certain date.
Leveraged Trading: For those looking to amplify their trading outcomes, BitFlyer offers leveraged trading options, allowing users to borrow funds to increase their trading position.
Margin Trading: This feature enables traders to trade cryptocurrencies using funds borrowed from a third party, offering the potential for higher profits but also greater risks.
BitFlyer Lightning: This is an advanced trading platform for Bitcoin and other cryptocurrencies with complex charting tools, technical indicators, and a suite of order types.
Cryptocurrency Wallet: BitFlyer offers a secure wallet service to store, manage, and trade cryptocurrencies directly from your BitFlyer account.
API Access: For developers and algorithmic traders, BitFlyer provides API access, enabling users to automate trading strategies and integrate their own software tools.
Mobile App: BitFlyer’s mobile app allows for trading on-the-go with full features, including deposits, withdrawals, order placement, and account monitoring.
Educational Resources: The platform provides resources for learning about cryptocurrencies and trading strategies, catering especially to beginners.
Market Insights: BitFlyer offers market insights, analysis, and news to keep users informed about the latest market developments and potential investment opportunities.
Security Features: With a focus on security, BitFlyer implements advanced security measures such as two-factor authentication, encryption, and cold storage of digital assets.
Regulatory Compliance: Ensuring compliance with regulatory requirements in multiple jurisdictions to provide a safe and trustworthy trading environment.

Comprehensive Offerings

BitFlyer’s extensive range of products and services ensures that it can meet various trading needs and preferences, from basic buying and selling of cryptocurrencies to more advanced trading mechanisms like futures and options. This breadth of offerings positions BitFlyer as a comprehensive platform suitable for a diverse user base, from casual traders to financial institutions. Each of these services is designed with user experience in mind, ensuring that even those new to cryptocurrency trading can navigate the platform with ease. By maintaining a focus on education, security, and user-friendly design, BitFlyer not only attracts new traders but also retains experienced traders looking for reliable and sophisticated trading tools.

Account opening

To open an account on bitFlyer, the process is designed to be straightforward and fully digital. Users begin by registering on the bitFlyer website, providing basic personal information such as their name, email address, and phone number. Next, they must verify their identity by uploading a government-issued ID and a proof of residence document, like a utility bill. After this, users need to set up two-factor authentication for enhanced security. Once these steps are completed, the account is typically approved within a day, allowing users to start trading cryptocurrencies immediately. The process is user-friendly and efficient, making it accessible even for beginners.

Pros

Streamlined Verification Process: BitFlyer's account verification is efficient, requiring only essential documentation which facilitates a quick start for new users.
Educational Resources: For beginners, BitFlyer offers comprehensive educational materials that help them understand the platform and the basics of cryptocurrency trading, enhancing user experience and confidence.
Robust Security Protocols: During account setup, BitFlyer employs rigorous security measures such as two-factor authentication (2FA) and SSL encryption, ensuring a high level of security for user data and funds.

Cons

Regulatory Requirements: The stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, while necessary for compliance and security, can be a barrier for users looking for quick and anonymous access.
Limited Accessibility in Some Regions: BitFlyer, due to its compliance with local regulations, isn't available in all countries. This geographical restriction can limit access for potential users in regions not serviced by BitFlyer.

Read more about account opening in Bitflyer

BitFlyer’s account opening process is designed to be both secure and user-friendly, catering to users ranging from cryptocurrency novices to seasoned traders. Here’s a detailed overview of how to get started with BitFlyer, from signing up to making your first cryptocurrency purchase, including the types of accounts available and a guide on using the platform:

How to Sign Up on BitFlyer

Visit the BitFlyer Website: Start by navigating to the BitFlyer website and clicking on the “Sign Up” button.
Enter Your Details: Fill out the registration form with your email address, create a password, and provide any other required information such as your name and country of residence.
Email Verification: After submitting the form, you’ll receive a verification email. Click the link in the email to verify your address.

Opening An Account

Complete KYC Process: To fully activate your account, complete the Know Your Customer (KYC) process by submitting the required documents, such as a government-issued ID and proof of address. This step is crucial for compliance with regulatory standards and ensures the security of your transactions.
Set Up Security Measures: Implement additional security measures offered by BitFlyer, including two-factor authentication (2FA) to further secure your account.

How to Buy Your First Cryptocurrency

Deposit Funds: Once your account is set up, deposit funds into your account. BitFlyer supports various deposit methods including bank transfers and credit/debit cards.
Navigate to the Trading Interface: Access the trading platform where you can view the different cryptocurrencies available for purchase.
Place a Buy Order: Select the cryptocurrency you want to purchase, enter the amount you wish to buy, and place your order. You can choose between market and limit orders based on your trading strategy.

Account Types

BitFlyer offers different types of accounts to cater to various user needs:

Basic Account: Suitable for beginners, allowing users to trade with limited features.
Trade Account: Offers full trading features, including advanced options for experienced traders.

How to Use BitFlyer?

Navigating the Platform: The user interface is designed for ease of use. Explore the dashboard to view your portfolio, access trading tools, and manage your account settings.
Utilizing Trading Tools: Take advantage of the trading tools and charts available on BitFlyer to analyze market trends and make informed trading decisions.

Registration and KYC

Completing Registration: Follow the prompts after your initial sign-up to complete your registration.
KYC Verification: Provide the necessary documentation to verify your identity and enhance the security of your account.

This comprehensive guide to starting with BitFlyer is designed to help even those new to cryptocurrencies easily navigate the process of setting up an account and engaging in trading activities, ensuring a smooth and secure entry into the world of digital currencies.

Security

BitFlyer employs a multi-layered security approach to safeguard its platform and user assets, combining advanced encryption technology, two-factor authentication (2FA), and cold storage practices. The majority of customer funds are stored offline in cold wallets, which are isolated from any online system and thus highly resistant to hacking attempts. BitFlyer also utilizes the latest SSL encryption to protect user data during transmission and adheres to strict compliance protocols to ensure regulatory security standards are met. Additionally, the platform conducts regular security audits and risk assessments to identify and mitigate potential vulnerabilities, maintaining a proactive stance in its security operations to stay ahead of emerging cybersecurity threats. This comprehensive security infrastructure underscores BitFlyer’s commitment to providing a secure trading environment.

Pros

Robust Cold Storage Practices: BitFlyer stores the majority of user funds in cold wallets, which are offline and highly secure from unauthorized access and potential cyber threats. This practice significantly reduces the risk of hacking and theft.
Regular Security Audits: BitFlyer conducts regular security audits and comprehensive risk assessments to identify and address potential vulnerabilities. This proactive approach helps maintain a secure trading environment and instills confidence among its users.
Advanced Encryption and Security Protocols: The platform employs state-of-the-art SSL encryption to protect users' data during transmission. Additionally, BitFlyer uses two-factor authentication (2FA) for all accounts, enhancing the security of user logins and transactions.

Cons

Complexity for Users: While the enhanced security measures provide significant protection, they can also introduce complexity for users, particularly for those who are not tech-savvy. The additional security steps might complicate the user experience, especially during account setup and recovery processes.
Limited Transparency on Security Updates: Although BitFlyer is proactive in its security operations, there might be limited transparency regarding the specifics of security updates and the frequency of audits. More detailed communication about these practices could further reassure users about the safety of their investments.

Is BitFlyer Legit?

BitFlyer is indeed a legitimate cryptocurrency exchange that has established a strong reputation for compliance and security. Founded in Japan, a country known for its strict regulatory standards for cryptocurrency operations, BitFlyer operates under the oversight of the Financial Services Agency (FSA). This oversight ensures that BitFlyer adheres to rigorous financial regulations, including anti-money laundering (AML) and counter-terrorism financing (CTF) standards.

Regulation and Licensing

BitFlyer is licensed to operate in Japan, the United States, and Europe, showcasing its commitment to complying with international regulatory frameworks. In the U.S., it is registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), further emphasizing its focus on legal compliance.

Is BitFlyer Safe?

Security Measures: BitFlyer implements several advanced security measures to protect user assets and personal information. These include:

Cold Storage: The majority of customer funds are stored in cold wallets, which are offline and highly secure.
Encryption and Data Protection: Utilizes SSL encryption to secure data transfers.
Two-Factor Authentication (2FA): Mandatory for all users, enhancing security at login and withdrawal stages.

Security History: BitFlyer has a strong track record of security, with no significant breaches reported. This history underlines its effectiveness in protecting user assets against potential cyber-attacks and system vulnerabilities.

Conclusion

Given its comprehensive security measures, regulatory compliance, and a clean historical record, BitFlyer represents a secure platform for cryptocurrency trading. Its adherence to international regulatory standards and proactive security policies make it a trustworthy choice for traders seeking a safe trading environment. However, users should remain vigilant and employ best practices for personal security to complement the platform’s measures.

Customer service

Customer Service Overview bitFlyer offers a comprehensive customer service experience, designed to cater to both novice and experienced cryptocurrency traders. The exchange provides multiple channels for customer support, including email, live chat, and phone support. Users can reach out for help regarding account issues, trading queries, or general platform information. The customer service team is known for being responsive and helpful, often resolving issues promptly. However, the availability of customer service is typically within standard business hours, which may limit immediate assistance during off-hours. User Reviews and Satisfaction User reviews of bitFlyer’s customer service are generally positive, highlighting the efficiency and professionalism of the support team. Many users appreciate the quick response times and the knowledgeable assistance provided. The live chat feature is particularly praised for its convenience and speed. However, some users have reported occasional delays in email responses, especially during peak times or major market events. Overall, bitFlyer maintains a strong reputation for customer support, with continuous efforts to improve service quality and user satisfaction.

Pros

Multiple Support Channels: BitFlyer offers a variety of customer support channels, including real-time chat, email, and a comprehensive FAQ section. This diversity ensures that users can choose the most convenient way to get help, depending on their needs.
Knowledgeable Support Staff: The support team at BitFlyer is noted for being well-informed and capable of handling a wide array of issues, providing accurate and helpful information to users' queries.
Quick Response Times: Users often praise BitFlyer for its quick response times, especially via live chat. This is crucial in the cryptocurrency market, where timing can be essential, and issues need to be resolved promptly to avoid potential losses.

Cons

Delays During Peak Times: Some users have reported experiencing delays in receiving support during peak trading times or when the platform experiences high traffic. This can be frustrating for users needing immediate assistance.
Complex Issues Require More Follow-Up: While BitFlyer handles basic inquiries efficiently, more complex issues may require multiple interactions or longer wait times to reach a resolution. This can lead to a less satisfactory experience for users facing complicated problems.

Read more about customer service in Bitflyer

BitFlyer’s commitment to customer service is a critical part of its appeal, offering a robust support system to assist users with their trading needs. Here’s a detailed look at the various facets of BitFlyer’s customer service:

Customer Support

BitFlyer provides comprehensive customer support designed to address the needs of both novice and experienced traders. The support team is equipped to handle a wide range of issues, from account management and security concerns to specific trading queries.

Reputation and Customer Feedback

Positive Feedback: Users frequently commend BitFlyer for its user-friendly platform and responsive customer service. Many appreciate the quick resolution of issues and the professionalism of the support staff.
Constructive Criticism: Some users note that while general support is efficient, more complex issues can sometimes take longer to resolve, suggesting a need for more specialized support for intricate problems.

Methods of Contact

BitFlyer offers several methods for users to seek support:

Live Chat: Available directly on the platform, offering real-time assistance during trading hours.
Email Support: Users can contact BitFlyer via email, which is useful for detailed inquiries that require thorough explanations.
FAQ Section: The website hosts an extensive FAQ section that covers a broad spectrum of topics, helping users quickly find answers to common questions.

Response Time

Live Chat: Typically, BitFlyer responds within a few minutes through live chat, providing swift support for urgent inquiries.
Email: Responses via email can vary, generally taking from a few hours up to a day depending on the complexity of the issue and the volume of inquiries being handled.

Additional Support Needs

Multi-language Support: Considering BitFlyer’s global user base, offering support in multiple languages could enhance accessibility and user satisfaction.
Dedicated Support for Complex Issues: Implementing a tiered support system, where more complex issues are escalated to specialized teams, could improve the resolution time and effectiveness of support provided.

BitFlyer’s customer service is designed to ensure that users have a positive trading experience, with multiple support channels that enhance accessibility and satisfaction. Continuously refining these services, especially in handling complex issues more efficiently, will further bolster BitFlyer’s reputation as a user-centric platform.

Is bitflyer Right for You?

Regulatory Compliance and Security: If security and regulatory compliance are top priorities for you, BitFlyer might be an excellent choice. The platform is known for its strict adherence to regulatory requirements across multiple jurisdictions, including Japan, the USA, and Europe. This compliance ensures a secure trading environment with robust protections for user assets and data. If you value peace of mind knowing that your chosen exchange operates within the bounds of regulatory frameworks, BitFlyer stands out as a reliable option.
Trading Tools and Interface: Consider your experience level and trading needs. BitFlyer offers an intuitive user interface that is suitable for beginners, yet it also provides advanced tools and features that cater to more experienced traders. This includes a variety of order types, advanced charting tools, and competitive trading options like spot and futures trading. If you’re seeking an exchange that balances ease of use with advanced functionality, BitFlyer can meet these requirements effectively.
Fee Structure: Evaluate how the fee structure aligns with your trading frequency and volume. BitFlyer’s fees are competitive for major market pairs but might be on the higher side for less common trades or smaller volumes. If you’re an active trader who plans to execute frequent transactions, it’s crucial to consider how these fees could impact your overall profitability. BitFlyer’s fee structure is transparent, making it easier to calculate potential costs upfront, which is beneficial for planning your trading strategy.

By considering these points—security, user interface and tools, and the fee structure—you can make a more informed decision about whether BitFlyer aligns with your trading needs and preferences.

Bitflyer compared to other crypto exchanges

Threenvest score

4,5

Fees

0,10%

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

Threenvest score

4,8

Fees

≤0,10%

US Legal

Security

High 4,9/5

Investing risks losing your money

binance us

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

Available cryptocurrencies and countries available

BitFlyer offers a selection of major cryptocurrencies, focusing primarily on the most widely used and established digital assets. The exchange currently supports trading in over 10 different cryptocurrencies, including major players like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). However, it’s worth noting that BitFlyer does not offer some of the newer or less mainstream cryptocurrencies, such as Cardano (ADA) or Polkadot (DOT), which might be available on other platforms.
Regarding geographic availability, BitFlyer operates in several key markets, including Japan, the United States, and various countries across Europe. These regions benefit from BitFlyer’s compliance with local regulations, ensuring a secure and regulated trading environment. However, there are significant markets where BitFlyer does not currently offer services, including Canada, Australia, and some countries in Asia and Africa. This limitation means potential users from these regions cannot open accounts on BitFlyer, which might direct them towards other global exchanges that support a broader geographic reach.
For traders whose investment strategies focus on major cryptocurrencies and who reside in the regions where BitFlyer is available, the platform offers a robust and compliant trading environment. However, those interested in a wider range of digital assets or residing outside of BitFlyer’s operational countries will need to consider other exchanges.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Monacoin (MONA)
Lisk (LSK)
Stellar Lumens (XLM)
Basic Attention Token (BAT)
Tezos (XTZ)
Cardano (ADA)
Chainlink (LINK)
Polkadot (DOT)
Solana (SOL)
Algorand (ALGO)
Cosmos (ATOM)
Tron (TRX)
Dogecoin (DOGE)
EOS (EOS)

Main countries where you can open an account

Japan – As the home base for BitFlyer, Japan offers full services including a range of crypto trading options and local currency support.
United States – BitFlyer USA caters to American traders, complying with local regulations to provide a secure trading environment.
European Union countries – BitFlyer operates across multiple EU countries, providing services that adhere to European regulatory standards.

FAQs

1. What cryptocurrencies can I trade on BitFlyer?

You can trade various major cryptocurrencies on BitFlyer, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), and more. The platform focuses on well-established cryptocurrencies to ensure stability and liquidity for its users.

2. In which countries is BitFlyer available?

BitFlyer is available in Japan, the United States, and several European Union countries. These regions benefit from full access to BitFlyer’s services, tailored to meet local regulatory standards.

3. How does BitFlyer ensure the security of my investments?

BitFlyer prioritizes security through multiple strategies, including cold storage of the majority of the cryptocurrencies, two-factor authentication (2FA) for all accounts, and advanced encryption technology to protect users’ data and transactions.

4. What are the trading fees on BitFlyer?

Trading fees on BitFlyer vary based on the transaction type and volume. Generally, the platform charges competitive fees for trading, which are outlined in detail on the BitFlyer website under the Fees section.

5. Can I open a BitFlyer account if I live outside Japan, the US, or the EU?

BitFlyer’s services are restricted in countries not covered by their operational licenses due to regulatory reasons. Residents of countries like Canada, Australia, and China, among others, are unable to open BitFlyer accounts.

6. What types of trading does BitFlyer support?

BitFlyer supports several types of trading options, including spot trading, futures trading, and options trading. These offerings cater to different trader needs, from those looking for immediate execution to those planning long-term strategies based on future price movements.

7. How can I contact BitFlyer customer support if I have an issue?

BitFlyer offers customer support through live chat, email, and an extensive FAQ section that provides answers to common questions. The live chat feature is especially useful for getting immediate assistance with urgent issues.

Final opinion on Bitflyer

At Threenvest, we recognize that BitFlyer has established itself as a robust platform, underpinned by a commitment to security and adherence to strict regulatory standards. This dedication makes it a trustworthy choice for traders prioritizing safety and compliance. The exchange’s user-friendly interface and the array of trading options—including spot, futures, and options trading—make it accessible and appealing to a broad spectrum of users, from beginners to more advanced traders. However, BitFlyer’s focus on major cryptocurrencies, while enhancing stability and liquidity, does limit the diversity of assets available to its users. This can be a drawback for those looking to explore emerging cryptocurrencies or engage in trading lesser-known altcoins.

Compared to other major exchanges, BitFlyer’s higher fee structure might deter some cost-sensitive traders, despite the high level of service and security it provides. The platform excels in markets where it operates, particularly in Japan, the USA, and the EU, thanks to its tailored approach to meet regional compliance and market needs. While this regional focus supports unparalleled service quality and user experience in these areas, it does restrict global accessibility. At Threenvest, we believe that for those within its operational footprint looking for a secure and reliable trading environment, BitFlyer offers a compelling choice, though it’s always wise for potential users to weigh these considerations against their specific trading needs and preferences.

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.

Do not invest unless you are fully prepared to lose the entire amount of your investment. This is a high-risk activity, and you should not rely on any guarantees of protection if something goes wrong.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

Investing risks losing your money