bitFlyer Crypto Exchange Explained
Posted by Frank Gogol
If you are looking for a crypto exchange platform to start using, you should not skip over the great opportunities that bitFlyer offers.
In this article, we are going to talk about bitFlyer and how it can make your trades more effective with all its features.
Table of Contents
What is bitFlyer?
bitFlyer is a cryptocurrency exchange that sports a loyal user base among professional traders due to its excellent, beginner-friendly features.
This exchange was first launched in Japan in 2014, founded by former Goldman Sachs employees Takafumi Komiyama and Yuzo Kano. It enjoyed massive success in its first few years of operations and has grown in popularity enough to launch a UK and US platform by the latter months of 2017.
Part of bitFlyer’s success is its beginner-friendly platform. You can start trading with as little as 1 USD with a fully verified account, and it even has a newbie-specific trading feature called Easy Exchange.
It also has extremely low fees, with a base rate of 0.1%. It also employs a leveling system that lowers your trading fees as you go up in trading volume.
bitFlyer also puts a lot of thought into its security, employing industry-standard security protocols and its own innovative approaches to ensuring its userbase’s account safety. Users can also receive excellent support from bitFlyer’s expert team in case something goes wrong.
All things considered, bitFlyer is a sleek, user-friendly, and secure platform that you can use to boost your trading experience. It is no surprise that it enjoys a high level of popularity among its customers, a significant portion of whom are traders in their 20s.
New users have to keep in mind though that bitFlyer is not uniformly available in all countries. Only countries in the three jurisdictions (Japan, US, and EU) can enjoy bitFlyer’s benefits. Different jurisdictions will also have slightly different rates and services available.
How to Use bitFlyer?
Starting bitFlyer is easy and hassle-free. In this section, we are going to discuss the main steps that you can take when trading on bitFlyer.
Registering a bitFlyer account is easy. All you have to do is follow the steps below. The first thing you have to do is go to the bitFlyer platform. Here are the steps:
- Sign up by clicking the white Sign up button on the top right of the interface.
- You will then be brought to a signup window. Provide the information required and click the red “Sign Up For Free!” button.
- Complete your registration by logging in to your email and clicking the link attached to the confirmation email.
Now that you have a fully registered email, you can begin trading on bitFlyer. However, you will not be able to access its full functions unless you complete the KYC verification protocol.
The KYC process will involve stringent identity verification measures that will involve proving your identity by submitting the following:
- Legal identification
- Proof of address
- Most recent photo
- Information on nationality, and
- Contact information
Completing the KYC verification allows you to enjoy unlimited withdrawals and deposits of virtual and fiat currency. After you have completed the KYC measures, you can now access all the features on the platform.
Trade on bitFlyer
Buying and selling on bitFlyer are easy and lightning-fast. There are two types of trading types: Instant Buy, and regular Buy/Sell.
- Instant Buy. This option is a rush buy setting that allows you to instantly purchase crypto with your credit cards.
- Buy/Sell. You also have the option to purchase cryptocurrency using funds that you have manually deposited to your bitFlyer account through a bank transfer or PayPal.
This platform also allows you to use different trading exchanges to earn money. Easy Exchange and Lightning Exchange.
- Easy Exchange. This type of trading platform is for the beginner trader, here you can master all the basic trading tools that you need to know to progress to more complex tools later on.
- Lightning Exchange. This trading platform is for the advanced trader, filled with different advanced tools and trading information that allows you to make efficient lightning-quick trades.
Withdraw Your Money
If you want to get money from your bitFlyer account and transfer it to another wallet or your bank account, you need to make a withdrawal.
Thankfully, this platform allows for accessible, hassle-free withdrawals with minimal fees.
If you have a verified account on bitFlyer, you will not incur any withdrawal limits. Withdrawals to US dollars also will not incur any fees, although it might be a different story if you are going to convert into a different coin as it might depend on the ever-changing market value.
Pros and Cons of bitFlyer
As with any crypto platform, bitFlyer has its pros and cons. Here’s an overview.
- Boasts some of the lowest transaction fees in the industry
- Excellent regulatory compliance ratings
- Includes beginner-friendly tools
- Allows for margin and futures trading
- Allows corporate accounts for institutions
- Only supports a handful of cryptocurrencies
- KYC measures are forcibly implemented
- Does not support advanced trading features in the mobile app
As one of the biggest exchanges in Japan, bitFlyer features top-notch security. One proof of its diligence is the fact that the platform has never suffered hacks or major data leaks. It is also an ethical and responsive platform that offers a robust customer support system.
However, it is a centralized exchange, which means that you do not have complete control over your crypto information, such as how you would in DeFi solutions.
In this section, let us discuss bitFlyer’s major protections that protect its customers against danger:
- SSL Encryption. bitFlyer features high-level encryption to protect all internal and external data assets.
- Web Application Firewall. Prevents unauthorized access to the exchange’s internal systems.
- IP Anycast. This protocol prevents DDoS (Distributed Denial of Service Attacks) by assigning only one IP address to two or more nodes.
- Multi-signature Bitcoin Addresses. Provides multiple levels of identification by requiring multiple private keys in any transaction.
- Proprietary Bitcoin daemon. bitFlyer uses its own daemon instead of a public one to privatize the source code and minimize risk in case the public daemon is compromised.
- Regular System Tests. This exchange frequently conducts safety and stress tests on its system to check that the system is operating in peak conditions.
- Fund Segregation. bitFlyer separates its funds from consumer funds, compartmentalizing resources and reducing exposure.
- Cold Wallet Storage. This exchange stores the majority (80%) of all the assets in its platform on secure offline wallets to prevent exposure.
More than those measures, bitFlyer also consistently scores top marks during regulatory assessments and requires industry-standard account security protocols (2FA, KYC, etc.)
Although this exchange certainly is not perfect in its security measures, bitFlyer customers can reap the benefits of a high level of corporate responsibility from the exchange’s management, a factor that has prevented any major attacks from damaging the exchange.
bitFlyer: The Bottom Line
All things considered, even though bitFlyer has a few glaring limitations, it still enjoys the confidence of many users because of its excellent value proposition. This exchange allows you to make quick and convenient trades at little cost and high security, an aspect that many beginner traders can take advantage of. If this sounds like something you could use, check out bitFlyer today.
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