bitFlyer exchange may not be as popular as Binance, however, it is among the top one hundred exchanges by market cap on the rating site Coinmarketcap.
BitFlyer exchange at a glance is a crypto exchange based in Japan, but in operation, it also spans Europe and the United States.
Although not the largest in the world, this exchange is the largest in Japan to be regulated by the Japan Financial Services Agency.
Today’s trading volume even reached $40,239,607.92 equivalent to 1,010 BTC the biggest trade of the BTC/JPY pair with a lead volume of 59.13%.
Contents
- 1 BitFlyer exchange explained
- 2 BitFlyer exchange company overview
- 3 History
- 4 Founder bitFlyer exchange
- 5 How does bitFlyer work?
- 6 What coins does bitFlyer support?
- 7 Where is bitFlyer located?
- 8 bitFlyer fee
- 9 Security
- 10 How to register bitFlyer?
- 11 Are bitFlyers safe?
- 12 BitFlyer pros and cons
- 13 Final thought
BitFlyer exchange explained
BitFlyer exchange is a regulated cryptocurrency and financial asset exchange operator. allows users to trade crypto assets with fiat currencies JPY, EUR, and USD. Besides that, it also allows the purchase of crypto assets with other payment methods such as bank cards.
The exchange is very popular in Japan and reaches its clients in Europe and the United States. BitFlyer partners with Sumitomo Mitsui Banking Corporation with the largest shareholder bitFlyer Holdings, Inc.
Due to regulatory differences between Japan, Europe, and the United States, bitFlyer’s services differ somewhat. Although they all have a beginner-friendly platform.
BitFlyer exchange company overview
BitFlyer’s official name is bitFlyer Inc. Established on Jan 9, 2014 bitFlyer started with a capital of 4,102,380,000 JPY (including capital reserves). The president of bitFlyer exchange is Masaaki Seki, with the company address at Midtown Tower, 9-7-1 Akasaka, Minato-ku, Tokyo 107-6233.
Official website https://bitflyer.com/en-jp/. BitFlyer Inc. obtains a license as a Crypto-asset Exchange Service Provider Registration No.: Director of the Kanto Finance Bureau No.00003 and Type 1 Financial Instruments Business Registration No.: Kanto Local Finance Bureau(FIBO) No.3294.
bitFlyer Inc. is a subsidiary of bitFlyer Holding Inc. which was established on October 1, 2018, with a capital of 5,000,000,000 JPY (including capital reserves).
The president of bitFlyer Holding Inc is the same person, Masaaki Seki. The position of Director is held by Hajime Iizuka and Joel Edgerton. And those who hold the position of Auditing Committee Director are Masayuki Shimura, Osamu Higuchi, and Satoshi Saito.
History
BitFlyer is trying to rebuild the glory of the largest crypto exchange Mt Gox which operated from 2010 to 2014. After this exchange declared bankruptcy due to a major hack that caused losses of more than $460 million.
In its heyday, Mt Gox held the largest Bitcoin transactions up to 70%. However, due to the hacking, the company went bankrupt and could not survive.
BitFlyer came into existence in 2014 trying to rebuild crypto and financial asset exchange in Japan and managed to become the largest in the country.
In 2018 this exchange tested to expand the European and US markets. Here in Europe, it has the brand name bitFlyer Europe and in the United States, it has the brand name bitFlyer US.
Founder bitFlyer exchange
The founders of bitFlyer exchange are Yuzo Kano and Takafumi Komiyama, both of whom have experience working at Goldman Sachs.
Yozo Kano is a graduate student from the School of Engineering at the University of Tokyo in 2001. Worked at Goldman Sachs as an Equities Derivatives and Convertible Bonds Trader.
In Japan, he also served as representative director of the Japan Blockchain Association (JBA). And was a member of the BC System Evaluation Audit Review Committee of the Ministry of Economy.
Takafumi Komiyama worked at Goldman Sachs as a developer and became an Executive officer at bitFlyer. And served as CTO at the bitFlyer blockchain.
According to Crunchbase., he also has a hub for East Ventures Portfolio Companies, East Ventures Portfolio Companies, Asia-Pacific (APAC) FinTech Companies Logo, Asia-Pacific (APAC) FinTech Companies, Digital Currency Group Portfolio Companies Logo, Digital Currency Group Portfolio Companies, Asia Crowdfunding Companies Logo Asia Crowdfunding Companies, Private Japan Companies (Top 10K) Logo, Private Japan Companies (Top 10K), Venture Labo Investment Portfolio Companies Logo, Venture Labo Investment Portfolio Companies, Goldman Sachs Alumni Founded Companies Logo Goldman Sachs Alumni Founded Companies, Asia-Pacific (APAC) Crowdfunding Companies Logo Asia-Pacific (APAC) Crowdfunding Companies, Bitcoin Companies Logo, Bitcoin Companies.
How does bitFlyer work?
BitFlyer exchange provides a cryptocurrency trading service that offers spot trading and bitFlyer Lighting. Spot trading is an instant trade that allows a user to start buying at a low price and make a profit when selling at a high price.
BitFlyer Lighting gives users the opportunity to use leverage, up to 1:2. This allows users to profit from buying and selling positions that are different from spot trading without leverage, which can only profit by buying first.
BitFlyer Lighting allows users to double their profits using the same funds, but margin trading also has the potential to increase risk.
using the bitFlyer platform allows users to send and receive crypto assets via QR codes by registering an external wallet address.
Platform trading bitFlyer
The bitFlyer Lightning platform may seem complicated at first, but once you get the hang of it it gets a lot easier. The platform displays the usual price charts as well as a book of orders and transactions.
The platform also allows users to chat with other members, add funds to an account, choose a theme, use the API from bitFlyer, or create trade alerts.
Mobile apps platform
Other support for trading crypto assets bitFlyer also provides a mobile application that supports Android and iOS operating systems.
On the mobile platform, the application for Android is the minimum requirement to have an operating system Android v7.0 or higher. User satisfaction from all reviews on Play store bitFlyer installed more than 500 thousand downloads with a rating of 4.6.
While the mobile application platform with the iOS operating system requires a minimum version of iOS 14.00 or later. The bitFlyer app on the Apple Store gets a 4.3 rating from hundreds of users.
What coins does bitFlyer support?
Apart from providing Bitcoin as a tradable crypto-asset, bitFlyer also provides a number of other Altcoins, though not as comprehensive as the Binance exchange.
The bitFlyer platform provides altcoins other than Bitcoin as follows:
- Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Litecoins (LTC), Lisk (LSK), Monacoin (MONA), Stellar Lumens (XLM), Basic Attention Token (BAT), Tezos (XTZ), and Polka dots (DOT).
- Keep in mind that these Altcoins are available on bitFlyer Japan, while on bitFlyer Europe, Ripple and BAT are unavailable. Likewise, on the bitFlyer USA platform, Monnacoin, Lisk, Ripple, and BAT are unavailable.
To access the available markets, users must log in to an account which can then view the dashboard to access all available features, buy instantly, buy or sell Bitcoin and altcoins, access bitFlyer Lightning, account funding, and settings.
Where is bitFlyer located?
BitFlyer exchange which was originally based in Japan. Then the company expands its business in Europe and the United States.
BitFlyer’s head office in Japan is located at Midtown Tower, 9-7-1 Akasaka, Minato-ku, Tokyo 107-6233. While bitFlyer USA is located in California US. And bitFlyer Europe’s location is at bitFlyer EUROPE S.A., 14, Rue Erasme L-1468 Luxembourg, Grand Duchy of Luxembourg.
- The bitFlyer Japan website address is https://bitflyer.com/en-jp/.
- While the bitFlyer European website address is https://bitflyer.com/en-eu.
- And the bitFlyer United States website address is https://bitflyer.com/en-us/.
The appearance of the European bitFlyer website at a glance is similar to the bitFlyer USD website. While the Japanese bitFlyer website has a slightly different background and website menu appearance.
bitFlyer fee
BitFlyer’s general fee description uses a tiered system. The larger the transaction volume, the lower the fee charged. There is no fee to register account and maintenance fees, aka free.
However, for withdrawals, a fee will be charged depending on the crypto asset to be withdrawn.
While the deposit fee is free but depends on the selected payment system. SEPA transfer deposit is free, but not if you use Paypal, it will incur a fee of about 4.9% in a transaction.
Japan bitFlyer fee
You can find a complete list of bitFlyer Japan fees at https://bitflyer.com/en-jp/commission.
Although the three jurisdictions of Japan, Europe, and the US have a similar fee concept, the amount of the fee is different in each jurisdiction. For Japanese bitFlyer fees, makers and takers there is a fee of 0.15% on Lightning spots. which also depends on the altcoins traded.
Bitcoin transaction fees are 0.0004 BTC, Ethereum 0.005 ETH, Ethereum classic 0.005 ETC, Litecoin 0.001 LTC, Bitcoin cash 0.0002 BCH, Monnacoin free, Lisk 0.1 LSK, Ripple free, Basic Attention Token 5 BAT, Stellar lumens free, NEM 3 XEM, Tezos 0.1 XTZ, Polkadot 0.1 DOT, Chainlink 1 LINK.
The deposit fee via SBI Sumishin Net Bank is free, but apart from that, there is a fee of 330 JPY including tax.
Withdrawals under 30 thousand JPY are subject to a 220 JPY fee including tax for Mitsui Sumitomo Bank customers. Above 30 thousand JPY subject to 440 JPY including tax. Using another bank is subject to higher fees.
USA bitFlyer fee
Details of the bitFlyer USA fee can be found at https://bitflyer.com/en-us/commission.
The highest fee on Lightning Spot is 0.10%, for trades under $50K USD. Larger trading volume fees can reach as low as 0.03% on transactions above $500 million.
Fees for altcoin withdrawals are the same as the fees applied to bitFlyer Japan, where Bitcoin withdrawals are subject to a fee of 0.0004 BTC, Ethereum 0.005 ETH, Ethereum classic 0.005 ETC, Litecoin 0.001 LTC, Bitcoin cash 0.0002 BCH, Basic Attention Token 5 BAT, Stellar Lumens free, Tezos 0.1 XTZ, Polkadot 0.1 DOT.
Europe bitFlyer fee
Details of the bitFlyer Europe fee can be found at https://bitflyer.com/en-eu/commission.
The maximum Lightning spot fee is 0.20% for transactions under 1 million Euros. Volumes above €10 million are subject to a 0.10% fee only.
For withdrawal of altcoin fee, same as Japanese and US bitFlyer. Deposits via SEPA transfer are free, but fees are charged on deposits with Paypal of 4.9% + €0.35 PayPal fees per transaction. Additional 1% fee for users outside the European Economic Area.
Security
BitFlyer reputation so far no word that this exchange was hacked. Obviously, this builds a better security system than Mt Gox which fell due to the hack event.
Some of the security systems developed by BitFlyer include: using SSL encryption, web application firewall, IP Anycast, multi-signature bitcoin addresses, proprietary Bitcoin daemon, segregation of customer funds, customer funds stored in Cold wallets for more than 80%.
Meanwhile, for additional security, users can activate 2-factor authentication for login and withdrawal, in addition to using a strong password.
How to register bitFlyer?
The initial process of registration is to click the Create Account button in the upper right corner of the site page. It requires a valid email address, then clicks the Signup for free button.
After that a dialog box will appear, you have to check your email and copy the code sent by bitFlyer then paste it into the dialog box to continue.
Before agreeing to registration, you should read the Terms of Use, as this may be a risky trade. If you do not agree you cannot continue to the next process, but if you agree you can go to the next process.
Are bitFlyers safe?
BitFlyer is a regulated exchange, its high-security rating gives satisfaction to users who have used their platform.
Unfortunately, not all countries can register with this exchange, as BitFlyer generally only operates in three jurisdictions, Japan, Europe, and the US.
In addition, BitFlyer uses segregated accounts to separate customer funds from the company’s operating funds, and because this is regulated, in the event of a hack the company will indemnify the customer.
BitFlyer pros and cons
Pros
- Never been hacked, allows a high level of security.
- The platform is easy to use for both beginners and pros.
- Low trading fees.
Cons
- The choice of crypto assets is limited.
- The mobile application does not support advanced trading.
Final thought
BitFlyer is the number 1 exchange in Japan. It rebuilds Mt Gox which was once victorious in its time but eventually went bankrupt after the hack.
Using encrypted SSL, BitFlyer sites are considered safe from hacking. And so far this exchange hasn’t been hacked.
Note: this article is for informational purposes only, not an investment solicitation or advice. Forex, crypto, and CFD are risky trades. Each investor is responsible for his own investment.
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