BitFlyer Exchange Review
bitFlyer is a centralized exchange that occupies #25 on Guru InvestingExchange Tracker. BitFlyer has trading volume US$78,062,090 in the last 24 hours and US$29,965,824,093 in the last 7 days.
BitFlyer currently has 9 cryptocurrencies, 3 paper currencies and 13 markets (cryptocurrency trading pairs). The most popular trading pair on BitFlyer is BTC/JPY.
You can read the full expert review of bitFlyer here: BitFlyer Review.
Compare bitFlyer next to other exchanges here: Exchange comparison tool.
bitFlyer – Japanese centralized cryptocurrency exchange (CEX). This is one of the largest cryptocurrency exchanges in terms of the number of users. BitFlyer offers spot and futures marketsand cryptocurrency purchases. It also supports P2P transactions.
The bitFlyer cryptocurrency exchange is licensed to operate in Japan, Europe (EU/EEA) and the USA (including New York State). Some features and services may be limited by region. His KYC compliant and requires identity verification to access purchases and trading.
Markets
Compared to other cryptocurrency exchanges, the number of BitFlyer trading pairs available is relatively small. This is due to the licensing and regulations that BitFlyer’s spot markets and derivatives markets comply with. It lists popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH)And Litecoin (LTC).
Crypto-crypto and crypto-fiat trading included. Default, BitFlyer cryptocurrency prices are presented in JPY. However, the fiat currencies USD and EUR are also supported. Transactions in virtual currency may be subject to taxes according to regulations. The minimum price required to purchase BitFlyer cryptocurrency is $1.00.
Some banks may charge a deposit fee for Yen-denominated cryptocurrency transactions. BitFlyer’s withdrawal fee is 220 yen for orders under 30,000 yen and 440 yen for orders over 30,000 yen.
bitFlyer Lightning is an exchange service of the platform. Eat 12 levels to commissions based on BitFlyer’s 30-day volume. Commission rates are fixed and do not use a manufacturer-buyer model. Certain BitFlyer trading pairs also incur special exchange fees.
The lowest level requires 30-day volume below 100,000 yen. The BitFlyer exchange fee at this level is 0.15%. At the top level, BitFlyer’s required 30-day trading volume exceeds 500 million yen and the commission is 0.01%. Depending on trading volume and frequency, BitFlyer cryptocurrency fees may be negotiable.
Fees for the following transactions are calculated by multiplying the execution amount by 0.15%:
- Transactions using BTC as the base unit, including BTC/JPY
- ETH/JPY
- XRP/JPY
- XLM/JPY
- MONA/JPY
Two bitFlyer Lightning spot market pairs, ETH/BTC And BCH/BTCuse the exercise amount x 0.2% formula.
BitFlyer’s separate cryptocurrency fees apply to each virtual currency. Some pricing differences may occur and fees may be subject to change. The BitFlyer cryptocurrency price for the minimum order size is adjusted accordingly for each available digital asset.
BitFlyer supports margin trading. Clients can get x1 or x2 leverage. The tariff applies only to individual clients. The maximum leverage for institutional accounts is regulated by the Japan Virtual and Crypto Asset Exchange Association.
About company
Founded the cryptocurrency exchange bitFlyer Yuzo Kano in Japan in 2014. Its US branch was launched in 2016. As of 2017 bitFlyer owns license to operate as a cryptocurrency exchange in New York State. In 2018, the platform expanded to Europe. The company’s headquarters are located in Tokyo, Japan.
bitFlyer was the first Bitcoin exchange to open in Japan following the popular Mount Gox The platform ceased operations in 2014. The platform served as an alternative to the defunct exchange, providing regulated Bitcoin trading services.
It was reported that in February 2016 BitFlyer’s monthly trading volume averaged around 7 billion yen. ($64 million). According to transaction data, bitFlyer was responsible for processing about 80% of all BTC transactions in Japan.
In 2020, the company surpassed 2.5 million users. According to a customer survey, the majority of clients of the cryptocurrency exchange bitFlyer were Bitcoin holders in their 20s. This has resulted in a change in user base compared to 2018, when the majority of customers were between 30 and 40 years old.
In April 2022, it was announced that cryptocurrency exchange bitFlyer would be sold to Singapore-based Japanese private equity fund ACA Group. The fund was reportedly considering acquiring a majority stake worth approximately $370 million.
Since its launch, the bitFlyer cryptocurrency exchange has not experienced any major security breaches or hacking incidents. The company says all assets are stored in cold storage to enhance security.
Yuzu Kano is the CEO of bitFlyer. Prior to founding the company, he was an equity derivatives trader at BNP Paribas and Goldman Sachs. Yuzu is also the Representative Director of the Japan Blockchain Association and a member of the Blockchain Research Committee of the Japan Bankers Association.
The European branch of the bitFlyer cryptocurrency exchange is managed by Ami Nagata, Edward Kemp and Ajinkya M. Tulpule. They took over the reins from Rikiya Masuda in January 2022. Andrea Shaw is the CEO of the American subsidiary.
bitFlyer related pages
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
