BitFlyer
BitFlyer is Japan’s most popular exchange and one of the largest in terms of trading volume in the world. BitFlyer expanded to the USA, with approval to operate in 42 states. A key feature is the binding of trading instruments to the Japanese yen. The platform features several advanced tools, including margin trading. Despite the focus on the Japan market, low commissions of BitFlyer attracts traders from different countries of the world.
There are two trading platforms on the BitFlyer exchange. The first of them is called Bitcoin Easy Exchange and is designed for direct exchange JPY/BTC. It is aimed at users who want to buy bitcoins for further work with cryptocurrency. Despite the obvious simplicity, the site is fully consistent with its purpose.
BitFlyer allows you to easily trade virtual currency bitcoins at a transparent price. Market checking is also possible on the chart. BitFlyer supports every transaction on your bitcoin and contributes to the spread of bitcoins.
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BitFlyer Review
BitFlyer was founded in 2014 in Japan. Please note that most of the trading on the platform is conducted against the Japanese yen (JPY). This primarily applies to a number of tools to work with bitcoin, including sports trading, margin trading and futures. The maximum leverage is 1:15. To access margin trading, you will have to complete a full verification.
The exchange offers the option of trading bitcoin futures. The liquidity of this market is quite low, so we do not recommend it for inexperienced users.
- Country: Japan
- Headquarter: Tokyo
- Type: Exchange
- Round: Series C
- Cost: $27.0 million
- Date: 26-Apr-2016
- Investors: Venture Labo Investment, SBI Investment
BitFlyer Wallet
There are two types of account classes, BitFlyer Wallet and Trade Class. You can find details about both listed here. BitFLyer Wallet Class does not require proof of identity. However, it does not have all the features of the Trade Class account. Both classes accept virtual (and yen) currency deposits and withdrawals. Bitcoin and BitWire payments come with both. Lightning futures are also available with either class. Unlimited 7-day trading is only offered with the Trade Class.
Trades are processed instantly using BitWire. You only need an email address and the transaction is completed instantly. This service is available for both classes. As with any exchange, there are many external wallets to choose from. All you need is the address to send your currency. In regards to fees, no difference is listed between classes.
BitFlyer App
The exchange itself does not promote a BitFlyer app on its website. There is a Wallet produced by BitFlyer, Inc. that is available through Google Play and the App Store. The dedicated authentication BitFlyer app is one of three options (including email and text) to secure your account.
Supported Coins
BitFlyer Bitcoin can lead the world because it focuses on one dominant coin. It does support other coins though. BitFlyer is a conservative exchange. You are not likely to find the less popular coins listed here before an obscure exchange. Here is a list of virtual currencies which can be taken directly from the company’s website.
Please note that Ethereum is only tradeable with a Trade Class account.
Fees
The amount of fees depends on the specific service you are using. In case of direct exchange of JPY to BTC, the maximum Commission size (with a minimum trading volume) is 0.15%. The maximum fee charged for ETH/BTC exchange is 0.20%.
You won’t pay anything to create or maintain an account with BitFlyer. But you’ll need to fund your account with US dollars from a bank account through a wire transfer. BitFlyer doesn’t charge a fee for incoming wire transfers — but your bank might. As of this writing, bitFlyer does charge a $10 fee to withdraw US dollars to your bank account. It also charges a .0008 BTC fee on bitcoin deposits and withdrawals. Additional bitcoin transaction fees vary depending on your trading volume and frequency.
External links
BitFlyer website
BitFlyer Twitter
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