bitFlyer unfortunately does not offer a large selection of features on its platform. This is because the exchange is more focused on customer support, security and fees. Refer to the list below of available features offered on bitFlyer.
Beginner and advanced trading platforms
BitFlyer offers both a beginner and advanced trading platform. The platform can be tailored to all users no matter their experience, the default exchange has an easy-to-follow UI and a simple buy/sell option.
Traders who complete the identity verification process have access to the bitFlyer Lightning platform for experienced traders. It offers more advanced trading tools such as stop losses, limit, market and special orders on two spot pairs. The spot pairs are BTC/EUR & BTC/JPY.
The bitFlyer exchange is offered on mobile for both iOS and Android devices. The application has a rating of 3.6 stars from 4.8K reviews on the Google Play store and 4.3 stars from 200 reviews on the App store. The application offers the same functionality as the web version.
bitFlyer offers an enticing referral program, if you refer a friend and they deposit/trade up to €100, you will both receive €10 BTC. There is no limit to the number of referrals you can have and rewards are distributed within 24 hours of referrals completed trade.
bitFlyer, as explained earlier, is the only cryptocurrency exchange in the world to offer 0% fees on trades. For its simple buy/sell feature they charge 0% fees and for the Lightning feature, the fees start from 0.2% and get as low as 0.1%.
The deposit and withdrawal fees are a little more complex, refer to the list below for a breakdown of the deposit and withdrawal fees offered on bitFlyer.
- Sepa Deposits = Free
- Crypto Deposits = Free
- PayPal Deposits (Inside EU) = 4.9% + €0.35
- PayPal Deposits (Outside EU) = 4.9% + 1% + €0.35
- SEPA Withdrawals = €0.30 for under €250,000.00 & €10.00 for above €250,000.00
- Crypto Withdrawals = vary depending on the cryptocurrency
For a full breakdown of the withdrawal fees, refer to bitFlyer’s Fees Schedule.
Is bitFlyer Safe?
One of the strongest points in favor of bitFlyer is its strong security features. For starters, it is regulated by US, EU, and Japanese authorities, which are known to be strict and the best in the world at reliability. Its wallets are secured by the multisig feature, SSL encryption, and two-factor authentication.
On top of that even if a hacker somehow managed to breach the security protocol, funds are mostly kept in cold storage meaning that they wouldn’t be accessible to him. bitFlyer has never suffered any hacks or security breaches, unlike many competitors, proving that security features work.
Supported Cryptocurrencies on bitFlyer
The asset selection on bitFlyer is extremely limited, here’s what Japanese, European and US residents can invest in:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- MonaCoin (MONA)
- Lisk (LSK)
- Stellar Lumens (XLM)
- Tezos (XTZ)
- Basic Attention Token (BAT)
Please note that EU and EEA users can trade Lisk(LSK) and MonaCoin (MONA) while Japanese and US investors cannot.
Customer Support Options
One of bitFlyers issues is its lack of customer support. The company only offers support via an online ticketing system. Most exchanges nowadays offer assistance via phone or at least live chat.
bitFlyer is an overall good platform and considered a high security exchange with low fees but where it lacks is its poor token selection and lack of customer support. In particular, more advanced users will find the selection limited and it can be a deal breaker if you are interested in investing in smaller emerging projects. However, the great fee structure and easy-to-understand design could prove just enough for beginners.