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bitFlyer Review

bitFlyer Review

Alysha Jane
Fact Checked
Oct 8, 2022

bitFlyer is Japan's biggest cryptocurrency exchange and was founded in 2014. Since its inception, bitFlyer has amassed over 3 million users and holds over $5 billion in assets in storage. The exchange is tailored to service Japanese traders, but it is also offered to European traders. It is available to use in Japanese, English & French.

The trading platform is the only cryptocurrency investing platform globally that offers 0% fees for trades. Making it a popular exchange for users worldwide.

Table of Contents

bitFlyer Review Highlights

Platform Highlights

  • bitFlyer and most trusted crypto exchange in Japan.
  • Zero trading fees to trade a wide variety of crypto assets.
  • Fast and cheap deposits via bank transfer and PayPal.

bitFlyer Features

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.

bitFlyer Home Page.

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. 

Mobile App

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.

Referral Program

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 Mobile App iPhone Screenshot.
bitFlyer Mobile App iPhone Screenshot.

bitFlyer Fees

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.

bitFlyer Fees Schedule.
bitFlyer 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.

Buy/Selll Bitcoin (BTC) on bitFlyer.
Buy/Selll Bitcoin (BTC) on bitFlyer.

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.

The support team, however, can be reached via Twitter and Facebook. Simply send them a direct message and the team will get back to you within 48 hours.

Conclusion

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. 

Alysha Jane

I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.

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