Abstract：bitFlyer is a virtual currency exchange based in Japan. It was founded in 2014 and is registered under the Japan Financial Services Agency (FSA). The exchange offers a range of cryptocurrencies, inclu
|⭐Regulation||FSA ( Japan), NMLS, CSSF, DFI, NYSDFS|
|⭐Trading Fees||Taker Fee 0.1%， Maker 0.05%|
|⭐ 24-hour trading volume||$2 billion|
|⭐Customer Support||Email, phone|
bitFlyer, established in 2014, is a Japanese cryptocurrency exchange. It's among the world's biggest exchanges, backing a total of 11 different cryptocurrencies. With a trading volume exceeding $2 billion in a day, bitFlyer is quite active. As for fees, those who initiate trades (takers) are charged 0.1%, while those who create trades (makers) pay a lower fee of 0.05%.
bitFlyer excels in these aspects:
Operating under regulations in multiple countries, creating a secure and controlled environment for its operations.
Charging very low fees – 0.1% for takers and 0.05% for makers, saving money for active traders.
With a lot of trading, bitFlyer offers good liquidity, letting traders buy and sell easily.
bitFlyer's simple interface is great for newcomers to begin trading cryptocurrencies.
Minimum transaction amount in bitFlyer from 0.001 BTC.
bitFlyer lacks these aspects:
Less customer support than some exchanges, which can be a drawback for technical help and inquiries.
Unlike some exchanges, bitFlyer lacks margin trading, disappointing traders seeking leverage
Not accessible in all countries, a downside for traders in unavailable regions.
|Regulated in many countries||Limited customer support|
|Low fees||Availability primarily focused on Japan|
|Good liquidity||No margin trading available|
|Simple interface for trading platform||Not available in all countries|
|Minimum fund from 0.001 BTC||Limited cryptocurrencies available compared to other exchanges|
bitFlyer is regulated by several regulatory agencies in different jurisdictions:
In Japan, it is registered under the Japan Financial Services Agency (FSA) with the Regulation Number of 関東財務局長 第00003号. It is regulated and holds a Digital Currency License known as 株式会社bitFlyer. The FSA is a Japanese government agency that oversees Japan's financial system to promote stability, soundness, and fairness in financial transactions. The FSA also regulates financial institutions and monitors markets to prevent fraud and manipulation.
In the United States, bitFlyer is regulated by the Nationwide Multistate Licensing System (NMLS) with the Regulation Number of 1528491. The exchange holds an MTL License under the name bitFlyer USA, Inc. Here you should note that NMLS is a system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and U.S. Territories of Puerto Rico, the U.S. Virgin Islands, and Guam.
In Europe, bitFlyer is regulated by the Commission de Surveillance du Secteur Financier (CSSF) with the Regulation Number Z00000016. The exchange holds an EMI License under the name bitFlyer EUROPE S.A.
The CSSF, or Commission de Surveillance du Secteur Financier, is the financial regulator of Luxembourg, responsible for ensuring the soundness and stability of the financial system in Luxembourg, and for protecting consumers.
In Washington State, bitFlyer is regulated by the Washington State Department of Financial Institutions (DFI) with the Regulation Number of 1528491. The exchange holds a Digital Currency License under the name BitFlyer Inc.
The Department of Financial Institutions (DFI) is a government agency in the United States that regulates financial institutions at the state level. Each state has its own DFI, and the DFI's responsibilities vary from state to state. However, most DFIs in the US regulate banks, credit unions, and financial institutions, oversee the insurance industry, license securities firms, and protect consumers from fraud while enforcing financial laws.
Lastly, in New York State, bitFlyer is regulated by the New York State Department of Financial Services (NYSDFS) with an unreleased Regulation Number. The exchange holds a Digital Currency License under the name Bitflyer. The NYSDFS is a government agency in New York that regulates financial services and products. It has the authority to impose fines, revoke licenses, and dissolve non-compliant institutions.
bitFlyer takes security seriously. They use strong encryption and strict authentication to keep user info and funds safe. They store funds offline to prevent hacking. Reviews are mostly positive, praising two-factor auth and stability. But, like any exchange, there have been a few security concerns, like phishing attempts. Stay alert and protect your account.
As of March 8, 2023, bitFlyer supports 11 cryptocurrencies:
Bitcoin Cash (BCH)
bitFlyer is constantly adding new cryptocurrencies to its platform, so it is possible that this list will change in the future.
Compared to other cryptocurrency exchanges, bitFlyer adds new coins to its platform relatively slowly. It typically takes a few months for a new cryptocurrency to become available on bitFlyer. In 2022, bitFlyer introduced only three new cryptocurrencies: Dogecoin (DOGE), Shiba Inu (SHIB), and Sandbox (SAND). This is much fewer than the number of new cryptocurrencies added by other exchanges like Binance, which listed 80 new cryptocurrencies in the same year.
The registration process of bitFlyer consists of the following steps:
1. Visit the bitFlyer website and click on the “Sign Up” button to start the registration process.
2. Enter your email address and create a strong password to set up your account.
3. Verify your email address by clicking on the verification link sent to your inbox.
4. Provide your personal information, including your full name, date of birth, and residential address.
5. Complete the identity verification process by submitting a scan or photo of a government-issued ID, such as a passport or driver's license.
6. Finally, review and agree to the terms and conditions of bitFlyer to complete the registration process.
bitFlyer's trading fees are based on a maker-taker model. This means that makers, who add liquidity to the market by placing limit orders, pay lower fees than takers, who remove liquidity by placing market orders.
The maker and taker fees at bitFlyer are as follows:
0.05% - 0.1%
0.1% - 0.5%
The exact fee that you will pay will depend on your total traded volume of the past 30 days. Here is a simplified breakdown of the fees:
|Past 30 day volume||Lightning Spot||Buy/Sell|
|E0-Less than 50.000||0.10%|
|E50,000-Lessthan500,000||0.09%||Negotiated based on volume and trade frequency|
|E1 million- Less than E5 million||0.07%|
|E5 million- Less than 10 million||0.06%|
|E10 million-Less than E50 million||0.05%|
|E50 million-Less than 500 million||0.04%|
bitFlyer offers multiple deposit and withdrawal methods to provide flexibility for users. The available deposit methods include bank transfer, credit card, and digital currencies such as Bitcoin. Users can choose the most convenient option based on their preferences and location.
Below is a table outlining the deposit and withdrawal fees for bitFlyer, including information on payment methods, processing times, and additional details:
|Payment Method||EUR Deposits||EUR Withdrawals||USD Deposits||USD Withdrawals|
|Bank transfer (SEPA)||Free||0.30 EUR for withdrawals of up to 250,000 EUR, 10 EUR for withdrawals of more than 250,000 EUR||$20||$20|
|Bank transfer (Wire)||N/A||N/A||N/A||$20|
|Credit card (Visa, Mastercard)||N/A||N/A||3.5% of the deposit amount||N/A|
|Cryptocurrency||No fees||Varies by cryptocurrency||No fees||Varies by cryptocurrency|
|Processing time||1-3 business days||1-3 business days||Instant||3-5 business days|
With no deposit fees applied, BitFlyer imposes a withdrawal fee of 0.0005 BTC for Bitcoin withdrawals, and the withdrawal fee for other cryptocurrencies may vary.
Here is a table summarizing the trading fees and withdrawal fees at bitFlyer:
|Cryptocurrency||Trading Fees||Withdrawal Fees|
|Bitcoin||0.05% - 0.1%||0.0005 BTC|
|Ethereum||0.07% - 0.2%||N/A|
|Litecoin||0.06% - 0.1%||N/A|
|Bitcoin Cash||0.08% - 0.2%||N/A|
|Ripple||0.15% - 0.5%||N/A|
Here you can also find deposit and withdrawal fees for bitFlyer in EUR and JPY:
EUR Deposits and Withdrawals
SEPA Deposits: Free
0.30 EUR for transactions of value between 10 EUR (minimum withdrawal amount) and 250,000.00 EUR.
10.00 EUR for transactions of value above 250,000.00 EUR.
JPY Deposits and Withdrawals
Deposits: Not available
Withdrawals: Not available
Please note that these fees are subject to change. You can always check the latest fees on the bitFlyer website.
bitFlyer offers educational resources such as trading guides, video tutorials, and webinars to help users learn about cryptocurrency trading. They also have forums and social media groups where users can interact and share knowledge with each other.
bitFlyer offers customer support during business hours, usually from Monday to Friday, adjusted to the user's time zone. You can reach them through email or a support ticket system. They assist in various languages like English and Japanese, tailored to their global users.
bitFlyer is an exchange good for traders in the following types:
Traders who pursue a regulated trading environment
Traders who prioritize lower trading fees
Traders are looking to begin with limited funds
Naturally, being a major exchange, bitFlyer has indeed experienced specific controversies in the past.
In 2018, bitFlyer was ordered by the Japanese Financial Services Agency (FSA) to improve its internal management systems and anti-money laundering measures. The FSA found deficiencies in bitFlyer's customer identification and control systems, which raised concerns about the exchange's ability to prevent illegal activities such as money laundering and terrorist financing.
Another controversy involved a trading glitch in 2017, where a bug in bitFlyer's system allowed users to make unlimited trades with a specific currency pair. This glitch resulted in a significant price discrepancy and raised questions about bitFlyer's risk management and system stability.
Compare bitFlyer with other exchanges
Here is a comparison of bitFlyer with other well-known cryptocurrency exchanges in terms of trading fees, available cryptocurrencies, minimum funding requirements, and regulatory compliance.
|Trading fees||Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%||Maker: 0.04%, Taker: 0.075%||Maker: 0.5%, Taker: 4.5%||Maker: 0.16%, Taker: 0.26%|
|Regulation||Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS||Regulated by NMLS, MAS/FinCEN (Exceeded)||Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)||Regulated by FSA|
26 May, 2023
Man, I've been using bitFlyer for a while now and there are some things that really stand out. First off, I gotta give it to them for security. I mean, come on, in this wild crypto world, knowing my assets are locked down tight is a huge relief. Plus, they play by the rules, you know？ Regulation is their middle name, and that adds a layer of trust that's hard to find elsewhere.
Now, let's talk stability. You wouldn't want your exchange crashing when things are heating up, right？ Well, I've gotta hand it to bitFlyer – their platform seems rock-solid most of the time. Of course, like any exchange, they've had their hiccups, but nothing too crazy.
14 March, 2023
“ In the grand scheme of things, bitFlyer's got a lot going for it. Rock-solid security and that regulatory thumbs-up make it a winner. The user-friendly interface and crypto choices are awesome, though liquidity hiccups and trading fees are minor bumps in the road. And don't even get me started on that snappy support and data protection. All in all, it's a solid choice in the crypto jungle.”
In summary, bitFlyer is a well-known crypto exchange suitable for beginners and experts. Signing up is easy, with fees based on trading volume. Deposits and withdrawals have options, but delays can happen. They offer learning materials and support in various languages. Still, past controversies underline the need for strong controls. Users have mixed feelings, liking speed and the platform, but noting fee and trading concerns. Consider your needs before trading on bitFlyer.
Q: What are the trading fees on bitFlyer？
A: bitFlyer provides trading fees based on a tiered structure, which means that the fee percentage is determined by the user's monthly trading volume. The trading fees vary for market makers and market takers and apply to both cryptocurrency and fiat currency trading pairs.
Q: What deposit and withdrawal methods are available on bitFlyer？
A: bitFlyer offers multiple deposit and withdrawal methods, including bank transfer, credit card, and digital currencies such as Bitcoin.
Q: What is the customer support like on bitFlyer？
A: bitFlyer offers customer support during regular business hours and through email. The exchange also provides a support ticket system where users can submit their queries or issues for assistance. Customer support is available in multiple languages to cater to its global user base.
Q: Who is bitFlyer suitable for？
A: bitFlyer is suitable for both novice and experienced traders. For novice traders, bitFlyer offers a user-friendly platform and educational resources to guide them in cryptocurrency trading. Experienced traders can benefit from advanced trading features and tools provided by bitFlyer to enhance their trading strategies.
Q: Has bitFlyer encountered any controversies？
A: bitFlyer has faced controversies in the past, including concerns raised by the Japanese Financial Services Agency about the exchange's internal management systems and anti-money laundering measures. There was also a trading glitch in 2017 that raised questions about bitFlyer's risk management and system stability.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
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