Regulated

Score

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/10

bitFlyer

Japan

|

10-15 years

Digital Currency License|

MTL License|

EMI License|

High potential risk

https://bitflyer.com/

Website

Yesterday Vol
7 Days
Rating Index
Influence

Influence

AA

Influence Index NO.1

Japan 8.05

Better than 99.97% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
AA

Licenses

FSA

FSARegulated

Digital Currency License

NMLS

NMLSRegulated

MTL License

CSSF

CSSFRegulated

EMI License

DFI

DFIRegulated

Digital Currency License

NYSDFS

NYSDFSRegulated

Digital Currency License

Exchange Info

More
Company Name
bitFlyer
Phone of the company
03-6434-5864
03-6434-7624
Customer Service Email Address
info.eu@bitflyer.com

WikiBit Risk Alerts

1
Previous Detection 2024-06-14

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

Related Docs

All Corps

New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

$ 211.507m

$ 211.507m

92.19%

$ 15.757m

$ 15.757m

6.86%

$ 2.095m

$ 2.095m

0.91%

$ 41,480

$ 41,480

0.01%

$ 18.80

$ 18.80

0%

$ 0.29423

$ 0.29423

0%

User Reviews

More

130 ratings

Participate in evaluation
Lala27
bitFlyer has a user-friendly design that makes it easy to get started with investing in crypto. Extremely limited number of supported currencies: The availability of coins varies by nation of residency; there aren't many digital currencies to buy, sell, or trade. There are also not many cross-cryptocurrency pairings.
2023-11-22 07:06
8
Nsikako
it's interesting and easy to use
2023-10-28 02:20
5
zeally
bitFlyer is best for people who are new to crypto and looking to stay exclusively in the realm of trusted, proven coins
2023-11-28 17:33
1
Emmychi
Quality Service ✅💯 Trading Experience 85% they still need to improve. cost effectiveness ==Very Good..
2023-11-27 22:10
2
Dexter 4856
bitflyer is interesting .....but still need improvement
2023-11-07 04:54
4
Dexter 4856
bitflyer,is not really good for trading.,.need more improvement for future use
2023-11-04 01:45
9
zeally
Bitflyer also provides some information, including recent news stories about that cryptocurrency and a price chart.
2023-12-21 07:57
5
classic8229
The exchange's dedication to fostering a secure trading environment is evident through its bug bounty programs, encouraging users to actively contribute to platform security.
2023-12-03 00:56
4
hearty
The incorporation of machine learning algorithms in fraud detection enhances security. It's a proactive approach that minimizes risks for users.
2023-12-02 22:42
2
Emmychi
it's a beat interesting and easy to use..
2023-11-24 06:29
2
Emmychi
Bitflyer it's good and interesting but the app need more improvement so that they will be smooth and easy transaction
2023-11-24 06:27
1
Scarletc
bitFlyer is best for people who are new to crypto and looking to stay exclusively in the realm of trusted, proven coins
2023-11-23 19:41
5
Emmychi
Bitflyer has quality service and friendly and easy for transaction..
2023-11-23 04:49
5
lydia8716
The exchange's dedication to diversity is evident in its efforts to feature a wide range of cryptocurrencies. It's a melting pot of opportunities for investors.
2023-12-05 03:25
9
cahgo
Bitflyer commitment to user empowerment is evident in its educationa initiatives. It goes beyond trading, providing insights into the broader blockchain ecosystem.
2023-12-02 19:38
1
Dexter 4856
bitflyer exchange is good, the interface and navigation...is trying their best.
2023-11-24 12:55
1
Dexter 4856
bitflyer, is a good and reliable Exchange, for people that want to use it,.
2023-11-22 06:16
6
Jane4546
,Crypto newbies can start an account with ease, and rely on bitFlyer's user-friendly mobile app for effortless trades....
2023-10-11 02:25
8
dess
i just know about this, interesting
2023-09-06 22:35
5
giwin
It's a bit interesting, and easy to use
2023-09-06 14:44
8

View all comments

⭐Features Details
⭐Company Name bitFlyer
⭐Registered in Japan
⭐Founded in 2014
⭐Regulation FSA ( Japan), NMLS, CSSF, DFI, NYSDFS
⭐Cryptocurrencies 11
⭐Trading Fees Taker Fee 0.1%, Maker 0.05%
⭐ 24-hour trading volume $2 billion
⭐Customer Support Email, phone

What is bitFlyer?

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%.

basic-info

Pros and cons

竖起大拇指

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.

不喜欢

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.

Pros Cons
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

Regulations

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.

regulation

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.

regulation

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.

regulation

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.

regulation

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.

regulation

Security

security

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.

Cryptocurrencies available

As of March 8, 2023, bitFlyer supports 11 cryptocurrencies:

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Litecoin (LTC)

  • Bitcoin Cash (BCH)

  • XRP (XRP)

  • Stellar (XLM)

  • Chainlink (LINK)

  • Tezos (XTZ)

  • Aave (AAVE)

  • Uniswap (UNI)

  • Polkadot (DOT)

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.

How to open an account?

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.

open-account

2. Enter your email address and create a strong password to set up your account.

open-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.

Fees

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:

Maker Fees

  • 0.05% - 0.1%

Taker Fees

  • 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
E500.000-Lessthan1 million 0.08%
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%
QverE500milior 0.03%

Deposit & Withdrawal

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

  • SEPA Withdrawals:

    • 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.

Educational Resources

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.

Customer Support

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.

Is bitFlyer a Good Exchange for You?

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

Has bitFlyer experience any Controversy?

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.

Feature
regulation
regulation
regulation
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%
Cryptocurrencies amount 11 500+ 200+ 90+
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

User Reviews

Christopher Brown

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.

David Hugh

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.”

Conclusion

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.

FAQs

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.

Risk Warning

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.