BitFlyer is a Japanese crypto exchange, the local leader by trading volume and general popularity. Its history began in 2014 in Tokyo. Unlike many other crypto platforms, this one discloses its public information on the official site so we can learn that Kimihiro Mine is its president and that the capital is over ¥4 billion.
The exchange is presented in Europe and the USA, as well. It launched services outside of Japan in 2017, now it has offices in Luxembourg and San Francisco, apart from Tokyo. Well, is bitFlyer legit? We’re sure of it. The exchange has licenses from the American and Japanese governments. Don’t worry about possible BitFlyer fraud.
BitFlyer reviews the website in four languages:
Moreover, the site has three slightly different versions for different target areas: Japan, the USA, and Europe. You can change languages and switch versions from the main screen.
Moving to the next part of this BitFlyer review, we should mention BitFlyer fees, of course. Note that they differ depending on your region and native currency. However, the basics are always the same. Fees are based on the volume mode and vary between 0.01% and 0.15%. Deposits are free for SBI Sumishin clients and cost ¥330 for other users. Withdrawal fees vary from ¥220 to ¥770.
BitFlyer limits change depending on your account level. They’re unlimited for verified pro users. Regular traders can deposit/withdraw up to $50,000 per day. Note that limits can also change depending on your country of residence.
Is bitFlyer safe?
To answer is bitFlyer safe, we should check the presented security features. The company divides its security measures into several groups: network, login, Bitcoin, infrastructure, program, verification, antivirus, and asset segmentation. As for tech things, the site adopts DigiCert SSL and SHA-2 encryption. It uses firewalls and protects from various attack types.
Internal user funds are stored in cloud wallets. Customers can freeze accounts and activate automatic exit options after long inactivity. Of course, 2FA protection is presented, moreover, it’s mandatory here. And ID verification helps to expand the account features and improve trading security. BitFlyer has well-thought KYC/AML policies so be ready to provide several scans to complete the verification.
Well, but how to use bitFlyer? First things first, you should sign up with your email, set a password, and move through the initial authorization. The site blocks some IP addresses so users from banned countries can’t even open the exchange.
Apart from BTC, bitFlyer alternative coins are presented by the next coins:
There are several pairs, including fiat-crypto ones. For the Japanese version, coins are linked with JPY. Other versions support USD and EUR, as well.
BitFlyer support is ready to accept your requests or provide info via the Q&A center. The exchange also has call centers so you can easily find bitFlyer phone number options for different regions. We don’t know about bitFlyer down cases (except for closed registrations for new users and maintenance modes). as well as bitFlyer scam accidents.
Finalizing this bitFlyer review 2020, let’s reveal the core aspects of the exchange.
- Accounts for corporations included;
- Comprehensive security measures;
- Credit cards and wire transfers supported;
- Fast and simple registration;
- Large volume, especially in Japan;
- Low commissions and fees.
- Differences in exchange versions for different markets;
- Few altcoins;
- Only three fiat currencies;
- Strong focus on Japan only.