Are you interested in exploring the world of cryptocurrency trading and wondering about the popular exchange Bitflyer? Look no further, as our comprehensive review of Bitflyer covers all the essential aspects such as trading fees, security features, user experience, and more. Read on to make an informed decision about whether Bitflyer is the right exchange for you.
Bitflyer is a cryptocurrency exchange platform founded in Japan in 2014 by Yuzo Kano and Masuda Rikiya. It is registered and headquartered in Tokyo, Japan, with over 100 employees mainly based in Japan. Bitflyer is available in Japan, Europe, United States and Europe.
Bitflyer claims to have over 3 million registered users and for anyone who would like to use Bitflyer on mobile, that is possible via their Android or IOS app that has over 1 million downloads and a 4-star rating.
The exchange offers a very limited range of only 11 cryptocurrencies, including BTC, ETH, DOT, BAT, XTZ, and a few others. Unfortunately, the exchange looks like it was designed in the late 90s, with no updates made in the product range of cryptocurrencies either.
Bitflyer Signup & KYC
The signup process on Bitflyer is one of the longest we have seen as it forces users to signup and complete KYC in one go. This creates a terrible user experience as users don't have the opportunity to first browse their accounts first.
KYC is mandatory on Bitflyer and no trading can occur without having received an approval. To complete the KYC process takes roughly 5-10 minutes and users need to provide full name, date of birthday, coutry of residence, street addrees, financial information and a valid government ID.
Bitflyer Products & Services
Bitflyer is an exchange that offers a limited range of products and services. Users can only buy and sell 11 cryptocurrencies including Bitcoin, Ethereum, Polkadot, Brave, Stellar, and a few others.
The exchange also offers recurring buys for those who prefer to automate their purchases and dollar cost average their way into positions. However, the user experience on Bitflyer is not great. The signup process is long and tedious, and the exchange looks like it has not been updated in decades.
Furthermore, the same goes for the cryptocurrencies they support. Newer cryptocurrencies like Solana, Avalanche, Cosmos, etc. are not available on Bitflyer. Overall, Bitflyer is not recommended for users looking for a wider range of cryptocurrencies nor a smooth user experience.
In terms of trading fees, Bitflyer claims that buy and selling of cryptocurrencies is free of charge while lightning spot comes with a fee of 0.1% with discounts possible for those that trade over €50,000.
Bitflyer also has a volume based tier schedule that allows high volume traders to pay lower trading fees assuming they trade more than $50,000 during a 30-day period.
Bitflyer is an exchange that supports fiat deposits for JPY and EUR. If you want to deposit EUR, you can do so via SEPA free of charge.
This means that you can deposit your funds without worrying about any deposit fees. Bitflyer makes it easy for you to start trading cryptocurrencies with your fiat currency.
Bitflyer Withdrawal Methods
Bitflyer offers both fiat and cryptocurrency withdrawals for its users. For fiat withdrawals, users can withdraw their EUR via SEPA for a cost of 0.30 EUR if the amount is lower than 250,000 EUR and a cost of 10 EUR if the amount exceeds 250,000 EUR.
In terms of withdrawal fees for cryptocurrencies, Bitflyer charges 0.0004 BTC for Bitcoin withdrawals, 0.005 ETH for Ethereum, and 0.001 LTC for Litecoin. It's important to note that fees for cryptocurrency withdrawals vary depending on the blockchain used. Bitflyer also offers relatively low fees for its users, making it an attractive option for those looking to withdraw their funds.
After taking a closer look at Bitflyer, it's clear that the exchange has way to many limitations. To begin, Bitflyer only offers 11 cryptocurrencies and their platform looks and feels outdated compared to most other exchanges.
Besides the limitation in number of cryptocurrencies, Bitflyer also manages to offer almost no product and services beyond basic buying and selling of cryptocurrencies. For an exchange that has been around for so many years and having over 3 million users, one would expect much more.
But wait, there's more! Bitflyer has also managed to not do any improvements on the user interface. The exchange is buggy, not seamless to navigate and just looks utterly uninspiring. It's like the team gave up years ago and now they are just praying that someone will come around and magically signup.
Needless to say, we are not fans. We don't find any unique selling point about Bitflyer that is not matched and exceeded by almost every other exchange in the marketplace today.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.