What makes a good crypto trading platform? An accessible interface. Great customer support. Multiple currency options. A strong reputation in the community.
In this bitFlyer review, we look at one of the most popular crypto trading platforms today. We’ll cover everything you need to know so you can tell if it has the qualities that make a great platform and whether you should open an account.
What is bitFlyer?
bitFlyer is a crypto trading platform that has been in operation since 2014. It boasts millions of users and offers a range of currency options, including:
- Bitcoin Cash (BTC)
- Ethereum Classic
It claims to be the first crypto exchange with a license to operate in the combined markets of Europe, the U.S., and Japan. This gives users considerably more range and fluidity than other platforms of a similar size. It is audited by the major accounting firm Ernst & Young, giving users security that the platform does legitimate business.
It offers small-scale traders a straightforward, accessible interface with 24/7 availability and support. Users may sign up for an individual or corporate account, as well as a premium “Lightning” service for experienced traders. Its minimum deposit is €1.
The platform allows quick sign-up and verification, though this may depend on a legal review of the documents you submit. There are no deposit fees, while trading fees tend to be very reasonable and withdrawal fees much lower than other platforms.
Who Is bitFlyer For?
bitFlyer is an excellent choice for new traders. Its minimum deposit of €1 and low fees make it accessible to anybody. Its range of educational resources is also quite good, with comprehensive price charts available for every currency it offers. This allows new users to become familiar with the fluctuations of cryptocurrencies and make more informed decisions.
The platform is well-known in Japan but has somewhat flown under the radar in Europe and the U.S. This makes it an attractive choice for traders in the West, as it allows them greater access to the fluid Japanese market than comparable platforms. Its strong security also makes it a top choice for beginners.
Due to the relatively low number of currencies on offer, traders looking for more obscure crypto pairs might hesitate. However, the platform supports most major pairs and can be considered a safer bet for this reason.
The bitFlyer Lightning service is a good tool for more experienced traders, although the mobile app has some limitations for advanced users. However, advanced options are accessible and well-designed when using bitFlyer in a web browser.
It’s a good choice for beginner and experienced users alike, with all the hallmarks of a good trading platform, such as responsive customer service and excellent educational resources.
bitFlyer Company Information
bitFlyer was founded in 2014 by Yuzo Kano, formerly of Goldman Sachs. It operates in Japanese, U.S., and European markets. It is licensed by the Luxembourg Ministry of Finance and audited by Ernst and Young.
What Makes bitFlyer Unique?
So what sets bitFlyer apart from other large, well-regarded trading platforms? Let’s consider its functionality and services.
bitFlyer Deposits and Withdrawals
Some very good news is that the platform doesn’t charge fees for deposits. Trade Pro accounts also allow you to deposit using PayPal to avoid bank fees.
Deposits and withdrawals typically take 1-3 business days to process depending on your bank. Although some users may prefer instant withdrawals to be available, this processing time is very reliable and tends to be a sign of diligence and good regulation by the platform.
The platform charges 0.0004 BTC as a flat fee for all BTC withdrawals. For fiat withdrawals, it charges €0.30 for withdrawals up to €250,000 and €10 for withdrawals above this limit, which is very reasonable.
The platform has extremely low fees. Though users should note that its European, U.S., and Japanese iterations have different fee policies. Its trading fees tend to represent a much smaller proportion of your investment compared to other big-name platforms. The exact level depends on your account type.
bitFlyer Reviews and Reputation
With millions of users and a history dating back to 2014, the platform is well-regarded and trusted by its users. Its regulation and auditing are also great signs of a trustworthy broker.
bitFlyer Final Verdict
The platform offers a comprehensive crypto trading experience for beginner traders. Its low fees and proper regulations make it a safe place to get started, while its educational resources are a welcome addition.
Although it doesn’t support as many currencies as some competitors, it offers superb trading options for novices and experts alike in the major crypto pairs. bitFlyer comes highly recommended, and it’s so easy to open an account.
Is bitFlyer safe or a scam?
bitFlyer is regarded as one of the safest and best-regulated crypto trading platforms in the industry. With a history dating back to 2014 and millions of users, we can confidently say that this is a legitimate and trustworthy platform.
What can I trade on bitFlyer?
The platform allows you to trade popular currencies including bitcoin, Ethereum, bitcoin cash, and litecoin. You can purchase cryptocurrencies using fiat payment methods and withdraw in fiat.
How do I open an account with bitFlyer?
Simply sign up with your email address and provide the identity documentation required. This may take a couple of days to process, but once your ID has been verified, you can begin trading immediately with no deposit fees and a minimum deposit of €1.
Do I pay tax on bitFlyer?
As with all trading, you’ll owe taxes if you make a profit on your transactions. This is not specific to bitFlyer.
How much is the bitFlyer minimum deposit?
The platform has a minimum deposit of €1.