bitFlyer Review 2024

bitFlyer

bitFlyer is a leading cryptocurrency exchange and trading platform. They support 9 coins across 12 markets.

bitFlyer

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • Highly secure platform with 100% of customer funds stored in cold storage
  • Licensed and regulated in Japan, the US, and Europe
  • Low trading fees, starting at 0.10% for the Lightning Spot market
  • Supports major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash
  • Offers both a user-friendly interface for beginners and an advanced trading platform for experienced traders
  • High liquidity and volume, particularly for Bitcoin trading
  • Mobile app available for trading on the go
  • Recurring Buy feature for automatic crypto purchases at regular intervals
  • No fees for ACH deposits and withdrawals in the US
  • Availability of margin and futures trading on the Lightning platform

Cons

  • Limited selection of cryptocurrencies compared to other major exchanges
  • High spreads for simple buy/sell transactions, ranging from 0.10% to 6%
  • Limited payment methods, primarily supporting bank transfers and wire transfers
  • No support for PayPal withdrawals
  • Customer support has received mixed reviews
  • Restrictions on margin and derivatives trading in the US
  • High fees for credit card and PayPal deposits in Europe
  • Verification process can be time-consuming and requires extensive documentation
  • Services were temporarily paused in 2018 due to regulatory issues in Japan
  • Withdrawal fees for cryptocurrencies are relatively high

Features

Spot Trading

bitFlyer allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

Money

Fees

Like all centralized exchanges, bitFlyer charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. bitFlyer charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by bitFlyer.
  • bitFlyer's maker fees: 0.2%*
  • bitFlyer's Taker fees: 0.2%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

bitFlyer supports 2 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Bank Transfer
  • PayPal

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

bitFlyer supports 3 fiat currencies.

Security

Keeping your funds safe

bitFlyer offers 1 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA

KYC

bitFlyer requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.