BitFlyer

Amidst the wide range of cryptocurrency platforms in this digital era, it is difficult to make a choice for oneself. Wondering what BitFlyer has in store for its users? Read this article to know more about the platform, its safety measures, fees, and options.

BitFlyer: An Overview 

Founded by Yuzo Kano and Takafumi Komiyama way back in 2014, BitFlyer is the biggest in Japan as far as the exchange of Bitcoins is concerned. Over time, BitFlyer has extended its services over large parts of the United States, Japan, and Europe and has become the first cryptocurrency exchange with licenses to operate across Europe, the US and Japan combined.

How many cryptocurrencies are available to trade?

BitFlyer provides a vast range of coins for its customers, using which they can trade in their own choice of cryptocurrency on the platform. The coins that the platform provides include:

  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Monacoin (MONA)
  • Ethereum Classic (ETC)
  • Lisk (LSK)

What are the Payment Methods Supported by the Exchange?

To make exchanges easier for the customers, BitFlyer provides two separate methods for carrying out withdrawals and deposits.

  • Bank transfers
  • Crypto wallet transfers
  • For European Customers:
  • For their customers residing in Europe, bitFlyer allows credit and debit cards for instant purchases. These transactions are carried out through SEPA and take a maximum of 2 days to withdraw and three days to deposit. These transactions are only for euros.

For American Customers: Citizens of the United States have two other options for deposits and withdrawals, thereby making payments safer for them:

  1. Fedwire
  2. ACH
  • For Japanese Customers: Users residing in Japan are advised to avail of payment methods through the SBI Sumishin Net Bank since they provide the best rates if compared to other banks.

Points to Remember:

  • A code containing six digits is provided to the user to ensure the safety of customer and his assets.
  • Customers are allowed to deposit and withdraw using bank accounts that bear their names.

BitFlyer Fees 

BitFlyer determines the transaction fees for cryptocurrency trading by taking into account the size of the transaction, i.e., in kilobytes. The typical fees for any small transaction are 0.0001 BTC. The Lightning Spot Fee is 0.10 percent on transactions below $ 50000 and 0.07% on those over $1 million.

Security Measures Taken Up by BitFlyer

If you are concerned about the safety of your assets with BitFlyer, you might be interested to know about the origin of BitFlyer. It was launched as an alternative or rather a response to the famous Mt Gox Hacking Scandal. No wonder BitFlyer keeps its guards up against hackers. Let us look at the security features it has to offer:

  • WAF and SSL Encryption: A web Application Firewall is used to block any sort of unauthorized access to the systems of BitFlyer. On the other hand, SSL Encryption is used to keep track of and at the same time encrypt all communications, both internal and those related to customers.
  • IP Anycast: A single IP address is assigned to several devices or “nodes.” This successfully puts a stop to DDoS (Distributed Denial of Service) attacks.
  • Regular Checks: BitFlyer carries out routine checks on the systems. They look for and try to eliminate attacks on the system and any sort of internal malfunction. Stress tests are also carried out. 
  • Segregation of Accounts: BitFlyer takes pains to separate their bank accounts from those of their customers.

Two-factor Authentication: This is a security policy whereby multiple signatures are required to trade in cryptocurrency on the platform.

Does BitFlyer Provide a Smooth User Interface?

A smooth user interface is one of the main attractions of a cryptocurrency platform. BitFlyer offers a user-friendly interface.BitFlyer Lightning is their instant exchange platform where cryptocurrency professionals can use advanced technology and futuristic features. This global platform was planned and designed by veterans of Wall Street and is therefore perfectly safe and reliable.

Is the BitFlyer Exchange Available in my Country?

BitFlyer has extended its services over a large part of the United States, Japan, and Europe. BitFlyer EU has its services up and running in almost every country situated in the EEA, including France, Austria, and the UK. BitFlyer has published a list of the countries it is currently working in. 

Does the Exchange Provide Enough Liquidity?

The liquidity of the trade depends on a lot of factors. There may be occasions when it may become difficult to settle trades. The situation or the volume of the market may also affect the prices. This, in turn, affects the transaction and order time. Yet BitFlyer is known to provide excellent liquidity for its customers.

Final Words

To date, BitFlyer has been carving a niche for itself in the hearts of its users. It is a reliable, safe, and regulated platform among all cryptocurrency trading platforms. Its fees are not too high, thereby making it popular among newcomers and professionals alike.

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