Bitflyer Experience 2021: The Crypto Exchange Test

Japan's largest Bitcoin exchange BitFlyer in test: You can buy Bitcoin, Ether and other cryptocurrencies on the exchange. Our BitFlyer experience shows what the offer is worth.

BitFlyer is a Bitcoin exchange founded in Tokyo in 2014 and is one of the first exchanges for cryptocurrencies approved by the Japanese regulatory authority JFSA.

BitFlyer records the largest trading volume for Bitcoin in Japan, with more than 1 million customers in its country of origin. BitFlyer announced an expansion to Europe as recently as January 2018.

BitFlyer does not allow any new registrations at the moment. This is due to official processes in Japan, which are apparently forcing the company to redesign its offering. Until recently, Bitcoin & Co. trading via BitFlyer was also available to customers.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Advantages and disadvantages of BitFlyerat a glance

Pros:

  • Buy and trade Ether, Litecoin and other Altcoins alongside Bitcoin with BitFlyer.
  • Pay with fiat currencies
  • FX trading and futures on cryptocurrencies with BitFlyer Lightning
    Useful trading tools

Cons:

  • Offer not available at the moment
  • Telephone customer support chargeable and in Japanese only
  • Site not available
  • Incomplete FAQ

If and when the company will reactivate its offer and you will be able to buy cryptos with BitFlyer is currently not foreseeable.

If the offer were available, BitFlyer would score points especially with its trading options with the Japanese yen (JPY). In addition, the platform offers high security standards for sending, storing and trading cryptocurrencies.

Trading for professionals and advanced traders
BitFlyer also offers a small number of altcoins in addition to Bitcoin. The more extensive BitFlyer Lightning offer is only available to customers under certain conditions. BitFlyer Lightning offers a variety of useful trading and charting tools that appeal primarily to experienced traders.

Assuming that the BitFlyer Exchange can reopen its doors soon - and in the service of our readers - we continue to look at BitFlyer's offering, although it is not available at the moment.

BitFlyer Review - The Offer

With trading and leverage options available on the BitFlyer Lightning page, BitFlyer is both crypto exchange and broker. Accordingly, financial instruments such as forex and futures, as well as leverage options, are available to you when you get activated for BitFlyer Lightning. This requires verification of your profile by BitFlyer. However, we searched in vain for BitFlyer CfDs.

Until now, direct access was available to the trading options of the "Bitcoin Easy Exchange". With this offer, cryptocurrencies could be traded against each other. Only Bitcoin could be bought with fiat money. The cryptocurrencies that can be traded on BitFlyer are listed below.

BitFlyer Cryptocurrencies

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

BitFlyer Cryptocurrencies

Step by step guide for trading at BitFlyer

BitFyler is one of the largest exchanges for (crypto)currencies. However, if you want to use the offer, you first have to open an account.

You don't pay anything for creating and maintaining an account with BitFlyer. BitFlyer only charges fees for transactions.

The account creation process is quite simple, but we would like to give you clear step-by-step instructions, as BitFyler only offers its services in English, French or Japanese.

Step 1: Registration

Registration is quick and self-explanatory. On the start page, you enter your e-mail address. Then you have to confirm it. Then you have to set a password and accept the terms and conditions. You also have to confirm that you are not a citizen of the USA. After that, you have to enter your personal data. After you have entered your personal data, you only have to verify your identity - for example with your identity card.

BitFlyer landing page

Step 2: Select an amount and decide on a currency

Now you can deposit money or cryptocurrencies with different methods. To do this, you need to click on the left menu item "Account Funding" and you will now be taken to the various deposit options.

Deposit at BitFlyer

Step 3: Trading at BitFlyer

Buy and sell Bitcoin

Now you can buy Bitcoin or cryptocurrencies. In addition, you can also use BitFlyer's exchange platform via the menu item "bitFlyer Lightning".

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

BitFlyer experience: The functions

While it was originally only possible to buy Bitcoin against fiat currency with BitFlyer, the platform now also supports a range of altcoins as well as the option to trade them against each other.

BitFlyer's offer is made up of two different pages: On BitFlyer's "Bitcoin Easy Exchange" you can buy cryptocurrencies against fiat money. The "BitFlyer Lightning" page, on the other hand, offers a similar architecture to common forex platforms. Until May 2019, trading with a leverage of 1:15 was also possible here. Since then, however, only a leverage of 1:4 is available. In addition to cryptocurrencies, forex and futures options are also traded on BitFlyer Lightning. BitFlyer is thus both a broker and an exchange.

BitFlyer experiences: The payment methods

To use crypto exchanges, you usually have to transfer money to your registered profile. This is by no means different with BitFlyer. Unfortunately, BitFlyer's FAQ does not provide any information about which payment methods the exchange accepts. And since BitFlyer does not currently allow new accounts, we have to rely on third-party information and cannot vouch for its accuracy.

Buying Bitcoin with Euros on BitFlyer

According to our information, there are three possible ways to buy Bitcoin & Co. after your BitFlyer registration. Apparently, users can initiate a credit card payment or make a classic bank transfer. Transferring and paying with certain cryptocurrencies is also supported. The selection here is likely to be limited to the coins listed for purchase and trading on the exchange (a list of these can be found in the section "BitFlyer Review - the offer".) According to our research, BitFlyer supports deposits and withdrawals in yen, US dollars and euros.

So you are not particularly flexible in your choice of payment method if you want to use BitFlyer to buy cryptocurrencies. On top of that, there are often additional fees for credit card transfers. And if you choose bank transfer, you have to be prepared for a waiting time of 2-3 working days.

Payment method

yes/no

Credit cards

yes

Paypal

no

Instant bank transfer

no

Skrill

no

Neteller

no

Paysafecard

no

Bank Transfer

yes

Other

yes

BitFlyer experience: Security

BitFlyer is controlled by the Japanese Financial Supervisory Authority (JFSA). Although the country's government is notorious for being rather hostile towards cryptocurrencies, the authority has licensed BitFlyer.

The Bafin, to a certain extent the equivalent of the JFSA, is quite different. In recent years, it has been characterised above all by its inactivity towards the new financial instruments. Bitcoin & Co. are not clearly regulated. Their unclear status brings certain advantages, but also many disadvantages. For example, the risk for investors is greater as long as the authorities remain inactive.

The fact that BitFlyer is now temporarily - according to its own information due to difficulties in coordinating with the authorities - no longer allowing European new customers on the exchange is probably primarily related to the trading options that the exchange also offers. However, it is difficult to understand why it is currently not possible to buy Bitcoin & Co. via BitFlyer.

Security when buying cryptocurrencies directly

If you buy cryptocurrencies directly, you are your own bank. This means that you are responsible for their safekeeping yourself. This basic principle of cryptocurrencies is a double-edged sword. It's true that you can transfer cryptos from A to B worldwide in a flash, independently of banks, at much more favourable conditions. However, you have to think about security issues yourself. This starts with the choice of a suitable wallet and ends with the proper documentation and secure storage of important data. For beginners who do not have the time or leisure to deal with all this, this is a good reason to trade cryptocurrencies with brokers such as eToro with certificates and to refrain from buying directly.

However, trading CfD derivatives involves a not inconsiderable risk that you should by no means underestimate. But even purchased cryptocurrencies can, as the past has shown, suddenly drop massively in value. So whether buying or trading cryptocurrencies is the better choice depends above all on how much you are prepared to familiarise yourself with the matter. It is worth examining all options in detail before you decide on one. Our guide texts can be a good help.

How do you protect yourself against BitFlyer fraud?

In general, we advise you to be careful whenever you use a crypto exchange or crypto wallet. Because fraud is not uncommon here. That's why you are better off with the established exchanges than with the unknown, small ones, even if they often entice you with particularly attractive bonuses. If you use an exchange, always make sure that you are really on the official site of the provider.

With so-called phishing, fraudsters redirect you to exact duplicates of the exchange portals and then intercept your BitFlyer login data. Where available, you should also make use of the two-factor authentication (2FA). It additionally protects your account from unauthorised access. How you can effectively protect yourself from fraudulent damage is explained in more detail in the linked article.

BitFlyer has effective security measures, and the exchange has not yet succumbed to a hacker attack. All user data is encrypted. The site is SSL certified and uses SHA-256 hash encryption.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

BitFlyer Experience: Customer service

tech-support

A good customer service is characterised by constant availability and the competence of the support team. Depending on the crypto exchange, the support can consist of a variety of components. Good support can prove to be a real boon when you have problems using a platform. It's not a nice feeling to be helpless against a platform when, for example, you suddenly can't access your savings anymore. That's why the support of the crypto exchanges we review, such as BitFlyer, is a very important criterion for their rating.

BitFlyer offers a comprehensive but incomplete FAQ on its website. Unfortunately, some of our questions remain unanswered. We have to search long and hard for information about the current problems that are temporarily preventing BitFlyer from allowing new registrations. The FAQ also does not give us any information about the supported means of payment. This could be better.


BitFlyer support only available via contact form

BitFlyer Support offers neither telephone contact nor live chat. Apart from the FAQ, users in Europe can only contact the customer support via a contact form. This is open from 9:00 to 18:00.

In addition, users of the BitFlyer Lightning offer can communicate with other users in a chat window. In this way, the community may be able to help with minor problems.

All in all, this is very thin, considering that BitFlyer is Japan's largest Bitcoin exchange. In our evaluation, there are clear deductions for this.

Contact way

yes/no

phone

no

e-mail

no

Live chat

no

contact form

yes

FAQs

yes

BitFlyer experience: The fees

Please note: The fees that the versatile exchange BitFlyer charges for trading cryptocurrencies can currently only be determined for the offer that has applied so far. Since this is currently under reconstruction, your BitFlyer experience may differ from ours.

BitFlyer does not charge any fees for registering an account or maintaining your profile. This also applies to transfers to your profile. However, fees may be charged by your financial service provider (e.g. your bank).

The trading fees of BitFlyer range between 0.01 and 0.15 percent. The amount of the fee depends on your trading volume over the past 30 days. Customers who trade more than 500 million yen per month receive the lowest fees above 0.01 per cent.

Like other exchanges, BitFlyer charges a fee for withdrawals. This varies depending on the currency you want to withdraw. See our table for details.

Fee type

costs

Bitcoin withdrawals

0.0004 BTC

Ethereum withdrawals

0.005 ETH

Ethereum Classic withdrawals

0.005 ETC

Litecoin withdrawals

0.001 LTC

Bitcoin Cash withdrawals

0.0002 BCH

Monaco in withdrawals

no

Lisk withdrawals

0.1 LSK

Trading fees

0.01-0.15 percent

BitFlyer registration and use

no

Many CFD brokers charge the so-called inactivity fee for long periods of inactivity. For crypto exchanges like BitFlyer, this is often not the case. BitFlyer offers both trading and buying options. Nevertheless, there is no inactivity fee. The BitFlyer fees therefore remain manageable.

BitFlyer Experience - The Conclusion

For our review, we had to rely on the information provided by BitFlyer on its website. Because this is incomplete, we also had to access information from third parties. These are not ideal conditions for a fair evaluation of the platform. However, it does indicate something: Because from an exchange as professional and large as BitFlyer, one should actually be able to expect a complete FAQ.

Our research was further complicated by the fact that BitFlyer is currently not accepting new registrations. 


So we had to take a closer look at the offer without our own BitFlyer login. 

Nevertheless, we dare to give BitFlyer a rating, but it has to be enjoyed in relation to the circumstances under which our review was written.

Lightning Exchange from BitFlyer

A clear pro is the regulation of the exchange by the Japanese authority JFSA. In addition, BitFlyer shines in security matters - to date, the exchange has not been successfully hacked. And with its data encryption, BitFlyer effectively protects you from fraud.

The BitFlyer fees are transparent and fair, and BitFlyer does not charge an inactivity fee.

There are deductions for the BitFlyer support. No telephone support, no live chat, and a gapless FAQ - that could be much better. BitFlyer also fails to convince us of its payment methods. BitFlyer only offers bank transfer and credit card payment for purchases with fiat money.

It is nice to have the option of trading cryptos with BitFlyer Lightning, but there are much better providers for this. We did not find any BitFlyer CfDs on the site. In our preliminary rating, BitFlyer achieves an "average". We recommend a BitFlyer alternative like our test winner.


the number of bitcoin investors in the US has tripled since 2018

Did you like our BitFlyer review? Our BitFlyer review is part of our big series on the best exchanges on the net. You can find a good alternative to the BitFlyer login in our test winner. Are you wondering whether cryptocurrencies are still worth it in 2020? Or do you want to learn more about cryptocurrencies? Then you can find our overview page on the most important coins here.

BitFlyer review

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is BitFlyer?

The provider is a crypto exchange where cryptocurrencies can be bought and sold.

Is it worth opening an account with BitFlyer?

BitFlyer was convincing in our test. The diverse trading options and excellent customer support attract many customers, most of whom are very satisfied with the provider.

How much money should I invest?

The amount you invest should depend on your own liquidity, the cryptocurrency you choose and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does it take to cash out at BitFlyer?

Here, too, the platform is convincing. Payouts are processed very quickly and are in your account within a few minutes to 2 business days, depending on the selected payout method.

What are the requirements for me to trade successfully at BitFlyer?

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the chosen coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.