In today’s world, you can find numbers of platforms where crypto trading takes place. But in many countries these exchanges do not allow exchange trading such as Bitcoins with other valuable currencies. When it comes to Bitcoin trading, Japan is one of the well-known companies where Bitcoin trading is efficiently taking place. Today we are talking about Japan-based BitFlyer trading exchange which is renowned for Bitcoin trading purpose.
This platform is considered as a largest Bitcoin exchange operator in major countries including Europe, Japan and the United States. This Bitcoin exchange is specially designed to provide an easy way to trade between Bitcoin and fiat currency. The platform provides a professional dashboard and various periodic promotions to fiat withdrawals and deposits.
The BitFlyer exchange was founded in 2014 by the CEO, Yuzo Kano. It is a Japan-based cryptocurrency exchange which has become one of the largest trading exchanges in the world. In 2016, the exchange extended its virtual trading into the US. Currently, BitFlyer is a specialized exchange that allows Bitcoin trading in the US. This is the first Bitcoin exchange that regulates in three continents Japan, Europe, and US. Since the inception of the company, they have smoothly provided their services and have not encountered any hacking issues yet. The platform will charge 0.0008 BTC transaction fees when you withdraw Bitcoin from the exchange and a USD10 fee for withdrawing USD.
This platform provides a total of three trading pairs that include USD, EUR, and JPY while direct market enables you to buy and sell ETH, LTC, BTC, MONA, BCH, and LSK. With this exchange, you will experience fewer delays because it can provide fast and swift services. Moreover, when compared to other exchanges, the transaction fees are lower. The platform not only allows you to trade with many countries but also make Bitcoin exchange easy and convenient in the crypto world.
The exchange has a large trading volume that shows investors have huge trust in the company and the services provided by the exchange platform. To win investors’ trust, the company has been also granted the proper licensing from Japan’s Financial Services Agency (FSA), the majority of states in America and the European Union. The exchange is also a platinum member of the Japan Blockchain Association because of its stringent security policies.
Advantages of the BitFlyer Exchange
Simple to use
With this exchange, a user can easily create an account with their email address. For those who want to enjoy its additional features, they can simply register with their detailed account information.
It provides a next generation encryption by DigiCert. The Bitcoins are safely stored in cold wallets.
The exchange is very fast and takes up to 10 minutes to confirm that your Bitcoins have been received. By utilizing BitFlyers bitwire technology, it sends and receives Bitcoins in just one second.
BitFlyer trading interface
The exchange has two interfaces that include Dashboard and BitFlyer Lighting Exchange.
1 – Dashboard
The dashboard enables you to manage your account and view your trading history. On the home tab you can see your assets’ values, high-level market data, and important account information such as your account class.
When you come to the Trade Report section, you will get all the records of your trades and bank transactions. You can export all these documents to excel or CSV files as well.
The dashboard will also contain all information on your deposits and withdrawal of funds to/from your account (both for USD and BTC). You need to make your USD deposit and withdrawals via bank wire. The exchange will not accept the ACH deposit and return wires that exceed your limit.
Lastly in the dashboard’s “setting” tab you can update your security setting by creating a 4-digit pin and setting up 2-factor authentication.
2 – Lightning exchange
In this interface, you can make your trades. The BitFlyer is a simple and straightforward platform but it may seem complicated for beginner investors. With this interface, you can directly submit simple market and limit the orders while viewing all the related charts.
In these charts, you can do most things required by more experienced trader like Fibonacci lines, candlesticks, depth charts, etc. Similarly, investors can also check ICO stats before investing to know the current market and they will get what are the best ICOs to invest.
To look for the more advanced trading option, just click on the “Special” tab and set conditions such as multiple automated trades and stop-limits.
The BitFlyer verification process
If users want to enjoy the trading services of this exchange, then they must follow its strict verification process. Once you have created an account on the platform you will need to provide the following documents:
Proof of identity
For the proof of identity, you are required to upload one of the following:
- Your passport.
- Your driver’s license.
- Your ID card, with a clear photo of you, issued by the government.
- Diplomatic, military, or marine passports.
All above documents should be validated and show your full name with other details including date of birth and dates of issue. Make sure that your photo is clearly visible on the document.
Proof of address
For proof of address you need one of these documents
- Water electricity bill, water bill, or utility bill.
- Bank, credit, or insurance statements.
- Government documents with your address.
- Rental contracts.
On these documents your name, address and date of issues should be clearly mentioned. They should not be more than 3 months old.
Signing up on BitFlyer
- Go to the BitFlyer site.
- Now, create your account with your email or Facebook account.
3 – When you have created your account, you are in economy class. Here you can do a maximum transaction per day of 50,000 yen and max deposit of 10,00000 yen. If you want to upgrade your account then you need to verify it with your phone number, personal information, and your bank account.
With an Economy Class account, you can easily receive Bitcoins through your wallet address but you cannot withdraw it to your bank in Japanese’s yen. You need to verify your bank account to deposit and withdraw your Bitcoin.
When you have registered your bank account you will be assigned a bank account number where you can deposit the funding for your exchange account.
Deposit Bitcoins into BitFlyer
1 – Sign in to BitFlyer. The exchange allows funds to be added with the help of online banking or ATM, Press “Accounting Funding”.
2 – Here you can check your bank details. You just need to send money from your bank account to that account. E.g. ¥10000
3 – Click “Home” and you will see your assets.
How to buy Bitcoins from BitFlyer?
- Sign in to BitFlyer.
- To buy Bitcoins you first need to deposit funds to your BitFlyer account.
After this you are required to verify your identity via a scan or photo of your passport. Add to the corresponding fields as listed in the instructions. The verification process will take a day or two.
If you have upgraded your account to the Business Class level, then you can buy Bitcoins directly from your credit cards. To upgrade your account you need to click on “Upgrade your Account Class”. You are required to provide your bank account information.
Once you upgrade your account you can easily buy Bitcoins by pressing on “Buy with credit card” tab.
If you are not interested in upgrading your account to Business Class, then after adding funds to the BitFlyer account via bank wire, proceed to the section of buying/selling Bitcoins.
In the column “Amount (BTC)” state the amount of BTC you want to buy and click on the button “Buy coins”.
Now you can see your BTC and JPY balance. This will show that you have bought your Bitcoins successfully.
Is BitFlyer safe to use?
A large trading volume of the exchange proves that investors around the world have great trust in it. The exchange has been equipped with a robust security infrastructure to provide excellent protection for the user’s personal and financial details. The company has been granted licensing from the European Union, Japan’s Financial Services Agency (FSA) and a number of states in America. Below is a list of some of the security features employed by the exchange:
- Web application firewall.
- Multi-sig: the account requires layers of signatures to confirm transactions.
- Know Your Customer.
- Account lock function.
- DigiCert SSL server certificate’s highest level EV.
- SSL Communication and encryption.
- Anti-money laundering.
- Two-step authentication using your mobile device.
- SHA-2 (SHA-256) highly secure hash function.
- Automatic timeout.
- Password strength check.
- This exchange stores 80% of Bitcoins in its offline wallet which has 24-hour surveillance.
All these security features ensure that this exchange platform is safe to use.
BitFlyer’s customer support
The exchange provides good customer support via email but it is not clear that how much time responses usually take. However, after reading forums and reviews we can see that BitFlyer users are happy to use it and haven’t reported any issues. In addition, for user convenience, the website has provided a well-organized FAQ section with relevant questions and answers. For more information on ICO, you can check ICO lists which helps in knowing how to invest in ICOs.
The daily transfer limits on the exchange are determined according to your account class. With the help of the Trade Lite account, a user is allowed to withdraw and deposit up to USD2,000 each day. It doesn’t matter whether you are transferring Bitcoin or US dollars, the limit is the same in both cases. In this type of account class, when users are trading on the platform, they get a maximum single transaction limit of USD3000. Users are required to provide their details including name, date of birth, home address, and phone number to access the Trade Lite account class status.
Moreover, if users provide the additional ID verification then they can join the normal Trade account class. In this class, a user gets a daily limit of USD50,000 for deposits/withdrawals. Again, the same will apply to both US dollars and Bitcoin. With this category of class, there is no limit for the amount that you can exchange in a single trade.
Finally, if users submit the enhanced due diligence questionnaire, they can then access the Trade Pro status where there no limits for any deposits, trades, and withdrawals.
How to withdraw funds at BitFlyer?
- Sign in to BitFlyer.jp.
- Go to the “Account Funding” section.
- Select “Withdraw JPY” tab.
You can withdraw JPY if your account is upgraded to Business Class by adding your bank account.
For this you need to go to the homepage and press “Upgrade your Account Class”. After this, follow the instructions. Once you upgrade the account you will be able to withdraw Bitcoins to your bank account.
Things you should know before using BitFlyer
- BitFlyer Lightning interface is available to Trade Class or above and allows you to buy Bitcoin quickly.
- It’s a robust system that supports a high volume of trades.
- It allows margin trading and futures.
- It provides a professional trading dashboard and charting feature that proves beneficial for beginners and experts.
- It accepts bank transfers and Japanese credit card.
- The platform’s fee varies according to each service which can sometimes be difficult to narrow down.
- It supports only Bitcoin.
- The website and help sections can be a little difficult for users to navigate.
BitFlyer is a Japan-based crypto exchange that enables users to exchange between fiat currency and Bitcoins. This exchange is comparatively faster than average and charges a low-cost fee for its services. Moreover, it also provides good customer services to resolve investor queries. The exchange offers you a safe and secure way to carry out your Bitcoin exchange transactions. This exchange is expanding rapidly and increasingly holds a grip on the market. It has received positive reviews from many users of different countries.
If you are looking for a quick and efficient way to buy Bitcoin, then the BitFlyer exchange is a great choice for you. This is one of the most reliable and trusted exchanges around the world and provides a fast transaction process with abundant security measures for your safe and secure funds.