A look into Japan’s largest crypto exchange bitFlyer

Among all the global crypto exchanges in the industry today, bitFlyer is at the top of its game with unparalleled security measures, low fees and seamless transactions praised by novice and experienced traders alike. What is it about this exchange site that makes it a top choice for crypto traders? Find out everything about bitFlyer here at BTC Post!

bitFlyer exchange: What is it about? 

Founded and developed in April 2014 by Yuzo Kano and Takafumi Komiyama, bitFlyer is a privately owned cryptocurrency exchange based in Tokyo, Japan. It allows users to buy and sell digital assets such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) using any fiat currency of their choice like USD, EUR, JPY and more. 

Furthermore, bitFlyer is backed by notable investors such as:

• Digital Currency Group
• SBI Investment
• Venture Labo Investment
• Mitsui Sumitomo Insurance Venture Capital
• Mitsubishi UFJ Capital
• Recruit Strategic Partners
• Dai-ichi Life Group
• Dentsu
• East Ventures
• B Dash Ventures
• GMO Venture Partners.
  

In 2018, bitFlyer extended its services globally and opened headquarters in the United States and Europe. The bitFlyer USA is based in Silicon Valley, San Francisco, California, while the bitFlyer Europe is based in Luxembourg. These are both regulated by the New York Department of Financial Services (NYDFS) and Commission de Surveillance du Secteur Financier (CSSF), respectively. 

Although bitFlyer expanded its reach to various countries, they have different terms of access to the order books and protocols because of regulatory restrictions. 

bitFlyer exchange advantages

bitFlyer has features that benefit its users and allow them to have seamless transactions around the globe. Here are some of bitFlyer’s advantages you should know about:

bitFlyer Lightning Exchange and FX

Lightning Exchange and FX is a service that lets you deposit margin, buy and sell Bitcoin, and trade Bitcoin up to twice your margin. You may trade at any time and on any day. Lightning Exchange and FX check the margin status and if the margin maintenance rate falls at a certain level, they will execute market trades, allowing users to purchase Bitcoin at the current market value. 

Wide range of supported countries

bitFlyer is licensed to operate in various countries. Global users can trade using bitFlyer Japan or bitFlyer Europe since the USA version is only available to US citizens. Here are the following countries where bitFlyer can operate:

• Alabama
• Alaska
• Arizona
• Arkansas
• California
• Colorado
• Connecticut
• Delaware
• District of Columbia
• France
• Greece
• Guernsey
• Hungary
• Iceland
• Isle of Man
• Italy
• Jersey
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malta
• Monaco
• Netherlands
• Norway
• Poland
• Portugal
• Romania
• San Marino
• Slovenia
• Spain
• Sweden
• Switzerland
• The United Kingdom.
  

Know Your Customer (KYC) verification

bitFlyer users undergo the Know Your Customer (KYC) verification process as an added security measure. This is an investing industry guideline to collect the clients’ risk tolerance, investment knowledge and financial situation. 

What makes the KYC in bitFlyer different from other exchanges is that bitFlyer allows you to create an account first before proving your identity to increase your account’s limitations. This allows new customers to test out the exchange’s features and services first without hassle.

If you want to get verified for the PRO account, you must provide the following information:

• A copy of your ID or passport
• Proof of address
• A picture of you
• Nationality
• Phone number.
  

Low fees

One of the greatest advantages of bitFlyer is its relatively low fees which are ranked the lowest among crypto exchanges worldwide. However, the fees vary according to a country’s jurisdiction. For bitFlyer Japan, the Maker and Taker fees are 0.15%, 0.12% for bitFlyer USA and 0.20% for bitFlyer Europe. 

Accessible dashboard

Advanced trading tools are present on the bitFlyer dashboard such as the basic volume, volatility, order book, order form, trade history, open orders, open history and the chat window.

Apart from the features, you’re also allowed to customize the dashboard depending on your preference. Some of the customizable features include:

• Choosing among more than a dozen colour themes
• Choosing your chat, confirmation and chart layout options.
  

Security

One of the strongest points of bitFlyer is its security measures. In fact, the exchange site has yet to experience any hacking incident since it was established. The following precautions are used by bitFlyer to reinforce its security system:

• SSL encryption – Encryption is used to secure all customer-related and internal communications.
• Web application firewall (WAF) – This is used to monitor and detect illegal access into bitFlyer’s system.
• IP Anycast – To prevent malicious attempts from interrupting routine traffic, numerous nodes are given the same IP address.
• Multi-signature Bitcoin addresses – Multiple keys are required instead of a single key to authorise Bitcoin transactions. 
• Cold wallets – Approximately 80% of user funds in bitFlyer are housed in cold wallets and are secured by physical locks. 
• Two-factor authentication (2FA) – bitFlyer requires two-factor authentication or 2FA before users can access their accounts. The code to access the account is sent through SMS.
  

Mobile version  

bitFlyer is not only accessible through web browsers but on mobile devices as well. The bitFlyer mobile app is downloadable on iOS and Android devices, allowing users to access their funds conveniently.

The mobile version works the same way as the web browser version wherein you can make trades, deposit cryptocurrency and pay for goods and services except for the advanced Lightning feature. Fortunately, you can still open the Lightning feature using your mobile web browser.  

Some features of the bitFlyer app include:

• Purchasing and selling Bitcoin, Ethereum, Litecoin and other cryptocurrencies
• Viewing your portfolio and performance
• Sending, receiving and storing your crypto using the bitFlyer cold wallet
• The latest news and price data on cryptocurrency
• Updates on the movements in the market.
  

Customer support

bitFlyer has customer support that you can send a message regarding the services and other information on bitFlyer by using the contact form on the website. You can also visit the site’s FAQ section if you have further inquiries.

Trade with bitFlyer today!

Now that you know everything bitFlyer has to offer, start your trading journey when you register on the site today. Here’s how you can trade on bitFlyer:

• Register your email address

Head over to bitFlyer’s website and click on the ‘Create an Account’ option. On the Sign-Up page, enter your email address. You also have the option to sign up using your Facebook, Yahoo or Google account. 

Open the email confirmation link provided to you and copy the keyword into the Sign Up window. 

• Verify your account

Enable your two-factor authentication so you can buy, sell and trade. Go to the site and select ‘Proof of ID’, then provide your identifying details to upgrade your account to Trade/ProTrade Class.

• Transfer funds into your account

To transfer funds into your account, click on ‘Settings’ and register a bank account. Then, select a deposit method from Account Funding. 

• Purchase cryptocurrency

Select Buy or Sell from the left menu on the screen and enter the amount of cryptocurrency you want to purchase. You can also choose from one of the preset values: +1, +0.1 or +0.01. Then, click ‘Submit Order’. 

• Withdraw cryptocurrency

Select the cryptocurrency you want to withdraw from the Withdrawal page. Enter the amount and the registered withdrawal address. Then, click on ‘Withdrawal’ to proceed with your transaction.