|bitFlyer is a regulated Japanese cryptocurrency exchange that offers virtual currency exchange and trading services in Japan, the United States, and Europe. The exchange lets you buy and sell bitcoin, as well as other cryptocurrencies...|
|Volume 24h||$436 451 951|
|Updated||Friday, April 16, 2021 9:00:03PM UTC|
bitFlyer facts, technical details and bitFlyer information
bitFlyer is the leading Japanese exchange in trade volume. It allows users to exchange Bitcoin for JPY and to trade with margin. The exchange allows users to send and receive Bitcoins in just 1 second, storing said BTC using next-generation encryption by DigiCert. bitFlyer is a regulated exchange that offers virtual currency exchange and trading services in Japan, the United States, and Europe. The exchange lets you buy and sell bitcoin, as well as other cryptocurrencies using your preferred fiat currency, be it USD, EUR, or JPY.
BitFlyer is Japan's most popular exchange and one of the largest in terms of trading volume in the world. BitFlyer expanded to the USA, with approval to operate in 42 states. A key feature is the binding of trading instruments to the Japanese yen. The platform features several advanced tools, including margin trading. Despite the focus on the Japan market, low commissions of BitFlyer attracts traders from different countries of the world.
There are two trading platforms on the BitFlyer exchange. The first of them is called Bitcoin Easy Exchange and is designed for direct exchange JPY/BTC. It is aimed at users who want to buy bitcoins for further work with cryptocurrency. Despite the obvious simplicity, the site is fully consistent with its purpose.
BitFlyer allows you to easily trade virtual currency bitcoins at a transparent price. Market checking is also possible on the chart. BitFlyer supports every transaction on your bitcoin and contributes to the spread of bitcoins.
BitFlyer was founded in 2014 in Japan. Please note that most of the trading on the platform is conducted against the Japanese yen (JPY). This primarily applies to a number of tools to work with bitcoin, including sports trading, margin trading and futures. The maximum leverage is 1:15. To access margin trading, you will have to complete a full verification.
The exchange offers the option of trading bitcoin futures. The liquidity of this market is quite low, so we do not recommend it for inexperienced users.
There are two types of account classes, BitFlyer Wallet and Trade Class. You can find details about both listed here. BitFLyer Wallet Class does not require proof of identity. However, it does not have all the features of the Trade Class account. Both classes accept virtual (and yen) currency deposits and withdrawals. Bitcoin and BitWire payments come with both. Lightning futures are also available with either class. Unlimited 7-day trading is only offered with the Trade Class.
Trades are processed instantly using BitWire. You only need an email address and the transaction is completed instantly. This service is available for both classes. As with any exchange, there are many external wallets to choose from. All you need is the address to send your currency. In regards to fees, no difference is listed between classes.
The exchange itself does not promote a BitFlyer app on its website. There is a Wallet produced by BitFlyer, Inc. that is available through Google Play and the App Store. The dedicated authentication BitFlyer app is one of three options (including email and text) to secure your account.
BitFlyer Bitcoin can lead the world because it focuses on one dominant coin. It does support other coins though. BitFlyer is a conservative exchange. You are not likely to find the less popular coins listed here before an obscure exchange. Here is a list of virtual currencies which can be taken directly from the company’s website.
Please note that Ethereum is only tradeable with a Trade Class account. The amount of fees depends on the specific service you are using. In case of direct exchange of JPY to BTC, the maximum Commission size (with a minimum trading volume) is 0.15%. The maximum fee charged for ETH/BTC exchange is 0.20%.
You won’t pay anything to create or maintain an account with BitFlyer. But you’ll need to fund your account with US dollars from a bank account through a wire transfer. BitFlyer doesn’t charge a fee for incoming wire transfers — but your bank might. As of this writing, bitFlyer does charge a $10 fee to withdraw US dollars to your bank account. It also charges a .0008 BTC fee on bitcoin deposits and withdrawals. Additional bitcoin transaction fees vary depending on your trading volume and frequency.
Let’s say that you hold a very large amount of a certain cryptocurrency. You want to sell that amount. Should you do that in the ordinary orderbook at a regular trading platform like everyone else? Maybe not. One of many reasons for executing large trades outside of the normal market place is that large trades may affect the market price of the relevant crypto. Another reason, which is connected to the foregoing, is that the order book might be too thin to execute the relevant trade. A solution to these problems is what we call OTC-trading (Over The Counter).
BitFlyer offers OTC-services to its users, which might be helpful to all the users who trade in larger volumes.
This platform is not only available from your desktop, you can also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you.
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself see which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the advanced version of the trading view at BitFlyer.
BitFlyer accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive. It also makes BitFlyer what we call an “entry-level exchange”, where new crypto investors can take their first steps into the thrilling crypto world. When speaking of deposit methods, we must also mention that BitFlyer actually accepts PayPal-payments. Not many exchanges let their users pay via PayPal, so this is a feather in the hat for BitFlyer. However, it should be noted that for BitFlyer Japan, you can only make payments with Japanese credit cards.
* Crypto Rating accepts no liability for any errors in the bitFlyer information and bitFlyer trade volume. For the most up-to-date prices please visit the bitFlyer's official website.
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|8||OKEx||2014||3.6||242||20 251 891 062||104.72%|
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