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A comprehensive review of bitFlyer

bitFlyer is the third-largest cryptocurrency exchange in the world by market volume and the largest in Japan.

4/5 star rating

In recent years, bitFlyer has also expanded into the US and Europe. The platform offers traders enhanced transaction tools such as a simple, refined user interface, lightning fast execution speeds, and top security features.

Pros & cons

Pros

  • Low trading fees
  • Highly secure with more than 80% of coins held in offline cold wallets
  • Corporate accounts available
Cons

  • Limited number of cryptocurrencies available
  • High payment processing fees

What can I do with bitFlyer?

bitFlyer enables traders to buy, sell, and trade Bitcoin and other cryptocurrencies instantly at live prices. You can also store your coins in the broker’s integrated, cold storage wallet and also take your trading on the go with an iOS and Android app.

The platform was started in 2014 by two ex-Goldman Sachs employees who worked in trading and developing trade settlement systems. To date, bitFlyer has received venture capital funding by the likes of the Digital Currency Group and the venture capital arm of Mitsubishi UFJ Financial Group.

bitFlyer cryptocurrencies and trading options

What cryptocurrencies can you trade on bitFlyer?

bitFlyer’s offers limited trading options as it currently only supports a total of seven cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Monacoin, and Lisk.

bitFlyer core currency pairs

  • BTC/BCH
  • ETH/BTC
  • BTC/USD
  • BTC/EUR
  • ETH/JPY
  • BTC/JPY

All bitFlyer trading options

In addition to basic cryptocurrency trading, bitFlyer also gives you the option of trading a variety of Bitcoin futures on its Lightning Exchange. See all the available trading options in the table below.

ProductOffering
Cryptocurrencies7
Crypto pairs6
Bitcoin futures4

Can I trade with leverage on bitFlyer?

Yes, bitFlyer offers up to 1:4 leverage. This is in line with industry standards for cryptocurrency trading leverage. 

Please note that using leverage carries a high degree of risk to your capital; it is possible to lose more than your initial investment, and you should only speculate with money you can afford to lose.

Product Maximum leverageMargin
Individual cryptocurrencies1:425%
Bitcoin futures1:425%

What are the spreads?

bitFlyer charges a fixed commission of 0.20% on all trades, and spreads ranging from between 0.10%-6% based on your 30 day trading volume.

Fees, limits, and payment options on bitFlyer

What are the deposit and withdrawal fees, limits, and speeds?

bitFlyer offers several different options, ranging from debit/credit card, online payment via PayPal, and a few e-wallets which are commonly found among other cryptocurrency brokers.

Its payment processing fees are somewhat high in that you are charged both a set fee and a percentage of the amount of your transaction. See all fees outlined in the table below.

Payment methodDepositWithdraw
Paypal
-min/max
-fees
-speed
Yes
€10 / €2,000
4.9% + € 0.35
Instant
Yes
€10 / €2,000
€0.30
24 hours
Debit/Credit Card
-min/max
-fees
-speed
Yes
€10 / €2,000
1.95% + € 0.25
1-3 business days
Yes
€10 / €2,000
€0.30 (up to €10 if over €250)
1-3 business days
Bank Transfer
-min/max
-fees
-speed
Yes
€10 / €2,000
1.95% + € 0.25
1-3 business days
Yes
€10 / €2,000
€0.30
1-3 business days
iDeal
-min/max
-fees
-speed
Yes
€10 / €2,000
€0.29
Instant
Yes
€10 / €2,000
€0.30
24 hours
Sofort
-min/max
-fees
-speed
Yes
€10 / €2,000
0.9% + €0.25 
Instant
Yes
€10 / €2,000
€0.30
24 hours
Giropay
-min/max
-fees
-speed
Yes
€10 / €2,000
0.6% -1.20% + €0.25
Instant
Yes
€10 / €2,000
€0.30
24 hours

How much are bitFlyer’s fees and commissions?

bitFlyer charges a flat 0.20% per trade as well as an additional spread of between 0.1% to 6.0% depending on both the volatility and liquidity in the overall crypto market.

These charges apply uniformly to all trading, as show in the table below:

Fee typeFee amountCommission
Crypto trading0.20%0.10%-6%
Crypto futures0.20%0.10%-6%

bitFlyer trade sizes and limits

The minimum bitFlyer trade size starts at a low 0.001 BTC and the max order size for a single trade is 20 BTC. The minimum trade size is low by comparison and while other crypto brokers may not put a cap on individual trade sizes, bitFlyer’s is quite large.

ProductMinimum tradeMaximum trade
Cryptocurrencies0.001 BTC20 BTC
Crypto futures0.001BTC20 BTC

bitFlyer trading platform

What devices can I use bitFlyer on?

You can use bitFlyer to buy and sell from almost any device, including from its bitFlyer wallet app which launched in 2019 and is available for both iOS and Android devices.

  • PC
  • Laptop
  • Android mobile and tablet devices
  • iOS mobile and tablet devices

Can I use bitFlyer in my country?

bitFlyer is accessible across the US, Japan, and in all European Union countries including Germany, France, and Spain. Select your country from the list below to see if it is available where you reside.

Is bitFlyer available in my language?

bitFlyer currently only offers support in a few languages, including English, Japanese, and French.

How easy is it to use bitFlyer?

bitFlyer claims that its platform is the easiest way to start trading virtual currencies. True to form, getting started with bitFlyer is relatively easy. The sign up process only asks for your email address and for you to verify this, after which you will be able to deposit funds into your account.

bitFlyer’s Buy/Sell Markets and Lightning Exchange spot trading platforms are accessible both online or via mobile device for added convenience. Both offer access to real-time information and the primary difference between the two is that with bitFlyer Lightning your trading partner is bitFlyer, who acts as a broker, while with Buy/Sell you are executing an exchange between yourself and other customers.

Overall, navigating your way around bitFlyer site is very simple as the broker presents its features in a clear, straightforward manner.

Key features

In addition to its general ease of use, bitFlyer comes packed with a host of other features. Here’s a breakdown of our three favourites.

Integrated Cold Storage Crypto Wallet

Secure, offline cold storage wallet for storing your Bitcoin, Ethereum, and other coins. Cold storage wallets are the highest grade storage wallet available for free.

Full API

Build your own custom bitFlyer Lightning trading interface by accessing bitFlyer’s price and other data. This is geared towards professional traders who often prefer their own custom setups.

Spot Trading

This involved financial instruments traded for immediate delivery in the market. With bitFlyer you can instantly trade crypto futures contracts via the Lightning platform for spreads as low as 0.10%. 

Security and regulation

Is bitFlyer safe?

bitFlyer has several advanced security protocols in place, including encryption on its servers, two-step authentication and SSL security for all logins.

Additionally, over 80% of bitFlyer customer funds are held in offline, cold storage wallets for added security.

Am I and my cryptocurrency protected?

bitFlyer carries insurance protecting customers against fraudulent withdrawals that occur as a result of stolen passwords and email addresses. However, this insurance coverage does not extend to cyber theft or disappearance of crypto assets, since almost all client funds are held in a segregated, offline environment.

Is bitFlyer regulated?

Yes, bitFlyer is regulated by several financial bodies across Japan, the EU, and the US, including:

  • The Financial Services Agency of Japan (JFSA)
  • The Commission de Surveillance du Secteur Financier (Luxembourg)
  • The Financial Crimes Enforcement Network (FinCEN) In the US where bitFlyer holds Money Services Business (MSB) licenses

Do I have to verify my account with bitFlyer?

Yes, you will need to verify your personal details in order to begin trading with your bitFlyer account as the broker complies with all Know Your Customer (KYC) and Anti-Money Laundering (AML) Standards. 

To verify your account, you will need to provide a primary photo ID and a secondary ID confirming your personal address such as a utility bill.

Extra information

Educational resources 

bitFlyer provides a full glossary section on its website, breaking down common trading and cryptocurrency terms. Additionally, the broker’s blog offers some educational material on it, such as breaking down cross-border trading and basic tutorials of site functions and features.

Tools and charting

bitFlyer’s Lightning trading platform was designed by its founder – a former Goldman Sachs derivatives and commodities trader himself. It boasts advanced tools such as lightning fast execution speeds capable of handling over 1,500 transactions per second, conditional orders, and complete interface customisation.

Traders can also take advantage of margin and futures trading on bitFlyer.

Customer support

bitFlyer offers multilingual (English, Japanese, and French) support both via email and an online form. Their support team is available 09:00 to 18:00 (CET) Monday-Friday and maintains a generally good reputation for being responsive and handling all inquiries within 24 hours or less.

Our verdict

bitFlyer offers a regulated exchange and advanced trading platform for Bitcoin and a limited number of other cryptos. It gives you the option of top cryptocurrency pairs such as BTC/BCH, ETH/BTC, BTC/USD, with relatively low fixed trading fees of 0.20% plus variable commissions of 0.10%-6% based on your 30-day trading volume.

bitFlyer is an authorised and regulated broker by financial regulators in the EU, Japan’s Financial Services Agency (JFSA), and 42 US states. Additionally, it complies with top safety and security protocols such as AML, KYC, and two-step authentication to ensure customer safety.

Finally, bitFlyer’s crypto wallet is an offline cold storage wallet. This means that your coins are held offline in segregated accounts which is the highest level of security one can get – apart from a hardware wallet which can be quite expensive in comparison with bitFlyer’s no cost option. The only drawbacks with bitFlyer are its limited coin and language support options, otherwise it is a very solid crypto exchange service.

How to buy and sell cryptocurrency with bitFlyer

How to buy crypto on bitFlyer

  1. Once logged in, go to the Buy/Sell tab in your account.
  2. Click on the coin that you wish to Buy
  3. Hit the Buy button
  4. Select the amount of crypto you wish to Buy in the “Amount” box then click “Proceed”
  5. Click “Submit Order” to complete your transaction

How to sell crypto on bitFlyer

  1. Once logged in, go to the Buy/Sell tab in your account.
  2. Click on the coin that you wish to Sell
  3. Click on the Sell button
  4. Select the amount of crypto you wish to Sell in the “Amount” box then click “Proceed”.
  5. Click “Submit Order” to complete your transaction

FAQs

Who owns bitFlyer?
How does bitFlyer make money?
Do I have to pay tax on bitFlyer profits?
How do I delete my bitFlyer account?
How can I short on bitFlyer?
What if I forget my account password?
Can I transfer from bitFlyer account into my PayPal account?
What if bitFlyer closes down while I have open trades?
Can I access my full trading history on bitFlyer?
Can I pay in cryptocurrency with bitFlyer?
Does bitFlyer offer bonuses?
How do I transfer from Coinbase to bitFlyer?
Is bitFlyer anonymous?
Does bitFlyer have an integrated wallet?
How do I withdraw from bitFlyer?
Has bitFlyer ever been hacked?
By Theodor Tonca
Theodor has more than a decade of experience in the financial sector, having worked as an analyst, investment partnership founder, and writer. When not working, he can most commonly be found on the basketball court.
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