bitFlyer is a Japanese crypto-currency exchange that was launched in early 2014 in the land of the Rising Sun. The platform is highly regulated and secure, with Japan quickly adopting clear and effective legislation on the emerging digital asset industry.
The bitFlyer exchange is leading in Japan, one of the most active markets regarding Bitcoin and cryptos. Up to 7 crypto-currencies are available on the site. You can acquire them by bank transfer and PayPal.
- What is bitFlyer?
- Register on bitFlyer
- Secure your bitFlyer account with 2FA
- Verify your bitFlyer account
- Buying crypto-currencies on bitFlyer
- How to trade on bitFlyer?
- What are the fees on bitFlyer?
- Our opinion on the bitFlyer platform
What is bitFlyer?
bitFlyer is a cryptocurrency trading platform that was launched in Japan in January 2014. As a token of the company’s seriousness, all exchanges wishing to offer their services in Japan must follow strict regulations and the listing of coins on the platforms is subject to approval by the authorities.
Since 2018, bitFlyer has been the largest Bitcoin (BTC) exchange in Japan, in terms of the number of users, average daily volume and committed capital.
Today, bitFlyer also operates in Europe and is regulated by the Commission de Surveillance du Secteur Financier, the Luxembourg regulatory authority, as a payment institution. A special feature required to ensure French-speaking customers, the entire exchange is translated into French.
To learn more about bitFlyer, check out our interview with Nicolas Wasniowski, head of the exchange’s marketing arm.
Register on bitFlyer
To begin the registration process, go to the home page of the site by clicking on the button below:
Once on the page, enter the email address you will use for your account:
Then, you will have to confirm your registration and proceed to the verification of your email address. You will then receive an email where you just have to click on the link “Verify your email address”.
Once this is done, a new tab will open in your browser asking you to enter your password. As bitFlyer states, choose a highly secure password that will only be used on this platform. Other recommendations for your password structure are provided by bitFlyer.
Since bitFlyer is a regulated exchange, the 4th step of the registration process concerns a part of the KYC of the platform. Fill in the different fields with your personal information.
Once your personal information is validated, bitFlyer also requires a validation with a phone. Fill in your number and then fill in the form with the code you receive:
After validating your number, bitFlyer will offer you to proceed with depositing funds up to a maximum of €250, or to upgrade your account to “Trade Pro”. This status allows you to deposit funds from PayPal, and especially to raise the deposit and withdrawal limits. For practical reasons, we suggest that you go through the process to obtain this status.
Checking your bitFlyer account
When you create an account, your funds movements on bitFlyer are limited by default. For example, you will only be able to deposit or withdraw €250 per transaction and €2500 accumulated over a one-year period. This applies to both deposits and withdrawals regarding euros and cryptocurrencies.
To break this rather restrictive limit, you will need to send bitFlyer documents proving your identity. Once these are verified by their services, you will then be able to deposit and withdraw as much as you want. Let’s take a look at how to upgrade your account to “Trade Pro”.
To do this, go to the home page, scroll down and click on the “Proof of Identity” button:
You will now be taken to a page where you will need to submit your documents and fill inz more information about your identity. To get access to a Trade Pro account, you’ll need to have your identity and address verified. Don’t worry about this step, bitFlyer guides you step by step to make it easy.
For identity verification, bitFlyer accepts several documents, including a passport, ID card and driver’s license. In the case of sending your ID card, both sides will be required.
For verification of your address, bitFlyer requires proof of address less than 3 months old. bitFlyer accepts several documents, including electricity, gas and telephone bills, as well as rental agreements.
Once your documents are submitted, your account verification will be completed in a few minutes. Once your account is upgraded to Trade Pro, there will be no limits on deposits or withdrawals.
Securing your bitFlyer account with the 2FA
To ensure the security of your account, it is strongly recommended to activate the two-step authentication (2FA). 2FA helps you protect your account by requiring two different credentials when performing certain actions such as logging in or sending funds.
To activate this additional security, you’ll first need your smartphone and the Google Authenticator app. If you are not familiar with the use of this application, you can consult our guide on the subject: How to set up Google Authenticator?
To enable two-step authentication, go to the “Home” tab of your control panel:
Then, go to the bottom right of this page and click the following button:
Scroll down the page and click on “Update”:
Two-step authentication is set by default to work with SMS. In order to modify the options of the 2FA and make it more convenient to use, click on the link received in your mailbox then fill in the code you just received on your phone and click on “Next”:
Once the code is validated, it is possible, if you wish, to change the method used for the double authentication. For practical reasons, it is advisable to check “Authentication applicationation” to activate your 2FA on the application provided by Google :
Next, we strongly recommend that you check the “When logging in” box. Thanks to this, you will be asked for a code each time you connect and it will offer you an additional security in case a third party knows your login details. Then click on the “Next” button:
Now open your Google Authenticator application and scan the QR Code that the site presents you. To finish setting up your 2FA, fill in the code linked to bitFlyer in the corresponding form and click on “Enable two-step authentication”.
If you are not familiar with scanning QR codes, bitFlyer also offers you to manually enter a key to set up your 2FA:
Congratulations! Your account is now secure and ready to use!
Buy crypto-currencies on bitFlyer
In order to start your trading on bitFlyer, you can buy crypto-currencies there via SEPA transfer or payment via PayPal. It is also possible to deposit cryptocurrencies from another exchange orwallet.
Buying cryptocurrencies with SEPA transfer
In order to get cryptocurrencies, it is possible to deposit euros on bitFlyer and then exchange them for the assets you want. To do this, the best solution is probably the SEPA transfer.
The fees for this payment option are very low, only 0.30 euro will be added to the total amount of your transaction. This is the option you should choose if you can wait a few days for your purchases. Indeed, your deposit by SEPA transfer can take up to 3 working days to be credited to your bitFlyer account.
Note that the deposit must come from a bank account in your name. Otherwise, your bitFlyer account will not be credited.
To proceed with the To make a transfer, click on the “Deposit and Withdrawal” tab on the homepage:
Then you will have the choice of depositing or withdrawing euros. Click on the “EUR Deposit” button:
Then select the “Bank Transfer” tab, to get the bank information from bitFlyer. The account is the one of bitFlyer, hosted at the Banque et Caisse d’Epargne de l’Etat, a Luxembourg bank:
Last step, go to your bank’s website or app and proceed with the transfer with the amount of your choice to the bitFlyer account.
Be careful! Don’t forget to add the unique 6-character code provided as “Message to Recipient” or your payment will not be credited. This one corresponds to the code in red that you will then have on your interface.You must imperatively indicate your reference code in the “Comment” tab of your bank transfer, sometimes named “Reason” or “Wording”.
Buying cryptocurrencies with PayPal
This quick purchase option via PayPal is only available for “Trade Pro” accounts. To access it, click on the “Deposit and Withdrawal” tab on the homepage.
Then, fill in the desired amount of your deposit in euros, then continue the process via PayPal :
Once the payment is validated, your euros will be immediately credited to your bitFlyer account. For security reasons, these funds will not be available for withdrawal for 7 days after the date of your purchase.
Note that the fees via PayPal are particularly high. Out of 1,000 euros, only 950.65 euros will be credited to your bitFlyer wallet. While this option is relatively easy to use, we suggest using bank transfer to keep the fees down.
Depositing cryptocurrencies on bitFlyer
To deposit cryptocurrencies from another exchange or an external wallet, go to the homepage, just like making a SEPA transfer, and click on the “Deposit and Withdrawal” tab.
You will then be offered to make a deposit or withdrawal for all cryptocurrencies available on bitFlyer :
<img src=”https://cryptoast.fr/wp-content/uploads/2020/02/bitflyer-depot-et-retrait.jpg 1465w, https://cryptoast.fr/wp-content/uploads/2020/02/bitflyer-deposit-and-withdrawal-300×65.jpg 300w, https://cryptoast.fr/wp-content/uploads/2020/02/bitflyer-depot-et-retrait-1024×221.jpg 1024w, https://cryptoast.fr/wp-content/uploads/2020/02/bitflyer-depot-et-retrait-768×166.jpg 768w” alt=”bitFlyer – Withdrawal and deposit” width=”1465″ height=”316″ />
The only restriction applicable to deposit cryptocurrencies is that you must first either make your first deposit in euros (less than 250 euros) or upgrade your account to Trade Pro. To learn more about this, go to the previous chapter.
How to trade on bitFlyer?
Buying and selling cryptocurrencies on bitFlyer has been simplified to the maximum for the user’s convenience. To trade Bitcoin, click on the “Bitcoin” tab on the left side of the homepage. For all other altcoins, they are gathered in the “Altcoins” tab.
One of the special features of bitFlyer is that the platform offers OTC trading, which can be translated as over-the-counter transactions. In practice, this means that if you want to buy a cryptocurrency with a large sum, say 20 BTC, the price will not fluctuate.
To do this, bitFlyer does not offer an order book and focuses solely on instant buying and selling. This feature ensures that your trades are made at the price you want.
Here’s what the page looks like for trading:
Let’s take a look at the interface of this page together. At the top of the page, there are several buttons that correspond to the pair markets available on bitFlyer. Click on one of them to switch to another cryptocurrency.
At the bottom of the page, you can find the history of transactions with the timestamp, the price as well as the amount exchanged:
On the right is displayed the graph of the price evolution of the selected cryptocurrency, with several timeframes :
Finally, in the center, the part that is about trading, with LSK as an example:
In order to buy Lisk or sell Lisk, all you have to do is fill in the quantity you want to trade in the corresponding form and click on “Buy” or “Sell”. It’s that easy!
Then you will be immediately debited or credited with the amount you traded. It works the same way for all cryptocurrencies available on bitFlyer.
What are the fees applied on bitFlyer?
The fees applied on bitFlyer are quite low, or even zero in some cases. If you deposit or withdraw euros through a SEPA transfer, the fee is €0.30. In case you use instant payment with PayPal, the fees are 4.9% on the total amount of your transaction, plus €0.35 per transaction. We strongly advise you to use the bank transfer option.
As far as trading is concerned, bitFlyer does not charge any fees when you trade, a feature that will delight those who execute many daily orders.
For the deposit of cryptocurrencies, this is not charged. However, as with other exchanges, withdrawing your cryptocurrencies is subject to some fees: 0.0004 BTC for Bitcoin, 0.005 ETH for Ether, 0.0002 BCH for Bitcoin Cash, 0.005 ETC for Ether Classic, 0.001 LTC for Litecoin, 0.1 LSK for Lisk. There are no fees for withdrawing your Monacoin (MONA) tokens.
Our opinion on bitFlyer platform
The ease of use of bitFlyer will certainly appeal to beginners looking to take their first steps into the world of cryptocurrencies. The clear and uncluttered interface as well as the ease of performing actions with one’s funds are also features that enhance the practicality of bitFlyer.
A tool that not all exchanges may offer to their users, bitFlyer also provides a mobile app that is just as easy to use. This can be downloaded on iOS and Android devices and is called bitFlyer Wallet.
Another notable fact that bitFlyer can proudly display is that the platform has never been hacked despite being around since 2014. This is worth highlighting when the vast majority of the best-known platforms already have them with non-negligible weaknesses in their security systems.
Social networks & useful links
<img src=”https://cryptoast.co.uk/wp-content/uploads/2017/08/facebook2.png 512w, https://cryptoast.fr/wp-content/uploads/2017/08/facebook2-150×150.png 150w, https://cryptoast.fr/wp-content/uploads/2017/08/facebook2-300×300.png 300w” alt=”Facebook” width=”50″ height=”50″ />
Get a crypto news recap every Sunday And that’s it.
What you need to know about affiliate links. This page presents assets, products or services related to investments. Some of the links in this article are affiliate links. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus for using our links.
Investments in crypto-currencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, by any damage or loss caused as a result of the use of a good or service highlighted in this article. Crypto-asset related investments are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
About the author: Clement Wardzala
Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I’ve been striving to share qualitative content so that the sector can be democratized to everyone.
All articles by Clement Wardzala.