bitFlyer Experience 2021 - Serious Broker or Pure Scam?

Overall Rating: 
5/5 stars

Quality

speed

cost

bitFlyer Europe is an up-and-coming crypto exchange that is receiving enormous traffic. In fact, the crypto exchange founded in Japan in 2014 is one of the largest in the world. But is bitFlyer also a regulated provider that operates seriously?

Does bitFlyer have coins like Bitcoin, Ethereum and Co? What experiences do users have with bitFlyer? How high are the fees and costs?

bitFlyer

What is bitFlyer?

bitFlyer is a trading platform for cryptocurrencies. The licensed provider is active in several countries and regions worldwide, for example in the USA, Japan and Europe. In 2017, bitFlyer was the number 1 platform and had a trading volume of over 250 billion.

A bitFlyer login is considered very secure; the bitFlyer review is exceptionally good. On the user-friendly website, bitFlyer experiences can be made with the most popular cryptos in the world. bitFlyer is also frequently reported on in online publications such as the Wall Street Journal, CoinDesk or TechCrunch.

bitFlyer key data

Key data

bitFlyer

head office

Tokyo, Japan

safety

High, 2-factor authentication

App

Yes

Wallet

Yes

Business accounts

Yes

Affiliate program

Yes

Cold storage

Yes

Payment methods

SEPA, bank transfer, credit card, Paypal, Sofort, Giropay, iDeal

Customer support

24/7, multilingual

bitFlyer Experience Report: Functions and Products at a Glance

bitFlyer allows you to trade cryptocurrencies via the desktop version and also via a mobile app . Some of the best features include:

  • User-friendly user interface; suitable for novice and experienced traders alike
  • Instant buy function for quick purchase of Bitcoins and Ether
  • Real-life market data and chart analysis for trading popular coins
  • Multilingual customer service, available 24/7
  • Trading app available
  • Affiliate programme with rewards for referrals
  • bitFlyer Lightning Exchange for crypto trading professionals
  • Secure bitFlyer Wallet with Cold Wallet to protect funds
  • Two-factor authentication
  • bitFlyer Paypal payments are possible

bitFlyer registration and trading in 3 steps

It is very easy to trade with bitcoin and other cryptocurrencies at bitFlyer. In just a few minutes, you can open a trading account and use the deposited funds to buy cryptocurrencies immediately.

Step 1: Register your account

Register your bitFlyer account by entering your email address in the field provided on the homepage. Then click on the "Sign Up" button.

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You will now receive an email in your inbox. Open this email and click on the link it contains to confirm your email address.

Bitflyer-Passwort-Bestätigung-696x352

Back on the bitFlyer website, you will be asked to create a secure password. This must contain upper and lower case letters, numbers and special characters such as [email protected]#$%^&*()". Follow the instructions and then click the "Set" button.

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Now you will be asked to agree to the terms of use as well as the privacy policy (DSGVO compliant) and to confirm that you are not resident in the USA (this is for tax reasons). Check the 3 boxes and click "Agree" to continue.

Time to fill in your personal details such as name, date of birth and nationality. Simply fill in the form accordingly and then click "Continue".

You will then be asked to enter your phone number. You will receive a verification code via SMS, which you must then enter. This step is to set up 2-factor authentication to protect your account from unauthorised access. Enter your phone number and click on "Submit Now".

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Enter the code now, click "Submit Now" to complete your account setup.

Step 2: Deposit minimum amount

n the next step, you will be invited to make a direct deposit into your account.

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Bitflyer deposit nowClick on the button "Buy Coins Now" to open the deposit menu. We recommend you to start with an amount of 200 EUR.

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You will be shown the option to buy immediately (Instant Buy). Simply click directly on the cryptocurrency you want to buy. Let's take Bitcoin as an example - click on the Bitcoin button.

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The deposit menu opens. Enter the amount you want to buy and click on "Select Payment Method". Now click on your desired payment method, we recommend credit card for instant deposit.

Follow the instructions to deposit your desired amount. You will now have received Bitcoin equivalent to the amount you deposited.

Step 3: Start trading

The purchased cryptocurrencies will be safely stored in your portfolio at bitFlyer (or the wallet at the exchange). If you want to trade, you can now buy or sell cryptocurrencies.

To do so, click on the "Buy/Sell" entry in the left navigation bar. Now all tradable cryptocurrencies are listed in the horizontal navigation bar at the top of the screen. You will also see the current price chart.

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To buy or sell more cryptocurrencies, click on the "Buy" or "Sell" button. You can buy amounts up to your account balance.

Account types

At bitFlyer, users can choose between 2 different account types, namely Trade and Trade Pro. With bitFlyer Trade you can trade on the Easy Exchange, and with bitFlyer Trade Pro you can trade on the Lightning Exchange.

The Easy Exchange is simple and intuitive to use and is aimed at beginners.

The Lightning Exchange is somewhat more complex to use, which is due to the incredibly high number of functions.

Arbismart Rating

  • After account registration, you start with a bitFlyer Trade account, but you can immediately apply for an upgrade to bitFlyer Trade Pro. However, a few documents are required for this - in any case, proof of identity and address are required.
  • Other advantages of the TradePro account are the elimination of deposit and withdrawal restrictions. In addition, Trade Pro customers can trade cryptocurrencies at more favourable fees and conditions.

bitFlyer offer

When choosing a crypto exchange like bitFlyer, investors should pay particular attention to the range of cryptocurrencies on offer, as well as the level of fees and costs and the user-friendliness of the platform. Even though bitFlyer is one of the first and best-known crypto exchanges in the world with 7 years of market presence, the range of cryptocurrencies available with a bitFlyer trade account is relatively small.

There are currently 7 cryptocurrencies to choose from, namely:Bitflyer Review.


Bitcoin,
Ethereum,
Litecoin,
Ethereum Classic,
Bitcoin Cash
Mona
Lisk

FTX.US to open up crypto derivatives trading to clients


The larger the trading volume of the cryptocurrency, the lower the fees charged for a transaction - consequently, Bitcoin and Ethereum naturally have the lowest fees.

Trading platform

bitFlyer has strived to create a simple and intuitive user interface for crypto beginners. The purchase of cryptocurrencies can thus be carried out in just a few steps. The left navigation bar makes it easy to find all the important sections:

In the "Instant Buy" tab, you have the option to buy the desired cryptocurrency directly with EUR. All you have to do is select the payment method and enter the purchase amount.
The "Buy & Sell" tab provides a more detailed overview of the individual cryptocurrencies. The current price development is shown in the price chart. With two clicks, you can sell existing crypto assets or buy more.
In the "Trade Report" tab, you can view your own trading history; all past transactions - whether buy or sell orders - are listed here chronologically with all details.
In the sub-tab "Funding History" all payments can be viewed. All entries can be downloaded as a CSV file using the export function.

behind the operator

bitFlyer Test: Payment methods

bitFlyer supports one, so both credit card, bank transfer (SEPA), the payment provider PayPal or Sofort, iDeal and Giropay are supported.

PayPal is a good option, but you have to fully verify your identity with bitFlyer EU before you can use it.
Although a credit or debit card can be used to buy cryptocurrency on bitFlyer EU, one must first make a deposit with a SEPA transfer before withdrawing these funds.
In our opinion, it is better to simply avoid using a credit or debit card on bitFlyer EU - mainly because it is more expensive.

The Bit4Coin offer

bitFlyer fees

As with all crypto exchanges, bitFlyer is financed by charging transaction fees, which are incurred with every purchase or sale of cryptocurrencies. There are also small deposit fees and withdrawal fees.

Transaction fees

You pay the lowest fees on bitFlyer EU when you use the bitFlyer Lightning exchange to buy Bitcoin (BTC). You get the real exchange rate (i.e. no hidden fees) and pay these fees whenever you buy or sell Bitcoin (BTC).

The fees you are charged when using the bitFlyer EU "Instant Buy" dashboard are higher. Our bitFlyer experience revealed that there was a variable hidden fee in the BTC to EUR exchange rate. After checking several times, we found it to be somewhere between 2.3% and 2.5%. If you use the credit or debit card payment methods, you also pay a transaction fee of 1.95% (plus €0.35).

So, in total, you would pay about 4.5% fees if you bought Bitcoin (BTC) with a credit or debit card on bitFlyer EU. This is slightly higher than most comparable providers.

Wallets mandatory
bitflyer-desktop-300x173

Deposit fees

Depositing with EUR via SEPA bank transfer is free of charge, but can take up to 3 banking days. So if you can wait a bit, SEPA is probably the best deposit method.

On the other hand, if you want to deposit with PayPal, you have to be prepared for high fees. Although the money is credited to the trading account immediately, you pay a high 4.9% deposit fee plus a flat rate of 0.30 EUR.

Withdrawal fees

The withdrawal of crypto funds in your bitFlyer account is only possible via SEPA transfer to a SEPA-supporting bank account in Europe. Similar to the deposit, a flat withdrawal fee of 0.30 EUR is charged up to an amount of 250,000 EUR.

In addition, depending on the cryptocurrency whose balance you are withdrawing in EUR, different transaction fees apply for the withdrawal. These are currently:

Cryptocurrency

Withdrawal Fees

Bitcoin (BTC)

0.0004 BTC

Ethereum (ETH)

0.005 ETH

Bitcoin Cash (BCH)

0.0002 BCH

Ethereum Classic (ETC)

0.005 ETC

Litecoin (LTC)

0.001 LTC

Monacoin (MONA)

free of charge

Lisk (LSK)

0.1 LSK

Other bitFlyer fees

There are no other fees charged by bitFlyer, i.e. the usual fees charged by other exchanges for account creation, account maintenance or inactivity do not apply here.

Comparison of fees between bitFlyer and other providers

Here is an overview of bitFlyer's fees compared to the competition:


bitFlyer

eToro

Libertex

Coinbase

Deposit 

Credit card 1.95% + € 0.25, otherwise 1.95% + € 0.30

no

no

3.99%

Purchase fees

0.2%

1.9%

3.08%

1.49%

Sales charges

0.2%

1.9%

3.08%

1.49%

Holding fees

no

no

no

no

Payout

no

$ 5

no

$ 0.15

Spreads

no

no

no

no

Inactivity fee

no

no

no

no

bitFlyer Security - Is bitFlyer reputable?

bitFlyer works closely with the regulatory authorities and strictly adheres to all requirements and guidelines. bitFlyer Europe is regulated and licensed by the Luxembourg financial supervisory authority CSSF (Commission de Surveillance du Secteur Financier).

In general, bitFlyer is committed to security - hardly any other crypto exchange has implemented such high security measures. bitFlyer protects its customers and their deposits through measures such as:

  • Encryption of all data traffic with the modern SHA-2 (SHA-256) encryption standard.
  • Biflyer is protected by a firewall and possible unauthorised access is constantly monitored by a web application firewall (WAF).
  • Users must use a complex, secure password with special characters, upper and lower case letters to reduce the likelihood of an account hack
  • bitFlyer supports the setup of two-factor authentication (2FA), which requires users to authenticate via two devices (e.g. PC and smartphone via SMS code), Google Authenticator can also be used for this purpose.
  • Multi-signature wallets for cryptocurrencies are used. In addition, more than 80% of user deposits are stored in cold storage wallets, i.e. offline. These wallets are monitored around the clock, making theft of deposits virtually impossible.
  • In addition, there is of course the fact that bitFlyer EU, as a broker regulated in Luxembourg - supervised by the Commission de Surveillance du Secteur Financier (CSSF) - complies with all security and data protection guidelines stipulated in the EU, such as the General Data Protection Regulation (DSGVO).
  • Likewise, all AML/KYC requirements and the MiFID II Directive are strictly adhered to.
Supported cryptocurrencies
bitflyer-app-147x300
AvaTrade Review

bitFlyer app

bitFlyer also offers a smartphone app for iOS and Android. This is very simple and clearly designed. It not only offers the option to buy the available 7 cryptocurrencies, but also a deposit menu and acts as a mobile wallet at the same time.

If you only want to buy bitcoin, you might be able to get by with the bitFlyer app. However, most beginners and crypto fans want much more. Mobile trading is becoming increasingly popular, users want to be able to buy or sell cryptocurrencies conveniently from their smartphone.

For this, one needs a better crypto broker that offers an excellent trading experience. bitFlyer is the wrong provider here - they only serve the desire for a simple buying option. If you want to trade cryptocurrencies profitably, you should take a closer look at our multiple test winner eToro.

The eToro app offers easy access to buying and selling 16 cryptocurrencies, with new coins being added all the time. Either real cryptocurrencies can be bought and securely deposited in the eToro Wallet (mobile wallet), or users can use the preferred crypto CFDs for crypto trading.

With crypto CFDs, money can be made from the performance of cryptocurrencies, regardless of whether these prices rise or fall, simply by taking the appropriate buy or sell position. In addition, crypto CFDs can be traded with leverage, which, however, also entails a higher risk.

eToro Logo
behind the operator

bitFlyer in the test: Customer service

All beginnings are difficult - even with the user-friendly bitFlyer Exchange, questions can arise from time to time. Whether it's about payment conditions, the trading platform, fees or anything else - the first port of call for bitFlyer support is the detailed FAQ section.


If you don't find what you are looking for when searching the FAQ section, you can also write to the customer service via the contact form, and you will usually receive an answer within 24 hours.

Overall, we find bitFlyer's customer service relatively modest - many competitors have dedicated customer support that can also be contacted via live chat, email or telephone hotline.

Absolute Global Markets

bitFlyer Review: Advantages and disadvantages at a glance

Like every offer, Bit4Coin has its own individual advantages and disadvantages.

Pros

  • Established, regulated broker since 2014
  • Highest security standards with 2FA, SHA-256 encryption
  • Customer deposits are held in cold storage wallets
  • Reputable broker licensed and regulated by the Luxembourg Financial Supervisory Authority (CSSF)

Cons

  • Customer service only available via contact form
  • High deposit fees with PayPal
  • Website only available in English
  • Limited selection of only 7 cryptocurrencies (bitFlyer Trade)

bitFlyer rating

Overall, bitFlyer performs passably in our test. It is a reputable and regulated provider that is also among the top 10 exchanges in the world - measured by the number of users:

We also looked around on the internet for bitFlyer experiences of other users to find out how the crypto exchange is received. In the process, we came across mainly positive reports of experiences, although there were also some complaints about flaws.
Overall, the bitFlyer app is well received by users. In the Android App Store, for example, the app has an overall rating of 3.8 out of 5 stars with over 2,000 reviews. In the Apple App Store, it even has 4.2 out of 5 stars.
Even if bitFlyer is a simple and user-friendly crypto exchange for beginners, there are still significantly better providers on the market. Above all, the somewhat higher fees, the small selection of cryptocurrencies.
The customer service could also offer more contact options.

bitFlyer experience - our conclusion

bitFlyer has been known as one of the best-known crypto exchanges worldwide since 2014. The European branch in Luxembourg, founded in 2018, ensures a reputable, CSSF-regulated provider that already serves around 150,000 customers.

The crypto exchange offers two different accounts - Trade and Trade Pro - and by means of the instant payment dashboard, a direct purchase of Bitcoin against EUR is possible. Beginners will find practically everything they are looking for here - a simple and intuitive user interface and the well-known cryptocurrencies Bitcoin, Ethereum and Litecoin.

What is somewhat unusual about bitFlyer is that fees are charged for both deposits and withdrawals, and the trading fees vary by cryptocurrency - it is quite easy to lose track. The biggest criticism, however, is probably the small number of cryptocurrencies - only 7 coins can be purchased here.

bitFlyer

Recommended alternative to bitFlyer: eToro


If you want to buy Bitcoin quickly, we recommend the broker eToro. Besides a clear user interface, government regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.

Exchange and wallet in one
Regulated provider
Deposit with PayPal, credit card, SOFORT transfer and more
Over 14 other cryptos tradable
Equities and ETFs also available

FAQ

What is bitFlyer?

bitFlyer is a regulated crypto exchange based in Luxembourg and licensed by CSSF. Founded in Tokyo in 2014, it is one of the largest crypto exchanges around with 2.5 million users and 12 leading cryptocurrencies can be traded.

How much money should I invest with bitFlyer?

The minimum deposit at bitFlyer is 100 EUR. This allows you to start trading cryptocurrencies with little risk. How much money you invest also depends on your own financial situation and risk tolerance.

How long does the payout take at bitFlyer?

Withdrawals at bitFlyer are made by SEPA transfer to a bank account located in the EU. The payout can take 1-3 banking days, depending on the bank and the time of application. A payout fee of 0.30 EUR will be charged.

What are the requirements for bitFlyer registration?

After registering with bitFlyer, you need to confirm your email address and then verify your account. After that, the proof of identity and address is carried out. A scan of the passport or identity card as well as the utility bill with residential address must be submitted.

Can I buy bitcoin with euros at bitFlyer?

If you want to buy bitcoin directly with euros, bitFlyer is the right place to go. After logging in, you will get to the instant buy dashboard. Clicking on the cryptocurrency Bitcoin takes you to the buy menu, where you can directly buy the selected EUR amount in Bitcoin according to the current exchange rate. This is a simple and convenient way to buy bitcoin within a few minutes. Buying Bitcoin at the Lightning Exchange, on the other hand, takes a little longer and requires a deposit to be made into the trading account before the exchange can be carried out.

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman