bitFlyer Review 2020

bitFlyer is a top 20 cryptocurrency exchange, a ranking given by analysing liquidity, traffic and trading volume. Launched in Tokyo, Japan, bitFlyer quickly expanded its operations throughout Europe and the US, having offices located in Luxembourg, San Francisco and the Japanese capital itself.

Founded in 2014, bitFlyer allows users to instantly buy Bitcoin and other cryptocurrencies through their web-based platform or mobile app, that is available for both apple and android devices.

Providing access to real-time market data, users can trade on the most popular altcoins including Bitcoin Cash (BCH), Ethereum (ETH), Lisk (LSK), Ethereum Classic (ETC), and Monacoin (MONA).

Licensed and regulated by the Japanese Financial Services Agency (JFSA), bitFlyer has been featured in the most reputable crypto news publication platforms such as Tech Crunch, Coin Desk and The Wall Street Journal.

Today, bitFlyer is one of the most trusted, well-established exchanges available to buy and trade cryptocurrency.

Key Takeaways from bitFlyer

  • bitFlyer is a well-established crypto exchange, operating for over six years.
  • Regulated by leading Japanese financial authority JFSA
  • Licensed to operate throughout Europe and the US
  • Offers immediate purchase of leading cryptocurrencies
  • Ranked in the top 20 crypto exchanges by CoinMarketCap
  • Has the highest trade volume in Japan

bitFlyer Payment Info and Crypto Offerings

  • Accepted Payment Methods: Visa, MasterCard, SoFort, iDEAL, giropay
  • Number of Coins available: 7
  • Cryptocurrency offerings: BTC, LTC, LSK, ETH, MONA, ETC, BCH

Who Created bitFlyer?

The bitFlyer crypto exchange was founded by two former employees of leading global investment banking, securities and investment management firm, Goldman Sachs.

Yuzo Kano and Takafumi Komiyama took the company through several funding rounds and received support from Barry Silbert, Mitsubishi UFJ Financial Group and many others.

The investors of bitFlyer Holdings Inc. (parent company of the exchange) decided in 2019 to replace Kano as CEO with Yoshio Hirako, to improve corporate governance and further strengthen the entire management structure of the company.

Yuzo Kano still retains his position of CEO for the subsidiary operating in the USA.

Is bitFlyer For Me?

The leading crypto exchange, bitFlyer, has effectively split its platform in two, so that they can cater for users of all levels of experience.

I am a Beginner

If you are new to the world of cryptocurrency, bitFlyer has created the Easy Exchange. The features of this platform are limited to keep the process as simple as possible for fresh users and newbies to buy their crypto with fiat currency without hassle. Many of the complex data streams are removed so that beginners are presented with the most basic charting tools to base their decisions. This allows for a fast-straightforward process that is just as effective.

I am an Expert 

For the more experienced investors, bitFlyer provides the Lightening Exchange. Loaded with advanced features and functionality, this platform includes complex charting and an array of useful analysis tools. Created by seasoned Wall Street veterans, the Lightening Exchange also offers margin trading up to 1:15 leveraging, futures and spot trading. Available on all desktop and mobile devices, this platform delivers all of the power that you could expect from a world-leading cryptocurrency exchange.

Is bitFlyer Safe?

bitFlyer is as safe a platform as you could possibly hope for. The exchange has never suffered a single breach or hack in all the years it has operated.

The bitFlyer exchange is licensed by leading global financial authorities. Luxembourg’s financial regulator, the CSSF, has licensed the company to operate throughout the entire European Union. As for the US, bitFlyer was the first exchange based outside America to be awarded Bitlicense, along with close to 50 state MSB licenses.

As mentioned above, the base of operations in Tokyo is given oversight by Japans leading financial governance, the JFSA.

Being heavily regulated in all these regions has been a core mission for bitFlyer, ensuring the absolute best practices, most professional trading environments and protection for their users.

Where security is concerned, bitFlyer has historically employed former employees from government agencies and top tier security professionals so that the exchange can surpass the safety level of any of their competitors.

When users connect to the exchange through their web-browser or mobile app, they do so through a Secure Hash Algorithm 2 (SHA-2) server, an encryption protocol previously used by the National Security Agency (NSA). This server identifies any attempt at manipulation or sudden change immediately and is also protected by firewall for added security.

Users themselves are encouraged by bitFlyer to use complex alpha-numeric passwords and 2 Factor Authentication (2FA) to protect further their accounts, which will be locked if too many failed password attempts are made.

All of these factors clearly demonstrate that bitFlyer takes security very seriously, and offers some of the highest levels of safety in the industry.

The bitFlyer Wallet

The exchange offers users a free built-in wallet that is protected by all of the security protocols the platform has in place. This wallet can provide convenience for the buying, selling and transfer of cryptocurrency holdings. That said, this wallet is non-custodial, so if you do not plan on using your funds in the immediate future, you would be advised to transfer your funds into a private wallet.

We recommend a ‘cold wallet’ solution such as Trezor or Ledger Nano, as these hardware devices store your crypto investment in an offline environment for added security.

Fees and Costs of bitFlyer

Every cryptocurrency exchange charges some sort of fee for transferring your crypto and fiat currency, yet bitFlyer has some of the most competitive on the market. There is no charge on deposits, and if users choose to withdraw through a simple SEPA wire transfer, the fee is incredibly low, costing as little as 30 cents for any amount under $250,000

With withdrawal fees reaching as low as 0.2%, any investor would be hard-pressed to find a less-costly exchange anywhere.

Conclusion: bitFlyer

bitFlyer offers a multi-layered exchange platform that can cater for users of all experience. The exchange is heavily regulated by leading global authorities, providing added protection and adhering to the best practices the industry could offer.

Features such as InstantBuy allow users to purchase their cryptocurrency without any hassle or delay, and the available, secure payment methods offer some of the lowest processing fees to be found anywhere.

From seasoned investors to those who are just beginning to get involved in cryptocurrency, bitFlyer is a high performing, easy-to-navigate platform. We highly recommend using bitFlyer to conduct all your crypto transactions.

The post bitFlyer Review 2020 appeared first on Coin Journal.

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