bitFlyer

What is bitFlyer？

bitFlyer, established in 2014, is a Japanese cryptocurrency exchange. It's among the world's biggest exchanges, backing a total of 11 different cryptocurrencies. With a trading volume exceeding $2 billion in a day, bitFlyer is quite active. As for fees, those who initiate trades (takers) are charged 0.1%, while those who create trades (makers) pay a lower fee of 0.05%.

Pros and cons

Security

bitFlyer takes security seriously. They use strong encryption and strict authentication to keep user info and funds safe. They store funds offline to prevent hacking. Reviews are mostly positive, praising two-factor auth and stability. But, like any exchange, there have been a few security concerns, like phishing attempts. Stay alert and protect your account.

Cryptocurrencies available

As of March 8, 2023, bitFlyer supports 11 cryptocurrencies: Bitcoin (BTC) \ Ethereum (ETH) \ Litecoin (LTC) \ Bitcoin Cash (BCH) \ XRP (XRP) \ Stellar (XLM) \ Chainlink (LINK) \ Tezos (XTZ) \ Aave (AAVE) \ Uniswap (UNI) \ Polkadot (DOT)

Compared to other cryptocurrency exchanges, bitFlyer adds new coins to its platform relatively slowly. It typically takes a few months for a new cryptocurrency to become available on bitFlyer. In 2022, bitFlyer introduced only three new cryptocurrencies: Dogecoin (DOGE), Shiba Inu (SHIB), and Sandbox (SAND). This is much fewer than the number of new cryptocurrencies added by other exchanges like Binance, which listed 80 new cryptocurrencies in the same year.

How to open an account？

The registration process of bitFlyer consists of the following steps:

1. Visit the bitFlyer website and click on the “Sign Up” button to start the registration process.

2. Enter your email address and create a strong password to set up your account.

3. Verify your email address by clicking on the verification link sent to your inbox.

4. Provide your personal information, including your full name, date of birth, and residential address.

5. Complete the identity verification process by submitting a scan or photo of a government-issued ID, such as a passport or driver's license.

6. Finally, review and agree to the terms and conditions of bitFlyer to complete the registration process.

Fees

bitFlyer's trading fees are based on a maker-taker model. This means that makers, who add liquidity to the market by placing limit orders, pay lower fees than takers, who remove liquidity by placing market orders.

The maker and taker fees at bitFlyer are as follows:

Maker Fees

0.05% - 0.1%

Taker Fees

0.1% - 0.5%

The exact fee that you will pay will depend on your total traded volume of the past 30 days. Here is a simplified breakdown of the fees:

Deposit & Withdrawal

bitFlyer offers multiple deposit and withdrawal methods to provide flexibility for users. The available deposit methods include bank transfer, credit card, and digital currencies such as Bitcoin. Users can choose the most convenient option based on their preferences and location.

Below is a table outlining the deposit and withdrawal fees for bitFlyer, including information on payment methods, processing times, and additional details:

With no deposit fees applied, BitFlyer imposes a withdrawal fee of 0.0005 BTC for Bitcoin withdrawals, and the withdrawal fee for other cryptocurrencies may vary.

Here is a table summarizing the trading fees and withdrawal fees at bitFlyer:

Here you can also find deposit and withdrawal fees for bitFlyer in EUR and JPY:

EUR Deposits and Withdrawals

SEPA Deposits: Free

SEPA Withdrawals:

0.30 EUR for transactions of value between 10 EUR (minimum withdrawal amount) and 250,000.00 EUR.

10.00 EUR for transactions of value above 250,000.00 EUR.

JPY Deposits and Withdrawals

Deposits: Not available

Withdrawals: Not available

Please note that these fees are subject to change. You can always check the latest fees on the bitFlyer website.