Commissions: Free (charge in spread)
Leverage: 15 to 1
What is BitFlyer?
This is one of the world’s leading cryptocurrency exchange houses but unlike most of the others it based its growth on trading specialization in Bitcoin and Ethereum.
This exchange house is based in Japan and offers marketing in the rest of the world, with a specific website, for example, for citizens of the European Union.
This company is not regulated by global financial organizations, like other similar houses, but it has Sumimoto Mitsui bank as a partner, and Ernst & Young as auditor.
The shareholders are: Yuko Kano, Takafumi Komiyama and a large number of international and national institutional investors, including Mizuho, Mitsubishi UFJ Capital, SBI Investment , Venture Labo, Quick, GMO , Cast Ventures or Incubate Fund.
As with all cryptocurrency exchange houses, Bitflyer places special emphasis on the security of its system with all possible measures that exist in the market, which can make customer service sometimes a bit cumbersome due to the issues security extras that are in this market.
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Although it is not registered with the Japanese regulator, it is registered with the Japanese Blockchain Association , which although it is not an official body.
Open account with BitFlyer
Opening an account with Bitflyer is a relatively simple process.
We will go to the page “Create account2 and enter our email address, which we can also do directly with our Facebook, Yahoo, or Google account.
The initial account with bitFlyer is the “Trade” with which we will have limited services to trade with cryptocurrencies.
The following is the “Trade Pro”, for which we will have to prove our identity.
The main difference between both accounts is that in the Pro we will be able to deposit and withdraw larger amounts of money.
The commissions of this exchange house are the following:
Account creation Free
Account maintenance Free
Bitcoin trading Bitcoin buy / sell (Trader) Free (Pro)
Bitcoin withdrawal 0.0004 Bitcoin
SEPA deposits € Free
SEPA withdrawals € € 0.30 <= 250,000€ 10> 250,000
There are two platforms to trade: the Bitcoin Easy Change and the Pro Exchange
BitFlyear Pro Exchange
This is the exchange platform where we will carry out our purchase-sales, whether it is for investment or short-term trading.
The other platform is for BTC JPY trading only, making it a service that is obviously dedicated to the Japanese public.
Bitflyer Blockchain Lab
This is the search, research and development service for new services for blockchain technology.
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However, this is a service that is more focused on the Japanese public, the main client of this exchange house.
We are facing one of the most successful houses since its launch, since in just four years – it was created in 2014 – it climbed to the top three positions in volume of cryptocurrency exchange in the world. And the latter despite the fact that it is a house that almost only specializes in Bitcoin trading, without wanting to enter other cryptos.
The latter may be part of the reason for its success, in addition to a very good marketing program.
Its openings to world markets, first the United States, and later to the EU, have made this house go from being a colossus in Japan to a colossus in the world of crypto finance.
Another interesting thing about Bitflyer is the fact that it provides deposits in various currencies and cryptocurrencies, including Bitcoin, dollars, yen or euros, which surely makes it win many clients regarding those houses that only accept crypto.
Another important detail is the leverage with which you can operate in this house, of 15: 1, which makes it one of the leading houses in this matter, so liked by many traders.
The commissions on the European website in mid-2018 say be free instead of 0.30% as hitherto. That of free seems a bit strange to me and in this case I suppose it will be because Bitflyer acts as a counterpart to the orders of the clients, making market maker that we should already know that it brings many benefits.
In fact, in some forums with customer opinions, it has been said that their spreads are higher than normal, which is just what I just commented on the fact of “not charging commissions”, which is something that many brokers in the sector do. Forex and CFDs and that makes them look cheaper but in reality they are not because that cost is transferred to the “spread”.
Finally, as a positive note about Bitflyer, there is what is currently a house that has not been the victim of large hacks, something that most other houses cannot boast of, which is undoubtedly one of the things that they make you earn points compared to the others. It will be necessary to see if this security that he has had until now continues in the future.
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