Any worthwhile bitFlyer review must discuss the exchange’s Japanese origins. You might have heard how bitcoin mostly trades outside of the United States. BitFlyer boosts the largest volume of bitcoin trades. A main reason is the Japanese people’s belief in, and their government’s acceptance of, cryptocurrencies. Purchases utilizing bitcoin are more common in Japan than most any other region of the globe.
BitFlyer was founded on January 9, 2014. Up until recently, its success is owed to Japanese markets. The company is poised for growth as trading begins in the U.S. It designates itself as a virtual currency exchange with related blockchain services. Sumitomo Mitsui Banking Corporation is the exchange’s partner bank. Shareholder interests are both domestic and overseas.
The Japanese crypto powerhouse is ready to be unleashed. BitFlyer positioned itself in the U.S. market just as bitcoin hit record highs at the end of 2017. The company specializes and understands bitcoin like no other exchange. You can trust you are investing with specialists in bitcoin when trading through the exchange. But the real value of bitFlyer is in the unique opportunity it offers. Unlike other exchanges, you can leverage bitcoins against fiat currencies.
Cryptocurrency trading is complex and volatile. A global platform is essential to trading. Governments, like China, can call for the cessation of trading. A cryptocurrency company that has a strong and favorable business environment has a significant advantage over the competition. BitFlyer might just have the most favorable headquarters in the world of crypto. Consider how the U.S. acceptance of cryptocurrencies (and related technologies) contrasts its skepticism of the changes due to virtual currency systems. Japan simply does not. It accepts that a real digital solution is needed where fiat currencies are inadequate.
The CEO of bitFlyer is former Goldman Sachs employee Yuzo Kano. So the head of bitFlyer has firsthand experience of America’s business environment. This is another reason you can feel safe and optimistic trading through the exchange. When conducting your bitFlyer review, do not ignore the loss the bitcoin market took several years ago from the bankruptcy of Mt. Gox. In today’s value, the lost bitcoin are worth several billion dollars. Instead, you can feel comfortable knowing the industry exchanges are more mature. Japan’s Financial Services Agency enacted well researched and fair regulations to insure a stable future.
There are two types of account classes, bitFlyer Wallet and Trade Class. You can find details about both listed here. BitFLyer Wallet Class does not require proof of identity. However, it does not have all the features of the Trade Class account. Both classes accept virtual (and yen) currency deposits and withdrawals. Bitcoin and bitWire payments come with both. Lightning futures are also available with either class. Unlimited 7-day trading is only offered with the Trade Class.
Trades are processed instantly using bitWire. You only need an email address and the transaction is completed instantly. This service is available for both classes. As with any exchange, there are many external wallets to choose from. All you need is the address to send your currency. In regards to fees, no difference is listed between classes.
The exchange itself does not promote a bitFlyer app on its website. There is a Wallet produced by bitFlyer, Inc. that is available through Google Play and the App Store. The dedicated authentication bitFlyer app is one of three options (including email and text) to secure your account.
BitFlyer Supported Coins
BitFlyer bitcoin can lead the world because it focuses on one dominant coin. It does support other coins though. BitFlyer is a conservative exchange. You are not likely to find the less popular coins listed here before an obscure exchange. Here is a list of virtual currencies, other than bitFlyer bitcoin, taken directly from the company’s website.
Please note that Ethereum is only tradeable with a Trade Class account.
You can find the full description of bitFlyer fees here. The exchange’s transaction fee for bitcoin is 0.0008 BTC. The Easy Exchange and Lightning Spot have fees ranging from .01% to .20% based on volume. There is also a Quick Deposit fee of 324 Japanese Yen. Transactions for the Bitcoin Market, Lightning FX/Futures, Altcoin Market, bitWire, and opening an account are all free. The unit of transaction for bitFlyer fees is 1 satoshi (0.00000001 BTC).
BitFlyer Scam – Is It Legit?
Before contemplating “is bitflyer legit”, look at the company’s history in Japan. The better known the company gets in the United States, the idea of a “bitFlyer scam” will considerably dissipate. Another reason why people might be asking “is bitFlyer legit”, is because of the unique opportunities it can offer.
Using the Lightning Network is not a bitFlyer scam. The company takes advantage of trading the Japanese yen against the U.S. dollar through Lightning FX. Ultimately, it leverages deposits to trade much larger amounts than would otherwise be possible.
BitFlyer is a legitimate company that has lead the world in bitcoin trading through the Japanese market. When you invest through bitFlyer, you are taking advantage of unique opportunities that are only recently available in the U.S.