What is bitFlyer?
Founded in 2014, bitFlyer is an exchange out of Japan that’s among the largest by volume, boasting nearly 1 million users. In 2016, the company extended its virtual trading into the US.
Which cryptocurrencies can I buy or sell?
Unlike other crypto exchanges offering a wide variety of altcoins for trade, bitFlyer specializes in only bitcoin in the US at the moment.
Available fiat pairs
BitFlyer limits its services to the following fiat pairs:
Note that services are not yet available to residents of California, Colorado, Connecticut, Hawaii, Louisiana, Massachusetts, Minnesota, Nevada, West Virginia or Wyoming.
Which payment methods does bitFlyer accept?
While Japanese users can take advantage of more flexible payment options and more coins such as BCH, ETH, ETC, LTC, MONA and LISK, US bitFlyer users are limited to:
- Virtual currency deposits or withdrawals.
- US dollar deposits or withdrawals via wire transfer (ACH transfers are not accepted at this time).
How much will it cost me to use bitFlyer?
You won’t pay anything to create or maintain an account with bitFlyer. But you’ll need to fund your account with US dollars from a bank account through a wire transfer. BitFlyer doesn’t charge a fee for incoming wire transfers — but your bank might.
As of this writing, bitFlyer does charge a US$10 fee to withdraw US dollars to your bank account. It also charges a .0008 BTC fee on bitcoin deposits and withdrawals. Additional bitcoin transaction fees vary depending on your trading volume and frequency.
How fast are my funds available?
Funds that you deposit to bitFlyer through your bank’s wire transfers are typically available in one business day, depending on bank hours and holidays. For all to go without a hitch, the name on your bank account must exactly match that of your bitFlyer account.
Are there any transfer limits with bitFlyer?
BitFlyer enforces limits that depend on your account type: Trade or TradePro.
|Maximum daily bitcoin transactions||US$2,000||US$50,000|
|Maximum daily US dollar transactions||US$2,000||US$50,000|
|Maximum single transaction||US$3,000||Unlimited|
Is it safe to use bitFlyer?
Yes. While cryptocurrencies are known for volatility and the general risks associated with trading bitcoin, bitFlyer offers a robust security infrastructure to protect your personal and financial details.
- Privacy. To create an account, US residents in supported states must provide an email address, personal information, a valid photo ID and, if requested, a recent utility bill that confirms your address.
- Security. To increase your account security, bitFlyer offers optional two-factor identification. Enable 2fA through your account’s security settings.
BitFlyer offers a moderately thorough documentation section online, although it can be difficult to navigate.
To contact support with bitFlyer, look for the “Contact” page in the site’s footer. You might need to search “contact us” to find a link to the support form through an existing FAQ answer.
Pros and cons
- BitFlyer Lightning — available to Trade Class or above — allows you to buy bitcoin quickly.
- A robust system supports a high volume of trades.
- Professional trading dashboard and charting features help beginners and experts.
- Fees vary by service, which can be hard to narrow down.
- Supports bitcoin only.
- Site and help sections can be difficult to navigate.
To get started with bitFlyer, visit its site to create an account.
To begin trading, you must provide an email address and personal information. Once bitFlyer approves your account, you can initiate a wire transfer to add funds and get trading.