Tokyo-based bitFlyer is arguably Japan’s No. 1 cryptocurrency exchange based on trading volume. And while they lead in Japan, they’re also competitive on a global scale. For example, bitFlyer’s 2017 trading volume was USD 250 billion, USD 150 billion of which occurred in the final two months of the year when the BTC price was rallying.
bitFlyer, a bitcoin marketplace, boasts multi-sig security, cold-wallet storage for BTC, two-factor authentication on the security side in addition to margin trading, leverage, a prepaid Visa card and more. No doubt there’s lots going on at bitFlyer, but one thing that the trading platform has managed to avoid is a major security breach. They also boast security coverage for user assets.
Begin with entering an email address and then selecting “sign up.” Select an individual or corporate account. You also have the option to choose to open an account through Facebook, Yahoo or Google. It’s an email-driven process, as bitFlyer will send you a confirmation code that you must enter to proceed with the registration. You must then agree to their terms and conditions and indicate if you are not a US resident.
bitFlyer considers the account level at this stage to be “Wallet Class,” which gives you limited access to the trading platform’s features. To begin buying and selling bitcoin, you must increase your status to the Trade Class.
To increase your account status to Trade Class, your personal details must be registered with the exchange to prevent delays. This includes proof of identity, requirements for which vary depending on where you live.
For Japanese residents, it could include but is not limited to the following –
Non-Japanese residents must verify their identity in accordance with the rules in their country, though at the very least they must provide a government-issued idea that meets the exchange’s criteria.
Here is a list of US states where bitFlyer operates.
bitFlyer says users can send BTC in one second via bitWire.
bitFlyer boasts numerous security features, not the least of which include cold-wallet storage for BTC and account verification performed by human beings (not automated.) Yet, there aren’t many complaints about delays in the identity verification process. bitFlyer supports the following
The exchange says given bitFlyer’s heightened focus on security, it could result in delays and inconveniences for users.
Even though bitFlyer doesn’t have a blemish on its security scorecard, it’s not that far removed from some of the most severe hacks in the history of cryptocurrencies. Mt. Gox is never too far from the memory of the management team at bitFlyer if only because the hack occurred in Japan, and now Coincheck has only tarnished the country’s security scorecard even more.
But bitFlyer, which is transforming into a global exchange, is using the past as a lesson in what not to let happen.
“The silver lining for an event like Coincheck is that [in the long term], it increases exchange security, which will ultimately benefit the industry,” said bitFlyer’s Chief Operating Officer Bartek Ringwelski quoted in Financial Magnates. You can listen to the podcast in its entirety here –
Meanwhile, as previously mentioned bitFlyer offers 2FA, which is an added layer of security for user accounts on top of a password. They support 2FA via text message, email or with a dedicated app on the member’s mobile device. They recommend using “SMS or an authentication app.”
They support know-your-customer laws, considering that in order to make a deposit into your account, the name on the bank account and the bitFlyer account must be identical.
If you’re interested in trading bitcoin, either in spot trading or against the JPY, EUR or USD, you really can’t seem to go wrong with bitFlyer. And if you are interested in trading bitcoin on margin, bitFlyer can accommodate that too, even offering debt options so you can raise the stakes.
bitFlyer shines among its peers on security, and its fees remain competitive, especially with its expansion into the EU and the United States. Even though they’re new to these markets, they’re not a newcomer on the block, as evidenced by their history since 2014. So, traders can feel confident that bitFlyer has a history behind it. If you’re looking for fast deposits, a smooth-sailing trading experience and support, bitFlyer should meet all your needs.
The exchange boasts partnerships such as API integration with Japan’s Sumitomo Mitsui Banking Corp.
The US mobile app has garnered mixed reviews, with a 3.6 star rating out of 5 stars. Users are requesting new features on the mobile app such as candle charts. One user complained of having a withdrawal stuck following a quick deposit, which interfered with their ability to trade.
As for security on the mobile app, one user posted the following complaint: “There's a bug. You set to require a fingerprint, but you can bypass it by simply clicking 'login' and pressing back. Lack of security.” On a less severe scale, one user complained that the “push notifications” were not in English language.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|