BitFlyer Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Five cryptocurrencies, two fiats, low commissions, advantageous referral program, no investment, proprietary trading terminal
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Five cryptocurrencies, two fiats, low commissions, advantageous referral program, no investment, proprietary trading terminal
Our Evaluation of BitFlyer
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
BitFlyer is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.57 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by BitFlyer clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
BitFlyer offers favorable terms of cooperation. The main advantages are its proprietary trading terminal and low commissions. The platform is not focused on investors, although the referral program can bring good passive income. Other features: most of the funds are stored using the cold method, the speed of transactions is no more than one second, and news analytics is integrated into the professional trading terminal.
Brief Look at BitFlyer
The BitFlyer broker is a multifunctional cryptocurrency trading platform. It trades Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Bitcoin Cash. The fiat is represented by the US dollar and the Japanese yen. The platform offers two trading options: the simplified TradingView terminal and the company’s professional proprietary solution called the Lightning Exchange. Only the simplified trading terminal has a mobile version. The exchange does not offer investment solutions, and passive earning opportunities are represented only by a referral program. The company develops its own blockchain solutions for business. Protection against fraudsters is ensured by KYC verification, 80% of users’ funds are stored using the cold method.
- you can trade the most popular cryptocurrencies and two fiat currencies;
- they have a simplified trading terminal for novice crypto traders;
- they provide a terminal for pro-traders with advanced functionality;
- profitable referral program with payments in US dollars;
- high level of platform security and reliable protection of funds;
- very low trading commissions (0.10% at the entry level);
- free withdrawals through ACH and Fedwire systems;
- their own blockchain solutions (for example, Bitcoin Audit).
- no demo accounts or training programs;
- communication with technical support only through tickets.
TU Expert Advice
Financial expert and analyst at Traders Union
The American company BitFlyer officially operates in the United States, Europe, and Japan. They have a license, regional representation, and physical offices there. The company’s activities are subject to the laws of the United States and the regulations of international regulators.
An important feature of the exchange is the presence of two trading terminals. An iteration of TradingView with a simplified interface is aimed at novice crypto traders, while the proprietary development of the platform - Lightning Exchange - will help professionals trade more successfully. There is no investment program, but there is a referral program. Under this program, you get payments for certain actions of the referrals and those are made in US dollars.
There are five cryptocurrencies and two fiat currencies on the platform. An upward trend in terms of trading volume has been observed on the platform over the past two years. The platform is considered to be equally convenient for traders of all levels, although they do not provide demo accounts or tutorials. The absence of a minimum deposit requirement is one of the advantages. Relative disadvantages are there are only a few cryptocurrencies and no call center for prompt communication.
The platform operates transparently. We haven’t found the facts of tax evasion or non-fulfillment of the obligations to traders on behalf of the company. During testing, no technical failures were noted, and the platform is stable even at peak loads.
BitFlyer Summary
| 💻 Trading platform: | Based on TradingView as well as proprietary Lightning Exchange |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, US dollars, yen |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | from 0 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies, currencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes (TradingView) |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | N/A |
| ⭐ Trading features: | Five cryptocurrencies, two fiats, low commissions, advantageous referral program, no investment, proprietary trading terminal |
| 🎁 Contests and bonuses: | N/A |
BitFlyer cryptocurrency exchange does not set a minimum deposit. To start trading, you need to register and get verified. You alone determine the size of the first and subsequent deposits. There is no leverage on the platform. Technical support is possible only through the ticket system (section FAQs/Contacts). The company does not have a call center or email. But there are official accounts on social networks, which, in case of urgent need, can also be used as communication channels.
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Commissions & Fees
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | Up to 0.10% per order | Yes |
The standard trade commission depends on the trading level. The trading level is determined by the volume of trades over the last 30 days. You can trade any asset, the total volume will be recalculated by the system in US dollars. There are eight trading levels. At the first level, with a trading volume of up to $50,000, the commission is 0.10%. At the eighth level with a trading volume of more than $500,000,000, the commission is 0.03%.
Please note that depending on the current state of the market (price changes, liquidity), floating commissions for the taker and the maker may be added to the total trading commissions. It can be between 0.1% and 6%. The additional fee is always indicated in the transaction information.
Withdrawal fees depend on the system used. For example, there is no commission for USD if you deposit or withdraw funds through ACH. Fedwire deposits are free with a $20 withdrawal fee.
| Broker | Average commission | Level |
|---|---|---|
|
$0.1 | |
|
$20 | |
|
$0.1 |
Investment Programs, Available Markets, and Products of the Crypto Exchange
BitFlyer cryptocurrency exchange does not offer investment solutions. The platform is designed for active trading, and traders are expected to earn by buying and selling cryptocurrencies and fiat money. The only option for passive earnings is participation in a partner (referral) program.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
BitFlyer’s affiliate program
To participate in BitFlyer’s referral program, you must register and go through KYC’s identity verification. After that, a personal link will be available to you in your personal account in the Referral Program section. You can post this link on any external resources and forward it to your contacts without restrictions.
Each user who follows your referral link to the exchange website and registers becomes your partner (referral). You can get the following payments for him:
registration and verification – $5;
depositing from $100 – $10;
trading for the amount of more than $300 – $15;
trading for the amount of more than $2,000 – $20;
fulfillment of all the above conditions – $50.
The total income from each referral can be $100. After receiving the final payment of $50, you will no longer receive any payments for that referral. The number of partners is not limited. Any number of users can follow your link to the exchange, and each of them can bring you a total of $100 after registration.
The program is especially beneficial for media people and users with active blogs. A referral link, once successfully placed on a popular page, can bring you partners and passive income for many years.
User Satisfaction