BitFlyer Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed BitFlyer fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of 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.
👍 Advantages of trading with BitFlyer:
•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).
👎 Disadvantages of BitFlyer:
•no demo accounts or training programs;
•communication with technical support only through tickets.
BitFlyer Commissions and Fees
BitFlyer does not charge fees for creating an account and using a multi-currency account. There are trading and withdrawal commissions on the platform. For each asset, the withdrawal fee is different. For example, for Bitcoin, the fee is 0.0004 BTC, and for Ethereum it is 0.005 ETH.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | Up to 0.10% per order | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at BitFlyer suitable for beginners?
Analysis of BitFlyer shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
What are non-trading fees?
Non-trading fees are the fees charged outside the trading process, for example deposit and withdrawal fee, inactivity fee, etc.
What deposit amount should a beginner start with?
Some brokers offer a minimum deposit of $1. However, it is recommended to deposit at least $300-500 to the account to be able to trade fully.
Can the level of the fees change if different accounts imply the use of different platforms?
Yes. Some brokers offer different trading platforms on different types of trading accounts. In this case, the size of the fee may change.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.