Is BitFlyer a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether BitFlyer is a good crypto exchange to start trading with. In this article you will learn whether BitFlyer is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | Cryptocurrencies, US dollars, yen |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, currencies |
| 💹 Margin Call / Stop Out: | No |
BitFlyer Pros and Cons
👍 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.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for BitFlyer Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. BitFlyer offers traders the following conditions.
| 💻 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 |
| 💱 Spread: | 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 |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of BitFlyer commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal 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 |
Investment programs of BitFlyer
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. BitFlyer offers the following passive income options.
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 thedeal 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.
Conclusion. Is BitFlyer good for beginners?
The BitFlyer cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, BitFlyer could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.