The bitFlyer Exchange – an Easy to Follow Guide for New Users
bitFlyer is a Japanese-based regulated cryptocurrency exchange that has captured a significant market share in the region since its launch. Specifically, bitFlyer is the number one cryptocurrency exchange in terms of Bitcoin volume in Japan. This top-notch exchange earned a reputation as a highly competent, trusted, and secure cryptocurrency exchange through its regulated approach and commitment to excellence.
Benefits of bitFlyer
Users who trade on bitFlyer gain significant advantages over the competition. The exchange features high Bitcoin volume, regulatory compliance, and many other functionalities that helped it cement its position as the leading exchange in the region. Here are some of the best reasons investors continue to favor this exchange:
As the top exchange in the country, bitFlyer investors enjoy very high liquidity. This liquidity helps ensure that all trades execute promptly. The platform provides exceptional liquidity for a decent selection of cryptocurrency assets in addition to Bitcoin.
The exchange was destined for success as one of the first exchanges to receive a regulatory nod of approval from Japanese authorities. Currently, the platform is a licensed and registered Virtual Currency Exchange Operator with registration number 00003. Additionally, bitFlyer secured EU licensing. Specifically, the exchange is supervised by the CSSF, the Luxembourg financial regulator, and holds a Payment Institution license by the Ministry of Finance.
This approach places the platform in an exclusive class of legally registered exchanges and regulated by a reputable regulatory authority. In this way, bitFlyer is considered one of the top exchanges in the crypto-verse in regulatory compliance.
As a regulated exchange, bitFlyer can operate a fiat gateway. Fiat on-ramps are critical for crypto adoption because they are one of the easiest ways to convert your fiat currency into popular cryptocurrencies such as Bitcoin. To be licensed as a fiat gateway, you must adhere to several strict regulatory mechanisms, including full KYC/AML compliance.
bitFlyer has one of the lowest fee structures amongst regulated exchanges. These low fees, combined with the firm’s coin selection and regulated stance, makes it an ideal choice for investors.
In terms of security, the platform exceeds expectations. The firm introduces a highly competent, trusted, and secure protocol that leverages a combination of technologies to achieve its goals. Specifically, the platform utilizes multi-sig Bitcoin security, SSL communication, SHA-256 technology, Google two-factor-authentication, and Anti Money Laundering (AML) and Know Your Customer (KYC) policies.
Together, these systems keep bitFlyer investors safe. Notably, the exchange has never been hacked to date. This stellar record helps the platform maintain its reputation as one of the safest options in the market today.
Anyone who has accidentally sent their crypto to the wrong address or made some other careless mistakes can attest to the importance of top-notch customer service. bitFlyer has a strong customer support section that is known for its quick response times.
What Problems Does bitFlyer Attempt to Fix?
bitFlyer’s unique position in the market and its proprietary technologies allow the platform to simultaneously fill several niches. The developers behind the project sought to create a simplistic yet secure option for global crypto investors. Their hard work paid off as bitFlyer alleviates these concerns:
bitFlyer utilizes a variety of techniques to ensure that new investors are not bogged down with technical barriers. New crypto investors may not require all the advanced tools professional investors need. In most instances, new investors need a streamlined fiat on-ramp and easy to use trading functionalities.
bitFlyer investors gain confidence, knowing that their investments are under the same protection level found in traditional markets. All the coins on the platform are well-established projects, and investors gain access to legal recourse if the exchange decides to ghost the market suddenly.
Institutional investors have long sought out ways to enter the crypto space. However, these large investment firms can only participate in regulated exchanges. bitFlyer provides both a regulated and profitable option to these established investment firms. In this way, bitFlyer helps to further Bitcoin adoption.
How Does bitFlyer Work?
At the core of bitFlyer reside two web-based trading platforms. Keenly, each platform serves a different purpose and is geared towards different users.
The easy exchange is a user-friendly trading application built from the ground up to accommodate the needs of beginning traders. The platform introduces a simple price chart, access to trade history, and all current buy and sell orders. Additionally, users can place their orders with just a click of the mouse. This platform is also where investors can convert their fiat currencies into cryptocurrencies.
bitFlyer Lightning Platform
bitFlyer also operates a more sophisticated exchange designed to meet the needs of advanced cryptocurrency traders. Unlike the easy exchange, the Lightning Platform includes various advanced trading tools and a more sophisticated design. In addition to these benefits, the platform introduces more trading functionalities. Specifically, advanced traders enjoy the ability to trade with leverage, participate in Bitcoin futures trading, spot trading, and margin trading.
bitFlyer users also enjoy access to an intuitive mobile Dapp. The Dapp provides users with advanced charting and analysis tools to keep their ROIs on track. Best of all, the Dapp is free to download. bitFlyer’s Dapp is available on both Android and Apple devices.
Origins of bitFlyer
bitFlyer officially entered service in January 2014. The exchange is owned and operated by bitFlyer Inc. Two well-known FinTech developers founded the firm by the name of Yuzo Kano and Takafumi Komiyama. These individuals have years of experience in developing and utilizing trading systems for the traditional banking sector.
How to use bitFlyer
Getting started on bitFlyer is easy. You will need to verify your identity before you can trade on the platform. Once your account is verified, the trading process is very straight-forward. It’s free to create an account and free to deposit cryptocurrencies using bitFlyer. Best of all, your fee percentage is based on your 30-day trading volume.
bitFlyer – The Right Combination of Security and Functionality to Succeed
It only takes a quick glimpse to see what makes this exchange an attractive option to investors. This regulated exchange can provide customer care and trading services that outperform its non-regulated competitors. Given its popularity and its unique dual platform approach to trading, it’s likely that bitFlyer will remain the top Japanese exchange for years to come.