Bitflyer Reviews 2025: Fees, Features, Safety, Pros & Cons

Bitflyer is a Japan-based exchange that also operates in the US and Europe. It was launched in 2014 by Yuzo Kano and Takafumi Komiyama. Both Kano and Komiyama were formally employed by Goldman Sachs, which gave them professional expertise in brokering and trading.

Since 2018, Bitflyer has also been available in the US and Europe. US-based customers can trade around nine cryptocurrencies on the exchange, which makes Bitflyer better suited to traders who want to trade major-cap coins like Bitcoin and Ethereum.

One advantage of trading on Bitflyer is that the Japan-based company is regulated by Japanese authorities, which are more strict compared to their American counterparts. Bitflyer is also one of the few top exchanges that had little or no exposure to FTX. 

In this Bitflyer review, we’ll discuss all the features of the exchange and the pros and cons of using the platform.

Pros & Cons of the Bitflyer Exchange

Pros

• Secure and regulated platform
• Competitive fees on the Lightening Spot exchange
• Intuitive user interface

Cons

• Spreads can be very expensive
• A limited number of cryptocurrencies 
• Crypto derivative products aren’t available to US-based users

About Bitflyer

Bitflyer was founded in 2014 in Tokyo. The exchange operates an office in San Francisco for its US platform.

Bitflyer is one of the top cryptocurrency exchanges in business, according to CoinMarketCap’s rankings. It’s the leading trading platform for Japanese crypto investors but also serves customers across the globe. 

The platform is more of a boutique cryptocurrency exchange compared to the giants like Binance or HTX, which operate across several countries and offer hundreds of cryptocurrencies. Bitflyer only offers around 11 digital assets to Japan-based customers, and that number comes down to 9 for US-based traders.

The trading platform supports a basic purchase feature for crypto beginners and a separate lightning spot market for intermediate and expert traders.

US-based traders can spot trade on the platform but can’t use margin trading or take advantage of the platform’s derivatives products.

Crypto Assets Available on Bitflyer

Bitflyer supports around 11 digital assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Polkadot (DOT), Stellar Lumens (STELLAR), Basic Attention tokens (BAT), and Tezos (XTZ).

Bitflyer Europe also supports Lisk and Monacoin.

Fiat Currencies Supported on Bitflyer Cryptocurrency Exchange

Bitflyer supports the Japanese Yen, Euro, and American Dollars. You can deposit and withdraw USD if you’re based in the US.

You can deposit fiat to your Bitflyer account via wire transfer or ACH. Bitflyer doesn’t charge for wire deposits, but your bank may charge a separate fee.

To avoid fees, you can make a bank transfer via ACH to deposit and withdraw fiat on the exchange. Keep in mind that you must submit a selfie before using ACH as an extra security measure.

You can start trading immediately after an ACH deposit, but you can’t withdraw your funds in the next ten days.

Countries Supported on Bitflyer

Bitflyer is available in Japan, the US, and Europe. In the US, Bitflyer is available in 48 states, including New York. It is, in fact, one of the few trading platforms allowed to operate in the state of New York.

However, Bitflyer restricts margin and derivatives trading in the US. 

Bitflyer Trading Fees

Bitflyer trading fees may initially seem confusing because they have different schedules for the simple buy/sell features and the spot market.

Buy/Sell Fees

When you use the simple buy/sell feature, there are no fixed fees. Bitflyer advertises this as a free option, but you have to pay a spread fee ranging from 0.10% to 6%. As you can guess, this option can be quite costly.

Lightening Spot Market Fees

When you trade on the Lightning Spot market, the fees start at 0.10% for USD/BTC pairing. However, Bitflyer is also offering zero-fee BTC/ETH and ETH/USD trades on the spot market as of December 2022. Check the Bitflyer fees page for current information on trading fees.

You can also receive fee discounts based on your 30-day trading volume. 

Withdrawal Fees

Bitflyer charges set crypto withdrawal fees. For example, the Bitcoin withdrawal fee is 0.0004 BTC, and the Ethereum withdrawal fee is 0.005 ETH. You can check all the withdrawal fees on the Bitflyer fees page.

Main Features of the Bitflyer Crypto Exchange

Bitflyer doesn’t offer a lot of features for US-based customers. 

You can set up recurring buys to allow Bitflyer to automatically purchase crypto for you at a frequency you want. You can set it up to buy crypto daily, weekly, or monthly or configure a different arrangement.

Bitflyer also has a referral program. You can earn $15 worth of Bitcoin every time you refer a friend, and they trade $100 through the buy/sell feature. Your friends will also receive $15 worth of BTC. The trades on the lightning spot market don’t count toward this bonus.

Finally, Bitflyer also provides various APIs, including Bitflyer Lightening API, Chainflyer API, and Bitflyer Lİghtening API Playground.

How Easy Is It to Open a Bitflyer Account?

Opening a Bitflyer account is pretty easy. Sign up with your email and click the confirmation link that will be sent to your email address.

When you sign up, your initial account status will be “standby class.” You must complete KYC verification to upgrade to “trader class” and start trading cryptocurrencies. This means you must provide a valid photo ID and a utility bill issued in the past three months (for proof of residence). 

A trader class account allows you to trade up to 50,000 USD per day. You can trade with no daily limits if you upgrade your account to Trader Pro. You must provide a selfie, a bank statement, your SSN, and any additional documents the exchange might ask to upgrade to Trader Pro.

How Secure Is Bitflyer?

Bitflyer security includes two-factor and multi-sig authentication, monitoring customers, accounts for suspicious activity, and identity verification in case of major changes to account details.

All wire deposits are checked by real people to ensure your funds remain safe. Bitflyer employs phone calls to verify customers’ identities in case suspicious activity occurs.

As a Japan-based platform, Bitflyer doesn’t seem to be affected by the collapse of FTX and other major crypto players as much as other cryptocurrency exchanges.

You can learn more about Bitflyer’s security practices on its webpage.

Has Bitflyer Ever Been Hacked?

Bitflyer hasn’t been hacked to date.

Is Bitflyer a Regulated Exchange?

Bitflyer is registered and regulated in the US, Europe, and Japan.

How Does Bitflyer Compare to Other Crypto Exchanges?

Let’s see how Bitflyer stacks up against Coinbase. For a more in-depth look at Coinbase, check out our Coinbase review.

Fees

Bitflyer and Coinbase are somewhat similar when it comes to fee schedules. Both platforms have an easy buy/sell feature that charges a varying spread and a more advanced spot trading platform with cheaper fees.

Coinbase spot trading fees start at 0.40% (maker fees) and 0.60% (taker fees), while Bitflyer spot trading fees start at 0.10%. Bitflyer also offers zero-fee BTC/ETH and ETH/USD trading pairs.

Features

Bitflyer supports only nine crypto assets, whereas Coinbase offers a whopping 150 digital currencies for trading. 

Coinbase also has multiple other features, including a debit card, staking opportunities and Coinbase Earn program, and much more.

Overall, if you want to trade multiple altcoins, Coinbase is the better option. But if you are satisfied with purchasing and trading major coins like Bitcoin and Ethereum, Bitflyer is a good choice.

Does Bitflyer Have an App?

Bitflyer has a mobile app you can download from the App Store or the Google Play stores. 

Bitflyer Review: Final Thoughts

Bitflyer launched in 2014 and has become the top cryptocurrency exchange in Japan by trading volume and user count. The exchange offers a very limited number of cryptocurrencies (9 in the US and 11 in Japan) but supports most major cap coins in the market.

Overall, the exchange has had no glaring security issues and hasn’t lost funds to hackers since its founding. The company follows strict KYC and AML procedures and has good relations with regulators in Japan and the US. It’s also one of the few exchanges that hold a BitLicence and can operate in the state of New York.

The simple buy/sell feature is suitable for all beginner traders, while advanced traders can use the lightning spot market for cheaper fees and more features.

To learn more about other cryptocurrency exchange platforms, check out our post on the Best 22 Crypto Exchanges.

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