The basics of crypto trading
The BitFlyer currency exchange is considered one of the most reliable and largest cryptocurrency exchanges in the world. It attracts users by an outstanding level of security, availability of deposit of funds’ options, low fees, comprehensible and convenient interface and a mobile application.
Nowadays BitFlyer is the leading cryptocurrency exchange according to a volume of Bitcoin trading. The number of available currencies is limited to Bitcoin and several altcoins. The currency pairs themselves are pegged to fiat money. The headquarters of the company is located in Tokyo (Japan).
The BitFlyer currency exchange was launched in January 2014. It’s being led by Yuzo Kano. Initially the service was available only to residents of Japan, but after obtaining relevant licenses the trading was enabled in USA and Europe along with the addition of new fiat currencies.
The cryptocurrency exchange has received investment for a total amount of $ 1,6 million already during the first year. Two years later this value has tripled. At first trading was performed in JPY only. But even at that moment the company was one of the top 10 largest platforms which worked with Bitcoin.
A strong impetus to the development occurred in 2017, when 34 subsidiaries of the company were opened in the USA simultaneously. The expansion was gradual – at first a beta version had been tested by 2000 users, and only then it was made available for all Americans. In the same year VISA international payment cards which could be replenished directly from the currency exchange were also launched for traders.
In 2018 the platform started to work with European countries. A subsidiary in Luxembourg has already been opened.
At the moment the platform is considered the largest Bitcoin exchange. It’s the only service which is working in Europe, USA, Asia and Japan simultaneously. Moreover, its activities are licensed. The official website has English, Japan, Chinese, French and Korean versions, and the number of users has exceeded 2 million people.
The platform provides its own mobile application, payment cards, an automated trading robot and a demo version – everything that a user may probably need for his convenience. It’s hard to speculate about the platform’s future as the current success can already be called enormous which is confirmed by the feedback of active users. The developers themselves are planning to work in the European direction in the nearest future – the goal is to introduce a Bitcoin-Euro currency pair. And after that an implementation of new cryptocurrencies is possible.
The BitFlyer currency exchange has a clear, simple and convenient user interface. It’s necessary to go through a registration process in order to start trading. Russians will have to apply an anonymizer or a proxy server beforehand. Otherwise the platform will be unavailable.
Registration on the platform won’t take long and will allow to trade within minimal limits. To start the procedure, press the “Create an Account” button in the upper right corner.
Then the system will propose to create an individual or a corporate account. Private traders can open a new profile only by specifying an e-mail address. It’s also possible to sign up with a Facebook, Yahoo or Google account.
If a trader would like to see first how to trade on the currency exchange, he may use a demo version of the site.
Currently creation of new accounts on the exchange is unavailable, but the administration promises to restore the procedure in the nearest future.
After specifying the e-mail address it’s only necessary to confirm it. The entering password is generated automatically so there’s no need to think of it by yourself.
Verification is required in order to start trading. It has its particularities which depend on a requested status:
BitFlyer pays special attention to operational safety of its users. That’s why the service functions on the basis of such features as the SSL cryptographic protocol, two-factor authentication, notifications about actions performed on the exchange via e-mail. A personal account contains history of accesses with the date, time and IP address specified. The major part of funds themselves (80 %) is being stored in cold wallets which excludes a possibility of their theft by hackers.
The platform works with fiat money and cryptocurrency. Replenishment of an account in USD or JPY is available after information about a bank account/card is provided. Money can be transferred to the exchange even from a credit card.
A special “Account Funding” tab is provided in the personal account for fast replenishment and withdrawal. Money can be transferred in both directions there.
A number of platforms is provided for replenishment: Pay-easy, SBI Sumishin Net Bank, Jibun Bank.
The platform charges a fixed fee for operations with currency. Each cryptocurrency has its designated sum:
Extra fee is charged for trading. It depends on the amount of operations which have been executed within last 30 days. It ranges between 0,01 and 0,15 %.
Traders probably want to know how to trade on the exchange before getting to with it. It’s possible to familiarize with the interface not only in our review, but also in the demo version of the platform. A limited interface (Dashboard) where cryptocurrency can be bought and sold at the exchange’s prices is provided for novice traders.
A trading history, account settings, wallets and separate tabs with available cryptocurrencies are presented here. By pressing any of them a user can:
Buy/sell for your own prices can be performed through the “Bitcoin Exchange” tab. But the currency pairs presented there are obligatory pegged to fiat money.
The cryptocurrency exchange provides a separate platform for experienced traders called BitFlyer Lightning. It has extended functionality and allows trading with 5 types of orders: limit, stop-limit, stop, market, trailing.
Users can find extra information here including Fibonacci lines, depth charts, moving averages and the candlesticks. The service provides a leverage (1:15) and robots-conducted automated trading.
BitFlyer is considered one of the most reliable cryptocurrency exchanges in the world. Still it has its advantages and disadvantages. Enormous volume of operations and a nice interface aren’t the only positive sides of the platform. The following can be also named:
The disadvantages that worth mentioning are a lack of a Russian version, unavailability of the official website from Russia and a limited number of currency pairs as the exchange seeks to add only the most reliable and proven coins (previously it has worked only with Bitcoin exclusively).
A Tokyo-based crypto exchange, BitFlyer, has again given users the opportunity to open new accounts from July 3 after the activity being blocked for a year, according to a recent company statement. BitFlyer was forced to disable the registration of new accounts because it received an operational improvement order from Japan’s financial watchdog. The organization raised concerns over the absence of moderate identification procedures and potential risks of funds laundering.
At the time, users were unable to withdraw Japanese yen or making transacts with digital assets until the company confirmed their identity and address via the postal system. Those who managed to pass the verification process received a letter as per the required protocol in Japan.
According to the document, the BitFlyer company had to submit a business improvement plan until July 23, 2018. They have been also asked to develop dedicated management systems for risks such as terrorist financing and money laundering, as well as implement a privacy and record-keeping solution.
BitFlyer Holdings, the operator of the largest cryptocurrency exchange in Japan, is creating a blockchain-oriented company BitFlyer Blockchain.
BitFlyer Blockchain with a registered capital of 100 million yen (about $914,000) will focus on planning, designing, developing and operational management of services based on the blockchain, as well as building applications for this industry. The head of the new company will be the founder and CEO of BitFlyer Yuzo Kano, who will continue to perform their duties in the parent company.
Recall, BitFlyer was among the first exchanges approved by the Financial Services Agency (FSA) of Japan after it received, among other five exchanges in 2018, the financial regulator in order to make improvements to the work. A month later, BitFlyer presented a business improvement plan by fulfilling the requirements of the FSA.
"Our company undertakes to comply with all relevant laws and regulations of Japan, to modernize our system of internal audit and user protection, as well as to try to prevent the emergence of new problems," BitFlyer representatives clarified.