BitFlyer Inc. Broker Review
A Brief Overview
BitFlyer Inc. (Japan) is a cryptocurrency exchange firm operated by the larger Webnium Corporation alongside two other subsidiaries dubbed BitFlyer Europe and BitFlyer US. The exchange founded in January 2014 with the aim of easing the trade for virtual currencies like bitcoin monitor and helping customers analyze the markets through its charts. It has its headquarters in Tokyo, Japan and posts the largest trading volume in the country.
Assets traded on the platform
BitFlyer Inc. specializes in exchanges between fiat and digital currencies as well as one form of digital currency to another; what they refer to as “transparent price.” The exchange is, however, biased against unpopular coins. It is only open to the dominant alternative coins. Some of the coins that you can purchase directly from their site include:
- Bitcoin
- Litecoin
- Monacoin
- Ripple
- Dogecoin
- Ethereum (only tradable for clients with a trade class account)
Deposit and withdrawal fees
BitFlyer doesn’t charge to pen and maintain an account with them and neither do they charge for bank wire transfers. They charge 0.0008 BTC fee on bitcoin deposit and withdrawal transactions. U.S dollar withdrawals attract a $10 fee. Other charges include a 0.15% transaction fee when exchanging Japanese Yen to BTC. However, it has 0.20% charge on ETH to BTC conversion. More transactional charges depend on volume and frequency.
Customer support services
The BitFlyer website is multilingual and their support services are available in both English and Japanese languages. Traders can reach BitFlyer support team through the email listed on their website, opening a ticket on the contact us page or direct messaging them on their Facebook and Twitter handles listed on the website.
Pros
- Its bitcoins are stored in cold wallets and secured with next-generation encryption
- Fast in sending and receiving bitcoins
Cons
- Predominant fiat currency has limitation over dollars and yen
Verdict
In conclusion, BitFlyer is fast and has an easy to use website. However, it was recently issued with a Business Improvement Order by Japan’s financial services regulator and is currently not accepting new clients. Some of the reasons for its indictment include cases of user security. It would be wise to wait for their improvement before jumping in.
