Reasons for Concerns About bitFlyer and How to Address Them

Introduction

　bitFlyer is one of the largest cryptocurrency exchanges in Japan, supported by a substantial user base. However, it’s not uncommon to find people searching “bitFlyer bad reputation” online. This article analyzes the concerns about bitFlyer from an expert perspective and provides detailed solutions.

bitFlyer’s Issues

High Fees

　One of the main concerns about bitFlyer is its high fees. Many users find the fees for buying and selling cryptocurrencies on the exchange platform particularly high. The wide spread set at the exchange results in higher transaction costs, which can be a significant burden for frequent traders.

Solution: To reduce fees, it is recommended to use the trading platform (Lightning) instead of the exchange. The trading platform allows direct transactions between users, resulting in relatively lower fees. Additionally, using Sumitomo Mitsui Banking Corporation for deposits can eliminate deposit fees .

Service Stability

　Some users have reported issues with the stability of bitFlyer’s services. Specifically, there are instances when emergency maintenance is conducted during sudden price fluctuations in cryptocurrencies, causing temporary suspension of trading and potential losses .

Solution: To avoid this problem, it is effective to open accounts with multiple exchanges and diversify investments. This way, you can continue trading on other platforms during emergencies, thereby mitigating risks .

App Glitches

　There are numerous complaints about bitFlyer’s app, particularly issues such as the app not launching or running slowly.

Solution: To avoid app-related problems, consider using the PC version or combining it with other exchanges’ apps. Regularly check for updates and use the latest version of the app .

Strengths of bitFlyer

High Security

　bitFlyer boasts high security, having never experienced a hacking incident since its establishment. It has significant capital from major corporations such as SBI and Mitsubishi UFJ Capital, reducing the risk of bankruptcy .

High Trading Volume

　bitFlyer holds the record for the highest Bitcoin trading volume in Japan, ensuring high liquidity and smooth transactions .

Diverse Services

　bitFlyer offers a variety of services beyond cryptocurrency trading, including staking rewards, T-point exchange services, and Bitcoin cashback on credit cards .

Summary of bitFlyer Usage

　bitFlyer is attractive due to its high security, liquidity, and diverse services. However, there are concerns such as high fees and app glitches. By understanding these issues and taking appropriate measures, you can conduct cryptocurrency trading more safely and comfortably.

　This article aims to alleviate concerns about bitFlyer and help you trade cryptocurrencies with greater peace of mind.

Alternatives for bitFlyer Users: Aiming for Secure and Efficient Cryptocurrency Trading

　Considering alternatives to bitFlyer can be very beneficial for those with concerns about the platform. Below, we introduce alternative cryptocurrency exchanges and services, detailing their advantages and how to implement them.

Using Coincheck

Reasons and Benefits: Coincheck is one of the widely used cryptocurrency exchanges in Japan, known for its wide variety of cryptocurrencies and user-friendly interface. Security measures have also been enhanced, making it safe for beginners and advanced users alike.

How to Use:

1. Access Coincheck’s official site and create an account.
2. Enter the required personal information and complete identity verification.
3. Deposit Japanese yen into your account and start purchasing cryptocurrencies.

Using GMO Coin

Reasons and Benefits: GMO Coin is operated by the GMO Internet Group, known for its robust security. Additionally, the fees are relatively low, and the spreads are narrow, offering high cost performance.

How to Use:

1. Open an account on the GMO Coin official site.
2. Submit identification documents and verify your account.
3. Make a deposit and start trading.

Using Rakuten Wallet

Reasons and Benefits: Rakuten Wallet, offered by the Rakuten Group, allows purchasing cryptocurrencies using Rakuten points. This integration lets you link your Rakuten market shopping and cryptocurrency trading.

How to Use:

1. Access Rakuten Wallet’s official site and create an account.
2. Log in with your Rakuten member ID and enter the necessary information.
3. Use Rakuten points to purchase cryptocurrencies.

Using DMM Bitcoin

Reasons and Benefits: DMM Bitcoin, operated by the DMM Group, allows leverage trading. It is particularly attractive for short-term traders.

How to Use:

1. Open an account on the DMM Bitcoin official site.
2. Complete the identity verification process.
3. Make a deposit and start leverage trading.

Using FTX Japan

Reasons and Benefits: FTX is a highly rated international cryptocurrency exchange, with FTX Japan providing services tailored to the Japanese market. It offers a wide range of trading pairs and low fees.

How to Use:

1. Access FTX Japan’s official site and create an account.
2. Complete identity verification.
3. Start trading various cryptocurrencies.

Using Binance

Reasons and Benefits: Binance is one of the largest cryptocurrency exchanges globally, offering a wide range of cryptocurrencies and advanced trading features. It also boasts strong security and low fees.

How to Use:

1. Access Binance’s official site and create an account.
2. Set up two-factor authentication to enhance account security.
3. Deposit Japanese yen and start trading cryptocurrencies.

Using Cold Wallets

Reasons and Benefits: If you are concerned about storing cryptocurrencies on exchanges, using a cold wallet (offline hardware wallet) can significantly enhance security.

How to Use:

1. Purchase a hardware wallet (e.g., Ledger Nano S, Trezor).
2. Set up the wallet and transfer cryptocurrencies to it.
3. Securely store cryptocurrencies for the long term.

Regular Asset Diversification and Risk Management

Reasons and Benefits: Storing all assets on a single cryptocurrency exchange is risky. By using multiple exchanges and wallets, you can diversify your assets, reducing the risks of exchange bankruptcy or hacking.

How to Use:

1. Create accounts on multiple exchanges and diversify assets.
2. Use cold wallets or software wallets to store some assets offline.
3. Regularly check the status of your assets and ensure thorough risk management.

　We’ve introduced multiple alternatives to bitFlyer, each with unique benefits and considerations. It is crucial for users to choose the most suitable exchange based on their investment style and risk tolerance. Consider security, fees, and system stability comprehensively to select the best exchange.

　For detailed information, we recommend checking the official websites and related expert sites for each exchange!