What is bitFlyer? Expert Insight into the Latest Information and How to Use It

Introduction

　bitFlyer is one of Japan’s largest cryptocurrency exchanges, established in 2014. This article provides detailed information on bitFlyer, covering its basics, usage, features, benefits, drawbacks, and the latest services. By understanding the key points of using bitFlyer, you can start trading with confidence.

Overview of bitFlyer

　bitFlyer is a cryptocurrency exchange operated by bitFlyer Inc., handling major cryptocurrencies such as Bitcoin, Ethereum, and Ripple. The trading formats are broadly divided into “Brokerage” and “Exchange (bitFlyer Lightning)”.

Difference Between Brokerage and Exchange

• Brokerage: bitFlyer buys and sells cryptocurrencies directly to users. It is easy to trade but often has a wide spread (the difference between buying and selling prices).
• Exchange (Lightning): Users trade directly with each other. This format offers higher liquidity and narrower spreads. bitFlyer Lightning, in particular, is equipped with advanced trading features, making it popular among professional traders.

Features of bitFlyer

Wide Range of Supported Currencies

　bitFlyer handles many cryptocurrencies. As of May 2024, users can trade 32 major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). The exchange regularly adds new currencies, expanding trading options.

Security and Reliability

　bitFlyer is highly regarded for its security measures. It employs multisignature wallets and cold wallets for asset storage, ensuring robust security. Being regulated by Japan’s Financial Services Agency, it operates safely under legal compliance.

Low-Cost Trading

　You can start trading on bitFlyer with as little as 1 yen, making it accessible for beginners. The transaction fees are relatively low, with reduced fees for large-volume trades.

Benefits of bitFlyer

High Liquidity

　bitFlyer boasts high trading volumes in Japan, maintaining the top position in Bitcoin trading volume for six consecutive years. This high liquidity ensures smooth transactions and easy trade execution.

Convenient Additional Services

　In addition to regular trading, bitFlyer offers additional services such as:

• Staking Rewards: Earn rewards by holding cryptocurrencies like Lisk (LSK).
• Easy Accumulation: Automate cryptocurrency accumulation for effortless asset building.
• Earn Bitcoin: Receive Bitcoin through online shopping and travel bookings.

Drawbacks of bitFlyer

Wide Spreads

　Brokerage trading often has wide spreads, making it less suitable for short-term trades. This can result in higher costs for altcoin transactions compared to other exchanges.

Server Stability

　Some users report concerns about server stability. During periods of high traffic, the servers may become unstable, so careful timing is necessary for trades.

How to Use bitFlyer

Account Registration

　Visit the bitFlyer official website and register a new account. Enter the required information and submit identification documents to complete account verification.

Deposits and Starting Trades

　Once your account is verified, deposit Japanese yen and start trading. Multiple deposit methods are available, such as bank transfers and quick deposits, allowing you to choose the most convenient option.

Executing Trades

　When using the Exchange (Lightning), trade by referring to charts and order books. Advanced orders like IFD and OCO are also possible, enabling sophisticated trading strategies.

Conclusion

　bitFlyer is a highly reliable and secure exchange in Japan, handling a wide range of cryptocurrencies. Its features and services cater to both beginners and professional traders, offering low-cost trading and high liquidity. However, it’s important to compare with other exchanges when choosing a trading platform.

　For further details, refer to the bitFlyer official website and related links.

Alternatives for Those Considering bitFlyer

　While bitFlyer is a trustworthy exchange, it may not meet all your needs. Here are alternative options, along with detailed explanations and methods for each, helping you find the best cryptocurrency exchange and trading methods.

1. Using Coincheck

Reason: Coincheck is a major Japanese cryptocurrency exchange alongside bitFlyer, offering a wide range of altcoins. It has an easy-to-use interface and diverse services.

Method:

1. Visit the Coincheck official website and create a new account.
2. Complete the identity verification process to activate your account.
3. Deposit Japanese yen through bank transfer or convenience store deposit and start trading.

2. Using GMO Coin

Reason: GMO Coin, operated by GMO Internet Group, is known for its high security and numerous trading pairs. It also offers free deposit and withdrawal fees.

Method:

1. Visit the GMO Coin official website and register.
2. Submit the necessary identification documents for account verification.
3. Deposit Japanese yen and begin trading.

3. Using Rakuten Wallet

Reason: Rakuten Wallet, operated by Rakuten Group, allows you to exchange Rakuten Points for cryptocurrencies, making it convenient for Rakuten users.

Method:

1. Access the Rakuten Wallet official website and log in with your Rakuten ID.
2. Complete the identity verification process to activate your account.
3. Exchange Rakuten Points for cryptocurrencies or deposit Japanese yen to start trading.

4. Using DMM Bitcoin

Reason: DMM Bitcoin, operated by DMM.com Group, offers leveraged trading and robust trading tools, with a user-friendly mobile app.

Method:

1. Visit the DMM Bitcoin official website and register a new account.
2. Complete identity verification to activate your account.
3. Deposit funds and start trading, ensuring thorough risk management for leveraged trades.

5. Using Bitbank

Reason: Bitbank is known for its high security and low transaction fees, with comprehensive charting tools suitable for technical analysis.

Method:

1. Visit the Bitbank official website and create a new account.
2. Submit identity verification documents to activate your account.
3. Deposit Japanese yen and start trading.

6. Using International Exchanges (Binance, Coinbase)

Reason: International exchanges offer a wide variety of cryptocurrencies and often lower transaction fees. Binance and Coinbase are notable examples.

Method:

1. Visit the Binance official website or the Coinbase official website and register a new account.
2. Complete the identity verification process to activate your account.
3. Deposit funds via international transfer or credit card and start trading.

7. Using Decentralized Exchanges (DEX)

Reason: Decentralized exchanges (DEX) allow for privacy protection and self-custody of assets. Uniswap and SushiSwap are notable examples.

Method:

1. Prepare a cryptocurrency wallet (e.g., Metamask).
2. Access the Uniswap or SushiSwap official website and connect your wallet.
3. Trade directly from your wallet.

8. Using Cryptocurrency Accumulation Services

Reason: Accumulation services allow for risk diversification through dollar-cost averaging. bitFlyer’s “Easy Accumulation” and Coincheck’s “Accumulation” service are available.

Method:

1. Register with bitFlyer or Coincheck and choose the accumulation service.
2. Set your monthly accumulation amount and start automatic accumulation.

9. Managing Assets with a Hardware Wallet

Reason: Managing cryptocurrencies with a hardware wallet reduces the risk of storing assets on an exchange. Ledger and Trezor are notable products.

Method:

1. Purchase a hardware wallet from the Ledger official website or the Trezor official website.
2. Set up your wallet and transfer your cryptocurrencies.
3. For trading, temporarily move assets to an exchange and then back to the wallet post-trade.

10. Gathering Information and Learning About Cryptocurrencies

Reason: Trading cryptocurrencies involves risks, making it essential to stay informed and knowledgeable. Utilize specialized websites, books, and seminars.

Method:

1. Regularly check cryptocurrency news sites and blogs, such as CoinDesk and CryptoSlate.
2. Read books on cryptocurrencies, such as “The Truth About Cryptocurrency” and “Bitcoin and Cryptocurrency Technologies”.
3. Attend webinars and seminars to hear from experts.

　bitFlyer is a reliable exchange, but many other options are available. It’s important to choose the exchange and services that best suit your needs and investment style while managing risks. Use the alternatives mentioned above to find the best cryptocurrency trading method for you!