A Step-by-Step Guide to Buying Bitcoin on bitFlyer [Latest 2024 Edition]

Introduction

　For those considering buying Bitcoin, reliability and ease of use are crucial factors. bitFlyer is one of Japan’s largest cryptocurrency exchanges, offering services tailored to a wide range of users, from beginners to advanced traders. This article provides a detailed guide on how to buy Bitcoin using bitFlyer.

How to Register on bitFlyer

　First, you need to create an account on bitFlyer. Follow these steps:

1. Access the Official Website: Visit the bitFlyer official website and click on the “Sign Up” button.
2. Register Your Email Address: Enter your email address and click on the link in the verification email sent to complete authentication.
3. Enter Basic Information: Fill in your name, address, and other basic information.
4. Submit Identity Verification Documents: Upload identity verification documents such as a driver’s license or passport.
5. Set Up Two-Factor Authentication: Enhance security by setting up two-factor authentication.

　Once registration is complete, you can start trading immediately.

How to Deposit Japanese Yen

　To buy Bitcoin on bitFlyer, you first need to deposit Japanese Yen. Follow these steps:

1. Log In: Log in to your account.
2. Select “Deposit”: From the menu, select “Deposit”.
3. Choose a Deposit Method: Choose from bank transfer, convenience store deposit, quick deposit, etc.
4. Complete the Deposit Process: Follow the instructions to complete the deposit process. For bank transfers, the account information will be displayed, so transfer the funds to the specified account.

How to Buy Bitcoin

　bitFlyer offers two methods to buy Bitcoin: through the “Marketplace” and the “Exchange”. Let’s explore the features and purchasing procedures for each.

Buying through the Marketplace

　The marketplace allows you to buy Bitcoin at the price offered by bitFlyer. This includes a fee (spread), making it slightly more expensive than the exchange but simpler for beginners.

1. Select the Marketplace: Tap “Marketplace” on the home screen.
2. Select Bitcoin: Choose Bitcoin to purchase.
3. Enter the Purchase Amount: Enter the amount you wish to purchase in Japanese Yen.
4. Confirm and Purchase: Verify the total amount and quantity, then tap “Confirm Purchase”.

Buying through the Exchange

　On the exchange, users buy and sell Bitcoin among themselves. This method usually incurs lower fees and often allows for better prices.

1. Select the Exchange: Tap “Exchange” on the home screen.
2. Select Bitcoin: Choose Bitcoin on the exchange.
3. Select Order Type: Choose between a market order (immediate purchase at market price) or a limit order (purchase at a specified price).
4. Enter Quantity and Price: Input the quantity and price of Bitcoin to buy, then tap “Buy”.
5. Confirm and Execute Order: Once the order is fulfilled, it will appear in your transaction history.

Differences Between Marketplace and Exchange

　The main differences between the marketplace and the exchange lie in the purchase price and fee structure. The marketplace transactions occur at prices set by bitFlyer, including a fee (spread). In contrast, the exchange allows users to set prices, often leading to market-aligned transactions.

　Beginners might start with the marketplace and transition to the exchange as they become more comfortable.

Tips and Advice

　Trading Bitcoin carries risks. The price is highly volatile, so consider your investment amount carefully. Additionally, enhance security by strengthening two-factor authentication and managing your passwords meticulously.

　When purchasing Bitcoin, consider the following:

• Transaction Fees: Fees apply when buying through the exchange. Check the fees in advance.
• Price Fluctuations: Bitcoin prices constantly change. Stay updated with market trends to choose the best buying time.

Conclusion

　This guide provides a detailed explanation of how to buy Bitcoin using bitFlyer. Understanding the differences between the marketplace and the exchange, along with the specific purchase procedures, will help you trade Bitcoin safely and efficiently. bitFlyer offers a user-friendly platform suitable for beginners, so even first-time users can trade with confidence.

　For more detailed information and the latest procedures, visit the bitFlyer Help Page.

Alternative Methods for Buying Bitcoin [Latest 2024 Edition]

　While buying Bitcoin using bitFlyer is highly beneficial, there are many other methods and perspectives to consider. Here are over eight alternatives you can try right now, along with reasons and detailed methods for each.

1. Using Other Exchanges

Reason: There are many reliable exchanges other than bitFlyer. By using these exchanges, you may find better conditions for fees, spread, and transaction speed.

Method:

• Coincheck: A popular exchange in Japan with a user-friendly interface.
• GMO Coin: Operated by the GMO Internet Group, known for high security and low fees.
• Zaif: Offers a wide range of cryptocurrencies, specializing in certain virtual currencies.

　Visit the official websites of these exchanges, create an account, complete identity verification, deposit Japanese Yen, and start trading.

2. Using P2P Trading Platforms

Reason: P2P trading platforms allow you to buy and sell Bitcoin directly with other individuals, often at lower fees and better rates.

Method:

• LocalBitcoins: A global P2P trading platform. Create an account, complete identity verification, and start trading.
• Paxful: A P2P trading platform with various payment methods, offering reliable transactions.

　When using P2P trading, ensure to check the other party’s ratings and transaction history to secure trustworthiness.

3. Using Cryptocurrency ATMs

Reason: Cryptocurrency ATMs allow you to buy Bitcoin directly with cash, offering immediate acquisition.

Method: Search for nearby cryptocurrency ATMs, prepare cash, follow the ATM instructions, and enter your Bitcoin address to receive the Bitcoin in your wallet.

4. Buying Bitcoin Gift Cards

Reason: Bitcoin gift cards offer a simple and convenient way to obtain Bitcoin, especially for beginners.

Method:

• BitCard: Bitcoin gift cards available at convenience stores.
• Crypto Voucher: Online gift cards that can be exchanged for Bitcoin.

　After purchasing, enter the code on the official website to receive Bitcoin in your wallet.

5. Using Cryptocurrency Debit Cards

Reason: Cryptocurrency debit cards allow you to use Bitcoin for payments just like a regular debit card, integrating Bitcoin into daily spending.

Method:

• BitPay Card: A debit card you can load with Bitcoin.
• Wirex Card: A multi-currency cryptocurrency debit card supporting Bitcoin and other cryptocurrencies.

　Apply for the card on the official website, complete identity verification, load Bitcoin, and use it for payments.

6. Utilizing Regular Purchases (Dollar-Cost Averaging)

Reason: Regular purchases help spread the price fluctuation risk by buying a fixed amount at regular intervals, smoothing out the average purchase price.

Method:

• bitFlyer “Simple Accumulation”: A plan that automatically buys Bitcoin regularly.
• Coincheck “Accumulation”: A plan that invests a fixed amount in Bitcoin every month.

　Register for the accumulation service on the exchange and set up regular purchases.

7. Using Automated Trading Bots

Reason: Automated trading bots execute trades efficiently without the need to time the market, beneficial for those not skilled in trading.

Method:

• CryptoHopper: A multifunctional automated trading bot for Bitcoin auto-trading.
• 3Commas: An easy-to-set-up automated trading bot that integrates with exchanges.

　Create an account on the official website, link it to your exchange account, and set up the bot.

8. Utilizing OTC Trading (Over-the-Counter)

Reason: For large transactions, OTC trading minimizes market impact while allowing the purchase of large amounts of Bitcoin, often with lower fees.

Method:

• bitFlyer OTC Desk: A dedicated service for large transactions with specialist support.
• Other OTC Services: Coincheck and GMO Coin also offer OTC trading.

　Contact the OTC service of each exchange, check the details, and start trading.

9. Participating in Bitcoin Mining Pools

Reason: Instead of directly buying Bitcoin, you can obtain it through mining. This is particularly profitable if you live in a region with low electricity costs.

Method:

• Slush Pool: One of the oldest mining pools globally.
• F2Pool: A large mining pool supporting Bitcoin mining.

Create an account on the official website, set up the necessary hardware and software, and start mining.

　There are many methods for buying Bitcoin beyond bitFlyer. Comparing exchanges, P2P trading, cryptocurrency ATMs, gift cards, debit cards, regular purchases, automated trading bots, OTC trading, and mining pools can help you find the best method. Each method has its advantages and disadvantages, so research thoroughly before making a choice. For more detailed information and the latest procedures, refer to official websites and related specialist sites!

　For further details, visit the bitFlyer Help Page and the official websites of the mentioned services.