BitFlyer (bitFlyer) resumption in December!? Thorough guide on reputation, features, and how to deal with not being able to log in
BitFlyer is the most popular domestic cryptocurrency exchange in Japan, representing the country.
However, BitFlyer is currently (as of November 7, 2018) stopping new account openings.
The author believesthat the resumption will be after December 2018.
In this article, including reasons for when BitFlyer will resume, we thoroughly introduce the following 10 items for people who do not yet know BitFlyer.
- Overview of BitFlyer
- What BitFlyer is / Features
- About bitFlyer Lightning
- Cryptocurrency assets handled by BitFlyer
- BitFlyer's fees
- Benefits of using BitFlyer
- Drawbacks of using BitFlyer
- Reasons to choose BitFlyer
- How to troubleshoot when you cannot log in to BitFlyer
- BitFlyer's reputation / reviews
- Regarding the resumption timing of new BitFlyer accounts
If you read to the end, you will understand even the “black history” facts about BitFlyer, so please read to the end.
What is BitFlyer (bitFlyer) / Features
Source:BitFlyer Official Facebook
BitFlyer is a domestic major cryptocurrency exchange established with the aim of allowing users who have never invested in cryptocurrencies, FX, or stocks to trade with confidence.to trade with peace of mindas its mission.
Moreover, BitFlyer has received funding from major financial companies such as Mitsubishi UFJ Capital Co., Ltd. and GMO VenturePartners Co., Ltd., boasting top-class capital strength in Japan.
Below is BitFlyer’s introduction video, please take a look. (Length: 1 minute 13 seconds)
Additionally, BitFlyer’s image character has long been played byRio Narumi (Narumi Riko).
Source:BitFlyer YouTube
Rio Narumi was born in August 1992, but has a sophisticated presence, doesn’t she?
Until the Financial Services Agency issued a warning to BitFlyer, there were TV commercials, but they are not currently being aired.
However, if BitFlyer receives a business improvement order from the Financial Services Agency, many celebrities pull out of commercials, but Rio Narumi is still listed on BitFlyer’s official site, soa day may come when she appears in commercials againsoon.
Note: As of now (November 6), new account openings remain suspended due to a business improvement order from the Financial Services Agency, and a resumption has not yet been determined. (Details to follow)
About BitFlyer Lightning (bitFlyer Lightning)
BitFlyer Lightning is the place where you can trade cryptocurrency FX operated by BitFlyer.
Its feature is that it is a platform for FX designed with utmost emphasis on usability and functionality for traders, and in Japan it is rare that leverage trading can be set from 1x to 15x.
For more details about BitFlyer Lightning, please read the following article.
>>>What is BitFlyer Lightning? Chart, FX fees, and how to mute sounds
>>>BitFlyer Lightning chart settings / customization methods
Cryptocurrency assets handled by BitFlyer
As of now (November 6, 2018), BitFlyer handles the following seven cryptocurrency assets.
- Bitcoin (BTC)※
- Bitcoin Cash (BCH)
- Ethereum (ETH)※
- Ethereum Classic (ETH)
- Litecoin (LTC)
- Monacoin (MONA)
- Lisk (LSK)
（※）Bitcoin and Ethereum can also be used on the exchange (BitFlyer Lightning).
However, it is said to be quite difficult for cryptocurrency assets to be listed on Japanese exchanges including BitFlyer in the future.
Please refer to the following for more details.
BitFlyer’s fees
BitFlyer’s fees are somewhat higher compared to domestic exchanges.
Below is a table comparing fees with major Japanese cryptocurrency exchanges.
| Sales (exchange) | Quick withdrawal | Fees |
| GMO Coin | Free | Free |
| DMM Bitcoin | Free | Free |
| Bitpoint | Free | 324 yen |
| bitFlyer | 324 yen | 216 yen to 756 yen |
| Zaif | Actual cost | 350 yen to 756 yen |
| bitbank.cc | Not offered | 540 yen to 756 yen |
However, BitFlyer ranked second in the security ranking in Japan, followingBitbank, so there are pros to using it despite slightly higher fees, in order to protect your assets.
>>>Official BitFlyer fee list and taxes
Benefits of using BitFlyer (bitFlyer)
There are two main benefits to using BitFlyer:
- Stable servers
- Easy-to-understand altcoin trading
Let’s look at each in detail.
Stable servers
In 2017, domestic cryptocurrency exchanges had the highest trading volume ever, but some exchanges suffered from server downtimes and unexecuted orders due to poor response times.
However, BitFlyer, despite handling the largest domestic trading volume,consistently maintains stable operations.
With stable servers, trading is easier and security is high, which is evidence of the benefits of BitFlyer.
Easy-to-understand altcoin trading
In domestic exchanges, major assets are prioritized, and altcoin trading has often been unsatisfactory.
However, many of BitFlyer’s account-opening customers have little experience with stocks or FX, and for them, cryptocurrency is often their first investment target.
Therefore, for beginners, trading on BitFlyer’s sales desk is familiar and approachable...
Drawbacks of using BitFlyer (bitFlyer)
Regarding using BitFlyer...Continue here below
>>>View on the official cryptocurrency trivia site
