In this BitFlyer review, we will take you through an overview of the cryptocurrency exchange Bitflyer Europe, including supported cryptocurrencies, deposit methods, fees, and security.
If you’re looking for a platform to trade for the most popular cryptocurrencies with euros, Bitflyer Europe may be the exchange for you. Ideal for the smaller investor (or newbie) with deposits of as little as 1 Euro. Plus, buy and sell your cryptocurrencies easily with a credit or debit, bank transfer or even via a PayPal account.
So, let’s dive into this BitFlyer Review to help you determine whether BitFlyer is the right crypto exchange for you.
BitFlyer Review: How to Use BitFlyer Exchange
What is BitFlyer?
BitFlyer is a cryptocurrency exchange where 2 million registered customers currently buy and sell Bitcoin and other virtual currencies.
bitFlyer was founded in 2014 by Yuzo Kano, a former derivatives and bonds trader from Goldman Sachs. They’re the first cryptocurrency exchange in the world to facilitate operations in Japan, America and Europe.
Users in Europe can access one of Japan’s largest Bitcoin markets while still using a European-regulated platform. Japan is home to the biggest global bitcoin market, and bitFlyer handles over 70% of JPY trading.
Today, we’ll be covering bitFlyer Europe S.A., which was launched in 2018 and is a subsidiary of bitFlyer, Inc. Their European office is located in Luxembourg; they operate an exchange platform for European traders to buy and sell virtual currencies.
How to Buy with BitFlyer
With BitFlyer, there are three different ways to buy Bitcoin or other cryptocurrencies, such as Ethereum and Litecoin.
- First, you have Instant Buy, allowing you to buy Bitcoin with a credit card instantly.
- There’s also a Buy/Sell option where you can buy or sell with a bank, crypto or PayPal deposit.
- Then there’s Lightening, for a pro trading option giving the user more varied order types.
Deposit Methods
With BitFlyer, you can deposit FIAT such as Euros via bank transfer. Alternatively, you can easily deposit using a PayPal account. However, to use PayPal, you will need to upgrade your account to “Trade Pro”.
If you want to deposit cryptocurrencies, you can send tokens such as BTC, Litecoin, and Ethereum to the exchange for trading.
Please be aware that if you are depositing using PayPal or cryptocurrency, you must link a bank account to withdraw later. PayPal withdrawals are not supported, and cryptocurrency can only be withdrawn when a linked account has been added.
Supported Cryptocurrencies
BitFlyer Europe supports some of the most popular cryptocurrencies, such as the likes of;
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litcoin (LTC)
- Bitcoin Cash (BCH)
- MonaCoin(MONA)
- Lisk (LSK).
If you’re looking for more extensive trading pairs, it might be worth checking out crypto-to-crypto exchanges such as Binance.
Fees
There are varied deposit fees that you will pay with Bitflyer Europe, which will depend on your transfer method. For example, if you deposit via SEPA, this is free of charge. However, for PayPal deposits, you will pay 4.9% plus a 35-cent cost per transaction.
Buy/Sell orders on BitFlyer Europe do not incur any additional fees, and the price already includes this as part of the spread.
Instant buys have fees of 1.95% and 25 cents per transaction. You’ll also find that the price is inflated from the current market price.
BitFlyer Lightening has fees at lower rates of 0.2% to 0.10% depending on trading volume within 30 days.
Regarding withdrawals, bitFlyer EU charges 0.0004 BTC as a flat basic withdrawal fee for BTC withdrawal. SEPA withdrawals will be charged at 30 cents for amounts under €250,000 and €10 for above €250,000.
You can find a full list of trading fees by clicking here.
What is BitFlyer Lightning?
BitFlyer Lightning is the more advanced trading platform by BitFlyer Europe. Similar to the likes of Coinbase Pro, with BitFlyer, you’ll find cheaper fees and more advanced order types charts and graphs. With the ability to create a limit, stop limit and stop orders, you can define orders at your price and wait for the market to reach this.
There are two trading pairs to choose from: Bitcoin/Euros and Bitcoin/Japanese Yen.
Is BitFlyer Exchange Safe?
Bitflyer is the first cryptocurrency exchange with licenses to operate across Europe, the US, and Japan combined. It is also a financial institution licensed by the Luxembourg Ministry of Finance.
For customer funds protection, 80% or more of BitFlyer-owned bitcoins are stored in a cold wallet, isolated from the network. Several physical locks and a robust 24-hour surveillance system protect the cold wallet.
Bitflyer encourages 2-factor authentication during login, for registering addresses and for euro withdrawals. Plus, an account locks when an incorrect password has been entered too many times.
BitFlyer Support
If you have an issue with the BitFlyer Europe exchange, you can search the FAQ section of their site. Alternatively, you can submit an enquiry by completing an email contact form.
