bitFlyer is a Japanese centralized cryptocurrency exchange (CEX). It’s one of the largest crypto exchanges by user count. bitFlyer offers spot and futures markets, as well as cryptocurrency purchases. It also supports P2P transactions.
The bitFlyer crypto exchange is licensed to operate in Japan, Europe (EU/EEA), and the USA (including New York State). Some features and services may be region-restricted. It’s KYC-compliant and requires ID verification to access purchases and trading.
Compared to other cryptocurrency exchanges, the number of available bitFlyer trading pairs is relatively small. This is due to the licensing and regulations that the bitFlyer spot and derivatives markets comply with. It lists popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Crypto-crypto and crypto-fiat trading is enabled. By default, bitFlyer crypto prices are presented in JPY. However, fiat currencies USD and EUR are also supported. Due to regulations, virtual currency transactions may be subject to taxes. The minimum bitFlyer crypto price required for purchase is $1.
Some banks may charge deposit fees on crypto-JPY transactions. bitFlyer fees on withdrawals are 220 JPY on orders below 30,000 JPY and 440 JPY on orders exceeding 30,000 JPY.
bitFlyer Lightning is the platform’s exchange service. There are 12 tiers to the fees based on the 30-day bitFlyer volume. The fee rates are fixed and do not use the maker-taker model. There are also special exchange fees on specified bitFlyer trading pairs.
The lowest tier requires a 30-day volume below 100,000 JPY. The bitFlyer exchange fees in this tier are 0.15%. In the top tier, the required 30-day bitFlyer trade volume exceeds 500 million JPY, and the fees are 0.01%. Depending on the trade volume and frequency, bitFlyer crypto fees may be negotiable.
Fees on the following transactions are calculated by multiplying the execution amount by up to 0.15%:
Two of the bitFlyer Lightning spot market pairs, ETH/BTC and BCH/BTC, use the formula of execution amount x 0.2%.
Individual bitFlyer crypto fees apply to each virtual currency. Some price disparities may occur, and fees are subject to change. The bitFlyer crypto price for the minimum order size is adjusted accordingly on each available digital asset.
bitFlyer supports margin trading. Customers can receive x1 or x2 leverage. The rate applies to individual customers only. The max leverage for institutional accounts is managed by Japan Virtual and Crypto Assets Exchange Association.
About the Company
The bitFlyer cryptocurrency exchange was founded by Yuzo Kano in Japan in 2014. Its US affiliate was launched in 2016. As of 2017, bitFlyer holds the license to operate as a crypto exchange in New York State. The platform expanded to Europe in 2018. The company’s headquarters are in Tokyo, Japan.
bitFlyer was the first bitcoin exchange to open in Japan after the then-popular Mt. Gox platform ceased operations in 2014. The platform served as an alternative to the defunct exchange, providing regulated Bitcoin trading services.
In February 2016, it was reported that the monthly bitFlyer trade volume averaged around ¥7 billion ($64 million). According to transaction data, bitFlyer was responsible for processing about 80% of all BTC transactions in Japan.
In 2020, the company surpassed 2.5 million users. According to the customer survey, the majority of the bitFlyer crypto exchange clients were Bitcoin holders in their 20s. This saw a change in the user base compared to 2018, when most customers were in their 30s and 40s.
In April 2022, it was announced that the bitFlyer cryptocurrency exchange would be sold to the Singapore-based Japanese private equity fund ACA Group. According to reports, the fund was looking into purchasing the majority stake, worth roughly $370 million.
Since its launch, the bitFlyer crypto exchange has not experienced any major security breaches or hacking incidents. The company reports that all assets are kept in cold storage to reinforce security.
Yuzu Kano is the CEO of bitFlyer. Prior to founding the company, he was an equity derivatives trader at BNP Paribas and Goldman Sachs. Yuzu is also the representative director of the Japan Blockchain Association and part of the blockchain technology research committee for the Japanese Bankers Association.
The European branch of the bitFlyer cryptocurrency exchange is co-run by Ami Nagata, Edouard Kemp, and Ajinkya M. Tulpule. They took the reins from Rikiya Masuda in January 2022. Andrea Shaw is the CEO of the American branch.