bitFlyer.jp is a Japanese bitcoin and cryptocurrency exchange. The company was founded in 2014 by Yuzo Kano, a former Goldman Sachs trader. bitFlyer.jp is one of the leading exchanges in Japan, and allows users to buy, sell, and store bitcoins and other cryptocurrencies. The company has been in the news recently for being fined by the Japanese Financial Services Authority (FSA) for not having proper anti-money laundering (AML) controls in place. In this blog post, we will take a look at bitFlyer.jp and review their safety measures to see if they are a safe place to trade Bitcoin and other cryptocurrencies.
What is bitFlyer?
bitFlyer is a Japanese bitcoin and cryptocurrency exchange. It was founded in 2014 by Yuzo Kano and is headquartered in Tokyo, Japan. bitFlyer is one of the largest bitcoin exchanges in the world by volume.
As of September 2017, bitFlyer was handling over 80% of all bitcoin trades in Japan. In October 2017, bitFlyer received a $27 million investment from SBI Group, a Japanese financial services company. In January 2018, bitFlyer was granted a BitLicense by the New York State Department of Financial Services (DFS), making it the sixth firm to be licensed to trade digital currencies in the state of New York.
Bitflyer offers two types of accounts: “Trade” accounts for buying/selling cryptocurrencies, and “Prime” accounts for more advanced traders with features such as margin trading. Cryptocurrencies available for trading on bitFlyer include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Is bitFlyer Safe?
Yes, bitFlyer is safe. They are a Japanese company and have been in business since 2014. They are regulated by the Japanese Financial Services Agency.
How Does bitFlyer Work?
bitFlyer is a Japanese bitcoin exchange that allows users to buy and sell bitcoins. The company was founded in 2014 by Yuzo Kano, a former Goldman Sachs trader.
bitFlyer’s platform is simple to use and offers a variety of features. Users can buy and sell bitcoins, as well as send and receive payments in Japanese yen. The company also offers a mobile app for iOS and Android devices.
In order to buy or sell bitcoins on bitFlyer, users must first create an account. Once an account is created, users can deposit Japanese yen into their account via bank transfer or credit card. Once the yen is deposited, users can then use the funds to buy or sell bitcoins.
bitFlyer charges a 0.1% fee on all trades. There is no limit to the amount of trade that can be conducted on the bitFlyer platform.
The bitFlyer.jp exchange is one of the most popular digital currency exchanges in Japan. The exchange has a ¥3 million daily trading volume and over ¥40 billion in assets. The platform supports Japanese yen (JPY) deposits and withdrawals, and offers a 0.1% trading fee for all users.
Users can also enjoy a discount on trading fees by holding bitFlyer Points (BFPs). BFPs are loyalty points that are earned by completing certain tasks on the bitFlyer website, such as making a deposit or completing KYC verification. Each BFP is worth ¥0.0001, and users can use them to pay up to 50% of their trading fees.
Pros and Cons
The bitFlyer.jp website is a popular Japanese bitcoin exchange that allows users to buy, sell, and trade bitcoins. There are many benefits to using this website, including the ability to trade in Japanese yen, the option to use a credit or debit card to make purchases, and the fact that the site is available in both English and Japanese. However, there are also some potential drawbacks to using bitFlyer.jp that users should be aware of before they decide to use the site.
One potential downside of using bitFlyer.jp is that there have been some reports of scams and fraud on the site. While the majority of users have had positive experiences with the site, there have been a few instances of people being scammed out of their bitcoins or being tricked into sending money to fraudulent accounts. Another potential concern is that bitFlyer.jp does not offer any protection against loss or theft, so if your account is hacked or you lose your password, you could lose all of your bitcoins.
Overall, bitFlyer.jp is a reputable and popular bitcoin exchange that offers a variety of features and benefits for users. However, as with any online financial transaction, there are some risks involved in using the site. Be sure to research any exchange you plan to use before you finalize any deals, and always keep your account information safe and secure.
We hope you enjoyed our bitFlyer review. If you have any questions or concerns about the website’s safety, please contact us and we’ll be happy to help.