In the ever-competitive sphere of the digital asset industry, bitFlyer has been a dominant entity over the past few years, establishing itself as one of the most reliable cryptocurrency exchanges.
bitFlyer Europe was launched in Luxembourg back in early January 2018, and since then it has maintained an active presence in the European cryptocurrency trading market. Originally based out of Japan, bitFlyer is the only exchange with the license to operate in three different continents: EU, USA, and Japan.
Right now, JPY is the second most traded pair with approximately 20% of the global bitcoin trading volume and bitFlyer as a market leader in Japan has 70% of trading JPY volume. That’s why bitFlyer just launched its cross-border trading feature, which enables users to access the deep liquidity of the Japanese bitcoin market from Europe. For the very first time, all European users will be able to access one of the largest bitcoin markets in the world, while still under the umbrella of the European-regulated platform.
In 2017, the exchange had registered over $250 billion in global transaction volume and according to CoinGecko, the exchanges witnesses an average trading volume of $90 million dollars per day at the present time.
bitFlyer originally started off by offering BTC on its exchange but over the years the exchange has added multiple other digital assets as well. The altcoins made available by the exchange are listed below:
- Bitcoin Cash
- Ethereum Classic
bitFlyer Security and Regulations
For any digital asset exchange, the protection of capital funds and assets is of the utmost importance. As mentioned earlier, bitFlyer Europe was granted its Payment Institution license by the Luxembourg financial regulator, la Commission de Surveillance du Secteur Financier (CSSF). This license allows bitFlyer to operate across the European Union as the license is pass-portable.
This license obliges bitFlyer to have strict and strong standards when it comes to consumer protections (i.e. asset segregation between corporate funds and users funds) as well as to have internal and external audits from auditing companies for its IT security, financials, and operations.
From a technical standpoint, in order to provide a safe and secure environment for customer funds, bitFlyer has established Multisig bitcoin security technology, which requires multiple keys to authorize a Bitcoin transaction, and the exchange has leading standards in terms of implementing AML(Anti-Money Laundering), KYC(Know your Customer) and other important policies.
Besides ensuring safe operations, the exchange certifies network security with the help of next-generation encryption technology.
- SSL Communication: To protect user data against unauthorized intrusion, customer’s personal information is all data encrypted. The encrypted communication of the platform can be verified by observing the URL link.
- Firewall protection and Constant monitoring of unauthorized access: The function of a firewall is to protect unauthorized access to the system from an external source. bitFlyer implements Web Application Firewalls(WAF), which was specifically designed to protect web applications. Additionally, there is continuous surveillance of the network to detect and eliminate any entry of illicit entities.
- Two-step authentication or verification: To add an extra layer of security, bitFlyer implements Two-step authentication, where the user is required to enter their login password and also enter a 6-digit code that is sent to the user via text message or e-mail. Hence, even if an account’s login credentials are somehow obtained, without the six-digit code, it will not be possible to derive access.
In order to have a detailed understanding of bitFlyer’s security, please visit the following link.
bitFlyer Products and Functionality
With digital assets such as Bitcoin becoming a household name, the competition between various crypto exchanges is growing. However, bitFlyer emphasis lies on seamless user experience with their products on the platform. Some of the most unique features provided by the exchange are listed below:
- bitFlyer Buy/Sell Platform
For traders looking for crypto exposure without facing transaction complications, BitFlyer’s Buy/Sell platform provides the appropriate gateway. BitFlyer’s buy/sell platform can be accessed in three simple steps through which users are instantly able to buy and sell Bitcoins on the platform. Moreover, recently bitFlyer Europe has launched a PayPal payment solution integration which means that PayPal’s millions of European users can now deposit funds to the bitFlyer Europe platform to buy cryptocurrencies safely and securely. Read more about PayPal integration here.
There is also no transaction fee allocated with the buy/sell orders making it extremely convenient for the users.
bitFlyer Buy/Sell also provides optimized buy/sell options with a historic review of transactions of the traders and the average price of assets over time. Users can easily keep track of their investments, making it a very simple, transparent process and a suitable first exposure to cryptocurrency.
- bitFlyer Lightning:
Besides proposing an easy experience for newcomers, the bitFlyer exchange also provides its experienced traders with the bitFlyer Lightning platform, a fully optimized trading experience.
The bitFlyer Lightning Platform provides a sophisticated version of the exchange and it is designed with keeping the needs of an intermediate to the advanced trader in mind. Traders can easily identify trends and reversals thanks to the professional appearance of the chart and price analysis in addition to the available market indicators.
The exchange also provides its experienced traders with Lightning Special Orders which allows the traders to be flexible while placing their market or limit orders. For more information, please check the following link.
Similar to the Buy/Sell platform, traders are able to execute Buy/Sell orders on the platform at their desired price points. The exchanges bring both the sellers and buyers into contact, necessarily filling in the orders once they have been placed. The trading fees on Lightning are also extremely low at around (0.2% to 0.1%).
There is also a possibility to create a trading bot using bitFlyer API. For more information, please visit the link.
- “Instant Buy” to directly buy Bitcoin and Altcoins through Credit and Debit Cards!
The “Instant Buy” feature is added to the Buy/Sell platform. Users can instantly purchase crypto assets by using the credit card and other local instant transfer methods.
The Instant Buy feature is available on both desktop and mobile application, and users can purchase cryptocurrencies via:
- Credit Card
- Debit Card
- bitFlyer Application on iOS and Android
For traders to invest in cryptocurrency on the move, bitFlyer’s application was created keeping in mind users who prefer having the option of accessing crypto assets through their apps.
The application has a user-friendly interface and existing users can directly log in to the app with the present account credentials set on the computer.
Alongside facilitating the buy/sell feature, the application also displays real-time price data and reports the latest cryptocurrency news. Users can also access bitFlyer Lightning through the application.
Similar to the web platform, the bitFlyer mobile application is extremely reliable as well as it offers the same state-of-the-art security features such as cold wallets, Multisig, 2FA, and more. For more information, visit bitFlyer’s blog for details.
Within the current cryptocurrency market, the majority of exchanges add a lot of features that end up complicating crypto trading. The main advantage of bitFlyer is that it checks all the right boxes in terms of security, transparency, and convenience. The exchange has developed its platform in order to make it easy for both newcomers in the industry as well as experienced traders, making it one of the most sought-out digital asset exchanges in the industry.
For more information, please visit the following websites.
Disclaimer: This is a paid post and should not be considered as news/advice.