Other than Japan, the acceptability of bitFlyer has spread all over Europe and USA.
In 2017, Bitflyer’s digital interface processed over $ 100 billion in volume globally which is really impressive. Besides, among all the exchanges in the territory of Japan, it also has the record of the highest number of transactions.
The headquarter is based mainly on Japanese lands, and the central office is located in Tokyo, Japan.
Different regulatory associations in Japan have made different changes in the way they used to treat different cryptocurrencies.
Nowadays, they consider them as important assets with which they can obtain excellent commission taking advantage of their stock market movements through trading platforms such as BitFlyer. It should be noted that they were one of the first companies to approve the requirements required to have the JFSA permission (Japanese Financial Services Agency).
This company also obtained regulatory approval from the New York Department of Financial Services (NYDFS) approximately in mid-November of 2017, as of this date the true evolution of this exchange began.
At present, users can conduct exchange, transactions and can admit funds to the personal account using USD and even Bitcoin or Ethereum.
The development team is implementing new measures in order to add new virtual currencies to its digital interface for the ease of its users.
Commissions and Fees
Now we will talk a little bit about the commissions or rates present in BitFLyer’s digital platform.
These can vary slightly depending on the type of the service or facility that a user is enjoying on the platform.
The platform has multiple operations such as the direct exchange of JPY to BTC and so on. The commission of the service mentioned above hovers from 0.15% to 0.2% per transaction which is a bit high for the people who deal with little volumes.
Advantages of BitFlyer
- Excellent Preventive Measures
BitFlyer with its interface has a good reputation in terms of security.
Its immunity against cyber attacks is much talked about.
BitFlyer’s working interface carries out all the standard security procedures (SSL, multi-sig, 2FA).
This Japanese company also confirms that the office is secured by different control steps with armed surveillance 24 hours a day.
- Speedy Transactions
The BitFlyer platform does not make its users wait for 10, 5 or even 1 minute. Utilizing the great BitWire technology of BitFlyer, it is possible to send and receive bitcoins in just a few fractions of a second.
Bitflyer is a multiplatform company and interface and it has official mobile applications. Therefore, a user can always be connected to the personal account either from your Android device or iOS operating system.
Disadvantages of BitFlyer
- Limited deposit and Withdrawal Methods
The Japanese BitFlyer so far accepts national and international bank transfers, credit cards or even some debit cards issued in Japanese territory.
Additionally, it also allows its customers to deposit with Bitcoin. In spite of this, BitFlyer clearly should have a new approach to the internal markets of the eastern countries.
There are still ways for foreign people to use the platform and therefore the services they provide.
To enjoy the facilities, they have to communicate directly with the team. Many customers have to go for long jumps since digital payment processors such as Skrill or PayPal are not accepted on the platform.
- Availability of Fewer Cryptocurrencies and fiat currencies
Maybe this situation will not last forever. But, currently, availability of only the major cryptocurrencies and fiat currencies makes it a bit tedious to conduct exchanges and transactions within the platform as other exchanges would have to be used momentarily.
Little variation in terms of available languages
Typically, the beginners on this arena need to have some time in order to understand the flow of BitFlyer. But a quick learner will get that it is a quicker way to buy bitcoin. It can surely be trusted without questions as it keeps your fund safe implying multiple security systems.