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BitFlyer Review: Legit Exchange Going Scam?

BitFlyer Review: Legit Exchange Going Scam?

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BitFlyer is a privately acquired domain as of May 29th 2013. For a long time, it was known as a reliable Crypto currrency exchange in Japan (where it primarily operates), Europe and even the US. Unfortunately, reviews and feedback have began surfacing on forums like Reddit where existing and past clients are not talking good things about the company.

Therefore, the long standing reputation of BitFlyer is actually under public scrutinize and if these issues can’t be addressed, we could see the exchange closing down or operating amid negative publicity that keeps ruining their name. To this end, we’d like to remind you that the aim of this unbiased reviews is to provide insights on whether or not you should continue with this exchange. There are so many legit exchanges out there and by no means should you restrict yourself to an exchange that ruins your finances.

Note: You can only mine Crypto currencies safely and securely using these sites. 

BitFlyer Review

On their platform, they claim to be the biggest Bitcoin exchange. We don’t know which standards they are using to rank themselves or make these assertions, but the site appears to be confident enough to hold this title. The official launch of this business happened in 2014, and they have already received their license from the Japanese Financial Services Agency (JFSA) and also the New York Department of Financial Services (NYDFS). This adds some level of credibility for this site because nearly all Crypto currencies exchanges that we know of today are not regulated by any financial regulator.

bitflyer

So far, BitFlyer has not been a victim or any cyber threat or hacking, which is indeed another good gesture and confidence builder because most popular Crypto currency exchanges out there have had an incidence of security breaches at least once. Finding an exchange that has not suffered attempts of hacking is unheard of nowadays especially if the exchange is popular enough to attract hackers.

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BitFlyer claims that it transacted 100 billion dollars in volume in 2017. This is the largest volume that has ever passed in the hands of any Bitcoin exchange in Japan. Therefore, some of their claims may actually hold water but we are still skeptic about the kind of feedback that we have began receiving concerning the Crypto exchange in question.

Some of the Crypto currencies supported on this platform include Bitcoin, Ethereum, Litecoin, Ethereum Cash and Ethereum Classic. On the other hand, the exchange supports fiat currencies like USD, EUR and JPY. However, it should also be noted that in the US, it appears that Bitcoin is the only Crypto currencies that can be purchased or sold through the platform.  Also, the type of account that a user will acquire will dictate what transfer limits BitFlyer imposes on their transactions.

BitFlyer is also taking a complete different approach in order to add value to their services. This is contrary to what most Crypto currency exchanges on the internet do. These Crypto currency exchanges simply give access to more enticing features when customers deposit more money. There are 3 different types of trading accounts here.

These include Trade Lite account, Normal Trade account and Trade Pro status. With the Trade Lite account, we can only deposit $2000 a day and our withdrawal limit is $2000 a day. The maximum that can be processed in a single transaction is $3,000. The Normal Trading account requires $50,000 maximum deposit a day and an equivalent withdrawal cap within 24 hours. Single transaction limited has no limit at all. To open this type of account, we only need our ID for verification. Lastly, the Trade Pro status does not come with any limitations because it offers unlimited daily deposits and withdrawals plus there is no cap on the amount of transactions that can be performed on the platform.

The background of the company owning this site

BitFlyer is owned and operated by BitFlyer, Inc. The company was created in 2014 and has the following physical address Midtown Tower 8F, 9-7-1 Akasaka, Minato, 107-6208.

Yuzo Kano is cited as the CEO of the company while Takafumi Komiyama is the CTO of the company. These are real people with real profiles. So we don’t doubt their credibility and identities.

Community feedback

BitFlyer does have positive reviews when you search its reviews on the internet. But when you add the word scam besides the phrase bitFlyer, you will get something else, which might even shock you. But you really have to dig hard in order to find the negative ones especially when you consult forms like Reddit where real users hang out and give their remarks.

One user claims he lost over 100 Bitcoins. That was nearly 3 years ago.But this not the only negative comment against this company. Other threads have since been started where users complain that they have experienced difficulty getting their funds out of this platform.

We cannot make immediate conclusions on this matter because these reviews are simply mixed opinions about the BitFlyer and the negative ones have not been verified yet. So we can only advice that users tread carefully because there is no exchange that is 100% safe.

Also, the most disturbing thing is that the company has not openly addressed the matter or even reassure their audience that these reviews are false or made up. We need them to address this matter because failure to do so, BitFlyer will start to attract negative reviews on the internet and you will notice that their reputation is taking a hit despite having been registered by major financial regulators in US and Japan.

Our best advice for you

Perhaps you started reading this review because you were worried that you’d not have a place to exchange your Crypto currencies into fiat after mining them. By the way, the best places where Cryptocurrencies are mined can be found on these platforms.

Finding a reliable Crypto currency exchange is becoming increasingly difficult and while this is happening, many people are adapting the use of Crypto currencies. So this gap definitely needs to be filled by the right companies that won’t attract scandals. Be an informed consumer and you should be safe.

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