Bitfliyer

Bitflyer is a Japanese digital currency exchange that offers currency exchange and virtual commerce services in Japan, the United States, and Europe. This exchange allows you to buy and sell bitcoins as well as other digital currencies using your favorite Fiat currency. US Dollars, Euros, or JPYs are examples of Fiat currencies supported. It also lets you buy your currencies using your bank card and other fast payment methods. Although Bitflyer is a popular exchange in Japan, it is the best among European and American traders due to its very low fee, strong online support, excellent security, and ease of use.

History of Bitflyer

Bitflyer Exchange is the largest exchange in Japan for Bitcoin, which was launched in April 2014 following the hacking of Mt Gox. The company was founded by Takafumi Komiyama and Yuzo Kano, both of whom had previously worked in various roles at a Goldman Sachs investment bank (Komiyama was a developer, Kano was a stock, and convertible trader).

Since its establishment, the exchange has raised more than $37 million in seven investment periods. Its sponsors include big names like Digital Currency Group, SBI Investment, Venture Labo Investment, and others. The exchange is headquartered in Tokyo, Japan.

BitFlyer Exchange has a branch in the United States called bitFlyer USA, located in Silicon Valley, San Francisco, California.

The exchange is fully compatible with all federal and state regulators and works with the New York Department of Financial Services (NYDFS).

The European branch of bitFlyer, named bitFlyer Europe, is also located in Luxembourg.

It is time to review the pros and cons of Bitflyer Exchange

Positive points

• Simple user interface that is accessible to beginners

• Professional exchange for professionals

• Very low wage

• High security

Cons

• Lack of mobile support and no mobile app

• Support for a limited number of digital currencies

Bitflyer Security

Given that the launch of Bitfly was partly a response to the Mt Gox getting hacked, it is not surprising to hear that security is one of its strengths. The exchange has not been hacked in any way and has not been subjected to major security breaches, data leaks, or related incidents.

However, it is still a centralized exchange, meaning it will not grant you your private key unless you transfer your funds to a private wallet. Leaving your private key in the hands of a centralized service provider is usually a vulnerability as your wallet may be hacked.

As mentioned, bitFlyer is a very ethical and orderly exchange, given its positive track record and reputation, it will return it if you lose your funds.

BitFlyer strengthens your system with the following protections:

• SSL encryption for all customer-related communications and all internal communications.

• Use the Web Application Firewall (WAF) to monitor and detect unauthorized access to the Bitflyer system.

• Use IP Anycast (assigning an IP address to multiple nodes) to prevent distributed denial of service (DDoS) attacks.

• Use bitcoin addresses with multiple signatures.

• Perform regular safety tests on systems.

• Separation of customer funds from Bitflyre accounts

• More than 80% of the Bitflyer customer budget is stored in cold wallets, which are protected by physical locks and 24-hour surveillance systems.