bitFlyer Reviews & Product Details

I have used bitFlyer only because I live in Japan and so I wanted to trade crypto/JPY pairs instead of converting to USD. Unfortunately, BitFlyer is really the only option for this. Review collected by and hosted on G2.com.

DO NOT USE BITFLYER'S SPECIAL ORDERS FOR ANY OPEN POSITIONS YOU HAVE ON THEIR LIGHTNING PLATFORM. I place stop-loss orders and take-profit orders whenever I am holding crypto. However, many of these orders have FAILED to execute when triggered on bitFlyer. The order just comes up as 'Rejected'. I reached out to bitFlyer via their inquiry form THREE WEEKS AGO because a stop-loss open order of mine was rejected and I was down a significant amount of money because of it. I have yet to hear back and order of mine have continued to get rejected. I have been racking my brain trying to figure out why, and while waiting for a reply from their support I asked the people in the lightning chatroom. They said that it's because the servers for the special orders have a low priority and so these orders may be arbitrarily rejected simply because the server itself does not have the capability to execute the order. It seems to me that could easily be grounds for a class-action lawsuit. Unbelievably, the chatroom's recommendation to solve this was to write one's own script to trade with and connect to bitFlyer's exchange through lightning's API. I can't code, so I am stuck using BF's UI. Fed up, I tried calling today (there is no English phone support, which is why I have been so patiently waited to hear back via email) but they have temporarily suspended all phone support (likely because of the coronavirus emergency declaration in Tokyo, but still...).

So 0 support, and orders arbitrarily fail to execute. I cannot safely have an open position on this platform and so I will not trade here anymore.

So I would ONLY consider using bitFlyer to place simple limit and market orders only on the BTC/JPY or ETH/JPY pairs on the lightning platform. The ETH/BTC pair has very limited liquidity, and if you trade using the simple buy/sell function that is separate from lighting, it will cost you a whopping 6% difference from the market price.

I think what I'll do now is buy my JPY balance in BTC on BF lightning, transfer it all to Binance, and do all trading on there using 3commas. So I'll be using USDT as my base currency instead of JPY. Whenever I decide to cash out I'll transfer BTC back to BF, sell it and transfer the JPY to my bank. This is annoying and will have much higher fees transferring from one platform to the other, but I really see no other option. It simply is not safe for me to have an open position on bitFlyer.

If I ever hear back from them and this is solved then I will happily update this review. Review collected by and hosted on G2.com.