By
Godfrey Benjamin
April 20th, 2024
The European division of crypto exchange, bitFlyer, has announced the launch of its bitFlyer Buy/Sell. The new platform offers a much simpler way for the European community to trade Bitcoin.
bitFlyer, a cryptocurrency exchange firm based in Japan, has now announced a simple buying and selling Bitcoin service for its European users. The new trading platform called bitFlyer Buy/Sell is expected to deliver a much more seamless experience than the usual service from spot trading platforms.
According to the official announcement, the new service will serve people who are looking for a non-complicated way to trade the asset. It seeks to help people who want “a simple way to buy and sell Bitcoin, from beginners to experienced traders.”
Before now, bitFlyer Europe operated Lightning, a pro-trade platform that also allowed traders to transact Bitcoin to the Euro. However, with bitFlyer Buy/Sell, traders are now given a much simpler way to trade as much as 20 BTC in one transaction.
According to co-lead and COO, Andy Bryant:
“bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and sell capability. Not only is bitFlyer Buy/Sell easy to use but with us, users have the confidence that they are using a trusted, regulated platform with long-standing global heritage.”
Since the new service is strictly for the European community, new users are expected to indicate that do not reside in the U.S. In addition, new users are to comply with the platform’s normal KYC protocol by providing some personal details including a phone number, an address and also an official means of identification such as a driving license or a national passport.
Furthermore, the announcement species that bitFlyer Buy/Sell will charge zero fees on the buying and selling on Bitcoin. If this is being done for free, bitFlyer’s income might come from its own exchange rates for buying and selling. This might be easy to deduce when it is considered that a while ago when CoinMarketCap data showed that Bitcoin was been traded at €8,526, bitFlyer’s own website had a value of €8,727. bitFlyer Europe is based in Luxembourg.
Back in May, Bitwise Asset Management – crypto investment firm – carried out a test of about 83 different cryptocurrency exchange firms, to determine the levels of wash trading present at these firms. According to the final results, bitFlyer was named of the ten exchanges which passed the test.
CryptoCompare, a crypto market data firm, published a list of the top ten most trusted and reliable exchanges back in June. The publication was “for investors and traders who want to identify the best venues for their risk appetite.” It showed that bitFlyer was the fourth most trusted with a “Grade AA” designation, beating out other bigwigs like Kraken and Binance.
Currently, data from CoinMarketCap shows that bitFlyer is ranked the 61st by volume with over $31 million in its 24-hour volume.