Here’s a detailed guide on how to open an account on Bitflyer:
- Visit the Bitflyer Website: Go to Bitflyer’s account creation page and click on “Create an Account.”
- Enter Your Email Address: Start by entering your email address and clicking the “Sign Up” button. You’ll receive a confirmation email titled “Bitflyer – Account Registration Confirmation.” Open the email and click the provided link or copy the confirmation code and paste it into the required field on the registration page.
- Set Up Your Password and Agree to Terms: After email verification, create a strong password for your account. You will also need to read and agree to Bitflyer’s “Terms of Use,” “Privacy Policy,” and notices about the risks associated with using cryptocurrencies. Check the relevant boxes and click “Start Bitflyer.”
- Submit Personal Information for KYC: To comply with KYC (Know Your Customer) regulations, you’ll need to submit your personal information, including your full name, date of birth, address, and identification documents (such as a driver’s license or passport). This is required to upgrade from the basic “Standby Class” to higher account classes that allow deposits, withdrawals, and trading.
- Complete Identity Verification: For full account access, complete identity verification by submitting a valid ID and proof of residence (like a utility bill dated within the last three months). You may also be asked to provide additional information such as a Social Security Number (for US residents) to meet regulatory requirements.
Different Types of Accounts
Bitflyer offers different account types to cater to varying levels of trading needs and regulatory requirements:
- Standby Class: This is the basic account level when you first sign up. It provides very limited access, mainly for exploring the platform. You won’t be able to deposit, withdraw, or trade until you complete KYC verification to move to a higher account class.
- Trade Class: This account type allows deposits, withdrawals, and trading up to certain limits. To qualify, you must complete KYC verification by submitting your personal information and identification documents. In this class, you can perform trades up to $50,000 per day, making it suitable for most retail traders.
- Trade Pro Class: For users who require higher trading limits, the Trade Pro Class offers no daily transaction limits and additional trading features. Upgrading to this class requires further verification steps, including submitting proof of residence and possibly additional financial documentation, depending on regulatory requirements.
- Corporate Accounts: Bitflyer also offers corporate accounts tailored for businesses. To open one, companies must provide detailed corporate information, such as a certificate of corporate registration and identification of the company’s authorized representatives. This type of account allows businesses to trade under the entity’s name and access customized trading limits and features.
Minimum Deposit
The minimum deposit requirements on Bitflyer vary depending on your location and the account type you have chosen:
- Deposit Amounts: Bitflyer does not specify a minimum deposit amount for basic account types; however, you must deposit at least $1 to start trading. The minimum deposit amount can vary slightly based on the payment method you choose, such as bank transfers, credit cards, or digital wallets.
- Funding Methods: Bitflyer supports multiple deposit methods including bank transfers, credit/debit cards, and cryptocurrency transfers. Note that each deposit method may have its own limits and processing times.
- Trading Classes: For Trade Class accounts, there are no minimum deposit requirements, but daily trading limits apply. For Trade Pro accounts, there is no limit on the maximum daily transactions, and you can deposit funds as per your trading needs.
- Fees: While there isn’t a strict minimum deposit, it’s essential to consider any potential fees associated with deposits, especially when using international bank transfers or credit cards, which may incur additional charges.
- Regulatory Compliance: Ensure your deposits are made from accounts registered under your name to comply with regulatory standards. Deposits from third-party accounts are generally not accepted.
Countries That Can and Cannot Open an Account
Bitflyer is available in multiple regions, but there are some geographical restrictions:
- Supported Countries:
- United States: Bitflyer operates legally in many U.S. states, although specific restrictions apply based on state regulations. For example, users in New York and Texas may face limitations due to stringent state-specific crypto regulations.
- Japan: Bitflyer is fully operational in Japan, where it is headquartered and regulated by the Japanese Financial Services Agency (JFSA). It offers a full range of services including trading, deposits, and withdrawals.
- Europe: Bitflyer is licensed to operate in the European Union and is regulated by the Luxembourg Ministry of Finance. It is registered as a Virtual Asset Service Provider with the Commission for the Supervision of the Financial Sector (CSSF). Residents of EU countries can open accounts and trade on the platform.
- Countries Where Bitflyer is Not Available:
- Outside the U.S., Japan, and EU: Bitflyer does not support account creation for residents outside these jurisdictions. This includes most of Asia (except Japan), Africa, Latin America, and other regions where Bitflyer does not hold regulatory approval.
- Specific Restrictions: Even within supported regions, some users may face restrictions based on their specific circumstances, such as being politically exposed persons (PEPs) or residents of high-risk jurisdictions flagged for financial crimes.