bitFlyer Cryptocurrency Exchange Review (2020)

bitFlyer boasts numerous security features, not the least of which include cold-wallet storage for BTC and account verification performed by human beings (not automated.) Yet, there aren’t many complaints about delays in the identity verification process. bitFlyer supports the following

  • Multi-sig for keeping user accounts secure
  • Know-your-customer (KYC)
  • Anti-money laundering (AML)
  • SSL encryption
  • “Adoption of DigiCert SSL server certificates”
  • “adoption of DigiCert SSL server certificate’s highest level” extended validation
  • Hash function SHA-2 (SHA-256)
  • SSL for “internal communications”
  • Firewalls
  • Strict password requirements
  • Account lock function for multiple failed log-in attempts
  • “Two-step authentication through mobile phone or device”

The exchange says given bitFlyer’s heightened focus on security, it could result in delays and inconveniences for users. 

Even though bitFlyer doesn’t have a blemish on its security scorecard, it’s not that far removed from some of the most severe hacks in the history of cryptocurrencies. Mt. Gox is never too far from the memory of the management team at bitFlyer if only because the hack occurred in Japan, and now Coincheck has only tarnished the country’s security scorecard even more.

But bitFlyer, which is transforming into a global exchange, is using the past as a lesson in what not to let happen.

“The silver lining for an event like Coincheck is that [in the long term], it increases exchange security, which will ultimately benefit the industry,” said bitFlyer’s Chief Operating Officer Bartek Ringwelski quoted in Financial Magnates. You can listen to the podcast in its entirety here –

Meanwhile, as previously mentioned bitFlyer offers 2FA, which is an added layer of security for user accounts on top of a password. They support 2FA via text message, email or with a dedicated app on the member’s mobile device. They recommend using “SMS or an authentication app.”

They support know-your-customer laws, considering that in order to make a deposit into your account, the name on the bank account and the bitFlyer account must be identical.