Controversial Japanese bitcoin exchange, BitFlyer has recently opened up a new bitcoin trading service for EU (European Union) market with no fees.
The exchange suspended account opening for its Japanese clients following country regulator’s skepticism on its Anti-Money laundering and know-your-customer procedures back in June 2018. FCA/Financial Service Agency had earlier sent notices to a total of six crypto exchanges including bitFlyer – recently, the exchange announced resuming of account opening for Japanese users in early July this year.
Within a month of resuming its service in Japan, the exchange has reportedly started its service for the EU market. It’s a simple bitcoin trading service, targeting users to access to a simple way of buying and selling bitcoin. The platform states that anyone can buy and sell cryptocurrencies without the complexity and limitations of advanced platforms.
— bitFlyer Europe (@bitFlyerEU) July 29, 2019
While the service is as similar to other trading platforms, bitFlyer bet on its simple interface and to offer faster and transparent trading services.
Set up the amount you want to purchase, click Buy or Sell then click Confirm and that’s it, your transaction is validated, bitFlyer confirms.
The exchange claims that it is a licensed financial institution operating in Europe, Japan, and the United States but during the sign-up process, it is ensuring that users should be non-residents of the US. Andry Bryant, the co-lead and COO of bitFlyer Europe says that their new platform offers “two-click buy and sell capability”.
“bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and selling 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.”
As per its official website, users can exchange bitcoin for euros with a maximum of 20 BTC per transactions. Moreover, it isn’t an order book exchange, according to its website rather users can access to trading with no fees. Nevertheless, it says that the buy and sell price are defined by the platform itself and constantly visible at the top. Presumably, if not trading fees, the exchange will likely earn on the spread between the platform’s own buying and selling prices.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com