This guide provides a detailed walkthrough for purchasing and selling Ethereum (ETH) on the popular Japanese cryptocurrency exchange, bitFlyer. Whether you are a beginner or an experienced trader, understanding the available methods will help you execute transactions efficiently and cost-effectively.
Two Primary Methods for Trading Ethereum on bitFlyer
bitFlyer offers two distinct platforms for trading Ethereum: the Altcoin Trading section and the bitFlyer Lightning platform. Each serves different user needs, from quick simple trades to more advanced order book trading.
Using the Altcoin Trading Section for Quick Trades
The Altcoin Trading section is designed for users who prefer simplicity and speed. Here’s how to use it:
- Log in to your bitFlyer account and navigate to the Altcoin Trading page.
- Select Ethereum (ETH) from the list of available cryptocurrencies.
- The interface will display the current buy and sell prices for ETH.
- Enter the amount of ETH you wish to buy or sell in the quantity field.
- Click either “Buy Coins” or “Sell Coins” to execute the trade immediately.
Pros and Cons of the Altcoin Trading Method:
- Pros: Trades are executed instantly at the displayed market price, making it ideal for beginners.
- Cons: The spread (the difference between the buy and sell price) is typically wider here than on the exchange, meaning you might buy at a slightly higher price or sell at a slightly lower one.
This method is perfect for those who prioritize convenience and want to avoid the complexities of an order book.
Trading on bitFlyer Lightning for Advanced Control
For users seeking more control over their trade execution and potentially better prices, bitFlyer Lightning is the recommended platform. While often used for FX trading, it also supports spot trading for Ethereum and Bitcoin Cash.
Steps to trade on bitFlyer Lightning:
- Go to the bitFlyer Lightning section from your account dashboard.
- Ensure the trading pair is set to ETH/JPY (or your local currency) and not another pair like BCH/BTC.
- You will see an order book (often called the “板” or “board”) displaying current buy and sell orders.
You can choose between two order types:
- Market Order: Execute a trade immediately at the best available current market price.
- Limit Order: Set your own desired price for buying or selling. Your order will only execute if the market reaches your specified price.
- Enter your desired quantity and price (for limit orders).
- Click either “Buy” or “Sell” to place your order. It will then appear in the order book.
Key Considerations for bitFlyer Lightning:
- Price Advantage: By using limit orders, you can often buy ETH for less or sell it for more than the price quoted in the Altcoin Trading section.
- Execution Risk: There is no guarantee a limit order will be filled if the market price doesn’t reach your level. You may need to cancel and adjust your order based on market movements.
- Learning Curve: Reading the order book and understanding market depth requires some practice for new traders.
For most active traders, the bitFlyer Lightning platform offers superior value due to its tighter spreads and greater order flexibility. 👉 Explore advanced trading strategies
Frequently Asked Questions
Q: What is the main difference between the Altcoin Trading section and bitFlyer Lightning?
A: The Altcoin section is a quick, over-the-counter style trade for instant execution at a set price. bitFlyer Lightning is an exchange platform where you trade directly with other users' orders, offering potential price improvements but requiring more active management.
Q: Which method is better for a beginner?
A: Beginners should start with the Altcoin Trading section for its simplicity. Once comfortable with the basics, they can transition to bitFlyer Lightning to potentially get better rates on their Ethereum transactions.
Q: Are there fees for trading Ethereum on bitFlyer?
A: Yes, bitFlyer charges trading fees. The fee structure is typically tiered based on your 30-day trading volume. Generally, using the exchange (Lightning) has lower fees than the instant buy/sell service.
Q: Can I set a specific price to buy Ethereum?
A: Yes, but only on the bitFlyer Lightning platform using a limit order. This allows you to specify the exact price you are willing to pay, and the order will wait in the book until it can be filled.
Q: What happens if my limit order doesn't get filled?
A: Your order will remain active in the order book until it is either filled, you cancel it manually, or it expires (if a time-limit was set). It's common practice to cancel and re-place orders if the market moves away from your desired price.
Q: Is it safe to store my Ethereum on bitFlyer?
A: While bitFlyer is a regulated and reputable exchange, it is always recommended to move large amounts of cryptocurrency to a private wallet for which you control the private keys. This practice minimizes risk from potential exchange hacks.