This article is written in partnership with bitFlyer (learn more)
Why bitFlyer Lightning?
In a previous article, we introduced you to the bitFlyer cryptocurrency exchange. Initially launched in Japan, it is the first platform authorized to operate in Asia, the United States and Europe. Currently, bitFlyer has over 2.5 million users worldwide.
Among the many tools offered by the Japanese exchange, we find bitFlyer Lightning. This platform offers an advanced trading interface and more advanced features. Like Coinbase Pro, it is aimed at fairly experienced users.
In bitFlyer’s classic marketplace, you buy and sell Bitcoin (BTC) directly from the exchange. On the bitFlyer Lightning tool, you set buy and sell orders that execute if either user also agrees on that price.
Thanks to bitFlyer Lightning, you have the possibility to earn money when the market is bullish but also when it is bearish. Although the price of Bitcoin is inherently bullish over the long term, it sometimes encounters periods of decline. In this situation, the platform allows you to open “short” positions, allowing you to continue trading during the market downturn.
In the rest of this article, we will dive into the heart of bitFlyer Lightning in order to present its interface and the trading features available to you.
👉 To go further – Invest serenely in cryptocurrencies with recurring and scheduled purchases via bitFlyer
Practice trading with bitFlyer Lightning
The bitFlyer Lightning interface
In order to be able to use bitFlyer Lightning, you will first need to be registered on the Japanese exchange. To do this, find our tutorial on this subject. Once your account is created, this is the window you come across when opening bitFlyer Lightning:
Let us detail each of the modules present in this window. To begin with, at the top right of the screen, the amount of your cryptocurrency wallet is displayed. It is available in euros and in Bitcoin equivalent (BTC). Below, you will find the balance sheet of your virtual daily profit and the real capital gain realized, in euros and in Bitcoin.
In the top left corner it is possible to choose the trading pair you want to use. In Europe, only BTC / EUR and BTC / JPY pairs are accessible. In the box below, you find the price chart of the selected pair (here, the BTC / EUR).
In the lower left corner you can see the buy or sell orders that you have placed on the platform. You will find the details of the opening date, type, size, associated amount and purchase price. The box next to it corresponds to the history of your trades having been executed, with the detail of the opening date, the associated pair, the size, the purchase price, the fees and its status.
The platform offers two relevant tools that are updated in real time and make it possible to assess the direction of the market: the order book, displaying the 100 most recent orders, and a supply and demand table.
The different purchase orders
Now let’s take a look at the frame in the center right of the screen. It is dedicated to entering your buy and sell orders. On bitFlyer Lightning, there are many options available to you when opening a trade, we will go into them in detail.
Market type order: with this option, all you have to do is enter the amount in euros of your trade and validate the transaction. The algorithm will take care of buying or selling Bitcoin at the best market price at this time. Ultimately, it’s very similar to the classic bitFlyer buying and selling section.
The limit type order: it allows you to define the price for which you want to buy or sell your Bitcoin. Let’s say you want to buy 0.01 BTC for 39,000 euros, you just need to enter this parameter in the limit tab in order to place the trade order. It will be validated automatically if the price drops below your price.
The stop type order: this allows you to buy Bitcoin at the best market price, as soon as the price drops below a certain predefined value. In other words, if the price goes below your stop limit, the purchase is made like a traditional market order.
The stop – limit order: as its name suggests, it can be likened to a combination of the two presented previously. Two parameters must be specified, the stop and the limit. The stop price corresponds to the price from which the limit buy order will be triggered. In other words, if the price goes below, or above, the stop price, then your buy order at the limit price will be entered into the order book and possibly executed.
The other advantages of bitFlyer Lightning
If you are interested in automating your trading activities, bitFlyer Lightning offers you the option of setting up a trading bot. All you need to do is grab the API key from your trading account and follow the detailed instructions on the bitFlyer blog.
Thus, you can configure your own strategy, adapted to your profile. You will also be able to “back-test” it; that is, run it on the historical data of the exchange in order to assess its profitability.
According to data shared by bitFlyer on its website, buying and selling Bitcoin on the Lightning platform is subject to reduced fees. If you trade less than 1 million euros per month, you will be charged a fee of 0.2%. This is a considerable advantage in view of the situation on other competing exchanges.
Finally, bitFlyer Lightning is a platform with a relatively advanced interface, intended for experienced traders. It has interesting tools, including the ability to bet on the rise or fall of Bitcoin, or to monitor its trading statistics on a daily basis.
However, it is a shame that you do not have access to a wider variety of cryptocurrencies for trading. While 7 assets are listed on bitFlyer in Europe, only BTC / EUR and BTC / JPY pairs are available on Lightning.
Going forward, however, the Japanese exchange team plans to add new pairs. They should particularly concern Ether (ETH), the second most capitalized cryptocurrency on the market. A news that should delight fans of the bitFlyer Lightning platform.
👉 To learn more – How does the bitFlyer platform ensure the security of your cryptocurrencies?
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Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.
About the Author: Lilian Aliaga
Freelance writer located between Paris and Toulouse. I want to share my passion for the world of cryptocurrencies with as many people as possible. I am also interested in technical analysis and trading.
All articles by Lilian Aliaga.