[2017-05-03]BitFlyer is a Leader on Volume of Trading Again

[Vialaia]

Cryptocurrency exchange bitFlyer became the world leader in the volume of trading in digital currency again. Previously, the first position was occupied by the american cryptocurrency exchange Poloniex for a long time.

Read more https://bit.news/eng/bitflyer-is-a-leader-on-volume-of-trading-again/

[Nagadota]

I would say that it's due to rising Japanese adoption, but actually it's probably just because of the fact that bitFlyer seem to have a pretty significant monopoly as a Japanese Bitcoin exchange while Western exchanges are split into loads of different exchanges. 

Normally you'd expect number one to be an altcoin exchange but even Poloniex seems to be losing its monopoly due to problems with lag.

[TraderTimm]

I thought GDAX was the volume leader. Where did this Japan "leader of volume" come from?

[veleten]

we all remember too well how chinese exchanges had crazy volumes due to a very specific way they
calculated their trading fees,so BitFlyer can be no different to that
as a new exchange it must have some incentitives for traders,probably lower fees is the reason for crazy volumes

[1Referee]

we all remember to owell how chinese exchanges had crazy volumes due to a very specific way they
calculated their trading fees,so BitFlyer can be no different to that
as a new exchange it must have some incentitives for traders,probably lower fees is the reason for crazy volumes

Currently BitFlyer's fees are based on various levels of their platform;

Bitcoin easy exchange 0.15% base fee, 0.01% lowest fee (the more volume you generate, the lower the fee will become).
Lightning Spot 0.15% base fee, 0.01% lowest fee (the more volume you generate, the lower the fee will become).
Bitcoin Market FREE
Lightning FX FREE

In this case the volumes are quite justified as Japan has legalized Bitcoin - demand is growing legitimately. Sure, there might be some sort of volume manipulation going on, mainly done to lower their general fee, but for now it's all good. Chinese volumes were so obviously fake, that basically no one was taking them seriously. We'll have to give this exchange time. Bitcoin is booming in Japan, which means that more and more exchanges will pop up, and eventually snoop away customers from BitFlyer as they might get a better deal elsewhere.