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New bitFlyer bitcoin trading service launches in EU with 20BTC cap

Bitcoin.photographersupreme/Pixabay

Wed, 31 Jul 2019, 09:46 am UTC

Japanese crypto exchange bitFlyer just launched a new service in Europe to offer simplified bitcoin buying and selling services in the region.

This new service is originally intended for beginners, but even veteran crypto enthusiasts can join in, as well, Finance Magnates reports.

By making the prospect of buying and selling bitcoins as easy as possible, it removes the obstacle of intimidation that many often have at the thought of entering the market. This is what bitFlyer EU co-lead and chief operating officer, Andy Bryant stressed.

“bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and sell 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,” he said in a statement.

For those worried about the trading fees that the service might charge, it’s worth noting that bitFlyer will not be doing so and is expected to get its profits from the spread between its own buying and selling price, CoinDesk reports. To that end, CoinDesk noted the significant difference between the global average price for bitcoin (€8,526) and the selling price offered by bitFlyer (€8,727).

What’s more, each transaction will be limited to only 20 bitcoins each and the service will not be catering to traders in the U.S. The service also adheres to EU laws, which means that identification will be required in order to prevent money laundering.

bitFlyer claims to be the only licensed exchange to operate in the EU, the U.S., and Japan. Considering how restrictive those countries can be on providing authorization for crypto exchanges, this is certainly an admirable achievement.

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