FatBTC Review
Generally speaking, cryptocurrency refers to a virtual or digital currency utilized to pay goods and services over the internet. Simpler still, bitcoin will serve as the representation of your money in your internet trade activities. In addition, it is compared to tokens and casino chips because it performs the same role as both of these items. Some people purchase cryptocurrencies to purchase the items they require, whereas others sell products to get cryptocurrencies (or vice versa). In this FatBTC exchange review, you will learn all you need know about the exchange services.
There are a variety of factors contributing to bitcoin’s appeal on online trading platforms. One of the most well-known reasons for this is that bitcoins are extremely difficult to replicate or construct counterfeit versions. As a result, using it on trading platforms is risk-free.
Because of the blockchain architecture, cryptocurrency exchanges such as bitcoin are safe and secure places to conduct business. This is a technology that operates on a decentralized system. To handle and record every online transaction
The ease with which online transactions can be completed is what attracts the majority of people to cryptocurrencies. This is especially true if you intend to use online trading platforms designed to accommodate both novice and experienced traders.
Since most cryptocurrency traders prefer to invest in bitcoin, this article will provide you with an overview of a cryptocurrency exchange platform called FatBTC, how they are doing in the market, and also provide key information on how their platform works to assist you in making the best decision for your situation.
| Exchange platform | FatBTC |
| Website | https://www.fatbtc.com/ |
| Variety Crypto | 65 |
| Account Needed | Yes |
| Verification | Mandatory |
| Verification Steps | 2 |
| Trading Platform | Web-based, and mobile app |
| Payment method | Bank transfer, Crypto Conversion |
| Customer Support | Email, phone, telegram, WeChat, Twitter. |
What Is FatBTC
Since its inception in 2014, FatBTC has served as a controlled cryptocurrency exchange in Hong Kong, China. It supports the BTC, ETH, and USD markets and the FAT token, the platform’s native token, by offering pairs against it. In addition to Chinese, English, Spanish, Russian, Portuguese, and Vietnamese, the FatBTC exchange is available in many other languages. You can also change the language of the exchange’s website by clicking on the language icon in the upper right corner of the screen.
In addition to Binance, Bit-Z, and KuCoin, there is a long, but not exhaustive, list of competitors to this exchange on its territory. The platform can also be accessed via a smartphone or reading tablet, depending on your preference. Nothing more than downloading the application to your iOS or Android device is required before you can begin trading in real-time.
The software is rather simple to use, with direct deposit and withdrawal options available, even though its trading mechanism differs slightly from most other platforms. There is no minimum quantity that you can deposit, except for a small number of tokens, such as Tether (USDT).
To ensure the safety and security of its users, the exchange uses the HTTPS protocol and stores its cash in offline wallets.
FatBTC Trading Services
The platform has its native token, FAT, which can be used to get discounts on fees and network charges on the exchange— just like how Binance has its BNB currency for the same goal. In addition, FatBTC qualifies as an “entry-level exchange” since it allows you to deposit fiat currency in the first instance.
The features of the online interface are an interactive chart for asset analysis, a troll box in which traders can express their opinions on anything cryptocurrency-related, including open trades, the reasons for trade decisions, and relevant news from the market, and a troll box in which traders can express their opinions on anything cryptocurrency-related. An additional box is displayed with the words Buy or Sell. Market orders and limit orders are both available for use in this section.
FatBTC Trading Fees
The costs for this exchange platform are charged on a “flat” rate basis. This means that they do not charge separate fees to takers and creators of the same product. Instead, both parties involved in a transaction are required to pay the same fee. FatBTC charges a fixed rate of 0.20 percent. The 0.20 percent figure is only somewhat lower than the global industry average.
However, compared to its domestic peers in Hong Kong, 0.20 percent is slightly higher than the industry average. In part, this is due to the fact that Hong Kong exchanges often offer cheaper trading fees than exchanges in other jurisdictions.
Withdrawal and Deposit Fees
Many exchanges offer competitive trading rates but then slap you with exorbitant withdrawal fees when you try to cash out. Consider the following scenario: you have achieved your investment objectives and wish to pay using Bitcoin in real life. You must first withdraw the monies to accomplish this. Moreover, by doing so, the exchange may make up for its cheap trading fees by charging you exorbitant withdrawal fees once you’ve made it halfway out the front door.
FatBTC, on the other hand, does not operate in this manner. When you withdraw bitcoins, they levy a withdrawal fee of 0.0007 bitcoins. This is slightly lower than the global industry average of 0.000812 BTC, which is slightly higher. When it comes to cryptocurrency deposits, FatBTC does not impose any deposit fees.
Limits and Liquidity
When it comes to purchasing or selling cryptocurrency, the website does not yet impose any restrictions. However, given that not all coins have a high trading volume, this could imply that the demand for some coins is greater than the supply of those coins at times.
Furthermore, the company accepts withdrawal requests for amounts above the authorized maximum amount. There are, however, some limitations on the amount of fiat cash that can be deposited or taken from the account at any given time.
In conclusion, the exchange provides traders with a seamless trading environment and is an excellent choice for experts. Moreover, concerning both trading pairs, consumers have access to a substantial amount of liquidity.
Verification/ Authentication
New users do not have to go through a time-consuming registration process to create an account. Only an email address is necessary, and they will give you a verification code to this address if you provide it.
After receiving and entering the code, you can choose a password and log into your account. There is no need to provide any more documentation or personal information. The exchange will supply you with a deposit address that you will need to use to make Bitcoins. A bank account number in Chinese currency is required for deposits made through the exchange. The exchange will issue this number.
FatBTC API
In addition to Websocket API, a two-way interactive communication session between a server and the user’s browser is made possible by this feature. You can use this API to send messages and get event-driven responses to and from a server without polling the service for a response. FatBTC also supports a Representational State Transfer (REST) API, both of which may be accessed easily using secure HTTPS requests.
In the FatBTC API Documentation, you will find all of the information you need to know about using the API, including detailed specifications for all REST API endpoints and WebSocket, feeds.
Security
When it comes to FatBTC’s security practices, there is little information available. What we do know is that FatBTC appears to be using the HTTPS protocol, which is secure. Furthermore, 95 percent of the coins held by brokers are stored offline in cold wallets. A two-factor authentication method is employed to ensure the highest level of security for the user. Because there has been no recorded behavior indicating a security breach, the exchange’s reputation has remained relatively secure; however, an exchange review has revealed that it is vulnerable to hacking. For the most part, users hold their currencies in their wallets.
They reserve the right to delist a trading pair if they believe that doing so will aid in the protection of their users. For example, a trading pair may be delisted in the event of significant legal issues negatively impacting a project, serious technical and security issues, the dissolution of the project’s development group, or when the average daily trading volume is less than $1000 over 30 consecutive days, among other reasons.
In addition, they appear to offer 3-day notifications before delistings from their websites. The exchanges also provide consumers with a 30-day window during which they can withdraw digital assets or delisted cryptocurrencies from their accounts. They will only contemplate closing a withdrawal channel after 60 days. However, they will not consider closing a deposit channel.
FatCloud System
FatBTC created FatCloud, the Digital Asset Exchange Open Partnership Program, to assist partners in developing their exchanges. It is a high-performance exchange software-as-a-service system. As a partner of FatBTC, you will be able to launch your exchange in three days without the need for a technical team or any additional costs. All you need is a domain name and a logo to get started. In addition, your exchange will have the same market depth as FatBTC, which is a plus.
FatBTC Trading View
Different exchanges have varying views on trade. Furthermore, there is no “this trading view is the best”-view available. It would help if you decided for yourself which trading view is most appropriate for you. All of the views have in common that they all display the order book, or at least a portion of the order book, a price chart for the cryptocurrency in question, and order history for the cryptocurrency in question. They are also commonly equipped with buy and sell boxes before you choose an exchange. Attempt to look at the trading view to see if it feels good before making your final decision.
FatBTC Interface
When it comes to providing consumers with the greatest possible trading experience, a user-friendly interface is crucial. The UI of any trading platform should be designed to be as user-friendly as feasible. It is the one unique issue that, if it is not handled effectively, has the potential to drive traders away from the market. A quality user interface must be intuitive, simple to use, and equipped with the necessary trade tools to be effective.
The user interface is straightforward to navigate. For example, the Exchange page contains information on exchanging cryptocurrency and a location where you may do so. Located on the left-hand side of the interface, all available crypto pairs are grouped into categories according to whether they include Bitcoin, Ethereum, or USDT, among other cryptocurrencies.
The order books for trading cryptocurrency are located on the right side of the screen, and the actual price and change details are located in the center of the list. In addition, a list of available tabs may be found at the bottom of the page. These include order history, open orders, and trading history.
Supported Currencies
FatBTC is a cryptocurrency exchange that allows you to purchase various cryptocurrencies using Chinese Yuan or wire transfer. Bitcoin, Ripple, Bitcoin Cash, Ethereum Classic, Ethereum, Dragon Coin, DogeCoin, Kin Coin, EOS, Dent, and other altcoins are among the cryptocurrencies that are supported by the service. In addition, ripple is also supported by the service.
FCNY coin is the exchange’s native cryptocurrency, and it is backed by the value of the Chinese Yuan, in a similar way to how Tether (USDT) is backed by the value of the United States dollar (USD). Fat Coin is a cryptocurrency that is also owned by the exchange.
As opposed to other exchanges, markets on FatBTC are matched with FCNY and include markets matched with Bitcoins, Ethereum Markets, Fat Coin Markets, and USD markets, among other things.
Mobile Support
The platform can also be accessed via your smartphone or reading tablet. All you have to do is download the application to your Android or iOS device and begin trading. FatBTC has mobile support applications downloadable on both Android, having a 3.6/5 rating, and IOS with a 3.0/5 rating.
Customer Support
FatBTC uses WeChat, Telegram, Twitter, Reddit, and other channels to provide round-the-clock customer service. If you haven’t been able to find an answer to your question or if you have any further questions, you may submit a request in the FatBTC Help Center or send an email to 123@fatbtc.com with your inquiry.
Several users have expressed their appreciation for the Fatbtc exchange’s prompt online service, which is exclusively available through a dedicated chat feature. Furthermore, to reward the more sociable traders on the website, a referral system is in place.
Thus, everyone who participates in the exchange can invite many friends to participate and earn a small passive income from their efforts. Creating an account is the first step for new users. After that, you will be required to go through the regular security procedures done on all similar resources: validate your email address, confirm your cell phone number, and transmit a scan of your documents to the administration department.
Customer care is available 24 hours a day, seven days a week via fatBTC.com/contact. FatBTC, like many other large exchanges, suffers from a problem with response times from their support teams. It does not happen regularly. On the other hand, some consumers have complained that they have had to wait hours or even days to address their inquiries.
Certain users for taking an excessive amount of time, arguing that it is too time-consuming, have criticized the KYC (Know Your Customer) protocol. Many online interactions with members of the support team are required as part of the KYC process. When each mail takes so long to respond, withdrawals are delayed because KYC must be completed before a withdrawal can be processed. Individual customers have accused Paribu of being a fraud in their feedback, and the company has denied this. Generally speaking, these reports pertain to circumstances in which users were unable to withdraw their coins promptly because they did not complete the KYC process due to delays in customer care responses or the users’ failure to submit the necessary information. According to some participants, people who started threads accusing FatBTC of fraud have now recognized that their difficulties have been rectified. It appears that the most significant disadvantage of the exchange is the speed with which customer service is provided.
Conclusion
At the same time, FatBTC Exchange strives to keep its consumers and their money safe while also providing them with some excellent services. In addition to supporting fiat trading, which makes it a viable entry-level exchange, it offers a strong asset offering, including its cryptocurrency token.
According to the Alexa website traffic analysis, this exchange website has a global rank of 47266 in the Alexa website traffic study. According to the company, its website is the most popular in Japan, with an Alexa rank of 3065. FatBTC currently holds more than 95 percent of all digital assets held in Multi-signature Cold Wallets for maximum security.
It is a fantastic exchange with years of expertise and no security incidents that would jeopardize its good reputation in the marketplace.
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