FatBTC Exchange Review & Guide
What is FatBTC?
FatBTC is a Hong Kong-based exchange which has been established in 2014 which is mostly aimed at local traders. FatBTC ‘s services include trading with 65 cryptocurrencies, buying Bitcoins with Chinese Yuan via bank transfer, e-wallet service, fiat trading and investment in native currencies FAT Coin and Fat CNY.
Not much information is known aside to the fact that the company is based in Hong Kong. Although the official language on the website is still Chinese, there are also multiple languages in which the interface can be changed: English, Chinese Simplified, Spanish, Vietnamese, Russian, and Portuguese.
FatBTC allows you to purchase a variety of cryptocurrencies via Chinese Yuan or bank transfer. The list of supported cryptocurrencies includes Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, DogeCoin, EOS, Dent, Dragon Coin, Kin Coin, and other altcoins.
FCNY coin it the exchange’s native crypto which is backed up by the Chinese Yuan, similar to how Tether (USDT) is pegged to the value of the US dollar. Fat Coin is also a coin owned by the exchange.
Markets on FatBTC are a bit different from other exchanges as they are matched with FCNY, Markets matched with Bitcoins, Ethereum Markets, Fat Coin Markets, and USD markets.
Users are able to deposit funds into their accounts by wire transfer, but no deposits can be made via credit card. People that own the Chinese Yuan can make direct deposits in fiat.
Users outside of China are able to make deposits via Bitcoins, Ethereum or other popular altcoins.
The website currently does not implement any limits when it comes to buying or selling cryptos. But seeing as not all coins have a high trading volume, this can imply that the demand for supply for some coins is low at times.
FatBTC charges 0.2% trading fees only for the maker markets. This fee is a bit lower than the industry average which is 0.25%. Deposits on FatBTC do not come with any fees. The exchange has a higher withdrawal fee which can vary depending on coins, for instance: 0.005 for BTC, 0.01 for ETH and 0.001 LTC.
Users that want to register for a new account do not have to go through a laborious process. Only an email address is required, and to this address, they will send you a verification code.
After receiving and entering the code, you select your password and log in. No other documentation or personal information is asked. In order to make Bitcoins, you will have to use a deposit address provided by the exchange. Deposits via Chinese currency require a bank account number which will be provided by the exchange.
There is little information regarding the security practices of FatBTC. What we do know is that the website has HTTPS security. Also, 95% of user funds are stored offline in cold wallets and the account of traders are secured via password and two-factor authentication.
While the exchange is not among the most popular options, the service has received generally positive review online. According to reviews, FatBTC has been rated to offer good user experiences. It should be noted that there are not many reviews about the exchange in general.
Even though the exchange was allegedly founded in 2014, you cannot find any information posted before December 2017. But inspire of this, the community seems to trust and support the service.
The exchange offers three options in which users can contact customer support: through a live chat box, a ticket system in which messages can be submitted, and by communicating on social media accounts such as Telegram and Twitter.
So far, there have been no significant complaints about the exchanges customer support. If anything, most traders appreciate the exchange’s quick customer care.
FatBTC is a good exchange for Chinese and Hong Kong users as the only fiat deposits can be made in Chinese Yuan. The main issue for concern is that there is no information regarding its licensing, security measures or developers and founders. The low 24h volumes are also a downside for active traders.
But, all in all, the platform seems easy for beginner use as it has various markets and low fees.
Featured Image: Cointube