Main information about the Fatbtc Cryptocurrency Exchange
Chinese developers founded the Fatbtc cryptocurrency exchange in 2014. Five years later, its daily trading volume steadily reaches $1.60 billion. The platform’s main target audience is traders from China. Currently, the exchange offers over 40 cryptocurrencies, with transactions primarily involving BTC, ETH, LTC, and BTC Cash. The exchange only supports the yuan. The website fatbtc.com is partially translated into Russian, but clients are advised to use the English version. The platform is decentralized, as there are no mentions of documents or licenses for regulatory activities.
Registration and Verification Process
To register on the platform, click on “SIGN UP” at the top of the main page and choose the method of verifying your account: through email or phone. After filling in all the fields, it is recommended to set up two-factor authentication for secure asset withdrawal.
Account Verification
Verification is not mandatory on the Fatbtc exchange, but without it, you will only be able to withdraw up to 0.5 BTC. To complete verification, fill in all the necessary fields on the KYC Authentication page.
Platform Interface and Functionality
The exchange’s interface is user-friendly and accessible to traders with basic knowledge of English. Buying and selling coins is done in a web terminal with data analysis and order management capabilities. Market and limit orders are supported, but margin trading is not available.
Trading Pairs
The exchange offers 4 types of trading pairs: FCNY, BTC, ETH, and FAT Coin. The FCNY token is linked to the Chinese yuan. The trading fee is 0.2% of the transaction amount.
Account Funding and Withdrawal
To deposit funds, select the desired cryptocurrency in the “Balances” section and obtain the transfer address. The withdrawal fee depends on the cryptocurrency and may, for example, be 0.0005 BTC for bitcoin withdrawals.
Reviews of the Fatbtc Exchange
Reviews about the exchange vary. Some traders are satisfied with the service, while others complain about delays in fund withdrawals.
Advantages and Disadvantages
Among the advantages are a simple interface, low fees, and account protection with two-factor authentication. Disadvantages include long verification times, limited selection of fiat currency, and the absence of leverage.
Overall, Fatbtc exchange is a convenient platform for traders from Asia, but its capabilities for clients from other regions are limited. Transaction security is at a high level.
My experience with Fatbtc Cryptocurrency Exchange was utterly disappointing. The registration process was confusing right off the bat and took much longer than it should have. The interface is not very user-friendly, and navigating the site was a constant struggle. Additionally, there are poor liquidity issues which led to excessive waiting times for transactions. Customer service was extremely unresponsive and seemed uninterested in resolving my issues. With the unaffordable rates on transactions and severe transparency issues, I didn’t feel safe using the platform. This exchange has a long way to go in terms of improving its services. I would not recommend Fatbtc to anyone seeking a reliable and effective cryptocurrency exchange.