Cryptocurrency world is growing very fast taking the world by storm, and most of us want to be part of it? However, the only fear you have is How to invest? which exchange to chose? This is where you are in a dilemma to choose between ‘a good exchange’ and ‘a better exchange’ for trading cryptocurrencies.
So to make the work easy for you, We at coinpedia strives to provide users with complete information about exchanges.
Here lets us look at FatBTC exchange.
Quick Navigation :
- What is FatBTC ?
- How to Trade in FatBTC ?
- FatBTC Fees and Security
- Latest Updates and Announcements
- Latest News
What Is FatBTC?
FatBTC is a Chinese cryptocurrency which came into existence in 2014 and targets mostly local traders. The exchange has gained a lot of popularity in recent years, with FatBTC listing both popular and less popular cryptocurrencies. The primary language on the website is still Chinese, but the website supports multiple languages.
The exchange offers many services: like purchasing bitcoin using Chinese yuan, buying and selling of 65 cryptocurrencies, online cryptocurrency wallet, and Fiat trading.
There are a couple of additional insights regarding its organizers and specific registration elements despite the website being a Chinese. However, the platform has been open and welcoming to brokers from all parts of the world.
How To Trade On FatBTC ?
Click ‘Balances’ tab on the right side above, then choose a token, for example, BTC. Once you have chosen the coin, click ‘Deposit‘. Finally, copy the address to the exchange that you wish and deposit the coin.
To deposit Fcny: Click ‘Balances’ then Select FCNY ->Read the deposit tips->Bind bank account->Enter the amount you wish to deposit ->Click on Deposit to submit the request.
Click ‘Balances’ tab on the right side above, then select ‘token’ and click ‘Withdraw’. For example, BTC. And add the address. Enter the fund password, the email/SMS code. Then enter an amount you wish to withdraw and click on Withdraw to submit the withdrawal request.
To Withdraw Fcny: Click ‘Balances’ ->Select ‘FCNY’ ->Withdraw ->Bind bank account ->Enter the amount you wish to withdraw ->Click on Withdraw to submit the request.
The platform trading is little different from other exchanges;
Markets matched with FCNY, Markets matched with Bitcoins, Ethereum Markets, Fat Coin Markets, and the new one USD market.
After depositing a minimum of 0.05 BTC, you are eligible for trading coins. click ‘exchange’ ->chose pairs you want to trade, enter the price and amount-> click buy/sell.
For Fiat trading, click ‘fiat’-> it will take you to FatOTC. There are two ways to buy/sell Digital Assets. “Fiat” and “Post Ad”.
FCNY coin is owned by the exchange and attached to Chinese Yuan, it resembles Tether (USDT), the coin similar to the US dollar. Furthermore, the fat coin is also owned by the exchange.
If you wish to exchange altcoins, you need to check the real coins on the exchange they are combined with. For instance, If you need to exchange Ripple coins, you need to exchange your Bitcoins into FCNY, because Ripple is paired with FCNY.
FatBTC Fees and Security
With Taker and maker fees at 0.2 %, the FatBTC exchange has lower fees compared to other exchanges. whereas, the general trading charge is 0.25%, with some exchanges offering up to 1%.
However, there are no deposit fees at FatBTC. Moreover, the withdrawal fee is slightly higher compared to other exchanges and the fee varies for different coins. For example: for ETH it is 0.01%, similarly for LTC fees is 0.001LTC.
By using the HTTPS protocol, the website is kept secure from hackers. Moreover, 95% of brokers’ coins are stored offline and offer merchants a two-factor (2FA) verification security system to additionally improve security on the platform.
Like most exchanges, the FatBTC exchange is vulnerable against hackers. Investors still hold Majority of funds in secure, personal wallets.
FatBTC is a Chinese crypto exchange platform, with a user-friendly and responsive platform, the exchange is growing rapidly. The exchange accepts CNY deposits. But still, security is one of the top concern in the world of crypto. Its volume in 24hr market is still less than the best exchanges.
Overall, the platform is good and beginners will find it easy to use. With multiple markets and competitive fees, FatBTC dynamic quality makes it worth the investment.
Latest updates and announcements
- April 24, 2019: FatBTC listed Natmin Pure Escrow(NAT). The Supported trading pair is NAT/ETH. Deposits for NAT is now available. Buying and selling order started on April 26 and April 27 respectively.
- April 22, 2019: the crypto asset Bitcoin Rhodium (XRC) is now available on FatBTC. Supported trading pair is XRC/BTC. Actually, Bitcoin Rhodium is a new crypto commodity, which is rare and resistant cryptocurrency to store value for the future. It just not only to provides a payment method, but a real, valuable commodity, which will be a prosperous investment element along with BTC.
- April 11, 2019: FatBTC completed the Buy-back of 3,270,000.69 FAT for the 4th quarter.
- April 10, 2019: FatBTC delists Spectrum Network(SPEC), as it does not meet the listing requirements anymore. On April 12, 2019 Deposits for SPEC were closed. pending orders were also closed. SPEC/FAT trading pair was closed on April 14, 2019, and on April 30, 2019, withdrawals for SPEC were stopped.
- Feb 20, 2019: Projection (XN35) Listed
- Feb 15, 2019: FatBTC Will Support Electra(ECA) Fork Phase 2