Review on FCoin by Naomi Ilani

Name: FCoin
Item: FCoin
Rating: 1

March 19, 2021

Beware Of Scammers In The Name Of FCoin

TToday, the blockchain network seems to be crowded with many exchange platforms. Most of which offers specific qualities to the traders that use their service. These exchanges platforms seems to populate the blockchain network yet, each of them have their own specific aim at the crypto market. This is what makes the blockhain network a diverse one with each and every trader having what he or she search for in the blockchain network. That aside, I would be talking about an exchange platform that once existed but is presently out of service. This has happened to many companies in the blockchain network and this is majorly because the blockchain network is a virtual society. Being a virtual society makes it prone to hackers and scammers, thereby making the security of these traders not guaranteed but dependent on how much the trader stays on the safe zone (far from hackers) or how less often they fall a prey to these kind of people. Another thing can also cause a company to go out of service, decision. A company might just come to the public to declare a decision they have made amongst themselves by saying they wouldn't be offering services to any trader at all. This happen to be the type of shut down that puts the traders at risk as some of them might still have some funds in the company before they made the decision to shut down. The company I would be reviewing today is an example of a company that made a decision to stop serving the public and never came to an end due to interruption by hackers or scammers. The company goes by the name FCoin exchange platform.
This exchange platform is a Chinese based one and started operation in the year 2018, it rose so fast and high to the extent it became amongst the top 20 when it comes to trading volume. This seems to be a good report and some people might have questions like "why do they have to stop" on their mind. Well, I don't have an answer to such question but a possible prediction can work where an answer doesn't. The exchange platform seems to have had a nice interface as revealed by the reviews seen by people who have used the exchange before its mysterious shut down. They also charge a very competitive fee of 0.03% for takers and 0.029% for makers. This fee happens to be very competitive and attractive as it is far below the industry's average of 0.25%. The exchange platform also had a very wide range of accepted cryptocurrencies which were more than a hundred (as calculated from the articles I saw about them). To my surprise, some cryptocurrencies they accept are not accepted by some of the most popular exchanges in the world. The exchange platform also allows more than one language on their interface (both the web version and the mobile application which have made available). These languages are namely: English language and Mandarin. I guess they made use of Mandarin due to the exchange origination from China and because most of its users come from China.
All these being said, I would be moving on to the reports made concerning the reason for shutting down. It was recorded that in a presentation made by the CEO of this exchange platform, Zhang Jian, he stated that the FCoin exchange platform would stop offering services to users due to the fact that they lost about 130 million dollars worth of cryptocurrencies, he also made his statement clear that this fund wasn't stolen by hackers or something but was lost mysteriously. This would make it clear for any trader still trading with the FCoin exchange platform that they are being SCAMMED because the exchange platform is out of service.
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