Review on Fatbtc by Temitope Babatunde
FatBTC An Echange For Chinese People
FatBtc is a Chinese exchange based in Hong Kong, though not much can be said about it's team but the exchange was launched in 2014, and since then it has been doing well and no breach was reported against it.
The exchange has support for Chinese Yuan and can be deposited on to the exchange through wire transfer, no support for credit or debit card. The exchange also has two types of coin, one is FCNY which is based on Chinese Yuan just as usdt is attached to usd dollar, the second coin is Fat, which one can use to pay for fees on the exchange but for now it doesn't has any usefulness beyond that.
While depositing coins on the exchange no minimum amount is exige, and while trading the trader either a maker or taker will pay 0.2 percent, the exception to this is when the user pay such fees with fat coin the fees will be reduced by 75 percent. The withdrawal fees depend on the type of coin one is withdrawing. There is also an OTC service for customers who trade with large amount.
As per security, the exchange uses HTTPS protocols to protect the website against hackers, also there is 2 Factor Authentication to protect individual users. The users enjoy robust customer support service because there are various ways available through which they can be reached, like live chat, ticketing and social media group like telegram and twitter.
In conclusion, this exchange focus mostly on Chinese community, may be that is why is not known globally, but if you want any body can use it especially due to it's good reputation.
Pros
- The website has at least 8 languages, so it is multilingua.
- It ha support for wire transfer, making it suitable for new entrant into the crypto market.
- It was said that 95 percent of customers assets are stored offline.
- It has mobile application, thereby F making it accessible to many.
- If a user choose to pay the trading fee with Fat coin, the fee will be discounted to the tune of 75 percent
Cons
- It is a centralized exchange
- It focuses mainly on local users
