Fatbtc is this a scam? Review and Customers Reviews

Cryptocurrency exchange Fatbtc was launched in 2014. Initially, the exchange did not feature a variety of cryptocurrency pairs and fiat assets. Today, the platform is in the top cryptocurrency exchanges with a stable daily trading volume. In this review, let’s look at the platform’s features, what bonuses traders can get and try to understand if Fatbtc is a scam or trading here has real advantages.

 

 

Why Fatbtc?

Operating since 2014, the cryptocurrency exchange Fatbtc showed itself as a constantly developing and improving project. In the beginning, the platform was known only to Asian investors and was of no interest to Russian traders. But, with the introduction of the cryptocurrency exchange in rubles, dollars and euros, the platform attracted new customers from Russia and Europe. Traders assess the platform as quite reliable, users highlight the following advantages:

• Stable indicators of daily trading.
• Low trade commissions.
• Ability to buy cryptocurrencies for fiat.
• High level of security.
• Large selection of cryptocurrencies.
• Round the clock support service.

According to the latest data, 80+ cryptocurrency pairs are available on the exchange, including such leaders of the cryptocurrency market as Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple etc. You can start trading on the exchange without verifying your account, which allows you to test the platform before entering a large sum.

 

 

How to exchange cryptocurrency on the FatBTC platform?

Exchange Cryptocurrencies on the platform is performed directly during trading. To exchange, select a currency pair and open a trade. After closing the order, the desired coin will appear in your account.

 

Verification on fatbtc.com platform

Verification on fatbtc.com is not mandatory. But users with an unverified account are limited in their daily withdrawals. To start trading, you need to register. The registration process takes no more than 10 minutes, after which you can start trading immediately. To create an account, follow the “Sign Up” link in the upper right corner of the main page. In the form that opens, enter your email address and come up with a password. Get an activation code by mail and enter it in the registration form. Accept the terms of service and click “Register”.

 

After registration you can start trading or verify your account. Without verification, the exchange sets daily withdrawal limits. For verification, go to the account settings. Here you need to go through several steps one by one:

• Phone number confirmation.
• Setting up Google Authentication.
• Set the verification code.
• KYC Confirmation v1.
• KYC Confirmation v2.

After passing all stages of verification, the daily withdrawal limit will be increased to 10 BTC (How to start cryptocurrency trading).

 

Deposit and withdrawal

According to reviews of traders deposit on the cryptocurrency fatbtc.com is not difficult. You can make a deposit in cryptocurrency or buy coins for fiat.

Deposit replenishment

To deposit the cryptocurrency, go to the “Balances” link. Choose a coin and click “Deposit” button. At this point, a crypto-address will be generated, which you should specify in your cryptocurrency wallet. After confirming the transfer, the money will appear in the account within a few minutes.

To buy cryptocurrency for fiat, go to the “Fiat” tab. Select the cryptocurrency to be purchased and specify the fiat unit. Fiat gateway crypto exchange is provided by n.exchange, a company registered in the UK. After selecting the cryptocurrency and fiat, specify your bank card number and confirm the transaction. Pay attention that for some cryptocurrencies there is minimal deposit amount on exchange, for example: ETH – 0.01 units, FCNY – 200 units, DRGN – 500 units, RDN – 100 units, TRX – 30 units, HOT – 6,000 units, etc.

Withdrawal of earnings

Withdrawal of earnings from the cryptoexchange is available in cryptocurrencies and fiat (How to make money on the cryptocurrency exchange). To withdraw funds, go to the “Balances” tab. Select a cryptocurrency and click “Withdraw” button. Specify withdrawal amount and cryptocurrency wallet or bank card address. Don’t set the withdrawal amount higher than your limit:

• Unverified account – up to 0.06 BTC.
• Verified account level 1 – up to 2 BTC.
• Verified level 2 account – up to 10 BTC.

Money transfer period is up to 7 working days.

Cryptoexchange Commission

There are 2 types of commissions on the platform:

• Trading commissions. The standard trading commission is 0.2% of the transaction amount. But, at the exchange, there are exceptions, for example, when trading cryptocurrency pairs with DOGE, the commission will be 0% (Makers, Takers and Rates on Cryptocurrency Exchanges).
• Withdrawal commissions. Withdrawal commission is set separately for each cryptocurrency, for example: BTC – 0,0007 units, LTC – 0,001 units, ETH – 0,01 units, ETC – 0,1 unit. When withdrawing funds the deposit balance must be no less than the withdrawal fee. Fiat funds are withdrawn without commissions. The full table of platform fees can be found on the “Fees” tab.

 

Fatbtc Bonuses

Previously, users complained that the crypto exchange did not give traders promotions and bonuses. With the development of the platform, it now offers discounts on trading commissions, promotions, and a referral program.

Discounts on trade commissions

When you pay trade commissions with a FAT token, the platform provides a 25% discount. This means that instead of the standard commission of 0.2% of the transaction amount, you will pay 0.15%.

Zero commissions for DOGE trading

After DOGE cryptocurrency was listed on the exchange, a promotion was launched. All operations with this coin are exempt from trading commissions. Trade LTC/DOGE, BSV/DOGE, OXT/DOGE, GRT/DOGE, ETC/DOGE, FAT/DOGE, SHIB/DOGE and AKITA/DOGE pairs with zero commissions.

Zero commissions for VIP accounts

If you have traded 100 BTC for thirty days, you can request VIP status. Once your status is granted, you will be exempt from trading commissions. To maintain your status, you must ensure a thirty-day trading volume of 100 BTC or more.

 

Referral program

At fatbtc.com There is a referral program for registered users. Share your referral link and get 50% from commissions of your referrals. You can track the statistics on the referral program in the personal cabinet of the exchanger.

 

 

Complaints about FatBTC

Analyzing Fatbtc cryptocurrency exchange reviews, we came to the conclusion that most traders consider trading on the platform as safe. Among the advantages, users highlight the absence of commissions when withdrawing fiat, a large selection of currency pairs, fast deposit and 24-hour support service. Traders are also happy with the profitable referral program, the availability of the Russian language and the convenient mobile application.

Among the disadvantages of the exchange, users note the absence of margin trading, a scarce set of instruments, the lack of trader training and demo accounts. Also, according to user reviews, we realized that the platform has technical failures, support service does not always respond promptly and there are delays in the withdrawal of earnings.

 

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Regulation of the Fatbtc crypto exchange

Regulation of a cryptocurrency exchange is a guarantee of safety of traders’ money and transparency of trading conditions. Before registering on any cryptocurrency exchange, you should carefully read all legal documents to understand how reliable the platform is for trading.

Regulator

Cryptocurrency exchange fatbtc.com is owned and operated by Technology Company Limited, officially registered in the Seychelles. Documents from fatbtc.com:

• Read the “User Agreement” on the Fatbtc website (See).
• Read the “Privacy Policy” on the FatBTC Exchange website (See).

Fatbtc.com User Agreement

The user agreement on fatbtc.com is a document that defines the terms of use of the platform. In accordance with this document, users over 18 years old can register on the site. The administration of the service reserves the right to suspend the provision of services to residents of mainland China, Hong Kong, Cuba, Iran, USA, North Korea, Crimea, Sudan, Malaysia, Syria and other countries where cryptocurrency exchanges are restricted.

 

By registering on the platform, you confirm that you are aware of the risks of trading in cryptocurrencies and release the administration of the service from liability for possible damage or loss of profit. In case of any claims, user is obliged to send a letter describing the problem to the administration of the site for pre-trial settlement. If there is no pre-trial settlement, the case will be considered in the court of Seychelles, where Fatbtc is located.

 

Customer Service

Fatbtc’s support team handles inquiries around the clock. According to user feedback, the support team always answers questions, but it can take a few days to get an answer. Channels for contacting the support team:

• E-mail: [email protected].
• Feedback form.
• Twitter.
• Telegram.
• Discord.

You can also find answers to your questions at the cryptocurrency exchange help center. Here you will learn how to restore access to your account, how to deposit and withdraw earnings, how to pass verification and how to trade on the exchange.

 

Is Fatbtc a scam?

Fatbtc – a reliable cryptocurrency exchange with a stable daily trading volume. The exchange offers special trading conditions to FAT token holders. With this cryptocurrency in your account, you can save on trading commissions, and you can trade DOGE without any commissions as part of the promotion. Also, the platform offers a profitable referral program with earnings of 50% from referral’s trading commissions and personal trading conditions for VIP status users.

Based on our analysis of the platform, we cannot call Fatbtc cryptocurrency exchange a scam. According to users’ reviews, the platform completely fulfills its obligations, even though there are delays in deposit and withdrawal of earnings. In general, the exchange can be called fairly reliable. Also in favor of the service says a serious protection of user data. The exchange uses modern security technologies such as SSL encryption, multi-signature security, 2FA authentication (Ensuring the security of cryptocurrencies).

 

Conclusion

At the end of the review of the cryptocurrency exchange Fatbtc we can conclude that the platform has both pluses and minuses. The exchange is suitable for mid-level trading. Professionals the platform will not be interesting because of the lack of margin trading and advanced tools. The exchange will also not suit beginners because of the lack of training materials and demo accounts. In general, we can say that FatBTC is a reliable exchange of medium level, offering classic spot trading in cryptocurrencies (Spot Trading on a Cryptocurrency Exchange) and discounts for platform token holders.