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FYB-SG Review - is it scam or safe?

FYB-SG Review - is fybsg.com scam or good cryptocurrency exchange?

RATING: 2.5 / 0 REVIEWS FYB-SG

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.6%

 *Limit orders get a 50% discount on the trading fee.

 

FYB-SG is a Singapore cryptocurrency exchange that has been operating since 2014. It is owned by the company n Dealworks Pte Ltd, which says it is registered as a Deposits stored value facility and does not require the approval of the Monetary Authority of Singapore (MAS). Generally, under Singapore law, cryptocurrencies are considered securities and should be approved by MAS before their issuing. Furthermore, their issuers must be licensed under the Singapore’s Securities and Futures Act (SFA).  But obviously those requirements do not apply in this case.

 

FYB-SG offers trading in bitcoin for fiat currency – SGD, to be more precise. According to the latest data, it has a fairly decent volume of 624.1 bitcoins in the last 30 days. Considering that there are some major cryptocurrency exchanges officially offering their services in Singapore, like Coinbase, Quoinex (a Singapore-based fintech with Japanese crypto license), Gemini and GDAX, this is no small feat.

 

 

FYB-SG Advantages

 

- Fiat trading. Probably the biggest advantage of FYB-SG is that it allows trading in bitcoin for fiat currencies, which makes it quite attractive for investors.

 

- Mobile app. FYB-SG has a mobile application for Android and iOS devices. It has the full functionality of the trading platform and allows placing, canceling and viewing of orders, price info, trade history and order book.

 

- Location. FYB-SG is based in Singapore, but says it accepts clients from all over the world. There, however, is a catch, but more about this – further below.

 

- Good Security. FYB-SG says the storage of funds is offline, which is quite secure. In addition, there is the standard two-factor authentication, which has become a standard security feature.

 

- Guide. FYB-SG has produced and uploaded a very nice and easy to understand “Getting started” guide, which explains everything a new client needs to know, from depositing to trading, etc.

 

- No Limits. Looking at the order book, we are of the opinion that there are no limits for the minimum and maximum order, or at least they are quite comfortable.

 

 

FYB-SG Disadvantages

 

- Location. Even though theoretically there are no limits for the location of FYB-SG’s clients, there is the tricky moment that one needs a bank account from a bank incorporated in Singapore in order to make withdrawals. Sure, the list of banks on FYB-SG’s site is quite long, but it can still be quite the hassle. It can also be quite costly, considering the bank wire fees and the conversion rates.

 

- No Credit cards. FYB-SG does not accept payments with credit cards, which is quite inconvenient, particularly if a potential client resides outside Singapore.

 

>> See crypto exchanges accepting credit cards <<

 

- No Leverage. FYB-SG does not offer leveraged trading in bitcoin, but there are some exchanges, like Kraken, Quoinex, bitFlyer, etc., who do. There are also plenty of forex brokers who offer CFDs on some of the major cryptocurrencies for trading on margin and this can be quite convenient for those who already have trading accounts. Besides, trading in cryptocurrency CFDs with forex brokers is done on the same platforms, like the MetaTraders, as the other instruments.

 

>> See our list of regulated bitcoin forex brokers <<

 

- No Anonymity. Due to legal requirements, before actually being able to do anything on FYB-SG’s platform, the client needs to provide ID, name, address, date of birth and citizenship.

 

- Low Liquidity. Judging by the order book, there is not much liquidity on FYB-SG. The buy orders are about three quarters more than the sell orders.

 

- Payment methods. There are no other options for payments, except bank transfer for fiat currencies. We could not find information about the fees, but we presume that the client only has to cover the bank fees.

 

- Few Coins. FYB-SG only supports trading in bitcoin and nothing else. There are plenty of such exchanges, but there are others who have a much bigger variety, or at least the several other major cryptocurrencies.

 

- Fiat. As we have already said, the only fiat currency supported by FYB-SG is SGD. Apparently the exchange is targeting Singapore clients, as the transfers and conversions can be quite expensive.

 

 

Conclusion

 

FYB-SG is a Singapore exchange that is intended mostly for use by local clients, even though it can accept clients globally. Considering that there are larger exchanges on that market, it is no wonder that FYB-SG does not get much business and exposure. But, judging by the user comments, it is doing what is supposed to do and there have been no major issues with it, which for someone in Singapore can be a good enough reason to open an account with FYB-SG.

 

As for prices, with so few sell orders on the platform, the prices are higher than the average. The fees are a bit higher than the average for the industry as well.

 

 

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Traders` reviews for FYB-SG

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