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Fatbtc Review - is it scam or safe?

Fatbtc Review - Is fatbtc.com scam or safe cryptocurrency exchange?

RATING: 3 / 1 REVIEWS Fatbtc

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.20% 0.20% Crypto Free, CNY:Undisclosed



Fatbtc is a Chinese cryptocurrency exchange, which accepts local bank transfers. That being said, they are not a pure entry-level company (like Coinbase), as they also facilitates active altcoin trading.

 

Fatbtc Advantages


 

Competitive fees – the 0.20%, charged by Fatbtc is pretty much in-line with the offers by other exchanges. Everything under 0.25% is to be considered ok, while some venues go even lower. Keep in mind, liquidity is also a major factor when it comes to your actual costs of trading.



No deposit fees – Fatbtc does not charge anything extra on the crypto deposits to the exchange. We didn’t manage to find info on fees for fiat currency deposits. Don’t forget there will be some sort of costs associated with either blockchain or ban transfers.




Chinese bank transfers accepted – this exchange facilitates CNY deposits. We must underline the fact, depositing from another country will come at a price. On the other hand one of the easiest ways to enter the world of crypto is with the entry-level companies accepting credit cards.




>>How to get Bitcoin with a Credit Card?<<




Variety of altcoins
– at the time of writing around 30 coins are supported by Fatbtc. They are traded against Bitcoin, Ethereum and two exchange-specific coins, which we will cover below. The list of coins includes: BTC, ETH, BCH, LTC, XRP, EOS, DOGE and some less known coins.

 


Fatbtc Disadvantages


Chinese company – this is a negative which has two aspects. On one hand their English customer support may not be that good. More importantly, given the recent news coming out of the country, a regulatory intervention may be possible.



Their own “tether” coin – there are two coins created by Fatbtc. One of them is FCNY, which represents the Yuan. It is basically similar to USDT, which is fully backed by real dollars. As you may know there is a lot of controversy surrounding it, so we can expect a similar situation with other “tether” coins. On top of that, there is support for FAT, an asset which we have seen only on this exchange. We are not certain about its actual purpose, other than the fact several altcoins on this exchange are traded against it.




Disappointing platform – the web-based trading solution, provided by this exchange is a bit cluttered. It may be better than having a few others we have seen, but no that many. The charts are borderline useless, as you can see from the screenshot provided below.



The Fatbtc platform. Click to zoom


 

No margin offered – Fatbtc does not facilitate trading on leverage. This is rarely done on exchanges outside of Japan, so most aggressive traders prefer going with a forex broker. As you have probably heard a lot of them have started offering Bitcoin, Litecoin or Ethereum as trading instruments.



>>BTC trading with leverage<<



Keep in mind, this is done via Contracts For Difference (or CFDs). In essence, this means you are only going to profit or lose depending on the price movement of the given coin, without owning it. This means you will not be able to use it for payment. There are a few other important differences, which we would suggest you look up here.



Fees on withdrawals – the charges at Fatbtc are slightly higher than the ones at some other exchanges. The one for Bitcoin is 0.0500%, with a minimum of 0.0015 BTC.



Few comments on the exchange
– the meaningful user feedback on this exchange was rather minimal. Given the fact they are primarily focused on China justifies this.

 


Conclusion



Fatbtc is a Chinese cryptocurrency exchange, which also accepts CNY deposits. Trading is then facilitated with a custom-created token, which represents the money at the company. We generally aren’t that big fans if this model, but so far we didn’t manage to find reasonable complaints. On the other hand, if you are an active trader, you will be disappointed by the charting.

 

At the end of the day, security is still one of the biggest issues in the world of crypto. Exchanges get hacked from time to time and there is always the risk of one simply closing and not offering clients to withdraw funds (commonly referred to as an “Exit Scheme”). Some of the forex brokers, which offer cryptocurrency trading are tightly regulated by government agencies, which provide a high level of safety. Check the link below for more details.



>>Trusted Bitcoin forex brokers<<


 

Here is the short version of this review:

Pros  Cons
Competitive fees Chinese company
No deposit fees Their own “tether” coin
Chinese bank transfers accepted Disappointing platform
Variety of altcoins No margin offered
  Fees on withdrawals
  Few comments on the exchange


 

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Traders` reviews for Fatbtc

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Obscure practices with KIN withdrawals

Well, seeing KIN racing down I gave Fatbtc a try and transferred a portion of my KIN assets there. Well, as offers went too disadvantaging for me I wanted to withdraw my remaining KIN.. no way! Fatbtc disabled KIN withdrawals "due to maintenance". A direct question when this "maintenance" will be completed has been answered with "we'll inform you". This is indeed a clever move by Fatbtc to bring in soft pressure making deals there! To my luck just a small price to pay for this lesson and it will be the last deposit there. Oh by the way, they don't let you go as account deletion is simply not existing (even after request), so watch out what details you are willing to give out.

Alex 06/11/2019
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