US investors permitted
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of FatBTC consists of four parts: general information, fees, deposit methods and security.
FatBTC is one of the many Hong King cryptocurrency exchanges. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A large, but not complete, list of competitors to this exchange on its home turf includes Binance, Bit-Z, KuCoin, Gatecoin, BitFlip and CoinEx Market.
To our knowledge, US-investors are accepted by FatBTC. At least the exchange does not explicitly state that US-investors are prohibited.
The exchange offers its user interface in four languages: Chinese, Spanish, English and Korean.
FatBTC Trading fees
This specific exchange charges its fees on a “flat” basis. This means that they do not have different fees for takers or makers. Both parties in a trade needs to pay the same fee. FatBTC’s flat fee is 0.20%. 0.20% is slightly below the global industry average.
However, compared to its Hong Kong domestic counterparts, 0.20% is actually a bit above industry average. This is because Hong Kong exchanges typically charge lower trading fees than exchanges from other countries. Consequently, from a domestic perspective, FatBTC’s trading fees for takers are even a bit high.
FatBTC Withdrawal fees
FatBTC has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged is 0.05%.
This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), ExcambioRex (0.10%), Gocio (0.10%), BitINKA (0.15%), RippleFox (0.20%), ChaoEx (0.50%), OOOBTC (0.50%), BCEX (0.50%), DOBI Trade (0.50%), LEOxChange (1.00%), Trustdex (1.00%) and FreiExchange (2.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.000005 BTC (extremely low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.005 BTC (very high). Please consider whether this withdrawal fee suits your own trading or not.
FatBTC offers wire transfer as a deposit method, but you can’t deposit via credit card. This is of course negative news to you if you would prefer to use your credit card for any reason.
FatBTC’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.