UPDATE 1 November 2019: This exchange is the new “clothes and makeup” of scam exchange BiteBTC. Do not under any circumstances open an account with this exchange. BiteBTC has been widely acknowledged as a scam. There are loads of people around different forums (Reddit, for one) accusing it of being a scam. When you try to access the BiteBTC website today, it redirects you to Fedlio which looks exactly like BiteBTC. Watch out. We have marked also the Fedlio exchange as a scam in our database.
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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 Fedlio consists of four parts: general information, fees, deposit methods and security.
Fedlio is a cryptocurrency exchange from Singapore. On 7 August 2018, the exchange announced that they were relocating their legal seat to another country and that they were considering off-shore jurisdictions, such as Seychelles or Gibraltar. We have however not heard any update on which choice the exchange ultimately made in this regard.
The platform launched in January 2018. Singapore is one of the world’s premier places for cryptocurrency exchange headquarters. In addition to this exchange, the following exchanges all are registered or headquartered in Singapore: Coinbene, Coinut, COSS, Coinhako, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, ABCC, CRXzone, Kyber Network, Liquid and Cryptology. Some list, huh?
At Fedlio, there are 134 cryptocurrency trading pairs. So, most of what you can imagine that you want to trade is available to you here.
According to the information that we have received, US-investors can also trade here.
Fedlio Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Fedlio:
Fedlio Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Fedlio doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20%. This is in line with the global industry average.
Fedlio Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This fee is also in line with the global industry average.
At this trading platform, you can deposit through both wire transfer and credit cards. The exchange also enables you to deposit via Swift-transfers, Alipay, OK Pay and many other methods. Fedlio is thus an “entry-level exchange”, which is helpful especially for newer crypto investors.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle a substantial amount of cash or coin deposits and withdrawals.
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and Fedlio received a C-score. This is definitely decent, especially considering that a majority of the cryptocurrency exchanges in our Exchange List only received an F.
Finally, the exchange reviewed above has a large number of cryptos you can buy and sell. If that is an important factor for you in your choice of exchange, you could also check out the following exchanges: