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 FYB-SG consists of four parts: general information, fees, deposit methods and security.
UPDATE 26 FEBRUARY 2019: This exchange has closed down its operations. The message on the website is the following:
FYB-SG is a cryptocurrency exchange based in Singapore. FYB-SG does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).
FYB-SG Trading fees
FYB-SG’s trading fees for takers are 0.60%. This fee is almost three times higher than the industry average. The industry average is arguably around 0.25%. One should consider whether this exchange has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.
The exchange does offer a discount on the trading fees for makers. For makers, the trading fees are halved, i.e. 0.30%. Even then, however, the trading fee is above industry average…
FYB-SG Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average. However, considering how high the trading fees are, when looking at the fees altogether, this exchange is still not competitive to the investors in our opinion.
This exchange offers wire transfer as a deposit method, but you can’t deposit via credit card.
FYB-SG’s security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):