RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Fcoin

Fcoin Exchange Review

Centralized

Fcoin Overview

  • FCoin exchange, a Chinese platform which launched in May 2018, bases its appeal on its unique business proposition, “the first autonomous community-based trading platform”, and claimed transparency. Its founder and CEO Zhang Jian has a lot of experience in the field as he has been involved in the sector since its beginning, and has worked on creating China’s first multi-signature wallet and Bitcoin exchange, Huobi. The F in FCoin stands for “future”, reflecting Zhang’s mission in bringing something new to the table in the sector. The exchange saw a very impressive market cap in its infancy due to the hype that it has created, however later on the autonomous business proposition that it prides itself on has given way for suspicions of intentionally shaking up and clogging the Ethereum network in order to gain traders’ attention, due to its decentralized and ICO-like nature.
    FCoin works on a system called “transaction mining”, in which the users are reimbursed their transaction fees through the exchange’s native token. The transaction fee of the exchange is %0.10, which is well below the global industry average rounding up around %0.25. There aren’t any recorded withdrawal fees on the platform. The fee is paid in BTC and ETH, and then the users are fully reimbursed in FCoin’s native token, which suggests an ICO-like system. Due to this feature, the platform does not allow for deposits of fiat currency, meaning that new crypto-currency investors would need an entry-level exchange in order to use this platform. The exchange also provides other features, such as giving its users the right “to participate in business decisions”. Also, the platform does not follow a reward-based system. FCoin’s website is pretty basic and allows for interface languages in English and Mandarin. It also has a mobile app for those who prefer to trade on the go, which can be downloaded on the App Store and on to Android phones. The interface languages on the mobile app are the same and offer practicality.

    Fcoin Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      101855.413 BTC

      • Fcoin Total Trading Pairs

        61

        • Fcoin Margin Trading

          Yes

          • Fcoin Deposit fees

            N/A

            • Fcoin Fiat Deposit

              None

              • Accepted Payment Method

                None

                • Fcoin Native token

                  Yes

                  • Native token smart contract

                    N/A

                    • Fcoin Trading Markets
                      • Fcoin Stablecoins trading

                        Fcoin Withdrawals

                        • Daily Withdrawal Limit

                          N/A

                          • Fcoin Withdraw fees

                            N/A

                            • Fcoin Withdraw fees discount

                              0.05% discount for makers.

                              • Proof of Reserves

                                N/A

                                Fcoin Exchange Rating Analysis

                                Last edit 19.07.2019

                                • FCoin, a Chinese-oriented, Hong-Kong-based exchange, has started operating in May 2018 (after a brief beta in April) and quickly shot up the volume ranks in all major exchange tracking sites – due to its innovative Transaction Mining mechanism. The way this works is: all users who are trading on the platform receive 100% of the fees they paid for a trade back in the form of Fcoin Token, or FT. This model, while essentially is no different than an ICO as Binance’s CZ pointed out, has created a sort of “hype” and false hope that the token price will continue to parabolically increase – in plain words, a sort scheme fueled by dreams of getting rich quick, green candles and insane volume numbers.
                                  We personally believe most reported volume from FCoin to be faked, and whichever volume is not – probably is traded only to “mine” FT, and immediately try to dump it for USDT, notably for a much higher fee than in a standard trading pair.
                                  English speakers are going to feel quite lost at the sight of the FCoin platform, with hard to understand sections and near-impossible 2FA activation – and a support section that doesn’t know how to handle languages other than Chinese.
                                  While the exchange was never hacked, due to its short lifespan and the shady way they operate today (no one from the team is disclosing public information about themselves, including CEO Zhang Jian) we would assess the risk that this exchange will be involved in a bad situation to be quite significant, and would advise to not use such an experimental model – and at least wait a few months to see if transparency improves and the business model holds water.

                                  Fcoin Exchange Additional Information

                                    • Fcoin Headquater

                                      China

                                      • Fcoin Establish date

                                        2018