Fcoin Exchange Review

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.