Cryptocurrency Exchange FCoin

FCoin FCoin website
Name FCoin
Founded May 21, 2018
Brief FCoin cryptocurrency exchange is a China-based platform that launched a little over a year ago, in May 2018. The exchange takes pride in being 'the first autonomous community-based trading platform.
Last updated: Tuesday, October 29, 2019 3:00:03PM UTC
Volume 24 hours, USD: 533 209 068
Volume 7 days, USD: 4 400 416 774
Volume 30 days, USD: 38 179 965 860

FCoin general information

General FCoin facts, technical details and general information about FCoin exchange


FCoin cryptocurrency exchange is a China-based platform that launched a little over a year ago, in May 2018. The exchange takes pride in being 'the first autonomous community-based trading platform. It claims to be completely transparent.

The exchange was founded by its current CEO, Zhang Jian, who already had quite a bit of experience when it comes to digital currencies by the time he launched the exchange. Previously, he worked on the development of another major exchange and wallet, Huobi. However, he had a vision of its own, so he started working on another exchange, eventually naming it FCoin, where F stands for 'Future.'

The exchange was performing rather impressively from the moment of its creation, likely due to hype. After a while, however, the hype started to fade, and the exchange's practices were heavily questioned by the crypto community. There was a reason to suspect that the exchange's claims of total transparency may not actually be true. The community suspected that the exchange was intentionally clogging and shaking up Ethereum's network, so that it would attract more traders.

The exchange itself is decentralized, and it uses a system known as 'transaction mining' in order to operate. The system works by allowing users to get their transaction fees reimbursed through FCoin's native cryptocurrency. The fee itself is around 0.1%, which is noticeably lower than what most other exchanges charge (0.25%). Furthermore, the platform doesn't feature any withdrawal fees.

Simply put, users would pay the fee in Bitcoin or Ethereum, and then get fully compensated in FCoin's native token, which makes it function similar to an ICO. The platform also does not allow the use of fiat currencies, nor deposits, meaning that newcomers to the crypto space have to find another exchange to obtain BTC and ETH first, and then proceed to FCoin.

The exchange's users can also make use of several other features, such as the ability to participate in business decision-making. It should also be noted that the platform does not follow a standard reward-based system.

The exchange has a relatively basic website, with support for only two languages — Mandarin and English. Mobile users can also download its app, which has an Android and iOS version alike. The interface is intuitive and practical, so there should be no difficulties when it comes to quickly learning how to use it.

Benefits of FCoin cryptocurrency exchange


The exchange may have had a controversy in its past, but it is still here today, meaning that it managed to rise above the issues. However, it is also important to note that it has a number of important benefits which may make it interesting to traders and investors. Here are some of the most important ones:

  • Its transaction fees are among the lowest in the industry (0.1%)
  • You don't really lose money while paying the fees. You are required to pay them in BTC and ETH, but you get the same amount of the exchange's native token in return.
  • The exchange's founder and CEO previously worked on Huobi  and has been involved with the crypto/blockchain industry since the early days.
  • You get to participate in decision making within the platform
  • You can make a profit simply by not spending your FCoin tokens
  • Keeping your FT coins can help you become a major player in the FCoin ecosystem
  • The platform is intuitive and easy to use
  • The exchange also offers apps for Android and iOS

Conclusion

FCoin is an innovative exchange that claims to care about its users. It's one major controversy revolved around attracting more of them. It basically has no transaction fees, and making transactions allows you to get its native cryptocurrency, FT. Holding it lets you participate in the exchange's business decision making, and become an important part of the ecosystem.

The exchange seems to offer a decent deal, and it lists a good number of major coins. The biggest problem might be the fact that you need to have cryptocurrencies before starting off, as it does not work with fiat, but it provides great options for those who already hold some coins.

Author: Ali Raza for Crypto-Rating.com

FCoin volume change chart — 7 days

FCoin volume change chart — 30 days

FCoin

FCoin (FCoin) volume change (24h)

FCoin volume change 24 hours -16.01%