FYB SG was founded in 2013 in Singapore. The company that stands behind the exchange is Dealworks Pte Ltd. FYB SG legit status is quite clear. The company passed the registration as deposits stored facility. Therefore, it does not have to ask MAS to approve it.
Regional character of the platform
FYB SG offers to exchange BTC/SGD. Apart from it, only three other exchanges in Singapore offer the same service. The beginning investors like to apply to FYB SG. The platform has a considerable volume of trade taking into account its regional emphasis. In this way, the exchange becomes as popular as LocalBitcoins, Yobit or Cryptopia.
The exchange caters people in South Korea mainly just as Gopax and Coinone. Customers deposit funds using bank transfer when they need to deposit fiat money.
FYB SG sells and buys only BTC and does not offer other virtual coins. Bitcoins forks are not supported there. Those who want to deal with forked coins, should withdraw BTC to personal wallets.
FYB-SG fees are reasonable and even low in comparison with its business rivals. The customers have to pay 0.3-0.6% trading at the platform. Besides, no transaction limits are imposed upon users.
FYB-SG fees are transparent - there is no hidden commission. The commission depends upon the type of order.
In case of instantaneous order, 0.6% fee is charged.
When limit orders are executed, the fee is two times lower.
The example: customer will have to pay 0.6 BTC for buying 10 BTC.
When customers withdraw BTC from the platform, fee is not imposed. You will have just to pay the network fee, which is tiny. The transfer is completed within a day. Those who withdraw fiats, do not have to pay to withdraw SGD to the bank account.
It is very easy to trade on FYB-SG due to automated performance. It is rather convenient to see the prices. Besides, the convenient calculator helps you to see profitable offers.
When you initiate buying order for BTC, it is important to determine, which price suits you. Then it is necessary to fill out the request located under FYB-SG chart. After execution of the trade, you will see the order in the order book. The system of the platform will try to find suitable orders to complete the order at good price.
Safety is one of the features accentuated at FYB-SG. What exactly is done to protect you at this site? This is, first of all, 2-factor authentication with Google Authenticator and use of cold storage for cryptos stored by the company. Cold storage decreases the risk of hacking and theft considerably.
It is necessary to verify FYB-SG account. The person needs to register first, then sign up and verify the email used. The next stage is more serious and requires upload of identity card and letter with address to verify your physical address as well. It should be an official letter. You will not be able to trade with fiat money until verification procedure is completed. It is worth noting that it takes a couple of days usually.
FYB-SG has a mobile app developed to suit different operating systems. Using mobile device on the go, you can trade without hassle. Most Android- and iOS-based gadgets can download the app free of charge. The benefit of the mobile app is that it offers full-featured functionality at any time, even when you are on the move.
However, there are drawbacks as well. There is no assortment of digital currencies at FYB-SG. Customers can trade BTC only. The same refers to fiats. Only Singapore dollars are allowed at the exchange. One more limitation is use of local banks for depositing of fiat money. Bank transfer is the only way of payment and even foreign users must use Singapore bank to do it. Withdrawal is also performed with help of Singapore financial institutions. This feature considerably reduces number of users from other countries of the world. It is in the way of FYB-SG development. Comparing FYB-SG vs Coinhako, the platform loses here as Coinhako accepts transfers from Malaysia and Singapore, while international customers can do it via international bank wires. As you see, the site requires bigger flexibility to become more popular with customers.
What prevents bigger popularity of FYB-SG ➢➢➢ -
average rating 5 from 5
(based on 45 user reviews)