Fairbit is one of the most active digital currency trading platform in Europe that supports two-factor authentication (2FA), earns high safety points, as there have been no breaches of public security to talk about. But though they boast several payment methods, tools like charting are fundamental to trading, and payments are less than straightforward.
It seems to be more of a crypto-currency payment network than a trading platform. If you might be looking to gain exposure to bitcoin or big altcoins and probably keep for a while, this fully automated platform might be the one for you.
Advantages of Fairbit
- Operates around the world
- Automated exchange in such a way that trades are completed “within seconds,” as the exchange states.
- Supports BTC and various altcoins, including BTC , ETH, DASH, LTC, BCH and XRP;
- Accepts various payment options for accounts with the highest degree of ID authentication like credit cards
- They provide batching transactions which means transactions are processed in batches. They argue that this helps in lower transaction fees. Fairbits claims consumers can save up to 80 per cent on transactions as a result of SegWit and batching.
- Cold storage for user account security added
- Speed – the exchange says users can order coins as quickly as 2 minutes
Security at Fairbit
Fairbit recommends the following for security purposes: two-factor authentication (2FA), for which they recommend Google Authenticator or a “safe and unique password” and apply 2FA to emails.
The exchange has the following safety features-
- Certification SSL
- Authentication by two-factor (2FA)
- The app data is encrypted
- Cold-storage Trezor
- Separate Wallet and wallet servers
- SMS verification
Since 2014, the exchange has been around and they have not suffered any reported breaches of security, so if history is any teacher it is a good sign. If a transaction is inadvertently sent to an incorrect wallet address, there are no chargebacks.
Fees
Fairbit crypto news on the fees are not very straightforward. The average fee is 1.5%, although they differ according to the form of payment. It is said that the price for credit card transactions is as high as 5 per cent which exceeds that of rival exchanges.
Website
Compared with other exchanges such as Coinmama or Bitfinex the website has a superior design. Beginners can quickly navigate to the Trading panel from the sign-in tab. The operators took an excellent security initiative to automatically allow two-factor authentication (2FA) for SMS & email. Obviously, such 2FA is very easy to do, but it keeps accounts secure to sign in and withdraw from.
Summary
Fairbits is a newcomer which means that there is still not much in the way of user numbers or volume trading, so making a call is hard. But the fact that in their tag line they use encryption indicates this is the exchange’s No. 1 priority.
Fairbit is a simple platform but it hasn’t been riddled with any breaches of security. Although the exchange seems suitable for someone who wants to buy and keep or convert from fiat money or other coin, their high transaction caps of EUR 1 million or more indicate that only the most experienced investors are catering for it. This platform is certainly a good and secure option for simply buying and selling transactions.
