The following review on Fairbits will try to show you how this young startup has flourished since its launch in 2011. From consistently high volumes of trading to becoming the leading platform for Bitcoin trading in Western Europe, and a limited selection of other major cryptocurrencies, Fairbits’ rapid progress has impressed observers, investors and users alike.
Fairbit offers support for nearly all the big cryptocurrencies. As such, Fairbits may not be the exchange for you if you’re looking for the many up-and-coming altcoins of the day to trade today. Fairbits might be a decent shout, though, if you stick to the more popular cryptos.
Advantages of Fair-bit.com
- Provides a very easy user interface to buy / sell, combined with advanced trading pages with comprehensive graphs and criteria to transact.
- Has huge volumes of trade, and is thus a strong exchange for major transactions or sales.
- Allows the purchasing of cryptos by debit and credit card (recently expanded to a range of countries).
- Supports Bitcoin Cash trading & will distribute all the BCH tokens owed by customers.
- Cheaper & more effective than personal-to-person exchanges like Localbitcoins.
- Notwithstanding extensive reserve fraud, Fairbits has maintained a good reputation and has not experienced lengthy trade shutdowns.
Security of Fairbit
- Like most first generation centralized exchanges, Fairbits holds the private keys of users on its platform. Users must trust the company to secure and protect their digital parts. This means that users must also trust those responsible for their private keys to remain honest.
- During this time, users access funds via accounts using passwords and two-factor authentication (2FA). The history of cryptocurrencies has shown that you should avoid entrusting your private keys to third parties. So it’s a good idea, immediately after a purchase, to move your crypto assets to portfolios that are 100% under your control. Experts always recommend placing your holdings on exchange platforms only when you are ready to sell.
- Fairbit presents their security features as soon as you open an account. After filling out the registration form, an email containing a customer ID and password is sent to your inbox. You use the ID as your username and you must change your password immediately the first time you log in.
- Before you can trade on the platform, you must also verify the account by providing your full name, your postal address and your date of birth. To authenticate this information, Fairbits asks you to download government-issued identification and a utility bill dated less than three months ago to prove your place of residence.
- Document scans must be of high quality (color images, resolution 300 dpi or more), visible in their entirety and current (not expired). After submitting proof of identity, Fairbits support takes three days to approve your request.
Fairbit is a promising exchange with only a few issues that drop it. It does not offer a wide range of altcoin cryptocurrencies, which could be a disadvantage for some users. Other than that, the user interface is pretty solid and the website looks nice. Overall, Fairbit is a pretty decent option for trading cryptocurrencies.