FairdDesk Exchange Review – Fees, Supported Coins & Countries, Security
Fairdesk exchange was launched in Singapore in September 2021. As the name implies, the exchange tries to handle cryptocurrency transactions fairly. In this article, I will introduce you to the Fairdesk world and show you how you can benefit from it. The CEO of Fairdesk is Jacky Choi.
The following facts are noteworthy about the exchange:
- It focuses mainly on crypto derivatives
- It was created by established professionals in the crypto world (six former Binance employees and three former software architects from Morgan Stanley.)
- It offers derivatives with leverage up to 125x
- It stores all its assets in offline wallets and requires manual processing for each withdrawal.
- It has an efficient proprietary match engine that can process up to 450,000 orders per second.
- It offers various bonus packages, including a $600 welcome bonus and trading bonuses ranging from $5-66. Terms and conditions apply.
- It has a mobile app, Fairdesk Go, on the Android and iOS operating systems.
- It supports 6 languages and 23 fiat currencies.
- It supports a vast number of countries. The US is, however, not supported.
SERVICES AND FEATURES
Buy and sell crypto via MercuryO
MercuryO is a popular fiat-to-crypto payment channel. It is the only payment reliable service provider in partnership with Fairdesk and allows users to purchase anything between 21-5366.34 dollars worth of crypto at once.
A perpetual contract is a futures contract that doesn’t expire. Fairdesk offers the lowest-risk kind of perpetual contract, the USDT Perpetual. It is the lowest risk because the contract is denominated in USDT, a stablecoin. Thus, traders are not worried about volatility unless they’re in the trade.
This differs from inverse perpetuals that are denominated in the underlying cryptocurrency and are therefore subject to volatility risk even when the trader is not trading. There are 41 coins traded on Fairdesk’s USDT perpetuals. They include BTC, DYDX, ETH, EOS, ADA, LTC, DOGE, YFI, among others.
In most market scenarios, carefully thought-out mark price, funding rate, and stepped liquidation process limitations serve to minimize the scope and frequency of liquidations, protecting clients’ assets.
The lowest levels in the business are used to establish the trading commission, leaving the clients to keep the earnings.
This is the ‘Earn‘ section of the Fairdesk exchange. It is divided into the ‘Flexible’ and ‘Fixed’ Earn sections. As of writing, only USDT is offered on the Fairdesk Earn window. There is a flexible earn package for USDT with a 4% base APY and 3% reward, while there are two fixed earn packages for USDT. One of those fixed packages lasts for 7 days and gives a base APY of 5% and a reward of 3%, while the other lasts for 14 days and gives a base APY of 6% and a reward of 2.5%
Arena trading is an initiative by Fairdesk to allow more people to be interested in trading by pitting them against one another. There are only two currencies traded in the Fairdesk arena, BTC and ETH. The arena mode only supports isolated 80x leverage for both coins, with leaderboards updated every 3 minutes.
On the Arena trade interface, you can auto-close your position within selected timeframes(30 seconds, 60 seconds, and 90 seconds). You can also leave your position unclosed for as long as you wish.
There is a fixed amount of capital you can use as a margin in the arena. You can choose 2, 10, 20, 50, 100, or 300 USDT. The whole trading experiences are designed to give you the feel of playing a game while trading your favorite crypto.
SIMULATOR DEMO TRADING
This feature makes it possible for beginners to get acquainted with the world of derivatives trading without having to commit actual capital
FAIRDESK SUPPORTED COINS
Fairdesk doesn’t support a lot of cryptocurrencies. At last count, it had 42 coins listed on its platform. The coins are BTC, ETH, TRX, ADA, DOGE, YFI, LTC, DOT, LINK, UNI, AAVE, BNB, XRP, SOL, AVAX, BCH, ALGO, FIL, XLM, XTZ, ATOM, LUNA, NEAR, AXS, MKR, COMP, ETC, SUSHI, ICP, MATIC, THETA, XMR, CHZ, REEF, USDT, FTM, NKN, GTC, DYDX, EOS, VET, and ONE.
It also has 23 fiat currencies listed with which one can buy crypto. The currencies are USD, AED, BDT, AUD, CAD, GBP, CNY HKD, CHF, HUF, IDR, EUR, ILS, JPY, INR, KRW, PEN, RUB, SGD, THB, UAH, VND, and TRY.
FAIRDESK DEPOSITS AND WITHDRAWALS
Fairdesk doesn’t support direct fiat deposits. You can only use your fiat to buy cryptocurrencies via MercuryO. To do this, MercuryO implements your bank cards as well as your ApplePay account.
However, you can deposit and withdraw cryptocurrencies however and whenever you like on the platform. When doing that, it’s important to pay attention to the chain of the network you’re depositing on. If you send crypto assets to the wrong network, you may never recover them again.
To send crypto, click the deposit button on your home page after logging in and select the crypto you want to deposit. Then copy the receiving address and paste it into the sending column of your other wallet. You can also scan the QR code provided to automate the process.
Withdrawal of cryptocurrencies follows a similar procedure. The difference is that you would copy the receiving address from the other wallet and paste it into the sending column of your Fairdesk wallet.
Deposits are free on Fairdesk, with a 5% bonus tantalizingly packed for you. Withdrawal fees, on the other hand, vary from crypto to crypto. You can enjoy a lower withdrawal fee on the platform if you hold a certain amount of FDT, the native token of the platform. In some cases, you can even get free withdrawals.
FAIRDESK TRADING FEES
Fairdesk has a fee of 0.01% maker and 0.015% taker fee for BTC and ETH USDT perpetual trading. For other coins, the fee is 0.018% for makers and 0.028% for takers. Holders of FDT, the native token of the exchange, get refunds on transaction fees based on the amount of FDT they own.
DOES FAIRDESK REQUIRE KYC?
Currently, Fairdesk doesn’t have any compulsory KYC requirements. Once you register an account with them and verify your email address, you can transact freely. However, you can only send and receive assets worth up to 200,000 dollars per day for unverified accounts. If you want increased limits, you will have to provide KYC information, including identification documents and address proof.
FAIRDESK SUPPORTED COUNTRIES
The exchange supports about 226 different countries, excluding the United States of America and a few other countries. Check this article to see which exchanges allow US citizens.
HOW TO START WITH FAIRDESK
You can register on the platform within minutes. When you open the website, click on sign up, and you’ll be required to enter your email address and a selected password. Then a six-digit code will be sent to your email, which you have to enter in the column provided to activate your account. When you complete that, you get a mail welcoming you to Fairdesk and encouraging you to set up a two-factor authentication protocol right away to secure your account.
You can immediately deposit and withdraw with your account after that. At this time, there is a registration bonus for all deposits you make within 48 hours of opening an account with them. You can get up to 600 dollars this way on the platform.
However, you are only limited to a transaction limit of 200,000 dollars per day. If you want to raise that limit, you’ll need to provide some needed KYC information to verify your account. How can you do that?
There are two types of verification on Fairdesk, Standard and Premium verification.
The Standard verification increases your limit to 300,000 dollars per day and involves you verifying your identity in the following ways:
- Choose your nationality
- Select your identification document type. You can use any of these four: Passport, Residence Permit, Driver’s license, and ID card.
- Snap your identity document clearly and upload it. It must be less than 10MB
- Take a selfie of yourself holding your uploaded document alone with a written statement containing the day’s date and “Fairdesk.”
Standard verification usually takes 1-2 days.
The Premium verification increases your limit to $500,000 daily and involves address verification. It usually takes 2-4 working days. To achieve this verification level, complete standard verification and upload your residential address details. Then, upload a proof of residence, usually a bank statement or utility bill. The residence proof must be recent and contain all necessary information.
DOES FAIRDESK HAVE A NATIVE TOKEN?
Yes, it does. The native token is FDT and will have the following uses:
- Through the trade mining feature, FDT will be used to reward stakers on Fairdesk.
- Holders will enjoy lower withdrawal fees or even free withdrawals
- You can get up to 30% APR from saving FDT
- It will also serve as a governance token through the FDT DAO.
The token has not yet been released for trading. According to their timeline, this should happen sometime in the fourth quarter of 2022.
IS FAIRDESK LEGIT AND SAFE?
Even though the exchange is relatively young, it gives users reason for confidence by placing all of its assets in offline multi-level cold wallets. It also encourages users to enforce two-factor authentication to protect their accounts. However, it has not yet stood the test of time, so it’s best to be wary.
IS FAIRDESK REGULATED?
No, it is not regulated. It does seem to be registered under Singaporean authorities, though.
As you have seen from this article, Fairdesk is a reasonably promising exchange trying to find its footing in the crypto space. Its main appealing features are lower trading fees (compared to others), anonymous trading, and tempting deposit bonuses.
On the other hand, you can’t deposit fiat directly, nor can you utilise a variety of payment providers. It also supports a limited number of coins.
Having considered all these facts, what have you decided? I hope this article has been of help to you in determining if Fairdesk is for you. If it’s not, check out other exchanges described on this website.
FREQUENTLY ASKED QUESTIONS
- The registration process is fast and straightforward.
- It doesn't require compulsory KYC verification.
- It supports many countries and currencies.
- It doesn't support a lot of payment options.
- You can't deposit fiat directly on the platform.
- It doesn't have many help articles.
- A limited number of supported cryptocurrencies.
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