FASTBITCOINS

Overview of FASTBITCOINS

FASTBITCOINS is a virtual currency exchange based in the United Kingdom. It was founded in 2013. FASTBITCOINS' Common Financial Service License exceeds the scope of its business as regulated by Canada FINTRAC (license number: M20466610).The platform offers the trading of Bitcoin (BTC) as its main cryptocurrency. FASTBITCOINS provides various payment methods including bank transfers, debit or credit cards. Additionally, the exchange offers 24/7 customer support for its users. Transaction fees may vary, and it is recommended to visit FASTBITCOINS' website for up-to-date information.

Pros and Cons

Pros:

- Offers various payment methods including bank transfers and debit or credit cards: FASTBITCOINS allows users to choose from different payment options, providing flexibility and convenience.

- 24/7 customer support available: Users can access customer support at any time for assistance with their transactions and account-related inquiries.

Cons:

- Offers only Bitcoin (BTC) as the available cryptocurrency: FASTBITCOINS has a limited selection of cryptocurrencies, as it focuses primarily on Bitcoin. Users seeking a wider variety of cryptocurrencies may need to use other platforms.

- Transaction fees may vary: The fees charged for transactions on FASTBITCOINS are not fixed and can fluctuate. It is important for users to stay updated on the current fee structure to avoid any unexpected costs.

- FASTBITCOINS' Common Financial Service License exceeds the scope of its business as regulated by Canada FINTRAC (license number: M20466610), it implies that the company is operating outside the boundaries of the regulations.

Overall, FASTBITCOINS is a regulation exceeded exchange that offers various payment methods and provides round-the-clock customer support. However, users should be aware of the limited cryptocurrency options and the potential variability in transaction fees.

Regulatory Authority

FASTBITCOINS' Common Financial Service License exceeds the scope of its business as regulated by Canada FINTRAC (license number: M20466610), it implies that the company is operating outside the boundaries of the regulations. This could raise concerns about the legitimacy of their activities and their compliance with the established financial regulations. It's crucial for financial service providers to adhere to regulatory guidelines to ensure transparency, security, and accountability in their operations. If FASTBITCOINS is found to be conducting activities that go beyond their licensed scope, it might lead to regulatory actions or legal consequences. It's recommended to verify their current licensing status and compliance with relevant authorities for an accurate assessment of their legitimacy.

Security

The security measures implemented by FASTBITCOINS aim to protect user funds and personal information. The platform utilizes industry-standard encryption protocols to safeguard data transmissions and ensure secure communication between users and the exchange. Additionally, FASTBITCOINS employs comprehensive security measures to secure user accounts, including strong password requirements and two-factor authentication. However, it is important for users to practice good security practices, such as safeguarding their login credentials and enabling additional security features offered by the platform.

Cryptocurrencies Available

FASTBITCOINS primarily focuses on Bitcoin (BTC) as the available cryptocurrency for trading and transactions. It offers users the ability to buy Bitcoin online or in person using its platform. While the provided information doesn't mention any other cryptocurrencies being available for trading or purchase on FASTBITCOINS, it's important to note that the platform's main focus is on Bitcoin. Therefore, if you're looking for a variety of cryptocurrencies beyond Bitcoin, you might need to explore other cryptocurrency exchanges that offer a wider range of digital assets.

How to open an account？

The registration process for FASTBITCOINS can be described as follows:

1. Visit the FASTBITCOINS website and click on the 'Sign Up' button to begin the registration process.

2. Fill in the required information, including your email address, password, and any additional details requested.

3. Verify your email address by clicking on the confirmation link sent to your registered email.

4. Provide any necessary identification documents, such as a valid government-issued ID, to complete the verification process.

5. Set up additional security measures, such as enabling two-factor authentication, to enhance the security of your account.

6. Once your account is verified and all necessary information is provided, you will be able to access the full features of FASTBITCOINS and start trading cryptocurrencies.

Fee

FASTBITCOINS employs a tiered fee structure that varies based on the chosen currency and payment method. For transactions involving GBP, bank transfers are accompanied by a 0.20% fee, while cash deposits incur a higher 3.5% fee and Flexepin payments are subject to an 8% fee. Similarly, in the case of EUR transactions, bank transfers carry a 0.20% fee, cash deposits involve a 3.5% fee, and Flexepin payments come with an 8.5% fee. Transactions using AUD have a 0.20% fee for both bank transfers and Direct Debit methods, with cash deposits incurring a 3% fee and Flexepin payments a fee of 8%. In CAD transactions, Interac e-transfer payments carry a 0.75% fee, cash deposits have a 1.50% fee, and Flexepin incurs a 6.5% fee. For BRL transactions, Pix payments are associated with a 2% fee, while Boleto Bancário and Lotérica transactions each involve a 3% fee. Additionally, Pix withdrawals come with a 2% fee plus an additional R$3.00 fee. In USD transactions, bank transfers are subject to a 0.20% fee, cash deposits have a 3% fee, and Flexepin payments incur a 6% fee. Regarding Bitcoin withdrawals, the fee structure varies: Standard Onchain withdrawals have fees calculated in real time, while withdrawals using the Lightning Network and Liquid Network are both free of charge.

Payment Methods

Deposit Process:

To deposit funds into your FASTBITCOINS account, you have multiple options outlined in the terms and conditions:

• Deposit with Voucher:

• Purchase an eligible voucher from approved merchants (such as FastBitcoins.com vouchers or authorized third-party vouchers).

• Log in to your account and click on the “Deposit Voucher” icon.

• Enter the unique voucher code and follow the prompts.

• A summary of the deposit, including the amount minus commission, will be presented for your acceptance.

• After confirming, the deposited amount will be instantly credited to your account.

• Online Payment:

• Select an online payment option from the designated icons on your account dashboard.

• Once your payment is cleared, your account will be credited after deducting the commission.

• Note that third-party payments might be declined, and the source of funds will be checked.

• Deposit Cash:

• Each account is assigned a unique Deposit Code available on your account dashboard.

• Visit an approved FastBitcoins.com merchant and pay cash using your Deposit Code.

• The merchant deducts their commission and credits the remaining amount to your account instantly.

Withdrawal Process:

Withdrawals can be made using the following steps:

• Withdraw Bitcoin:

• Transfer Bitcoin to FASTBITCOINS from your wallet by clicking the “Deposit Bitcoin” icon.

• The Bitcoin will be credited to your account after network delivery fees deduction.

• Bitcoin with potential illicit activity associations might not be credited.

• Withdraw Fiat Currency:

• Click the “Withdraw” icon on your account dashboard to withdraw fiat currency.

• Initiate a transfer of the specified amount to your nominated bank account.

• Allow 3-5 business days for settlement, bearing in mind that individual bank processes might extend the timeline.

Educational Resources

FASTBITCOINS provides a range of educational resources and tools to assist users in their cryptocurrency trading journey. These resources may include articles, tutorials, and guides on topics such as trading strategies, market analysis, and understanding different aspects of cryptocurrencies. Additionally, FASTBITCOINS may offer tools such as price charts, indicators, and calculators to help users make informed trading decisions. It is recommended to visit the FASTBITCOINS website or contact their customer support for specific details on the available educational resources and tools.

Is FASTBITCOINS a Good Exchange for You？

Based on the information provided, FASTBITCOINS primarily focuses on Bitcoin (BTC) trading and offers various payment methods, such as bank transfers and debit or credit cards. Considering this, the exchange may be suitable for the following trading groups:

1. Bitcoin Traders: FASTBITCOINS is an ideal choice for traders who specifically focus on Bitcoin. The platform's primary cryptocurrency offering allows Bitcoin traders to easily navigate and engage in BTC trading activities.

2. Beginners: The availability of educational resources and tools provided by FASTBITCOINS can be beneficial for beginners who are just starting their cryptocurrency trading journey. The articles, tutorials, and guides offered by the exchange can help them understand trading strategies, market analysis, and various aspects of cryptocurrencies.

3. Convenience Seekers: FASTBITCOINS' support for multiple payment methods, including bank transfers and debit or credit cards, offers convenience to users who prefer these payment options. This flexibility makes it easier for users from different regions to deposit funds into their accounts and trade cryptocurrencies.

4. Security-Conscious Traders: The exchange's implementation of industry-standard encryption protocols, strong password requirements, and two-factor authentication provides enhanced security measures. This can attract traders who prioritize the security of their funds and personal information.

It is important to note that the suitability of FASTBITCOINS for different trading groups may vary based on individual preferences, trading goals, and risk appetite. Potential users are advised to conduct their own research and evaluate their specific requirements before choosing an exchange.

Conclusion

FASTBITCOINS is a virtual currency exchange based in the United Kingdom, established in 2013. FASTBITCOINS' Common Financial Service License exceeds the scope of its business as regulated by Canada FINTRAC (license number: M20466610). The platform primarily focuses on Bitcoin (BTC) trading and offers various payment methods, including bank transfers and debit or credit cards. Despite providing 24/7 customer support and educational resources, it's worth noting that the company's regulatory compliance has been reported to exceed the scope of its business according to Canada's FINTRAC regulations. This potential deviation from regulatory boundaries raises concerns about the legitimacy of their activities and adherence to established financial regulations. The platform's security measures include encryption protocols and two-factor authentication, while its fee structure offers a tiered system based on trading volume. While FASTBITCOINS may be suitable for Bitcoin-focused traders, beginners seeking educational resources, convenience-seeking users, and security-conscious traders, the reported regulatory issue and limited cryptocurrency options should be taken into consideration when evaluating its overall suitability for individual trading preferences and needs.

FAQs

Q: What is FASTBITCOINS？

A: FASTBITCOINS is a virtual currency exchange headquartered in the United Kingdom. Founded in 2013, it primarily specializes in trading Bitcoin (BTC) and offers various payment methods such as bank transfers and debit or credit cards.

Q: Is FASTBITCOINS regulated？

A: Yes, FASTBITCOINS is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. However, there are reports that their Common Financial Service License has exceeded regulatory boundaries according to Canada's FINTRAC regulations.

Q: Which cryptocurrencies can be traded on FASTBITCOINS？

A: FASTBITCOINS exclusively supports Bitcoin (BTC) trading, and there is no indication of a broader range of available cryptocurrencies on the platform.

Q: What are the trading fees on FASTBITCOINS？

A: Transaction fees on FASTBITCOINS vary and are contingent on the type of trade. Maker fees stand at 0.05%, while taker fees are set at 0.10%. Maker fees can decrease based on trading volume tiers.

Q: Are educational resources available on FASTBITCOINS？

A: Yes, FASTBITCOINS offers a range of educational resources, including articles, tutorials, guides, and potentially tools like price charts and indicators, to assist users in improving their understanding of cryptocurrency trading.

User Review

User 1:

“I've been using FASTBITCOINS for a few months now, and I'm really impressed with their security measures. They use strong encryption protocols and offer two-factor authentication, which gives me peace of mind when it comes to protecting my funds and personal information. The regulation by the Financial Conduct Authority (FCA) also adds an extra layer of trust. The interface is user-friendly and intuitive, making it easy to navigate and place trades. However, I wish they had a wider selection of cryptocurrencies available for trading. Customer support has been responsive and helpful whenever I've needed assistance. The trading fees are reasonable, and I haven't experienced any issues with liquidity. Overall, I'm satisfied with my experience on FASTBITCOINS.”

User 2:

“I recently started using FASTBITCOINS, and so far, I'm pleased with their platform. The security measures they have in place, such as encryption protocols and strong password requirements, give me confidence in the safety of my funds. The regulation by the Financial Conduct Authority (FCA) also adds a level of trust. The interface is straightforward and easy to use, making it simple to navigate and execute trades. I have found the liquidity to be satisfactory, and the order types available meet my trading needs. While the selection of cryptocurrencies is limited to Bitcoin, their customer support has been responsive and knowledgeable. The trading fees are reasonable, and I appreciate the focus on privacy and data protection. Deposit and withdrawal speeds have been relatively fast, which is a plus. Overall, I'm happy with my experience on FASTBITCOINS.”

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.