What is Fairdesk?
Fairdesk exchange, launched in Singapore in September 2021, aims to provide a fair and efficient platform for cryptocurrency transactions. In this article, we will delve into the key aspects of Fairdesk and explore how users can benefit from its offerings. The CEO of Fairdesk is Jacky Choi.
Noteworthy Facts
Focus on Crypto Derivatives: Fairdesk primarily focuses on crypto derivatives, offering a variety of trading options.
Experienced Team: Founded by professionals in the crypto industry, including six former Binance employees and three former software architects from Morgan Stanley.
Leverage and Asset Security: Fairdesk offers derivatives with leverage up to 125x, and it ensures the security of assets by storing them in offline wallets with manual processing for withdrawals.
High-Performance Match Engine: The exchange boasts an efficient proprietary match engine capable of processing up to 450,000 orders per second.
Bonus Packages: Fairdesk provides various bonus packages, including a $600 welcome bonus and trading bonuses with specified terms and conditions.
Mobile App: Fairdesk offers a mobile app, Fairdesk Go, available on both Android and iOS platforms.
Language and Fiat Support: The exchange supports six languages and 23 fiat currencies, catering to a diverse user base.
USDT Perpetual Contracts: Fairdesk offers a USDT Perpetual, a low-risk perpetual contract denominated in USDT, providing stability for traders.
Trading on Fairdesk
Perpetual Contracts: Fairdesk's USDT perpetuals cover 41 coins, including BTC, DYDX, ETH, EOS, ADA, LTC, DOGE, YFI, among others.
Risk Management: The exchange employs carefully designed mark prices, funding rates, and liquidation processes to minimize the impact and frequency of liquidations, prioritizing the protection of clients' assets.
Lowest Trading Commission: Fairdesk uses competitive trading commissions, allowing clients to retain a significant portion of their earnings.
Deposits and Withdrawals
Fiat Support via MercuryO: Fairdesk does not directly support fiat deposits. Users can purchase cryptocurrencies using fiat through MercuryO, utilizing bank cards and ApplePay.
Cryptocurrency Deposits and Withdrawals: Users can deposit and withdraw cryptocurrencies freely on the platform, with attention to network compatibility to avoid potential loss.
Fees and Bonuses: Deposits are free with a 5% bonus. Withdrawal fees vary, and holding FDT can lead to reduced fees or even free withdrawals in some cases.
Trading Fees
Competitive Fee Structure: Fairdesk imposes a 0.01% maker fee and 0.015% taker fee for BTC and ETH USDT perpetual trading. For other coins, the fees are 0.018% for makers and 0.028% for takers. FDT holders enjoy fee refunds based on their token holdings.
KYC Requirements
Optional KYC: Fairdesk currently does not mandate Know Your Customer (KYC) procedures. Users can transact freely after registering and verifying their email. Unverified accounts have a daily transaction limit of $200,000.
Fairdesk Native Token (FDT)
FDT Utility: Fairdesk's native token, FDT, serves various purposes, including rewarding stakers, reducing withdrawal fees, offering attractive annual percentage rates (APR) for saving FDT, and functioning as a governance token through the FDT DAO.
Release Schedule: The FDT token is set to be released for trading in the fourth quarter of 2022.
Safety and Regulation
Security Measures: Fairdesk employs security measures such as offline multi-level cold wallets and encourages users to enable two-factor authentication.
Regulatory Status: Fairdesk is not regulated, but it appears to be registered under Singaporean authorities.
Conclusion
In conclusion, Fairdesk presents itself as a promising exchange in the cryptocurrency space, offering competitive trading fees, anonymous trading options, and enticing deposit bonuses. However, users should exercise caution as the exchange is relatively young and untested over time. Additionally, Fairdesk is not currently regulated, emphasizing the need for careful consideration and due diligence.
What are the trading fees on Fairdesk?
Fairdesk spot trading fee is : maker/taker both 0.1%.
Does Fairdesk offer leverage trading?
Fairdesk provides futures trading.
Is Fairdesk safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
