FCoin to dethrone other top exchanges? Daily volume rose to $17.3 billion within a month of its launch
FCoin is currently one of the hottest crypto exchanges. There’s a high chance that you have never even heard of it, and it’s absolutely ok since it began trading in May. FCoin has not even been listed on the CoinMarketCap. So, what’s the hoopla all about?
Well, to be precise, it has one the highest transaction volume in the world. The China-based exchange is set up by the former chief technology officer (CTO) of Huobi, Zhang Jian. Over the last two weeks of June, a meteoric surge in FCoin’s volume has been noted. Surprisingly, none of this is captured yet by major data outlets like CoinMarketCap is yet to add their data feed to their sites.
Transaction mining model of FCoin
The new model that FCoin follows is what makes it different from the others. Like all other exchanges, in this exchange too, you have to pay a transaction fee of 0.1% of the volume you traded. Most of the time the base currency is paid which is, for the most part, is in BTC or ETH. At the end of the day, the China-based exchange credits the account of the person with equivalent value in FT (native token of FCoin). Theoretically, making it a feeless exchange.
However, it is to be noted that transaction fee free does not mean free FT tokens. It is more like exchanging BTC & ETH for FT. It is, we can say a very novel way for the exchange to conduct an ICO on their own token. The quick rise of the exchange shows that the idea actually worked. Also, one needs to be careful as exchanging ETH & BTC for FT means taking a risk. Moreover, if the FT price drops significantly before you cash, you will have to effectively bear the cost of trading on the exchange.
Social media response (Reddit)
- Damien_king: Despite the high trading volumes, the exchange isn’t even there on Coinmarketcap.
- Trademessiah: Since it’s created by the CTO of Huobi, thre are chances of them joining hands with the exchange. On the other hand, they could also become rivals.
- Santale_joker: The high transaction volumes seem to be the main reason the exchange is performing this well. Hope they dont increase it as they grow bigger.
Image via Shutterstock
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