FMFW.io Exchange Review – Fees, Supported Coins

What is FMFW.io?

FMFW.io is based in Saint Kitts and Nevis. Formerly known as Bitcoin.com Exchange, however, FMFW.io rebranded itself on 29th, September. 2021. FMFW stands for “Free the Money, Free the World”.

FMFW.io Advantages

The platform emphasizes its speed, security, and 24/7 assistance as its key features.

FMFW.io Mobile Support

The majority of cryptocurrency traders believe desktop platforms offer the greatest trading experiences since the computer’s screen is larger allowing traders to access a greater amount of the important data that they need to make trading decisions at once. Additionally, the trading chart will be easier to display. Nevertheless, not every cryptocurrency trader requires a desktop. Some people like using their mobile devices for cryptocurrency trading. You’ll be happy to hear that the trading platform on FMFW.io also provides an app for mobile devices if you belong to that group of traders. It is available for download to/from Google Play and the App Store.

US-investors

Why are US residents unable to set up accounts with so many exchanges?  The is only one reason: the Securities Exchange Commission (SEC). The US prohibits international corporations from soliciting investment from US investors unless they are also registered in the US. The SEC has the authority to sue foreign businesses that still try to seek out US investors. There are several instances of the SEC bringing legal action against cryptocurrency exchanges such as EtherDelta for running an unlicensed exchange. Another occasion was when they filed a lawsuit against Bitfinex, arguing that investors were being misled by the stablecoin Tether (USDT).

The US investors are not accepted by FMFW.io therefore they will need to look for another trading platform. As of July 20, 2021, the prohibited jurisdictions listed on FMFW.io are as follows:

• the United States of America;
• Iran,
• North Korea,
• Sudan,
• Crimea and Sevastopol;
• Cuba,
• Syria,
• Ghana,
• DRC,
• Tunisia,
• Cambodia,
• Trinidad and Tobago,
• Libya,
• Iraq,
• Guinea Bissau,
• Lebanon,
• Somalia,
• Yemen,
• Afghanistan,
• Japan,
• Burundi,
• Zimbabwe,
• Belarus,
• Central African Republic,
• And any state, country or other jurisdiction that is embargoed by the United States of America, a jurisdiction where the local Applicable Law prohibits or will prohibit you at any time (by reason of your nationality, domicile, citizenship, residence or otherwise) to access or use the Services.

Leveraged Trading

FMFW.io also provides leveraged trading to its participants. However, as we know, they only offer perpetuals (futures with no expiration dates). Their perpetuals allow a maximum leverage level of 10x, which is ten times the relevant amount.

The following word of warning may be helpful for anybody considering leveraged trading: “Leveraged trading has the potential to generate enormous profits but it may also result in equally enormous losses.”

For example, suppose you have $100 USD in your trading account and you want to bet it on BTC going long (going up in value). In the event that Bitcoin increases by 10%, you would have made 10 USD. If you had leveraged your trade 100 times, your starting 100 USD stake would have grown to 10,000 USD instead earning you an additional $1,000 USD (or 990 USD more than you would have if you hadn’t leveraged your deal). Nevertheless, the more leverage you apply, the shorter the distance to your liquidation price. This implies that you can lose all 100 USD that you started with if the price of Bitcoin fluctuates in the other way, which in this case is down, even just a very small proportion. There are no risk-free profits in leveraged transactions, therefore, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned.

FMFW.io Trading View

Every trading platform provides a unique trading perspective. The trade view is a section of the exchange’s website that displays the price chart for a certain cryptocurrency as well as its current price. In addition, most platforms let you view the order history, which consists of previous transactions involving the relevant cryptocurrency. There are also buy and sell boxes where you can place orders. Everything is displayed in the same view on your desktop. Of course, what we have just discussed is not without its differences. The trading view on FMFW.io is demonstrated as follows:

It depends on you to decide whether the above trading view is suitable for you or not. You can customize the trading view to fit your personal preferences using many different kinds of setup options.

FMFW.io Fees

• FMFW.io Trading fees

The exchange charges a trading fee each time you place an order. In general, the trading charge is calculated as a percentage of the trade order’s value. Many platforms separate their fees for takers and makers. Takers are those who “take” an existing order from the order book. Makers are the ones that add orders to the order book, creating liquidity on the site.

Makers and takers on this marketplace are charged 0.50% for each transaction. These fees are more than twice as high as the usual industry rates for centralized exchanges globally. The industry average has previously ranged from 0.20 to 0.25%, but new industry averages are already starting to emerge, around 0.10% to 0.15%. The most recent empirical investigation on the topic showed that the industry average taker fees were 0.221% and the industry average maker fees were 0.177% (for spot trading).

Additionally, FMFW.io offers a trading charge discount table in which you may reduce your trading costs based on an increase in your trading volume over the last 30 days. You might lower your trading costs to 0.01% for taker fees and 0.00% for maker fees if you were one of the cryptocurrency whales who traded for more than 1 billion USD in the previous 30 days. Yet, we believe that very few traders actually achieve such quantities. However, you still receive a discount even if your last 30-day trading volume was merely 10,001  USD. The details are gathered in the following table:

• FMFW.io Withdrawal fees

According to what we discovered, FMFW.io doesn’t charge any fees when you withdraw crypto from your account on the exchange. There is only fee that you have to think about when withdrawing is the network fee. The network fees aren’t paid to the exchange, they are paid to the miners of the relevant cryptocurrency or blockchain. Network rates differ from day to day based on the network congestion. In general, just paying network costs should be regarded below the worldwide industry average in terms of cryptocurrency withdrawal fees.

Deposit Methods

Similarly to other platforms, FMFW.io allows you to deposit cryptocurrency assets to the exchange. The platform enables you to purchase and sell crypto via debit and credit cards. However, they do not accept wire transfers.

FMFW.io meets the criteria to be classified as an “entry-level exchange,” which is an exchange where novice cryptocurrency investors may begin their adventure into the fascinating world of cryptocurrencies since deposits in fiat money are all possible on this trading platform.

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