Fairdesk Shuts Down
On Oct 11, 2024, Fairdesk announced they will permanently shut down operations, citing evolving market conditions and regulatory changes as the primary reasons for its closure. After October 17, the platform will only support withdrawals until the final closure date.
Timeline
- Oct 11, 2024: Fairdesk officially announced its closure plan.
- Oct 17, 2024: All futures and spot trading positions will be closed.
- Nov 30, 2024: Final shutdown date; all services will cease.
Highlights
What Is Fairdesk?
Fairdesk is a centralized crypto exchange geared to derivatives and copy trading. They were founded in 2021 by former Binance employees and xoftware architects from Morgan Stanley. The exchange is based in Singapore but has optional KYC, making it available to anyone worldwide.
Traders can enjoy 180+ perpetual contacts, up to 125x leverage, copy trading, and more. CoinMarketCap and ConGecko data show they have billions in trading volume for derivatives.
Where Is Fairdesk Available?
While Fairdesk doesn’t have an official list of countries, their Terms of Service don’t mention any prohibited regions either. The Singaporean exchange currently onboards users from everywhere, including the United States, Canada, and more.
What's The KYC Policy?
Currently, Fairdesk is an optional KYC crypto platform. The daily withdrawal limit is 80,000 USD for unverified accounts. You can see this info yourself in your account profile and also visit their AML/KYC policy page here.
You also don't need a VPN to use the platform however, one is recommended if you want to be extra safe.
Key Features & Benefits
Fairdesk Fees
From our analysis, Fairdesk’s fees are competitive compared to other leading exchanges:
Some of the crypto withdrawal fees are $0.80 while other coins are as high as $60. To save a few bucks, check the coin fees before withdrawing. For instance, USDT is only $0.80 when withdrawing using Binance Smart Chain.
Is Fairdesk Safe?
Source: RankFi.com/crypto-exchanges
Bottom line, Fairdesk is considered secure and we didn't find any red flags. However, we don’t recommend holding all your funds on any exchange, even if it's the safest crypto exchange in the world.
In our research, Fairdesk has a Proof of Reserves that claims all funds are backed at least 1:1. They also use cold storage and maintain a clean reputation. There havew never been any reports of hacks, incidents, or loss of funds.
The team consists of former Binance and Morgan Stanley executives. Then, CoinGecko only gives Fairdesk a 5/10 trust score, while most blogs and reviews say Fairdesk is trustworthy.
Is Fairdesk Worth It?
Bottom Line: We think Fairdesk is a good derivatives exchanges if you want a platform with no KYC and no VPN. Anyone can sign up and trade 180+ perpetual contracts with low fees and a good UX.
Reasons you shouldn’t use Fairdesk are if you want good spot trading or a fiat on and off-ramp.
If you don't mind a KYC platform, then you should see our list of best CEXs. The big players simply offer more of everything, like more coins, more features, more trading volume, and so on.
Pros & Cons
Fairdesk Alternatives
We've compared dozens of crypto exchanges so you can find the best one. If Fairdesk isn't for you, check out the platforms below or visit our best non KYC exchanges or list of crypto futures exchanges.
BYDFi is one of the top no KYC, no VPN exchanges where anyone can sign up and trade.
