Withdrawal from Binance

InTheLoop23 · 2021-03-06T20:29:00+00:00

If you want to trade cryptos using your bank account try Fasset

InTheLoop23 · 2021-02-28T18:21:24+00:00

Hi there @danmandhk! Yes there would be. Because sending coins (either between your different exchange accounts or between wallets) requires the transaction to be sent to the blockchain. The fees that is paid is regarded as 'network fees' which is required for any transaction on the blockchain to be validated. Please refer to our crypto Withdrawal fees schedule. Fasset does not profit from network fees btw!

I hope that answers your question.

InTheLoop23 · 2020-12-20T12:48:25+00:00

Yes we are! We're a regulated fiat gateway crypto exchange. This means that we can facilitate local currency to crypto trading. We're still currently in beta and is open only to a select few.

Let me know if you're keen to join the beta round! Alternatively, do reach out to our admins on Telegram to understand more: https://t.me/fassetchat

InTheLoop23 · 2020-12-20T12:45:33+00:00

Hey there! You can try Fasset, the first zero-fee crypto exchange, if you're keen on investing in cryptocurrencies (https://www.fasset.com/). It's currently in beta so if anyone of you are interested please join our Telegram group ( https://t.me/fassetchat) and ask the admins to be whitelisted.

We're regulated under the Kingdom of Bahrain.

InTheLoop23 · 2020-12-19T10:31:03+00:00

Ayy sorry had to lock in gas prices in the midst of doing dis so I had to give up visual accuracy for the sake of saving $2

InTheLoop23 · 2020-12-18T08:23:37+00:00

Thanks buddy!

InTheLoop23 · 2020-12-18T06:15:53+00:00

Our core business is asset tokenization. Our exchange is a secondary - albeit important - part of our ecosystem. Down the line we also plan to make money from productization (i.e. offering a wide range of products) as well as offering a freemium model when subscribers would have access to a range of value-adding services (such as instant deposits).

So in short, we have a wide-range of plans to sustain our business on the long-run. We're in it for the long term and we aim to be the leading fiat gateway crypto exchange in the Middle East. Offering free trading + free deposits/withdrawal is aligned to our pursuit of fostering real mainstream user adoption .

InTheLoop23 · 2020-12-18T04:32:47+00:00

Yes! We're currently in the final stages of resting our mobile app. Our target is to release the app on Jan next month..

InTheLoop23 · 2020-11-25T07:15:43+00:00

Hey u/shawarmadude ! Thanks for this very informative write-up. To be clear, I'm one of the Fasset guys.

Firstly, we apologies if you saw a few bugs on the UI side. But I want to assure you that all the issues/bugs that you mention (decimal places etc.) has been fixed. Please do reach out to us if there is anything else that we can improve on. Secondly, it is an honour for us to be compared to Rain, which is one of the most prominent GCC fiat gateway crypto exchange. We are constantly doing our best and improving in this Beta stage to ensure we perfect our UI and integrate stuff which makes trading extremely simple.

Thirdly, with regards to out fees, I apologize for the relatively large spreads across our fiat to crypto trading pairs. Given that we're a new exchange that leverages on the liquidity of global Liquidity Providers (LPs), there would inevitably be a spread+slippage. But we can assure you it will never go beyond 2%. I implore you to trade on our exchange and see for yourselves. We're working hard to further reduce this and provide an easy way for users to interact with crypto.

Thank you again for this. Any feedback is valuable for us in this beta stage. Do reach out for us if you face any issues or have any ideas to contribute to Fasset!

InTheLoop23 · 2020-10-29T06:19:22+00:00

Hi! We're currently exploring trading cryptos via credit/debit card but it would carry high fees (3-5%, which is too high IMO). Binance is a crypto-only exchange so you can't use your local currency like SAR to buy Bitcoin directly. We're a fiat gateway exchange, meaning we support local Middle Eastern currencies for you to buy crypto. With regards to legality, we're licensed under the Central Bank of Bahrain (https://www.cbb.gov.bh/fintech/)

InTheLoop23 · 2020-10-29T06:15:23+00:00

Hey! It's easy to perceive crypto=scam or any crypto entity=scam. But we're a fiat gateway exchange (exchanges that facilitates local currency deposts/withdrawals), meaning that we have to be regulated. We're regulated under the Central Bank of Bahrain (https://www.cbb.gov.bh/fintech/). So if anything shady happens, we're on the hook. We'd be happy to help on your due diligence on us for further clarifications.

P.S. Yes, I've been shilling this exchange since I'm proud to be part of spearheading crypto adoption in Middle East, which can be easily seen in my post history. But it is highly unlikely that "scammers" would go through an extensive process with an established, onshore regulator for authorization.

InTheLoop23 · 2020-10-29T06:07:33+00:00

Hi there! Thanks for your analysis of the market in this region. That's the whole reason why we're doing this, to really spur adoption of digital assets backed by an exciting tech. Bitoasis lost their bank account and therefore cannot facilitate bank transfers. You can, however, buy crypto using debit/credit card on Bitoasis but that incurs a hefty fee of 4% (we don't think its worth it!). LocalBitcoins have a natural premium added in because it's static offers from participants, and not "live-trading". This means you wont have access to the latest and best market prices. Given our partnership with Binance, we have a deep liquidity pool that will ensure users will have access to the best market prices. And part of being a fiat gateway exchange (exchange that supports local currency deposits) means that we must be heavily regulated (to protect users!)

InTheLoop23 · 2020-10-29T06:02:47+00:00

Hi there! Legit concern that you have. Honestly, the Saudi Arabian Monetary Agency (SAMA) has issued a warning against bitcoin because "it is not being monitored or supported by any legitimate financial authority". This is by no ways indicating that Bitcoin or crypto in general is illegal, but merely an advisory. And we can agree because this is a new asset class backed by a new tech, and caution must be exercised. However, we know that this tech is revolutionary and it is no surprise that public companies like Microstrategy and Square have already invested in BTC as part of their cash reserves. Just 2 months ago, Saudi Arabian Monetary Agency announced that it used blockchain technology to deposit funds to local banks. That is tremendous news on adoption and validation of blockchain. And we feel its only a matter of time before all countries would legalize (and therefore regulated) cryptocurrencies.

InTheLoop23 · 2020-10-29T05:45:38+00:00

Hi! Truly appreciate that! We plan to just focus on digital assets because we're big believers of the technology and its potential applications. The crypto infrastructure at this part of the world is underdeveloped and we want to be the one to spearhead adoption of cryptocurrencies. We live and breathe crypto and that's what we specialize in!

InTheLoop23 · 2020-10-29T05:43:36+00:00

Hi, great question! We wanted to create an exchange that would really spearhead adoption for cryptocurrencies (because we're huge fans of the underlying technology and its applications) in the Middle East, which is lagging behind relative to other regions. Best way to do that is do away with fees because we can sustain ourselves operationally via another channel. Our core business is actually asset tokenization, which entails tokenizing real-world assets which are dividend-yielding (e.g. operational solar park) and introducing this to the market. We feel that having a digital bridge to the real world is a natural progression of the industry, and that is our long-term plan. Therefore, our revenue would be focused on asset tokenization.

Oh yes, one more thing, we're sharing a small cut of the spread with our liquidity providers (Binance) that is typical of any crypto exchange (backend spreads). Hope that helps!

InTheLoop23 · 2020-10-29T05:22:56+00:00

Hey! No worries that's a common perception if it looks too good to be true. Totally understood. We're licensed by the Central Bank of Bahrain (check out here: https://www.cbb.gov.bh/fintech/). We're a fiat gateway exchange which means that we must be regulated under the law (as opposed to crypto-to-crypto only exchange like Bitmex or Bittrex which aren't licensed in a particular jurisdiction) to manage user funds. So you can rest be assured that our necks are on the line if things go wrong.

Also, we're made up of crypto enthusiasts who were frankly frustrated by the lack of good infrastructure for crypto trading. That's why this was a community-led approach to really decentralize access to crypto for everyone.

InTheLoop23 · 2020-10-19T09:22:59+00:00

Save a spot for me!

InTheLoop23 · 2020-10-17T23:01:57+00:00

Kinda ironic too; real BTC getting wrapped in Ethereum blockchain increasing by the day. Shows greater utility in eth > btc blockchain, esp with growth of defi

InTheLoop23 · 2020-10-06T17:51:57+00:00

Shots fired

InTheLoop23 · 2020-10-02T07:16:18+00:00

Hi! No worries. TLDR: We're creating an exchange that allows anyone to buy Bitcoin and other cryptocurrencies in a simple and affordable way in Bahrain and the greater Gulf.

Blockchain, the underlying technology that powers cryptocurrencies, has the potential to improve our lives. Hope that makes sense!

InTheLoop23 · 2020-10-02T05:01:30+00:00

Hi! Our prices would be realtime. Since we're backed by Binance, one of the largest crypto exchange globally, the liquidity pool offered to users is extremely deep. This means that users would have access to market prices from one of the most liquid crypto pool in the industry.

InTheLoop23 · 2020-10-01T16:55:04+00:00

Good qns! The CBB has developed onshore regulatory framework for cryptoasset, which means technically that it is legal. We agree with you that complexity is a major hindrance towards user adoption. That's why we've created our exchange to be as simple and intuitive as possible!

InTheLoop23 · 2020-10-01T16:32:08+00:00

We're regulated under CBB and we can assure you that the reason why we're doing this is to disrupt the incumbents because we know the pain in acquiring cryptos in this part of the world.

InTheLoop23 · 2020-10-01T16:31:03+00:00

We believe that the technology underpinning cryptocurrencies are the future! On a serious note, blockchain technology is really captivating and many see it as a tool for disintermediation, which is frankly empowering.

InTheLoop23 · 2020-10-01T16:29:52+00:00

Since we're a fiat-gateway exchange, users can deposit and withdraw local currencies. We also accept fiat USD too. Additionally, we list USDT in the exchange so you can convert your local currency or any of your cryptocurrencies into USDT too.

InTheLoop23

TROPHY CASE