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Getting Started with FYB-SG

One of our users has made a fantastic video explaining how to use the exchange.
(Credit : Jonathan from Bitcoin World Wide)

Where in Singapore can you spend Bitcoins?

From cafes, pubs, apparel stores to electronic stores, the number of Singapore-based retailers accepting Bitcoin is growing rapidly. Alternatively, you can even choose to diversify your Bitcoin investments by investing into physical precious metals through local dealers accepting Bitcoin.

Where can i find my FYB Code?

It can be found on the deposit page, in the bank deposit details box.
The code is unique to your account and must show on our statement in order for your account to be credited.

How does trading work?

You simply key in the quantity of Bitcoins you wish to buy/sell and the price in the respective buy/sell field and click the Buy/Sell button. Once you have executed a trade, the following chain of events take place :

1. FYB will try to fill your order with other pending orders at the same or better price than you indicated.

In other words if you try to buy 1BTC at $1000, Fyb will try to fill your order with the lowest selling price orders up till $1000. If there are sell orders below $1000, you will be filled at a better rate.

2. If your entire order is filled, execution stops. If there is a partial fill(ie. only 0.8BTC could be bought at/below $1000) then the remaining qty is listed as a pending order(Buy Pending Order 0.2BTC at $1000)

Is the Bitcoin deposit address for my account unique, does it change?

Your deposit address is unique to your account and is not shared with any other account for receiving deposits. Any new payments to the address will be reflected in your FYB-SG bitcoin balance.(Note this does not apply to withdrawals, withdrawal of BTC can come from different addresses and therefore the actual Bitcoin balance of your deposit address is not representative of your FYB-SG Bitcoin Balance).

If im a miner, can i send my mining payouts directly to my deposit address?

Yes, you can.
However, it is unlikely to be profitable to mine if you reside in Singapore unless you have access to free electricity(Work/School) as Singapore has some of the most uncompetitive electricity prices in the world.

How much are the fees for executed trades?

Fyb-SG charges a 0.6% commission on the longed currency to pay for development/overhead costs.
Limit orders(ie. Pending orders in the orderbook) will receive a discount of 50% on fees.
If you buy 100BTC, the commission will be 0.6BTC and you will receive 99.4BTC
If you sell $100 worth of Bitcoins, the commission will be $0.60 and you will receive $99.40

I did a same bank transfer, how long before my account is credited?

Your deposit will be credited within 24hrs upon receiving your funds.

Which banks can i withdraw fiat to?

You may withdraw to any Singapore Bank account(You will need your Bank Code, Bank Branch Code, Bank Account number) or any Maybank Malaysia bank account.
Please note that withdrawals to Maybank Malaysia will incur additional RegionLink Bank charges.

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