Sparrow Exchange Review 2024 : Exploring the Functionality

What Is Sparrow Exchange?

Sparrow Exchange is an options trading platform for digital assets. It offers inventive solutions for trading and swapping Bitcoin and Ethereum options. Founded in 2018 and headquartered in Lion City, the platform has recently raised $3.5 million in 2020 in Series A funding.

Sparrow Exchange Summary

Official Website
Headquarters Singapore
Found in 2018
Native Token SPO
Listed Cryptocurrency BTC, ETH
Trading Pairs 25
Supported Fiat Currencies USD
Supported Countries Singapore, Korea, Congo, Iran, Libya, Somalia, South Sudan, Yemen, & more
Minimum Deposit No
Deposit Fees Free
Transaction Fees Depends on Blockchain Condition
Withdrawal Fees Depends on Blockchain Condition
Application Yes
Customer Support Email, Social Network, & FAQ Support

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Presently, the platform has been backed by renowned investors like Signal Capital, Du Capital, Kyber Network, The Yozma Group, and LuneX Ventures.

A detailed guide is necessary for traders who are just venturing into the world of cryptocurrency exchanges and trading. Without it, one may be unable to make wise investment decisions.

Thus, here is a comprehensive review of Sparrow Exchange, how it works, it’s products, pros and cons, and more.

More About the Sparrow Exchange Platform

Being one of the leading cryptocurrency trade platforms, Sparrow also partners with financial institutions and family businesses to curate customized digital asset products and services.

Sparrow Exchange ICO rating has not been derived yet and as per, its hype score is medium.

Sparrow Exchange team comprises Kenneth Yeo (CEO), Adrian Tian (Chief Investment Officer), Liu Li (Chief Technology Officer), Mak Chung Lee (Chief Risk & Compliance Officer), Reuben Conceicao (Chief Strategy Officer), Toh Ghim (Chief Operating Officer), and Eddie Yeo (Chief Design Officer).

Sparrow Exchange Platform Interface

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How Does Sparrow Exchange Work?

Sparrow Exchange works as an up-and-coming digital options trading program with different trading options on. It simplifies bitcoin trade to make it more accessible and democratized.

This revolutionary platform allows one to create trading options and control risks using its flagship option products called TradeBOOST and TradePROTECT. With this unique self-service platform, investors can instantly buy or sell bitcoin or Ethereum online. One can also explore accessible trading products like E-OTC spot trading, BTC & ETH, and APIs.

All Sparrow options are cash-settled via smart contract settlement. This means that there is no need for assets to be settled through physical delivery.

Using Sparrow, you can trade Ethereum and Bitcoin European options which are highly customized and come with no counterpart risk. Moreover, the platform allows one to convert more than 25 pairs for trading at no price using the new ConvertNOW facility.

It has utilized an off-chain on-chain technique to provide users with a smooth trading experience. This includes an order book and a transparent and simplified settlement approach referred to as a smart contract.

Why Choose Sparrow Exchange?

There are many reasons why you should choose this most secure cryptocurrency exchange for trading options and digital assets. Many users consider it one of the best platforms to control risks and trade assets online.

Here’s why you should choose Sparrow as your go-to partner to trade options:-

  • Reliable, easily accessible, and customized products for options trading.
  • Control risk, trade, or swap digital assets easily.
  • Avail partnerships with top digital assets investors.
  • Strict security practices with layered security provisions using perimeter defense.
  • Proprietary technology stack to ensure security.
  • Top-class custodian partners to protect your digital assets.
  • Identification checks for high compliance to security.
  • Comprises an expert team in trading and fintech to tailor highly effective services.
  • BitGo-secured cryptocurrency platform.
  • Attained 3.5 billion in trading in 2021.

Why Sparrow?

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Features of Sparrow Exchange

Here is the Sparrow Exchange review of the unique features of this digital assets platform:-

  • TradeBOOST and TradePROTECT are its two unique offerings for facilitating a simplified way to sell and buy cryptocurrency.
  • It follows European options trading for customized trading options and smart contract cash-settled settlements.
  • Traders can instantly swap their assets or convert the cryptocurrency using Sparrow’s zero-price ConvertNOW feature.
  • It settles disputes via the NIDUS chain to ensure transparency.
  • API trading with inciting volume-based rebates for traders and investors
  • Both liquid and trading options are on offer to give users the best of both worlds.
  • It ensures complete security for trading options via compulsory KYC verification.

Features of Sparrow Exchange

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Sparrow Exchange Review: Pros and Cons

For an unbiased Sparrow Exchange review, it’s important to analyze the pros and cons of this platform. Let’s take a look at the pros and cons of Sparrow for options trading and other services:-

Pros Cons
Perfect for beginners in options trading with its user-friendly interface and simplified products. Only for Bitcoin and Ethereum.
Sparrow options are highly customizable compared to exchange-traded alternatives. Not available for Android app users.
Control risk and amplify trade returns smoothly. KYC verification is compulsory.
Value for money with zero-fee conversion for digital currency with ConvertNOW facility on offer. Not available for US citizens.
BitGo-protected safe Bitcoin and Ethereum options trading.
No hidden price for asset swapping via ConvertNOW.
Avail 50% discount on fees for transactions via Sparrow tokens.
Assured transparency and security for traded options and conversions.

Getting Started With Sparrow

Getting started on Sparrow is simple. To start your journey, you can visit their official website and click on ‘Getting started’. If you are new to options trading or digital assets, you will be redirected to connect to an expert by filling out a simple form.

If you are already an options trader, you can click on “Register” at the top-right corner and join the platform.

Steps to Create an Account

Here are the important steps to create your account:-

  1. Accept the disclaimer agreement containing the risk warning for a digital payment token service provider.
  2. Now, enter your e-mail address and create a password to start as a new user.
  3. You’ll receive a verification email to confirm your details.
  4. Click on ‘Verify’ and you’ll be redirected to the verification page. Sign in again with your password and read the onboarding procedure details and then accept and continue.
  5. Complete a four-step verification, i.e. contact details, address, employment information, and wealth details.
  6. Once you verify your contact details, the next three steps (address, employment, and wealth) will require you to finish the KYC check by submitting government-issued ID documents.
  7. The verification process will also require you to take a clear selfie for user identity.

Sparrow Sign Up Process

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Verifications and KYC Process on Sparrow Exchange

Verification and KYC process on Sparrow is carried out when a new user creates an account on the platform. Once you sign up as a new user and verify your email, you need to sign in again with your password for the verification.

Here is the Sparrow Exchange review of the verification and KYC process:-

  • Read through the terms agreement for identity verification and screening information and then click on “OK”.
  • Select the issuing country for your ID verification (main options available are National Identity card, driver’s license, or passport).
  • Next, upload the front and back page scanned picture of your chosen ID document.
  • You also need to take a clear selfie and upload it on the portal.

It takes around 3 days to complete KYC verification and then you can start trading on Sparrow.

Sparrow Exchange Fees

There is a certain fee to trade bitcoin and Ethereum and varies per the type of Sparrow options and services. You are required to pay a minimal transaction fee of 30% of the instant premium price or 0.1% times the contract’s notional value.

You can pay Sparrow fees with BTC, ETH, SPO, or SP$ and start trading. The ConvertNOW is zero-cost while users can avail 50% off the prize money if traders use SPO for paying the transaction fee.

Take a look at these sections for more information on how much to pay for withdrawal fees and deposit fees.

Withdrawal Fees

Fees for withdrawal are commonly regulated and adjusted as per the blockchain conditions and you can check the withdrawal fees when they sign in.

Deposit Fees

Sparrow doesn’t require traders to pay any deposit fee.

Sparrow Token (SPO)

The Sparrow Token (SPO) is just for you if you are about to join as an options trader on this revolutionary platform. The SPO is an ERC-20 utility token to trade Ethereum. The token can be used to avail a 50% discount on the transaction fee price.

Sparrow Mobile App

Sparrow Mobile App has been recently launched to allow users to trade options on the go. The mobile app has a simplified user-friendly interface that requires password-protected sign-in. However, the mobile app is currently available for iOS only.

Sparrow Mobile App

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Sparrow Exchange API

To carry out API trading, you will be first provided with detailed documentation on starting with this service. Providing users with the option to modify restrictions facilitates a secured approach.

Bitcoin and Ethereum traders can take advantage of APIs to buy/sell Sparrow options and swap their assets with the ConvertNOW facility to maximize the benefit.

Sparrow Exchange Security Measures

Sparrow’s security standards are high. It is incorporated with the Republic of Singapore and focuses on following the best compliance for safe bitcoin and Ethereum trading. It has mandated KYC/AML/CFT completion for new individuals. This ensures premium password-protected security standards to trade options.

Moreover, two-factor authentication (2FA) is also compulsory for creating a new account on Sparrow. Implementing 2FA as an extra layer of security makes every user’s account more protected from phishing and hacks.

The options trading platform also has firewalls to segregate public networks from DMZ and utilizes whitelisting to trade as well as AES data encryptions. Individuals are even provided with rewards for locating bugs on the site.

Sparrow Security Measures

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Sparrow as a Cryptocurrency Exchange

As a cryptocurrency exchange, it is increasingly becoming popular for its innovative products. Here’s a Sparrow Exchange review of the supported currencies and countries:-

Supported Currencies

The supported currencies are Bitcoin and Ethereum. Also, the current price of 1 Sparrow dollar is 0.05 USD.

Supported Countries

Sparrow services are supported in all countries except the USA and the following nations under sanctions:

  • Democratic People’s Republic of Korea
  • Democratic People’s Republic of Congo
  • Iran
  • Libya
  • Somalia
  • South Sudan
  • Yemen

Sparrow Customer Support

The platform provides optimal customer support to all its users through a blog, a FAQ center, and a troubleshooting page. You can put your questions on the contact page of the website for a quick reply too. Individuals can also send their customer queries to the team here.

Sparrow Customer Support

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Sparrow Exchange Review: Conclusion

We hope that this Sparrow Exchange review helped you with a comprehensive analysis of the pros and cons, opinions, and investment advice. As a revolutionary internet platform for options trading, it has the strong support of top investors and premium traders in the cryptocurrency space.

Its focus on innovation of services and products makes it a unique options trading site. It was in the internet news recently for its 3.5 billion investment win in 2020 in a Series A round. This news hype led to it becoming a worthy competitor of premium bitcoin and cryptocurrency platforms.

It is your go-to option whether your interests lie in Bitcoin or Ethereum trade, or you want to control risk while trading. It is one of the relatively new platforms with value for money to sell options on the internet and is slowly becoming a favorite amongst traders and institutions.

Sparrow Exchange Solutions

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What Is the Use of SPO Tokens?

SPO tokens can be used to buy or sell Ethereum. You can also avail of a 50% discount on the whitelisting, transaction fee price by using these tokens.

Is Sparrow Exchange Safe?

Yes, it is completely safe to buy and sell cryptocurrency online, control risks, swap assets, and more. It is incorporated by the Republic of Singapore and follows strict security and compliance standards to secure traders’ data and transactions.

Moreover, it follows two-factor authentication (2FA) to ensure user security. The platform also has firewalls to ensure safe bitcoin trading. It has secured public networks separately from DMZ. It also utilizes whitelisting as well as AES data encryptions.

Is Sparrow Exchange Legal in Singapore?

Yes, it is regulated by the Singaporean republic itself.

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