The cryptocurrency exchanges continue to grow and expand by adding new and advanced features. With the more number of exchanges and choices being set before the traders, it can be a difficult task when it comes to choosing an exchange to trade on.
To help you pick the right exchange, Here is the review on one of the trusted and secure exchanges namely Allcoin Exchange
In this article, we will be covering the complete aspects of Allcoin exchange, and try to determine where it stands in comparison to others. Let us look into this Allcoin exchange review in detail now,
What is Allcoin?
Allcoin Exchange is a Canadian cryptocurrency spot exchange. It provides trading mainly of Bitcoin, Ether, and its own equity coin Qtum against the USD. The major significance of Allcoin is that it is the first listed blockchain asset in the industry of exchanges.
Allcoin is a crypto-asset exchange that has been registered in Canada in 2013. Cascadia Consumer Electronics Corp purchased the rights to the website and domain name (allcoin.com) in 2015. It is federally registered as a money services business by FINTRAC (Financial Transactions and Reports Analysis Centre).
Allcoin is translated only in Chinese and English. Allcoin’s services can be accessed by users worldwide, except for those that live in Africa, several countries in South America, and the USA.
Allcoin Features
- Trading Platform: Allcoin’s platform is similar to that of numerous other cryptocurrency exchanges and does not offer most of the typical features of a proper trading platform like MetaTrader. The platform also offers “pro candlestick” chart, which provides some analysis and charting tools and indicators.
- Low Fees: Allcoin has low fees in comparison to the other exchanges. No fees are applied for account registration and maintenance as well as for cryptocurrency and fiat deposits. It should be noted that depending on the payment methods used, there will be different fees charged for the transfers made.
- Security: The company uses physical data centers to store their data and access to customer data is limited even to employees. Allcoin’s website data is encrypted with an SSL (Secure Sockets Layer) protocol which prevents any unauthorized access.
- Customer support: Allcoin can be contacted by customers regarding various account and transaction issues by sending an email. The customer support services have been reported to be very unsatisfactory with responses being given between five to seven working days.
Allcoin Fees and Limits
Allcoin’s trading fee for takers is 0.20%. Makers enjoy a discount on the trading fee and they trade for half the taker fee, the fee is 0.10%. This Allcoin exchange rate is below or in line with, the industry average which has been 0.25%.
Allcoin charges a withdrawal fee amounting to 0.0009 BTC when you withdraw BTC. This is quite in line with the industry average, which is 0.000812 BTC per BTC withdrawal. AllCoin accepts deposits through both wire transfer and credit cards.
Allcoin Supported Currencies
Allcoin supports around 20+ cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Qbao (QBT), NEO, Litecoin (LTC), Zcash, QTUM, Sigmacoin (SIGMA), TRON, EOS, and many others.
Cryptos can be traded here in 6 markets:
- USDT
- CKUSD
- EOS Dapp
- BTC
- ETH
- QTUM
Allcoin Mobile App
There is no mobile app yet available in Google Play store or on the apple store. There are developments going on the release of a significant app. At present Allcoin Exchange can be accessed through the web and by its Allcoin API
How to register on Allcoin?
- Step 1:
To start, open the Allcoin site. Once the website is opened, click on “Sign up” to create an account. - Step 2:
Type in the needed information each stage requires you to supply, starting with “Email registration.” - Step 3:
After typing in your email and password, enter the code sent to your email - Step 4:
Check the small box confirming your agreement on Allcoin’s terms and conditions. Click on “Next” to continue. - Step 5:
After logging in, go to “Account Center” and click on “Real-Name Verification” and proceed with Certification Authentication by clicking on “Verify Now.” - Step 6:
Follow the instructions on what ID you need to upload and how to exactly upload them. - Step 7:
Check the box confirming that you are uploading your own ID, then hit on “Submit” to continue.
How to recover the Allcoin password?
In certain cases, to recover the Allcoin password, Visit the Official site and then go to the Allcoin Exchange login page and then click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password.
How to deposit on Allcoin?
Step 1: Log in to your account. You can deposit currencies like Bitcoin or Fiat money.
Step 2: For Bitcoin deposit, click on “Account” and type in your desired Bitcoin.
Step 3: You can also manually scan the currency list, then click on “Deposit.”
Step 4: You will be given a wallet address. This is the address that you need to use in processing your Bitcoin deposit
Step 5: Select your wallet address or generate a new one by scanning the QR code. Use this address in processing the Fiat money deposit.
Step 6: To view your recent and previous deposit transactions, you can scroll down and look for them under “Deposit record.”
How to withdraw on Allcoin?
Step 1: Log in to your account. You can withdraw currencies like Bitcoin or Fiat money.
Step 2: For Bitcoin withdrawal, click on “Account” and type in your desired Bitcoin.
Step 3: You can also manually scan the currency list, then click on “Withdraw.”
Step 4: You will be given a wallet address. This is the address that you need to use in processing your Bitcoin withdrawal
Step 5: Select your wallet address or generate a new one by scanning the QR code. Use this address in processing the Fiat money withdrawal.
Step 6: To view your recent and previous withdraw transactions, you can scroll down and look for them under “Withdraw record.”
How to buy cryptocurrencies on Allcoin?
Step 1: Log in to your account. Go to “Exchange”
Step 2: You will be able to view different currencies and markets. Scroll down to the “Buy” section.
Step 3: After selecting your Bitcoin, type in your desired amount.
Step 4: Then type in the “Transaction Password” which was set up when you verify your identity on Allcoin.
Step 5: Whenever you are ready, click on “Buy.”Step 6: At the bottom, you have the option to view your latest and all transactions made. At the upper-right hand are your open and previous orders made.
How to sell cryptocurrencies on Allcoin?
Step 1: Log in to your account. Go to “Exchange”
Step 2: You will be able to view different currencies and markets. Scroll down to the “Sell” section.
Step 3: After selecting your Bitcoin, type in your desired amount.
Step 4: Then type in the “Transaction Password” which was set up when you verify your identity on Allcoin.
Step 5: Whenever you are ready, click on “Sell.”
Step 6: At the bottom, you have the option to view your latest and all transactions made. At the upper-right hand are your open and previous orders made.
Allcoin Pros and Cons
Pros
- Deposits can be made via fiat or the supported cryptocurrencies
- FINTRAC registration
- Acceptance worldwide
- Excellent Security
- Two-factor Authentication
Cons
- Only a few cryptocurrencies supported
- Slow customer support
- Some negative comments in the past
- Does not accept US clients
- Lack of payment method information
Conclusion
Allcoin is a crypto trading service owned by a large publicly listed company that is registered in Canada. There is a low trading fee offered on the platform. But the lack of clear information regarding payment methods, fees, and security measures for user funds is a major drawback.
Allcoin employs various physical, specialized, and administrative security measures to make sure that user data and funds are safe. The company uses physical data centers to store their data and access to customer data is limited even to employees.
