AllCoin Review; Everything you need to know
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Digital asset exchanges are platforms that allow their users to swap their digital assets in exchange for either fiat money or other digital assets. Digital assets are mainly cryptocurrencies, but they can also refer to other digital data such as binary files that are stored in a computer and have value. In an exchange, prices of digital assets are determined in an open market depending on their demand and supply.
What is AllCoin?
AllCoin is a global digital asset exchange website that enables users to exchange cryptocurrencies for fiat money, mainly US Dollars (USD) and Chinese Yuan (CNY). Users can only have either a USD-based account or a CNY-based account depending on their preferred currency. The exchange platform has been listed among the top 40 exchanges with the highest 24-hour trading volume worldwide. Aside from being an exchange, the platform also provides the AllCoin API that allows other external programs to access certain information from the website such as market data.
The platform is owned by Cascadia Fintech Corporation which is based in Vancouver, Canada. The company has been in operation since 2013 when it was listed on the Canadian Stock Exchange. However, the AllCoin beta version of the website started operating in February 2016 and has been in operation since then. Cascadia Corporation is registered as a financial service in Canada and regulated by FINTRAC (Financial Transactions and Reports Analysis Centre).
- The platform is supported in other countries worldwide except countries in Africa, selected countries in South America and USA. All these countries have been listed on the platforms question and answer section.
- AllCoin has only four supported languages on its website. These are Chinese, Spanish, Russian and English.
Which buying and selling options does AllCoin offer?
AllCoin offers a total of 96 trading pairs to its users. The common trading pairs include BTC/USD, QTUM/BTC and GAME/BTC with the first pair accounting for about 80% of AllCoin’s total trading volume. All these cryptocurrencies can be traded against either USD or CNY only.
AllCoin has a daily maximum deposit and withdrawal limit of 50,000 US Dollars or 10 Bitcoins. It also has a minimum transaction amount of 200 USD.
AllCoin does not set exchange rates for various cryptocurrencies on the platform. These prices are set directly by either the buyers or sellers using the platform.
AllCoin payment methods
AllCoin supports payment in either fiat money or the supported cryptocurrencies.
Cryptocurrency payments are made by transferring coins directly from the user’s online wallet to AllCoin’s address for the given cryptocurrency.
Fiat currency payments can be made through bank transfers or by the use of credit cards and debit cards.
What are the supported cryptocurrencies on AllCoin?
AllCoin supports 50+ cryptocurrencies which include Bitcoin (BTC), Bitcoin Gold (BTG), Ethereum (ETH), Bitcoin Diamond (BTD), Bitcoin Cash (BCH), Qbao (QBT), NEO, Litecoin (LTC), Debitcoin (DBC), GameCredits (GAME), GRAM, MobileGo (MGO), Zcash, Pcash, Sigmacoin (SIGMA), CNET and many more.
Allcoin fees are relatively lower compared to other platforms. AllCoin does not charge any fees for account registration and maintenance.
The exchange also doesn’t charge fees for all cryptocurrency deposits, and all crypto to crypto trades carried out on the platform.
AllCoin imposes a fee of 15 USD for all withdrawals made in US Dollars. It does not charge fees for deposits made in fiat currency. However, users should note that banks and other payment methods charge a fee for all transfers made using their platforms.
AllCoin also charges a fee of 0.15% for all transactions involving the use of fiat currencies.
When creating an account on AllCoin, the user provides his/her phone number and a password for confirmation. AllCoin sends a confirmation code to the provided phone number which the user inputs to complete the registration process.
AllCoin also requires the user’s personal information such as country of residence, Identification number, full names and time of birth. The platform also requires bank account details of the user to process various transactions made between the bank and AllCoin successfully.
The platform provides a two-factor authentication feature that ensures a user’s account can only be accessed using a one-time generated code that is obtained by scanning a given QR code on an authenticator application.
What special features does AllCoin have?
AllCoin is one of the few online exchange platforms that supports buying and selling of QTUM and GAME coins. Additionally, AllCoin allows users to list their assets in the platform by simply filling an application form.
Is AllCoin Safe?
AllCoin community trust
AllCoin has a rather poor reputation according to the user community. Numerous incidences of AllCoin scam have been reported, accusing the platform of taking users’ coins. Reports indicate that further efforts to contact their support staff yield no fruits. It was later realized that the platform had been shut down in early 2016 after operating for more than a year. The platform was later acquired as a subsidiary by Cascadia Corporation which is registered and listed on the Canadian stock exchange.
However, still, the platform looks shady even under new management. For instance, the AllCoin website lacks typical features of an exchange platform such as the provision of clear information on fees, payment options, and wallets. This indicates the platform is still not yet stable and reliable for trading.
AllCoin uses various physical, technical and administrative security measures to protect users’ data. This includes the use of physical data centers and ensuring limited access to customer data by employees. The AllCoin website is encrypted with an SSL (Secure Sockets Layer) protocol that protects all kinds of data stored on the website from unauthorized access. AllCoin also supports the use of a two-factor authentication procedure that requires users to input a one-time generated code before accessing their accounts.
AllCoin customer support
AllCoin provides relatively poor customer support with response times of between five to seven working days. Users can submit their requests by sending an email to their customer support email address.
AllCoin handling speed
Deposit and withdrawal transactions involving cryptocurrencies normally take between thirty to sixty minutes to be completed. Deposit and withdrawal transactions involving the use of fiat money normally take between five to seven days to be completed depending on the payment method and the bank used.
How to use AllCoin
AllCoin offers a user-friendly website that is easy to use. There are two options available when using AllCoin that is either for buying or selling of the supported cryptocurrencies.
Purchasing Cryptocurrencies on AllCoin
- Create an account on AllCoin by providing the required verification information.
- The platform will then display all the available trades in different trading pairs. Click on the preferred trade option and then select buy.
- The platform will then display the seller’s terms of trade. If the buyer agrees to the terms, then he/she can initiate the trade.
Selling Cryptocurrencies on AllCoin
- Create an account on AllCoin.
- Click on the trade option on the top of the main page and select the preferred trading pair.
- Click ‘sell’ and fill in the terms of trade including prices and payment options. After submitting this information, the platform will connect the seller to prospective buyers on the platform.
AllCoin Review Summary
The main advantage of AllCoin is that it is listed on the Canadian Securities Exchange which makes it the only listed digital assets exchange in the world. The platform is suited for all kinds of traders who wish to trade in any of the numerous supported cryptocurrencies.
- Allcoin Charges low transaction fees.
- The exchange platform supports numerous cryptocurrencies.
- Only supports two fiat currencies.
- Not reputable enough.
- Service is limited to specific countries.
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