All you need to know about AllCoin exchange

Allcoin exchange review

Bitcoin venues have ignited a lot of heated discussions. These blockchain-based services obtained extensive attention of society and affected the market, which in its turn changed economic environment and our life. Allcoin is one of such places. This is a cryptocurrency market, which enables conversion of digital coins into fiat money, in particular, into US dollar and Chinese Yuan. The customers of the exchange have a choice what currency to choose. As a result, they have either CHY or USD based account.

Allcoin market enters the list of biggest cryptoexchanges of the world. The experts discovered that after daily trading volumes of cryptovenues were calculated. The venue offers the service of Allcoin API, which is useful for users who want to get access to data.  Check it out to determine if it is easy to use.

International market with big selection of coins

Allcoin was founded by Canada-based corporation in 2013, but started its work in 2016 only. This is a regulated exchange controlled by financial bodies. The platform trades BTC, ETH, LTC, BTH and less known virtual coins, which despite lack of popularity are still offered at this international platform. The service supports more than 50 virtual currencies. AllCoin Coinmarketcap page displays 28 active markets for the platform.

People on all continents can use Allcoin with only one exclusion. It is Africa. The list of available countries is found on the site of the company. The site delivers its service in three other languages in addition to English. There are also Spanish, Chinese and Russian versions of the site.  

Allcoin currency is Qtum that is traded against USD and Energo. Upon the whole, there are 96 trading pairs at the point of writing. The most popular trading pairs are Bitcoin/Qtum, Qtum/Bitcoin, GAME/Bitcoin. 80% of all deals are conducted with use of these trading pairs.

Limits

There are limitations on the amount deposited to the site and withdrawn from it. The customer is not able to deposit or withdraw more than $50 k and 10 BTC per day. There are also limitations on the amount of minimal transaction. It can’t be less than $200.

Fees

The service at AllCoin is excellent and absolutely free. It is easy to register. Maintenance is also delivered free of charge. Also deposits in virtual currencies are free and trades done with coins are free as well. But as soon as you want to withdraw your funds in real money, you will have to pay $15. This is a fixed fee taken by the exchange. You should also find out if your bank charges some additional fee for transfer.

The transactions with use of digital cash will cost you 0.15%.
The withdrawals of funds take about an hour, as far as crypto coins is concerned. As for the real money, the transaction to the bank account takes about a week or so.

How it works

Allcoin exchange rate does not depend upon the platform in some way. The market mechanism is used for that. It means that prices are appointed by buyers and sellers.
It is possible to deposit state-issued money or crypto coins to the exchange. In this way, you either use the crypro wallet if coins are transferred or credit/debit card for fiat money.

AllCoins stands out from other resources of this kind offering its QTUM and GAME tokens. Besides, any user can add a token of its own to the listing after completing a special form.

Verification and security

It is important to remember about verification requirement when register with the resource. Allcoin asks for the phone number and sends confirmation code to it to complete the registration procedure. Additionally, personal info is requested by the managers of the site. They ask your name, address, ID number, and birthday.
2 factor authentication is an effective security measure applied by the service. The person uses a one-time generated code received by him after scanning QR code when he wants to enter the account.

Drawbacks and alternatives

The platform has a serious drawback as many users complain of poor customer support. The members of the team answer slowly. Sometimes it takes several days to get an answer. Crypto projects are complicated and even highly potential projects like AllCoin Guru wallet face many obstacles on the way. It is sometimes difficult to understand why something functions not the way it should. If you encountered the problem, it is better to apply to another service. It can be Novaexchange, GetBTC or Tradesatoshi. Also, FYB-SG and Foxbit are worth trying.