What is Allcoin?
Allcoin a crypto exchange which based in Canada, which offers trading pairs for Bitcoin, Ether and other cryptos.
The exchange is owned by the Cascadia Fintech Corp, a company that is listed on Canadian Security Exchange. Allcoin opened its doors for business in 2016 and is federally registered as a money services business by FINTRAC (Financial Transactions and Reports Analysis Centre).
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, and QTUM.
Some time ago, Allcoin supported trading mainly against USD and CNY, but it seems that things have drastically changed on the platform. The two fiat currencies are no longer supported at this time, but the platform has chosen to include exposure to CKUSD.
CKUSD is a stablecoin which has its value backed by the US Dollar and is mostly available for trading on Allcoins and BCEX. While it does add some liquidity, it does not match USDT.
The maximum deposit and withdrawal limit per day is of 50,000 US Dollars or 10 Bitcoins. The minimum amount you can transact is 200 USD.
Allcoin’s services can be accessed by users worldwide, except for those that live in Africa, several countries in South America and USA.
AllCoin is translated only in Chinese and English, although, not all sections of the website, such as OTC are available in English.
Users that want to register on AllCoin have to provide a telephone number and a secret code for affirmation. The affirmation code is sent by AllCoin to your provided telephone number.
The user also has to provide his country of residency, Identification number, full names and date of birth. Bank account details will also be requested in order to process various transactions that will take place between the bank and AllCoin.
Deposits can be made via fiat or the supported cryptocurrencies. Fiat payments are accepted through bank transfers, credit cards, and debit cards.
Allcoin has low fees in comparison to its peers. 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.
There is no information regarding a maker fee, however, there is a taker fee of 0.2% for trading. Allcoin’s withdrawal fees are uncertain, as there is nothing listed on their website at the moment.
Allcoin claims that it employs various physical, specialized and administrative security measures to make user 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.
Allcoin’s website data is encrypted with an SSL (Secure Sockets Layer) protocol which prevents any unauthorized access.
The platform also supports a two-factor authentication system which protects the user’s account by granting him access only via a one-time generated code. The code is generated by scanning a given QR code on an authenticator app.
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 does not rate very high when it comes to its reputation in the user community. There have been many reports accusing AllCoin of being a scam and of stealing users’ funds.
Other complaints are about the users’ attempts to contact their support staff without any success. It was soon revealed that the platform was inoperable since early 2016. Allcoin was later bought by a subsidiary by Cascadia Corporation which is registered on the Canadian stock exchange.
But even under a new administration, the platform and its services have not seen much improvements. The website still works very slow, and it does not have precise information typically found on a regular exchange platform such as fees, payment options, and wallets. There is also no information about what security implementations are in place in terms of storage and encryption.
The uncertainty regarding its fees and security and its lack of progress in the support department have prompted many to recommend against using this platform as it is unstable and unreliable.
Allcoin is crypto trading service owned by a large publicly listed company which is registered in Canada. Knowing the exchange’s owner is legitimate and registered is a good sign, in addition to the 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 minus. Because of this, we cannot fully recommend the service, and we advise you to proceed with caution if you want to use Allcoin.
Featured Image: NullTX