Beginner’s Guide to ABCC Exchange | Is ABCC Safe?
What is ABCC?
ABCC is a new crypto exchange established in April 2018 which claims to offer “a world-class exchange for cryptocurrency that delivers a user-centric and frictionless experience”.
The exchange’s founder is Calvin Cheng, who is a media and technology magnate from Singapore that has successful track records in financial services, management consulting, and internet firms.
The team of advisors and investors working with ABCC include Dr. Michael Frendo, Malta’s former Minister of Foreign Affairs, and Zhang Lei, the CEO of YeeCall and Yee.
ABCC is based in Singapore and has a team of over 50 individuals, being backed by investors such as Funcity Capital and Dream Seeker Capital.
The exchange has its native AT token which represents shares of the site’s profits, used as a reward for holders. It also employs the new “Trade-to-Mine” model which is being implemented by more and more exchanges.
Supported Countries & Fees Structure
The trading fees on the ABCC exchange as well as the deposits are free. However, there is a fee charged on withdrawals which is taken by the respective networks as a mining fee or transaction fee on their blockchains.
This fee structure might concern some users as they wonder where does the exchange make their profit? ABCC claims that their future revenue would come from API users and other value-added services from within the blockchain system.
The exchange states that it is available for users from all countries of the world.
The exchange currently supports more than 50 currencies including Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Ripple, EOS, Dash, Qtum, OmiseGo, Litecoin, and Cardano. There are 39 cryptocurrency pairs which trade against BTC, 38 against ETH, and 16 against USDT.
The UI is intuitive and has a clean design. As you log in and enter the exchange section, a dashboard will appear in your window.
Other features include market charts for 1-hr, 2-hr, 4-hr, 6-hr, 12-hr periods or daily or weekly charts. There is also another interesting feature that lets you link your Telegram for the real-time trading information and market trends.
ABCC also requires that you implement a few security measures to use the service safely which involve turning on two-factor authentication (email or mobile phone) and upgrade your security. It should also be noted that if you enter your platforms incorrectly five times, your account will be frozen for 24 hours.
To make a deposit, log in, then click on “My Funds” in the upper-right corner of the page, then select “Deposits.” Choose the coin you want and then click “Deposit” to the right of your balance in that coin which will show you the wallet address for that particular coin. Then copy and paste the address into your crypto wallet.
The transaction can be confirmed by accessing the “History” tab of the “My Funds” page.
To withdraw, go to the drop-down menu from “My Funds” and click on “Withdrawals”. Then select which coins to withdraw. Enter the address where you want the funds to be withdrawn as well as the amount to withdraw.
Click “Submit Order” and confirm the withdrawal from a verification email which you will receive shortly after the order is made.
The exchange has a limit to how much a user can withdraw. Those who have unverified accounts are able to only withdraw up to 2 BTC or its equivalent within a 24-hour period. Those that are completely verified can withdraw up to 200 BTC or its equivalent in a 24-hour period. For higher withdrawal limits, you must contact ABCC to have your situation evaluated.
ABCC has a very solid backing, both from its founders and investors. But seeing as it is quite new to the crypto world, traders are recommended to proceed with caution.