Alcurex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Alcurex Review.
Alcurex is a multi-exchange cryptocurrency platform that has been working since 2014. It offers trading in Bitcoin against a large number of other cryptocurrencies – both major and smaller – a total of 63 pairs, on multiple exchanges with a single account. A similar service is being offered by the platform Magnr.
The interesting thing about Alcurex is that it was funded by some sort of an ICO before this became the latest fashion and now those who invested hold shares in the exchange. In fact, part of it is owned by its users.
According to data of Coinmarketcap, Alcurex is not big at all and its trading volume is quite small.
– Fees. Alcurex charges a trading commission of 0.25%, which is average for the industry, even though there are some exchanges who offer lower trading fees.
– Bot. Alcurex offers a trading bot called Iceberg (still in beta mode), which offers automated trading. The bot can buy or sell when certain conditions set by the trader are met.
– Coins. Since Alcurex acts as an aggregator platform for multiple exchanges, the instrument portfolio available is quite extensive.
– US clients. Alcurex says it accepts clients from all over the world, including the USA, where the regulatory situation is somewhat confusing, with some states like New York requiring a special license.
– Transfer fees. Alcurex does not charge deposit fees and the withdrawal fees only cover the network fees.
– Security. Alcurex uses hot and cold storage, plus two-factor authentication, which are the standard features for most exchanges.
– Ownership. Alcurex is owned by a company called Blakee Holdings Ltd. We could not find out much about this company, except that it is “Trustable middle man for B to C and B to B property holding.” Obviously English is not a mother tongue. Not that this is a problem, of course. There is no information about the company location either. According to posts in Bitcointalk of Alcurex, it is going to be incorporated either in Belize or Estonia, with preference to Estonia. It does not become clear where the company is incorporated.
– Leverage. Like most cryptocurrency exchanges, Alcurex does not offer leveraged trading in cryptocurrencies. There are some major exchanges who do, like Kraken, Quoinex, bitFlyer, etc., but the majority do not. On the other hand, there are many forex brokers who offer CFDs on some of the major currencies for trading on margin. This is quite convenient for traders who already have an account with a forex broker and can use it for trading in crypto CFDs. Also, trading in those instruments is usually done on the same advanced trading platforms like the MetaTraders, offered by the forex brokers.
– Fiat. Alcurex does not allow trading in fiat currencies against crypto, although there are quite a few exchanges who do.
– Credit cards. As Alcurex does not accept fiat currencies, quite naturally, it does not accept payments with credit cards. They are otherwise a very convenient payment method and there are some exchanges working with fiat currencies who accept them. For a number of reasons, though, not many do.
– Platform. Alcurex’s platform looks fairly easy to use, but we have seen even easier ones. We find Alcurex’s platform somewhat confusing as to how placing an order is done. On the other hand, Alcurex offers price charts – something not all crypto platforms have. But, frankly, this is the only advantage of the platform.
– No wallet. Alcurex does not provide a bespoke e-wallet for its clients, which can be somewhat inconvenient.
Alcurex has some strong sides like the large number of available coins and pairs and the average trading fees, but generally is not very impressive. There are other similar platforms, like Magnr, who offer trading on several exchanges with one account, but it has far more features and options, like leveraged trading and a savings account with interest.
It appears that Alcurex is not very popular and trading is not very lively, which, on the other hand suggests that the speed of service.
Alcurex Review Conclusion
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