Allcoin Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Allcoin Review.
Allcoin is a Canadian cryptocurrency spot exchange. It provides trading mainly of Bitcoin, Ether and its own equity coin Qtum against the USD. There is also the option to trade Bitcoin against other cryptocurrencies: Ether, Qtum, Litecoin, Bitcoin Cash and several other less popular coins and game tokens. The Ether can be traded against three other alt-coins, while the Qtum can be traded for Energo.
Allcoin does not offer leveraged trading, but there are other cryptocurrency exchanges such as Kraken, CexIo, Quoinex, Crypto Facilities who provide such opportunity.
Additionally, there are many forex brokers who offer CFDs on some of the most popular cryptocurrencies that can be traded on margin, usually on the popular MetaTrader 4 or 5 platform. The crypto CFDs as the FCA has warned, are very risky product, but, on the other hand, has sparked the interest of traders in the past several months.
Like most cryptocurrency exchanges, Allcoin has a tier system for customer account verification with various restrictions for the lower tiers. For example, the first tier (requires mobile number for registration) does not allow clients to deposit and withdraw USD, whereas the highest tier allows deposits and withdrawals amounting to USD 100 000 per day.
Users can have a USD-based account or CNY-based account. One user can have only one account with the chosen fiat currency.
The Company. Security of Funds
Allcoin is owned by the company Cascadaia Fintech Corp, which is listed on the Canadian Security Exchange. Allcoin was launched in the summer of 2016 and is registered on a federal level as a money services business by FINTRAC (Financial Transactions and Reports Analysis Centre). It also says it is under the supervision of Canadian Financial Regulatory authorities.
Allcoin touts itself as the first cryptocurrency exchange to be publicly listed, but the reality is that it is the parent company that is publicly listed and it is a large fintech company offering a lot of other services. Nevertheless, the fact that the parent company is listed on the exchange, suggests it is a stable and reliable entity and is subject to regulatory scrutiny.
Like most countries, at this point Canada still does not have specific regulation for the cryptocurrencies and the service providers associated with them and there are no regulation requirements. The Canadian Securities Administration (CSA) – the umbrella organization of all provincial financial regulators – has stated that the Initial Coin Offerings (ICOs) may be subject to the local securities laws. The same laws are potentially applicable to the cryptocurrency exchanges, the CSA notes, but no specific measures have been undertaken yet.
In fact, Allcoin has been operating since 2014, but in the beginning of 2016 was forced to temporarily shut down, due to “troubles”. It was bought over and repaid the funds held by its clients, relaunching as a subsidiary of Cascadaia Fintech Corp.
Allcoin provides its services in most countries, with a few exceptions, including the USA.
Allcoin’s platform is similar to that of numerous other cryptocurrency exchanges and does not offer most of the typical features of a proper trading platform like MetaTrader 4 or 5, for example.
Instead, it has the buy and sell options, some price charts, an order book and an asset list. The platform also offers “pro candlestick” chart, which provides some analysis and charting tools and indicators.
Methods of payment
We could not find readily available information on the payment methods accepted by Allcoin, which we find rather inconvenient. Usually the exchanges provide this information beforehand, in an attempt to attract clients. The most convenient way to fund one’s account, in our opinion, is through a debit or credit card, as usually it is much faster and easier than through a bank transfer. Another convenient method is various online wallets.
According to older reviews of Allcoin, it accepts payments in fiat currencies by debit/credit card and bank transfer, but we are not certain whether this is still the case.
Allcoin is owned by a large publicly listed company and is a registered money service business in Canada. Those two facts are a major advantage, along with the relatively low trading fee. Another thing we like is the presence of some proper charts, tools and indicators in the “pro” section of the trading platform.
There are, however, some disadvantages as well. First off, Allcoin does not accept US clients, but this can be explained with the unclear situation in the USA, when it comes to cryptocurrencies. Surely, this is valid for most other countries as well, but the USA are also known for their very strict financial regulators who have a penchant for imposing stiff fines.
We also do not like the fact that there is no clear information about the funding methods and fees, as well as whether Allcoin offers an e-wallet and what are the security measures in terms of storage, encryption, etc.
Allcoin Review Conclusion
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