What is Allcoin?
Allcoin - This is a crypto-exchange based in Canada that offers trading pairs for bitcoins, ether and other cryptographic systems.
The exchange is owned by Cascadia Fintech Corp, a company that is listed on the Canadian Security Exchange. Allcoin opened its doors to business in 2016 and is registered on a federal scale as a financial service FINTRAC (Center for Analysis of Financial Transactions and Reports).
Allcoin supports about 20 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Qbao (QBT), NEO, Litecoin (LTC), Zcash, QTUM, Sigmacoin (SIGMA), TRON, EOS and many others . ,
Crypto can be sold here in 6 markets: USDT, CKUSD, EOS Dapp, BTC, ETH and QTUM.
Someco ago, Allcoin supported trading mainly against the US dollar and the yuan, but it looks like there have been dramatic changes on the platform. Currently, these two currencies are no longer supported, but the platform decided to include the risk of CKUSD.
CKUSD is a stable coin whose value is supported by the US dollar and is mainly available for trading on Allcoins and BCEX. Although it adds some liquidity, it does not correspond to the USDT.
The maximum deposit and withdrawal limit per day is $ 50,000 or 10 bitcoins. The minimum transaction amount is $ 200.
Allcoin services can be accessed by users worldwide, with the exception of those who live in Africa, several countries in South America and the USA.
AllCoin is only in Chinese and English, although not all sections of the site, such as OTC, are available in English.
Users who want to register at AllCoin must provide a phone number and a secret code for confirmation. The verification code is sent by AllCoin to the phone number you specify.
The user must also provide his country of residence, identification number, full name and date of birth. Bank details will also be requested to process the various transactions that will take place between the bank and AllCoin.
Deposits can be made via Fiat or supported cryptocurrencies. Fiat payments are accepted through bank transfers, credit cards and debit cards.
Allcoin has a low commission compared to peers. The fee for registration and account maintenance, as well as cryptocurrency and deposits is not charged.
It should be noted that, depending on the payment methods used, different fees are charged for transfers made.
There is no information on commission, however, a 0.2% commission is charged for trading. The Allcoin commission for withdrawing funds has not been determined, as at the moment nothing is indicated on their website.
Allcoin claims that it uses various physical, specialized and administrative security measures to ensure the security of user data and tools. The company uses physical data centers to store its data, and access to customer data is even restricted to employees.
Allcoin site data is encrypted using SSL (Secure Sockets Layer), which prevents any unauthorized access.
The platform also supports a two-factor authentication system that protects the user account, giving it access only through a one-time code. The code is generated by scanning this QR code in the authenticator application.
Customers can contact Allcoin for various account and transaction issues by sending an email. Customer support services were reportedly very unsatisfactory, responses were given within five to seven business days.
AllCoin doesn't value its reputation in the user community very highly. There have been many reports accusing AllCoin of fraud and theft of user funds.
Other complaints relate to attempts by users to contact their support staff without any success. It soon became clear that the platform had been inoperable since the beginning of 2016. Allcoin was later acquired by a subsidiary of Cascadia Corporation, which is listed on the Canadian Stock Exchange.
But even with the new administration, the platform and its services have not undergone significant improvements. The website is still very slow and lacks accurate information, usually found on a regular exchange platform, such as fees, payment methods and wallets. There is also no information about which security implementations are applied in terms of storage and encryption.
Uncertainty about payment and security, as well as the lack of progress in the support department, have led many to recommend not using this platform because it is unstable and unreliable.
the court's decision
Allcoin is a cryptocurrency service owned by a large public company registered in Canada. Knowledge of the owner of the exchange is legal and registered is a good sign, in addition to the low trade fees offered on the platform.
But the lack of clear information about payment methods, fees and security measures for user funds is a serious disadvantage. Because of this, we cannot fully recommend the service, and we advise you to proceed with caution if you want to use Allcoin.