UPDATE 17 March 2020: This exchange is currently only open through its apps. The web service is down following what seems to be a DDoS attack. The exchange has released the following message on its website:
We will monitor the situation and let you know if anything changes with its web service.
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A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of ABCC consists of four parts: general information, fees, deposit methods and security.
ABCC is headquartered in Singapore. This is not particularly unusual. When launching in April 2018, it joined the “Singapore cryptocurrency exchange-club” (there is no such club, we just made it up). Members of this fictitious club includes very real exchanges such as: Coinbene, Coinut, COSS, Coinhako, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, CRXzone, Liquid and Kyber Network.
ABCC Exchange was established by a famous technology and media magnate by the name of Calvin Cheng. It has several institutional investors backing the exchange, including, but not limited to, Funcity Capital, Dream Seeker Capital and BlockOrigin Capital.
The exchange clearly presents the team behind the exchange on its website. This is always comforting, as it at least makes it less likely that the team behind the platform will take of with your funds. ABCC also has an extensive number of supported cryptocurrencies.
The following are the main advantages of the exchange as highlighted by the exchange on the exchange’s website:
The exchange does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe (but we do not guarantee) that US-investors can trade here.
ABCC Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at ABCC:
ABCC Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. ABCC doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”.
ABCC’s flat trading fee is 0.10%. This is a competitive fee, especially considering that the global industry average is arguably around 0.25%.
ABCC Withdrawal fees
When it comes to withdrawal fees, ABCC charges 0.0008 BTC when you withdraw BTC. This is exactly in line with the global industry average (arguably 0.0008 BTC). Accordingly, neither the trading fees nor the withdrawal fees should deter anyone from trading at ABCC.
ABCC does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange List!
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. The exchange only received a F-score in this test. This is below industry average and is thus not a competitive advantage for this exchange.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: