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 Allbit consists of four parts: general information, fees, deposit methods and security.
Allbit is a South Korean cryptocurrency exchange that launched in March 2018. South Korea is – together with Hong Kong and USA – one of the bigger country players in the world of cryptocurrency. It is the home of 9 exchanges listed in our Exchange List: Bithumb, Coinone, Korbit, Gopax, Upbit, CPDAX and – finally – Allbit.
Allbit’s exchange has a special decentralized network system. They call it “decentralized heterogeneous chain communication technology”. This system includes pegging layers on both sides of a sidechain, in each transaction. It works roughly as follows:
To the best of our knowledge, US-investors can trade at Allbit. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
The platform is available in four languages; Korean, Chinese, English and Spanish. The exchange also supports an acceptable number (but not a large number) of cryptocurrencies.
The trading platform has decent liquidity. On the date of first writing this review (20 November 2018), the 24 hour trading volume was just below USD 19 million. This placed the exchange on place no. 68 of the world’s exchanges with respect to its 24 hour trading volume. On the date of last updating this review (30 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume of this exchange was just 37 dollars according to CoinGecko (Coinmarketcap had no info on the trading volume of this platform). This indicates that the exchange will close down soon. We urge all readers of this review to be careful when dealing with this exchange.
Allbit 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 trading 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 Allbit:
Allbit’s own Token: APOT
As many other exchanges, Allbit has also issued its own token: APOT. Its first day of trading was 1 November 2018 and it is currently only possible to trade against the ETH at Allbit. If you want to know more about the APOT-token you should read the white paper, but we just wanted to share the reward structure of the APOT-ecosystem here:
Allbit Trading fees
The fees at Allbit are what we call flat fees, meaning that makers and takers are charged the same fee. Allbit's fees are quite low, sitting at 0.10% for both takers and makers. This is below the industry average, which has historically been around 0.25%. Today, however, we see more and more exchanges moving towards even lower trading fees such as 0.10%. So in comparison with this, 0.10% is in line with - and not below - industry average.
Allbit Withdrawal fees
Allbit's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
At this exchange, credit card deposits is not available (but wire transfer deposits are). Consequently, you have to look elsewhere if you need to deposit via credit card. To find an exchange where credit card deposits are possible, you can always use our Exchange Finder or use the filters in our Cryptocurrency 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. Allbit only received a D-score in this test. This is below industry average and is thus not a competitive advantage for this exchange.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):