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 Cryptocurrency Exchange List: Bithumb, Coinone, Korbit, Coinrail, Gopax, Upbit, CPDAX and – finally – Allbit.
The trading platform has decent liquidity. On the date of 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. The exchange also supports an acceptable number (but not a large number) of cryptocurrencies.
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.
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
This exchange doesn’t charge any trading fees at all, regardless of whether you are a taker or a maker. Needless to say, this is extremely competitive.
Allbit Withdrawal fees
One might expect that since this exchange doesn’t charge any trading fees, they must take home some profit on the withdrawal fees. But, it doesn’t. The exchange has really small withdrawal fees (only 0.004782 ETH when withdrawing ETH, corresponding to the network fees and nothing more).
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):