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.
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.
When we were first preparing this review on 20 November 2018, the exchange had a trading volume just short of USD 19 million. However, on the date of last updating this review (10 September 2021), the exchange was marked as an Untracked exchange in Coinmarketcap.com and CoinGecko has no information on the trading volumes. This is a red flag for any crypto trading platform and with that in mind, 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. This platform charges 0.20% per trade. These taker and maker fees are both below both the old and the new global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to the latest empirical study on the subject, the industry average spot trading taker fees were 0.217% and the industry average spot trading maker fees were 0.164%.
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 are 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.