A trading cryptocurrency guide must of course 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 AllCoin consists of four parts: general information, fees, deposit methods and security.
AllCoin is an exchange based in Canada. The land of ice hockey and maple syrup also has a decent number of cryptocurrency exchanges. A trio of noteworthy popular competing cryptocurrency exchanges is QuadrigaCX, EzBtc and LinkCoin.
Unfortunately for US-investors, AllCoin prohibits US-investors from trading on its exchange. Interested US-investors must therefore refer to any of the other top crypto exchanges.
AllCoin Trading fees
The fees at any exchange are very important to consider.
AllCoin’s trading fees for takers are claimed to be 0.00%. This fee is far below the industry average which is around 0.25% and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market and maybe even makes this exchange the best cryptocurrency exchange site for you.
AllCoin Withdrawal fees
The withdrawal fees at AllCoin are nowhere to be found. This is potentially also a risk for you as an investor (if they are not informed of anywhere we believe there is a higher risk that they are high). Accordingly, we strongly urge you to make you own analysis of the withdrawal fees at this exchange before depositing any funds with it and before concluding that AllCoin is the best cryptocurrency exchange site for you.
AllCoin accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive.
One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. The answer is two-fold:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
AllCoin has a security score of D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
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):