UPDATE 6 February 2020: This exchage has been hacked. This was announced by the exchange through the following Tweet:
We have marked the exchange as “dead” in our database.
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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 Altsbit consists of four parts: general info, fees, deposit methods and security.
Altsbit is an exchange registered in Italy that launched in 2018. There aren’t many exchanges at all from Italy, and the most famous one is unfortunately famous for becoming a disaster (Bitgrail).
On the date of first writing this review (12 October 2019), the 24 hour trading volume was approx. USD 5,700 according to Coinmarketcap. Needless to say, this trading volume is low and will have to improve to ensure sufficient liquidity for future traders. The most traded trading pair on the same date was ARRR/BTC.
As far as we can tell, US-investors may trade at Altsbit. The exchange at least does not explicitly prohibit US-investors from creating accounts.
Altsbit 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at Altsbit:
Altsbit Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. 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. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
The global industry average taker fee has for a long time been 0.25% of the value of the order. Today, we see a shift towards even lower industry averages. Many new exchanges now charge 0.15% or 0.10% instead.
At Altsbit, both takers and makers pay 0.20%. This fee is in line with industry average.
Altsbit Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of crypto units withdrawn), and varies from crypto to crypto. For BTC-withdrawals, this exchange charges 0.005 BTC. We’re sad to say that this withdrawal fee is nothing short of robbery. The global industry average is 0.0008 BTC per BTC-withdrawal. This platform’s fee is more than 6 times higher than that.
If you withdraw BTC, you will have to pay more than USD 40 in withdrawal fees. This is an extremely high fee. What bothers us even more is that the exchange hasn’t even listed the BTC-withdrawal fee in their FAQ where they outline the withdrawal fees for all other cryptos on their platform:
Altsbit does not accept any deposits of fiat currency. This means that the new crypto investors (i.e., the investors without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!