What is CryptoAltum?
CryptoAltum is an MT5 broker with a focus on crypto trading. Additionally, it also offers trading in FX, Gold and Indices. The exchange is operational from 2020 and is registered in the Marshall Islands. Its trading servers are located in London, Germany, Japan and Singapore.
- This is a purely CFD (Contracts for Differences) trading platform. Since it uses an STP (Straight Through Processing) model for executing trades, there is no intervention from the trading desk. Users can place trade orders and generate profits solely from the price fluctuations of a cryptocurrency. In other words, physical custody of crypto is not exchanged.
- User funds are held in cold storage across four different locations to ensure heightened security. The company’s internal policies dictate that e-wallets are Multisig (wallets that need multiple signatures to gain access).
- Crypto trading is active 24/7 on this platform whereas other assets like Oil and Gold can be traded between Monday to Friday.
- It has a ‘Fill or Kill’ feature. This means that trade lots will either be filled entirely or will be killed i.e. the execution rate on this platform is 100%.
- The exchange platform uses a dynamic leverage function. You can find more details in the leveraged trading section below.
- CryptoAltum claims that the trading fees are the lowest in the industry. Fees are levied only when a user opens a trade. More information on the fees section.
- This exchange has over 60 crypto pairs for trading including major cryptocurrencies like Bitcoin, Ethereum, Cardano, etc and 100+ token pairs in total.
- Users can access the trading portal from multiple platforms like mobile, tablet, desktop and browser interfaces.
Leveraged trading means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value by 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value by 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for a huge upside but also for a huge downside…
CryptoAltum claims to offer the highest leverage on its platform. As a user’s trading volume increases, the leverage ratio decreases. The maximum leverage is up to 1:500 and the minimum is up to 1:20. Here’s an image that shows the different leverage ratios for different tiers of trading volume.
CryptoAltum does not allow US investors on its exchange.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
CryptoAltum Trading View
CryptoAltum has two types of accounts – a Demo Account and a Live Account. The demo account is primarily aimed at investors who are new to crypto trading, whereas the Live account will let users trade directly in the market.
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine that trading view which 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 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. Below is a picture of the demo trading view at CryptoAltum:
CryptoAltum Trading fees
CryptoAltum does not charge any trading fees on its platform. Instead of charging maker/taker fees the platform levies a ‘Spread fee’. Here’s an image showing the minimum spread for different assets on its platform.
CryptoAltum 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 number of cryptocurrency units withdrawn). It varies from one cryptocurrency to cryptocurrency another.
Based on the information provided to us, this exchange does not charge any withdrawal fees from its users.
You can’t deposit via wire transfer or credit card in CryptoAltum. This exchange only accepts crypto deposits.
However, for some reason, if you need to deposit fiat currency via wire transfer you can find one by using our Exchange Filters.