When you’re looking into cryptocurrency exchanges to use for trading, you want to make sure to do your homework beforehand.
What kinds of fees are associated with the account and what kinds of trading limits do they place on it?
In addition, you will want to look at the cryptocurrencies on offer on the exchange and make sure they line up with your investment interests.
Still a largely unregulated space all around the world, a cryptocurrency exchange’s reputation is often a consumer’s best guide as to whether or not sign up for an account with that firm. This reputation can include everything from ease of use to customer service and security – as well as how the company respond to hacks or breaches of security.
After all, since you are relying upon mutual goodwill to conduct these exchanges, crypto trading is a lot different from a traditional bank or brokerage.
One popular option for people based in South Africa is AltcoinTrader.
In this article, we’re going to give you an overview of AltcoinTrader to help give you some idea of whether or not you should invest with them.
The most important thing about AltcoinTrader is that it is based in South Africa and allows for people who use the South African Rand fiat currency to buy and sell cryptocurrency. Because there are no national regulations for cryptocurrency trading in South Africa, AltcoinTrader is an unregulated exchange – though this is quite common across the crypto world.
In terms of security, AltcoinTrader has never been hacked as of press and maintains extensive records of transactions as well as information in compliance with anti-money laundering laws.
To start an account, prospective customers do not need to put up a minimum deposit. AltcoinTrader does not offer leveraged trading options. For account security, AltcoinTrader makes use of two-factor authentication for customer accounts.
Cryptocurrencies currently on offer for trade on AltcoinTrader include BTC/ZAR, LTC/ZAR, ETH/ZAR, BCC/ZAR, XPR/ZAR, NMC/ZAR, DASH/ZAR, and ZEC/ZAR with Bitcoin dominating most of the transactions.
AltcoinTrader does not offer access or convertibility to euro, US dollars, or any other currency outside of the South African Rand.
You’re probably wondering how you get your money into your AltcoinTrader account, and that is simple and easy. One common method is through ETF or electronic funds transfer out of a bank. You can also deposit a supported cryptocurrency into your AltcoinTrader wallet for no fee whatsoever; however, withdrawing that same cryptocurrency after depositing it will incur a fee. Also, prepare to wait for a transaction to clear: At AltcoinTrader, each and every transaction is executed by a human who reviews it, as opposed to the automated systems used by other exchanges.
The fees traders will pay on AltcoinTrader to buy and sell is a flat 0.8% which some people think is a little bit steep. For reference, the industry average for fees on transactions ranges from 0.20% to 0.25%.
Ease of use is often a major concern for traders, and AltcoinTrader’s interface is one of the easiest to understand that we’ve seen. Everything is displayed in crystal-clear informatics and account functions are easy to find. Currently only available as a web platform, AltcoinTrader’s lack of an app might be a disappointment. Also, users that want more in-depth data about their accounts might be disappointed by AltcoinTrader’s lack of that information. One nice option that many reviewers have pointed out about AltcoinTrader is that you can cancel an unfulfilled transaction for free.
Another huge issue that many users are pointing out, and it is a doozy, is that AltcoinTrader seems have very low liquidity – or cash on hand. What this means that, if something goes wrong, AltcoinTrader’s ability to make it right is pretty limited. This is typically a big warning sign for some cryptocurrency traders and is just something to keep in mind. Then again, the human-processing method AltcoinTrader uses over traditional automated schemes could help ameliorate this problem.
AltcoinTrader’s main competition in the South African market is ICE3X. ICE3X is not only much larger and way more popular, but is also offers more robust features when it comes to what you can do with your account. Not only does ICE3X give traders access to most major cryptocurrencies but also it has competitive fees and in-depth analysis of your account. For its price, AltcoinTrader doesn’t really offer a lot.
So which exchange is right for you?
It really depends on what kind of cryptocurrency trader you are going to be. If you envision yourself doing a lot of trading and you think you will be interested in more obscure crypto coins in the future, then it is really tough to recommend AltcoinTrader to you. Then again, if you’re mainly looking at Bitcoin and plan on buying and holding for a while, AltcoinTrader should get the job done. Fees, however, are an issue and anyone who is looking to make money from their trading activities always has to keep fees in mind.
Here, AltcoinTrader is not competitive. The fees are not only high, but the length of transactions is much, much longer. AltcoinTrader does not use an automated system for trading – relying upon humans instead – and many have questioned the service’s ability to respond in a crisis. This is because the exchange is perceived as having a relatively low level of liquidity for a crypto exchange and that has many traders worried about its future viability – especially given the fees for withdrawing crypto to an eWallet.
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