AltCoin Trader Review
AltCoinTrader began in 2015. Since then, it has grown into one of the most trusted cryptocurrency exchanges in South Africa. They have a significant number of people who are dedicated and passionate professionals in the cryptocurrency industry. 97% of AltCoin Trader’s traffic comes from South Africa, while the rest comes from U.S., Namibia, the U.K., and South Korea. Therefore, today, we are granting you a Altcoin Trader exchange review to help you make informed decisions as you journey on crypto trading.
AltCoin Trader does not prohibit U.S. investors from trading on its exchange. Either way, all U.S. investors should conduct their study to see if their home state enforces legal blockades to sell on any major cryptocurrency exchanges that might be the best site to exchange cryptocurrency for them.
Diverse exchanges have different business views. And there is no this big picture is the best view. It’s up to you to decide which business vision best fits your needs. The ideas generally have in common that they show all or at least part of the order book, order history, and a chart of selected cryptocurrency prices. They usually also have sell and buy boxes. Before choosing an exchange, try taking a look at the trading platform overview to make sure it’s right for you.
When you search for cryptocurrency exchanges to use in trading, be sure to do your homework ahead of time. What types of charges are connected with the account, and what types of trading limits are obligatory on the bill? Additionally, you’ll want to see the cryptocurrencies offered on the stock exchange and make sure they match your investment interests.
Although this is a unregulated largely space worldwide, a crypto-currency exchange’s name is often the best guide for whether consumers sign up for an account with that company. This reputation can include ease of use to customer service and security to how the business responds to attacks or security breaches.
After all, because it depends on the other’s desire to make these trades, cryptocurrency trading differs from a traditional bank or broker. A common choice for people based in South Africa is AltcoinTrader.
In this review, we’ll give you an insight into AltcoinTrader to help you know whether or not you should trade with them.
| Broker | AltcoinTrader |
| Website | altcointrader.co.za |
| Trading Platform | Web-based and Mobile App |
| Account Types | Standard |
| Minimum deposit | N/A |
| Security | KYC (Know Your Customer) policy, Two-factor authentication (2FA), AML (Anti-Money Laundering), and Secure Socket Layer (SSL) encryption |
| Assets | Crypto, Indices, Forex, Stocks, Commodities |
| Account needed | Yes |
| Verification | Mandatory |
| Verification levels | 2 |
What is AltcoinTrader?
Altcoin Trader is a transaction signals service that provides early entry signals for profitable trading on Poloniex. The company promises to help you maximize your profit by showing a good entry point and expected profit area, which saves you time and effort when reading charts. Market forecasts are based solely on chart analysis, ignoring the news and potentially misleading announcements.
Altcoin Trader focuses exclusively on transactions that know how to generate a profit of 50% or more. According to the corporation, the market forecast success rate is around 80%. If any market developments do not match the company’s forecast, you will receive exit point recommendations that will allow you to minimize potential losses.
As for the subscription options, you can go for a lifetime subscription and pay the one-time fee of 0.2 BTC. If you want to experiment with the service first, you can buy the one-week test for 0.05 BTC, and you can only pay the remaining 0.15 BTC if you are happy with the package and want to continue getting signals. If you talk to a colleague who ends up buying a membership lifetime package, you earn BTC worth of 0.05.
Putting your money in your AltcoinTrader account is very simple and easy beyond what you can think. A standard method that can be used is through an ETFs or an electronic bank transfer of funds. You can also deposit a compatible cryptocurrency into your AltcoinTrader wallet for free; however, withdrawing the same cryptocurrency after depositing will incur a fee. Also, be prepared to wait for a trade to settle – on AltcoinTrader, all transactions are executed by one person reviewing them, unlike automated systems used by other exchanges.
Features Altcointrader offers that make it stand out
- Well Optimized and Easy to Use
As luck would have it, you don’t have to worry about other problems when using altcointrader to trade online. It makes use of well-optimized and modern software that makes exchanging just that much stress-free for every person involved.
Easiness is often a significant worry for traders, and the AltcoinTrader interface is one of the simplest to understand, especially for people who are not tech-savvy. The whole thing is displayed in a precise calculation, and the features of the account are easy to find.
- 2FA 6-digit (Authy or Google Authenticator app)
Any trading platform should have a Two-Factor Authentication (2FA). Electronic authentication allows merchants to log into your account only after providing two proofs; possession (something that only the user owns), inherence (something that the user is), and knowledge (something that only the user knows).
2FA primarily protects investors and third-party traders who attempt to hack your access to data, such as financial assets and personally identifiable details.
- Great and Robust features
AltcoinTrader is a superior and popular trading platform with extensive features regarding what you can do with your account. It gives traders the right to use most of the major cryptocurrencies and offers analysis, competitive pricing, and in-depth analysis of their accounts.
- Learn On the Go
There are various trading platforms out there that involve you to get a proper course on them before you can trade. Switching between two different apps to learn can be pretty frustrating. So, Altcointrader is a platform that allows you to access all of its learning material right from their app. You can even acquire all of the webinars they have and implement what you learned on the market.
- Security protocol
In general, trading in the cryptocurrency market comes with significant risk. The high volatility of the cryptocurrency market can cause investors to lose all of their funds if they are not careful enough.
The number of successful cyber-attacks increases as weak trading platforms cannot adequately protect their clients’ information and investments. This is why several investors and traders are cautious when choosing a trading platform and certainly make it their main criteria when selecting a specific trading platform.
Altcointrader has ensured several standards and state-of-the-art security measures to protect its customers’ confidential information and investments. The exchange platform uses several security measures to protect customers’ business accounts, assets, and personal data.
AltcoinTrader has never been penetrated so far in terms of safety and maintains many transaction registers and information per anti-money laundering laws.
To open an account, prospective traders do not have to make a minimum deposit. AltcoinTrader does not give leveraged trading options. For account security, AltcoinTrader makes use of two-factor authentication for traders’ accounts.
- Currencies offered
Cryptocurrencies currently allowed for trading on AltcoinTrader comprise NMC/ZAR, LTC/ZAR, ZEC/ZAR, BCC/ZAR, BTC/ZAR, XPR/ZAR, and ETH/ZAR, with Bitcoin ruling most of the trades.
Altcoin Broker does not grant convertibility or entrance into U.S. Dollars, Euros, or any type of coin outside the South African line.
- AltCoin Trader trading fees
This trading platform allows a fixed trading rate of 0.375%. Hence, it doesn’t matter if you are a maker or a taker. Exchange rates on this exchange are well above the industry average, which was historically around 0.25% but is now heading to even lower levels, such as 0.10% and 0.15%. It is worth asking whether this stock market has a firm offer for investors in other regards, which exceeds the disadvantage of this higher exchange rate.
- AltCoin Trader withdrawal fees
The withdrawal fee from the AltCoin merchant is 0.0005 BTC per withdrawal of BTC. This rate is slightly lower than the industry average. The last time a complete empirical study was done at Cryptowisser, the industry’s average BTC withdrawal rate was approx. 0.0008 BTC to withdraw BTC. But presently, we are seeing more and more exchanges charging 0.0005 BTC for BTC withdrawal, so it can be argued that 0.0005 BTC is starting to become the new industry average.
- Deposit methods
This trading platform offers bank transfers as a deposit method, but credit cards are not allowed. So if you intend to use your credit card, this trading platform is not for you.
In conclusion, the main advantage of this exchange is that it offers many trading pairs against ZAR. If this option is not essential to you, this exchange is probably not the best option for you.
- Trading accounts
| Account type | Minimum deposit | Leverage | Fee |
| Standard | N/A | 1:1 | 0.8% |
Certain deposit and withdrawal fees also apply. You can find detailed information below (Payment Methods).
Like most cryptocurrency exchanges, South Africa AltcoinTrader offers a single type of account with no leveraged trading and no least initial deposit as prerequisite. When it comes to two-step verification, Altcoin is very popular for it in the crypto space. In order to reduce your processing time or raise your limit as a trader, you will have to upload your proof of residence, ID card, etc.
- The Company Fund security
| Company | Country | Regulation |
| Altcoin Trader (Pty) Ltd. | South Africa | None |
AltcoinTrader is a cryptocurrency trading platform in South Africa that offers Selling or buying of digital coins for South Africans. The organisation that operates the website and the brand, Altcoin Trader (Pty) Ltd., is not a controlled cryptocurrency exchange, which is not a significant issue in this industry as most countries haven’t learned what rules is applicable to these venues yet.
You can decide to trade cryptocurrencies with well-known forex brokers, if you insist on investing with a regulated entity. Most of them are appropriately licensed, and you can also offer trading on margin.
Despite not being formally regulated, AltcoinTrader claims to have implemented an active know your customer (KYC) policy, comply with the Anti-Money Laundering Act (AML), and implemented specific measures to monitor doubtful transactions.
More importantly, there are no facts about AltcoinTrader hacked currently, and the former claims that all FICAs and cryptocurrencies are put in storage in cold rooms.
- Trading instruments (cryptocurrencies)
AltcoinTrader targets the South African market and focuses on the local traders as this cryptocurrency exchange provides digital currency trading only against South African rand. It doesn’t accept the most widely used fiat currencies, for instance GBP, EUR, USD, nor inter-cryptocurrencies. The complete list of trading tools includes NMC/ZAR, LTC/ZAR, XPR/ZAR, ETH/ZAR, ZEC/ZAR, LTC/ZAR, and BCC/ZAR.
If you prefer to trade currencies in crypto against the regular USD and EUR, you can still do so with key exchanges, such as Bitstamp and Kraken, which also function in the South African market.
- Minimum initial deposit
Since there is no info on the initial minimum investment amount on the AltcoinTrader site, we assume this is unnecessary. This appears to be the situation with most cryptocurrency exchanges.
- Leverage
As mentioned above, AltcoinTrader does not accept leveraged trading. Some think leverage is a superb opportunity to make big profits with small deposits, more experienced traders usually find it too dangerous.
Nonetheless, if you need some leverages, other crypto-exchanges, like Kraken have it for you. Also, there are an increasing number of forex brokers offering speculative margin trading with CFDs on cryptocurrencies.
- Fees
Unlike other cryptocurrency providers, AltcoinTrader charges a flat rate of 0.8% per trade irrespective of the volume and pair traded. It seems a little unfair to us, and it is above the industry average, between 0.20% and 0.25%.
By contrast, ICE³X, another South African, charges diverse fees, which depends on the specific tool and the client monthly trading volume.
- Trading platform
AltcoinTrader offers an easy-to-use web platform. It has a trading history window, a well-designed order book, and basic charting. Its design is not compatible with mobile devices. There is no mobile app available either if you’re a cryptocurrency trader on the go. Also, we have found that the platform is straightforward and does not have advanced features, such as technical analysis indicators. Worse yet, there are signs that the platform is not maintaining enough liquidity.
Here is an overview of the AltcoinTrader platform:
A trade order that has not yet been filled can be cancelled for free on Altcoin platform, which makes it a nice and option.
- METHODS OF PAYMENTS AND FEES
Basically, Altcoin Trader offers bank wire and blockchain transfers, as well as electronic funds transfer (ETF) as an option to withdraw and deposit.
Withdrawing from the platform is not free, however, depositing bitcoin or other digital coins that are supported by Altcoin trader directly is absolutely free of charge. The withdrawal fees indicated on the platform at the time of writing are as follows: 0.002 ETH, 0.02 LTC, 0.001 BTC, 0.002 ZEC, 1.0 XPR, 0.1 NMC, and 0.03 DASH.
If you choose to withdraw or deposit in ZAR (South African Rand), the only fiat currency supported by this exchange, transfers will be charged at the rate of 0.5% (up to R 250).
Likewise, bear in mind that all withdrawals and deposits on AltcoinTrader are handled by a human team member, which may take a bit longer than an programmed system.
| Pros | Cons |
| No significant hacks at this time | No inter-cryptocurrency trading, no leveraged trading |
| Local currency accepted | Only one fiat currency (South African Rand) is accepted |
| 8 digital currencies offered | Primary trading platform with low liquidity |
So which exchange is suitable for you?
It depends on what kind of cryptocurrency dealer you will be. If you imagine that you trade a lot and think that you are interested in vague cryptocurrencies in the future, then it is challenging to recommend AltcoinTrader.
On the other hand, if you are primarily looking at Bitcoin and intend to buy it and store it for a while, AltcoinTrader should do the job. However, commissions are a problem, and anyone who wants to make money from their business should always consider this.
Here, AltcoinTrader is not competitive. Not only are the fees high, but the transaction times are much, much longer. AltcoinTrader does not use an automated trading system, it is human-dependent, and many have questioned the service’s ability to respond to a crisis.
This is because the stock market is perceived to have a relatively low level of liquidity for crypto exchange, which worries many traders about its future profitability, especially given the cryptocurrency withdrawal rates for an electronic wallet.
VERDICT
AltcoinTrader, a South African cryptocurrency exchange, virtually allows its clients to deposit in local currency to buy cryptocurrencies or withdraw their digital currencies among South Africans. It does not offer cryptocurrency or leveraged transactions. Additionally, we found the trading fees charged by AltcoinTrader to be above average, its platform very simple and with low liquidity.
An essential thing about AltcoinTrader is that it is based in South Africa and allows people who use South African fiat currency to buy and sell cryptocurrencies. Because there are no federal regulations for cryptocurrency trading in South Africa, AltcoinTrader is an unregulated exchange, although this is common in the cryptocurrency world.
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