The country of Canda like the USA has always shown a keen interest in cryptocurrency trading and has always encouraged blockchain and cryptocurrency trading though under certain rules and regulations. The revenue agency of Canada has considered cryptocurrency as a trade good and started to consider as a system of bartering.
The government on the 19 June 2014 announced the law to treat virtual currencies (cryptocurrencies) as money service business for purposes of anti-money laundering provisions though the law is not into action and pending. In Canada today, Digital currencies are subject to the Income Tax Act (ITA) according to the Financial Consumer Agency of Canada.
Now coming back to the point, today hereby I like to go deep down and check one of the most well-known cryptocurrency portals in Canda known as the “Allcoin” and try to figure out how the portal works along with its pros and cons in details.
History of Allcoin
This well known Canadian digital asset exchange came into limelight in the year 2016 after it suffered a major shutdown due to some unwanted circumstances though the company saw the first daylight in the year 2014. According to the data obtained, Cascadia Fintech Corp is the owner of this esteemed portal. The Canadian Security Exchange has incorporated the company’s name into the list of trustworthy companies which is enough for the users to trust upon.
Moreover, the Canadian Financial Regulatory authority has rightly kept the company under its monitoring and supervision under the regulation of Financial Transactions and Reports Analysis Centre or FINTRAC in short. As the country still lacks specific regulations for cryptocurrency trading, the Canadian Government has put the whole system of crypto trading under the monitoring and safe guidance of the Canadian Securities Administration. Since its inception date, the company of Allcoin has tried to provide its service globally with a decent reputation with few exceptions like in the USA.
Now we try to look at some of the unique features that the company has to offer to its users/traders in short.
Verification for creating an account
It is mandatory to provide your contact number in order to create and register in Allcoin. Once the process is done, the company will return back with a unique confirmation code will provide you with a two-way or two-factor authentication feature by which you will be able to access their portal with a single time generated code usually obtained by scanning or via QR code.
A number provided and the user needs to input it in order to complete the process and get registered. Now the company’s portal will ask for your personal information to be provided such as your residential country, full name, identification number, date of birth, time and other needed details. The portal of Allcoin will also ask for your valid bank details from where you intend to do all your transactions in addition. Once all set and done, Allcoin
As per review obtained from various users around the globe, Allcoin does offer a pretty decent platform for its traders and users to do business here. The trading platform of Allcoin does lack different features that could simply enrich the user experience to a better level, but instead, the company does provide the users with buying and selling option which is quite a unique feature altogether. The portal portraits the price charts to its users so that they could easily book orders along with keeping an eye on the list of assets available for trading.
The portal also supplies the traders with what they call “Pro candlestick” chart system. It is a kind of charting tools and analysis that indicates the most current nature and updates regarding the trading of cryptos. Except for countries like Africa and selected countries of South America and the USA, the portal is supported in other countries globally with supported languages like English, Spanish, Russian and Chinese.
Supported cryptocurrencies by the portal
Allcoin does support different variants of cryptocurrencies which makes trading very easy as per the requirement of its users. The company provides around more than fifty of such cryptocurrencies which is one of the biggest cause for its popularity globally. Some of the cryptos include Bitcoin gold (BTG), Game Credits (GAME), Debitcoin (DBC), Zcash, MobileGo (MGO) and others along with the use of common crypto variants like Bitcoin (BTC) and Litecoin (LTC).
In comparison to other trading platforms around the globe, Allcoin does offer a pretty low fee to its users. The portal of Allcoin does not charge anything while you do registration to their platform with a zero maintenance portal charge. Unlike other rival portals around the globe, Allcoin does no charge its users for cryptocurrency deposits.
If you withdraw in US dollars then you will be charged with an amount of 15 USD. The company charges a 0.15% fee for all transactions made via the portal which involves the use of Fiat currencies as well.
Buying and selling options available
There are total 96 trading pairs available for the users to do trading. You can choose any one of them out of the 96 to continue with your trading in the Allcoin portal. The most common trading pair includes QTUM/BTC, GAME/BTC, and others. You can use either CNY or USD for trading these cryptocurrencies.
You have the privilege of setting the exchange rate for different cryptocurrencies that you like to trade on as the company does not intervene in it by any means. Thus buyers and sellers are given this unique ability by the portal for the convenience of cryptocurrency trading.
Payment methods offered
The exchange of Allcoin does accept debit and credit cards for payment. You can also use Fiat currencies for the same purpose. Anybody willing to do the transaction through the bank can avail the bank transfer services too. You can directly transfer your coins from your personal online wallet to the company’s address for making payments.
Allcoin does provide a layered security system in order to protect the funds and maintain secrecy regarding each and every transaction that is taking place on a daily basis. The portal does take various measures to protect the user data which includes physical, technical and administrative protections.
The company provides an SSL (Secure Sockets Layer) that provides data threat by any means acting as a shield to protect their official website from hackers. The management has rightly established a two-factor authentication procedure that involves the users/traders to input a one time generated code before they are able to access the portal directly for trading purposes.
Customer support system
In terms of customer support system offered by Allcoin along with the reviews obtain from its users around the globe; the company fails to attract good reviews which can be a primary cause for most of the crypto traders not getting enough reasons to joint its portal.
Users do complain that in most cases they provide a relatively poor support with response time varying between five to seven working days which can be of very annoying nature. Only the email option is available for the customers to communicate with the support staff. No availability of call facility or any forms of live interaction by any means. No mobile application is also applicable.
Pros and cons of Allcoin
Like any other cryptocurrency trading portal, Allcoin does also possess few pros and cons of its own. Now we try to sum them up in short.
- Low transaction fees
Allcoin does provide a low transaction fee to its users unlike other rival portals in the crypto business. This proves to be one of the most interesting aspects of the portal attracting customers around the globe.
- Provides numerous cryptocurrencies
The Allcoin portal does offer different variants of cryptocurrencies to its users starting from the most common to few of the unique ones for trading purposes.
- Only support two fiat currencies
Allcoin portal only supports two fiat currencies which is one of the major drawbacks of this company.
- Lack of payment method information
There is not enough information and a clear indication about the available regarding the company’s method of payment which is quite annoying and frustrating for the users.
Though Allcoin has gained much acclamation and popularity worldwide still the question remains whether Allcoin is safe for trading. Now there has been a difference in opinion and responses in relation to this question as there are noted to be few scams in relation to the theft of cryptocurrencies and security issues with late customer support which is a serious issue when it comes to the reputation of the company.
There are certain advantages also that keep the company going good and today stand as one of the major certified cryptocurrency trading platforms in Canada. All in all, with a mix bag review and a few advantages and disadvantages the company is doing a worldwide business with thousands of satisfied and happy customers.