AltCoinTrader crypto exchange is based in South Africa, competing with exchanges such as Luno and iCE3. This exchange also uses the two-step verification process, and users who would like to increase their limits must upload their documents for verification.
This platform has a simple and easy to use interface. This design is not mobile-friendly; hence, no mobile app. This platform’s interface is also too basic and cannot go down well with seasoned traders since it lacks vital and advanced tools. The worse news is that altcoin trader does not maintain enough liquidity.
This platform has a flat trading fee of 0.375%, and it does not matter whether you are a taker or maker. Altcoin traders focus on the South African market and target local traders. Consequently, it offers trading cryptos against the rand only.
The fee stands at 0.0005 BTC per every BTC withdrawal, which is lower than the industry average.
Even though this exchange is not formally regulated, it has an active KYC policy and complies with the anti-money laundering act. Furthermore, it has measures in place to mitigate and monitor doubtful transactions. This platform has an up-to-date record-keeping policy on users’ identities and transactions.
It is important to note that there has been no instance of this exchange being hacked.
This platform provides bank wire and blockchain transfers as well as electronic funds transfers for deposits and withdrawals. If you directly deposit Bitcoin or any other crypto supported by this exchange, there is no fee.
For EFT payments, Altcoin trader has partnered with Ozow, a leading South African payment fintech. Ozowacts as a proxy between the buyer/customer and the bank, which results in instant and safe payments. To use Ozow, you visit the site you wish to buy from:
- Select deposit
- Click ZAR
- Select Ozow
- Enter bank account details
By allowing Ozow payments, Altcoin traders can now enable traders to buy BTC and other cryptos much faster. Ozow offers:
- Instant notifications
- No hassle
- Quick payments
- No registration
Altcoin trader pros and cons
- No major hacks
- Supports local currency
- Simple and easy-to-use interface
- No inter-crypto trading
- No leveraged trading
- Supports only one fiat: The S. African rand
- High trading fees
- No mobile app
- Low liquidity
For you to decide on which exchange to use, you need to consider a lot of factors. If you are mainly using Bitcoin and plan to buy and hold for a while, the AltCoinTrader is effective. What could be a deal-breaker is the fees. Far from the fees being high, transactions also take a longer time.
AltCoinTrader relies on humans rather than automated systems for trading. This is a red flag, especially in times of crisis. This exchange has a low level of liquidity, and users are worried about its future viability.