AltCoinTrader Crypto Trading Platform Review
AltcoinTrader Review

AltCoinTrader Crypto Trading Platform Review

By Heath Muchena | Decentralised | 3 Jun 2021


AltCoinTrader crypto exchange is based in South Africa, competing with exchanges such as Luno and Valr. The platform has a simple and intuitive interface. However, the platform's design is not mobile-friendly and the exchange does not offer a mobile app. The exchange platform is very basic and does not have a lot of advanced trading tools so most experienced traders still opt to trade on exchanges such as Binance and FTX. The liquidity on AltCoinTrader is also not as strong compared to the competition e.g Luno.

Fees

The trading fees on AltCoinTrader are 0.1% of trade value. Deposit and Withdrawal fees are 0.5%.

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Source: AltcoinTrader

Security

AltcoinTrader has never reported any hacks so it has a generally good reputation from that standpoint. The platform is not formally regulated but there are measures in place to encourage customer fund safety e.g. 2FA. To trade on the platform you'll also need to pass KYC verification.

Payment methods

AltcoinTrader offers bank wire and crypto transfers for deposits and withdrawals. If you directly deposit Bitcoin or any other crypto supported by this exchange, there is no fee.

Altcoin trader partnered with Ozow to enable users to make instant EFT payments and deposits to the exchange. Ozow is essentially a proxy between the buyer/customer and the bank, and facilitates instant and secure payments. To use Ozow, you can simply visit the site from which you wish to buy and then select the amount you wish to deposit, choose the currency, select pay with Ozow and then enter your bank login to link your bank with the payment provider so that the payment can be processed. This makes it possible for traders to purchase crypto much more quickly since the funds will be deposited into the exchange fiat account immediately.

Strengths

  • Fairly secure

  • Supports local currency in South Africa i.e. Rand (ZAR)

  • Easy-to-use interface

Weaknesses

  • No leveraged trading

  • No crypto-to-crypto trading

  • Supports only one fiat currency i.e. South African Rand

  • Not the lowest trading fees

  • No mobile app

  • Low liquidity

Conclusion

AltCoinTrader is effective for simple cryptocurrency purchases especially considering that competing local exchanges in South Africa such as Luno do not offer a lot of other tokens that you can find on the AltCoinTrader platform.

Originally posted on Decentralised Africa

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Heath Muchena
Heath Muchena

Founder, Decentralised Africa & Proudly Associated Author, Journalist For more about me: https://linktr.ee/heathmuchena


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