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Allcoin Review - is it scam or safe?

Allcoin Review - is allcoin.com scam or good cryptocurrency exchange?

RATING: 2 / 4 REVIEWS Allcoin
Allcoin is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 Buy 0%, Sell 0.2%

 

Allcoin is a Canadian cryptocurrency spot exchange. It provides trading mainly of Bitcoin, Ether and its own equity coin Qtum against the USD. There is also the option to trade Bitcoin against other cryptocurrencies: Ether, Qtum, Litecoin, Bitcoin Cash and several other less popular coins and game tokens. The Ether can be traded against three other alt-coins, while the Qtum can be traded for Energo.

 

Allcoin does not offer leveraged trading, but there are other cryptocurrency exchanges such as Kraken, CexIo, Quoinex, Crypto Facilities who provide such opportunity.

 

Additionally, there are many forex brokers who offer CFDs on some of the most popular cryptocurrencies that can be traded on margin, usually on the popular MetaTrader 4 or 5 platform. The crypto CFDs as the FCA has warned, are very risky product, but, on the other hand, has sparked the interest of traders in the past several months.

 

>> See our list of regulated bitcoin forex brokers <<

 

Like most cryptocurrency exchanges, Allcoin has a tier system for customer account verification with various restrictions for the lower tiers. For example, the first tier (requires mobile number for registration) does not allow clients to deposit and withdraw USD, whereas the highest tier allows deposits and withdrawals amounting to USD 100 000 per day.

 

Users can have a USD-based account or CNY-based account. One user can have only one account with the chosen fiat currency.

 

 

The Company. Security of Funds

 

Company Country Regulation
Cascadaia Fintech Corp Canada FINTRAC

 

Allcoin is owned by the company Cascadaia Fintech Corp, which is listed on the Canadian Security Exchange. Allcoin was launched in the summer of 2016 and is registered on a federal level as a money services business by FINTRAC (Financial Transactions and Reports Analysis Centre). It also says it is under the supervision of Canadian Financial Regulatory authorities.

 

Allcoin touts itself as the first cryptocurrency exchange to be publicly listed, but the reality is that it is the parent company that is publicly listed and it is a large fintech company offering a lot of other services. Nevertheless, the fact that the parent company is listed on the exchange, suggests it is a stable and reliable entity and is subject to regulatory scrutiny.

 

Like most countries, at this point Canada still does not have specific regulation for the cryptocurrencies and the service providers associated with them and there are no regulation requirements. The Canadian Securities Administration (CSA) – the umbrella organization of all provincial financial regulators – has stated that the Initial Coin Offerings (ICOs) may be subject to the local securities laws. The same laws are potentially applicable to the cryptocurrency exchanges, the CSA notes, but no specific measures have been undertaken yet.

 

In fact, Allcoin has been operating since 2014, but in the beginning of 2016 was forced to temporarily shut down, due to “troubles”. It was bought over and repaid the funds held by its clients, relaunching as a subsidiary of Cascadaia Fintech Corp.

 

Allcoin provides its services in most countries, with a few exceptions, including the USA.

 

 

Trading platform

 

Allcoin’s platform is similar to that of numerous other cryptocurrency exchanges and does not offer most of the typical features of a proper trading platform like MetaTrader 4 or 5, for example.

 

Instead, it has the buy and sell options, some price charts, an order book and an asset list. The platform also offers “pro candlestick” chart, which provides some analysis and charting tools and indicators.

 

 

Methods of payment

 

We could not find readily available information on the payment methods accepted by Allcoin, which we find rather inconvenient. Usually the exchanges provide this information beforehand, in an attempt to attract clients. The most convenient way to fund one’s account, in our opinion, is through a debit or credit card, as usually it is much faster and easier than through a bank transfer. Another convenient method is various online wallets.

 

According to older reviews of Allcoin, it accepts payments in fiat currencies by debit/credit card and bank transfer, but we are not certain whether this is still the case.

 

>> See crypto exchanges accepting cards <<

 

Conclusion

 

Allcoin is owned by a large publicly listed company and is a registered money service business in Canada. Those two facts are a major advantage, along with the relatively low trading fee. Another thing we like is the presence of some proper charts, tools and indicators in the “pro” section of the trading platform.

 

There are, however, some disadvantages as well. First off, Allcoin does not accept US clients, but this can be explained with the unclear situation in the USA, when it comes to cryptocurrencies. Surely, this is valid for most other countries as well, but the USA are also known for their very strict financial regulators who have a penchant for imposing stiff fines.

 

We also do not like the fact that there is no clear information about the funding methods and fees, as well as whether Allcoin offers an e-wallet and what are the security measures in terms of storage, encryption, etc.

 

Pros Cons
FINTRAC registration Lack of payment method info
“Pro” charts Does not accept US clients

 

 

Latest news about Allcoin
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Traders` reviews for Allcoin

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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IDIOTIC "customer service"


Here's an actual conversation with their customer service rep. Hadn't accessed my account for months and it suddenly asked for 2FA when I had not set it up and had never had 2FA with Allcoin.

Starts at the bottom:

Lucy (Allcoin)
Jun 27, 14:11 CST
You can't receive verification code now, can you check whether there is mail in your bin

ZuluXX
Jun 27, 13:56 CST
what is my “bin”?

Lucy (Allcoin)
Jun 27, 11:37 CST
Take a look in your bin

ZuluXX
Jun 27, 11:22 CST

it’s the one I’m writing from: [email protected]

I always only used my phone number and pw to login before.

I’ve provided you with my name, email and phone#.

This is taking way too long for a simple login.

Allcoin changed its login procedure and did not notify me.

It’s up to customer sevice to help and so far FIVE emails and I’ve not received any help— just more questions!!!!!

Lucy (Allcoin)
Jun 27, 09:54 CST
Please provide your registered email address

ZuluXX
Jun 26, 23:45 CST

I don’t understand what you’re saying. When I try to login after inputting my name and PW, the Google Authenticator page appears.

I never set up my account for Google Authenticator, so I cannot move past that page.

What, again, do I need to do???

Lucy (Allcoin)
Jun 26, 18:14 CST
The area code is provided

ZuluXX
Jun 26, 14:25 CST
604-xxx-xxxx, Canadian

Lucy (Allcoin)
Jun 26, 14:24 CST
Provide the area code, mobile phone number and nationality

ZuluXX
Jun 26, 14:22 CST

What has changed since I opened my account? Looks like there are new protocols in place that I wasn’t notified of having to change once they were put in place. So what do I need to do?

Lucy (Allcoin)
Jun 26, 14:20 CST

Maybe you didn't set it up

ZuluXX
Jun 26, 11:09 CST

in English please!

ZuluXX
Jun 26, 11:08 CST

what?

ZuluXX
Jun 26, 11:07 CST

I have not accessed my account in months. I just tried and its asking for an SMS code WHICH IS NOT BEING SENT TO MY PHONE after I hit Send SMS on your screen. I do not have 2FA set up, so why can't I login with just my email/pw??? What do I do to fix this?

Rich 06/27/2019

Scum with a scam! 100%

This site is FRIGGEN NOTHING BUT SCUM WITH A SCAM!. 100%. Lock you out of account. NO SUPPORT!...you have to be logged in.

Te Iwi Ngaro Rameka 05/22/2018

Allcoin Exchange Review correct

I wrote the review about Allcoin exchange above or below. I was frustrated and thinking that i have been scammed but I made a mistake as I have managed to login, trade and secure my funds. I acted to haste but the problem has been resolved. Can the admin remove the review above as it is incorrect and unfair to Allcoin Exchange. Apologies to the Allcoin exchange team, you are doing a great job and providing good service.

Sandile 05/16/2018

Allcoin Scam Exchange

I used the exchange to buy into Deepbrain ICO last year December. I made good returns and withdrew half my profits. But now all of sudden I cannot login due to the sms that never arrives on my phone. Even their telegram is full of people complaining about being unable to withdraw or login. They are not helping anybody to login or recover their funds. I have unwillingly accepted that I have been scammed. Please stay away from allcoin.ca, it is a scam exchange.

sandile 05/14/2018
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