Altcoin.io Experiences 2021 - The crypto exchange test
10 Stars
The crypto exchange Altcoin.io in a big test: On the decentralised exchange (DEX) you can trade Bitcoin, Ether and other cryptocurrencies against each other. A smart contract replaces the classic exchange system, yet a customer support is supposed to take care of users' concerns around the clock. Our Altcoin.io experience will show whether this works.
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Today in the test: Altcoin.io. In order to achieve a good rating, the decentralised exchange has to convince us in several respects. What can Altcoin.io's customer service do? How secure is trading via smart contracts? What fees are charged for trading? And how does Altcoin.io protect its users from fraud? We will answer these questions so that you are well prepared before you gain experience with Altcoin.io yourself.
What is Altcoin.io?
The DEX (Decentralised Exchange) Altcoin.io is developed in San Francisco, California. The company maintains a core team of currently eight people, with six advisors supporting the startup. One of the foundations of cryptocurrencies is their decentralisation. It allows trading past financial institutions, and creates a level of security never seen before. So it is a bit bizarre that we generally obtain decentralised currencies from centralised exchanges that are regularly hacked. This is exactly where Altcoin.io comes in: In place of the middleman is a web of smart contracts that reliably verifies trades. And the decentralisation makes life difficult for hackers. But the human factor has not been completely eliminated from Altcoin.io's concept: the exchange wants to serve its customers around the clock in the future - but it is still in the testing stage.
Altcoin.io advantages and disadvantages
Altcoin.io is still in development. When the exchange launches, it should make direct trading between a large number of cryptocurrencies possible - even those whose blockchains are not actually compatible with each other. In the fully automated exchange, their exchange will work with the help of smart contracts.
The example of trading between Bitcoin and Ethereum's Ether shows how this can work. Here, the Ether in the smart contract is fixed until the other trading party sends an equivalent Bitcoin amount to a fixed wallet address. If the contract determines that this condition is met, it releases the Ether and automatically sends it to the intended recipient. Smart contracts are considered unalterable, so as things stand today they cannot be maliciously manipulated by third parties.
The trading protocol of Altcoin.io is made available to developers of dApps. This means, for example, that other decentralised exchanges can benefit from the development of Altcoin.io in the future. Those interested in the development of dApps can find the demo version of Altcoin.io as a download on the company's website.
Altcoin.io experience: Wallets mandatory
On Altcoin.io you will probably not be able to store purchased cryptocurrencies in your account. Instead, you will need your own wallet. We have written down which wallet is the best for Bitcoin here (Bitcoin wallet comparison). If you want to buy one of the other currencies and are looking for a suitable wallet, you can find more articles on the subject via our menu navigation under "Wallets".
Altcoin.io Review - the offer
Altcoin.io is a crypto exchange, not a broker. Accordingly, financial instruments such as CFDs, forex or stock options are not available here. Furthermore, Altcoin.io only supports trading between different cryptocurrencies, at least for the time being.
When the Altcoin.io exchange opens its doors, you will be able to trade a wider range of cryptocurrencies than on many other platforms. The developers have not yet announced exactly which ones. However, a preview image suggests that the following cryptos, among others, could be supported:
Altcoin.io cryptocurrencies
Bitcoin (BTC) | Litecoin (LTC) |
|---|
Altcoin.io Fees & Charges
The fees that the decentralised exchange Altcoin.io will charge for trading cryptocurrencies cannot yet be determined. A fee model similar to that offered by other decentralised exchanges is to be expected. Fees are charged for the use of the platforms, but not for transactions to the exchange or from the exchange back to your wallet. The low administrative effort with which decentralised exchanges can be operated usually makes them much cheaper than centralised exchanges like Binance and Co.
However, it is also conceivable that the Altcoin.io fee model favours certain use cases and is specifically designed for certain user groups. There are no custody fees for trading cryptocurrencies. However, transactions usually require mining fees, which do not have to be paid to the exchange but to the network used, and by which network nodes such as miners and nodes are maintained.
Fee type | costs |
|---|---|
Altcoin.io Trading & Deposit Fees | not yet known |
Withdrawal fees | no |
Many CFD brokers charge a so-called inactivity fee for long periods of inactivity. This is generally not the case for crypto exchanges like Altcoin.io: Here, fees are only charged when you trade cryptocurrencies. We will only be able to make a final assessment of the fee model when Altcoin.io leaves the test stage.
Altcoin.io payment methods
Centralised Exchanges (CEX) have a decisive advantage over their decentralised competitors (DEX): as a rule, they offer many payment methods so that their customers can purchase Bitcoin, Ether and Co. directly against euros. This is not yet the case for decentralised exchanges, but may come as the new service providers establish themselves and develop their technologies.
Initially, only cryptocurrencies will be traded against each other on Altcoin.io. It will therefore not be possible to buy cryptocurrencies directly on the exchange. Whether and when this will change is not yet foreseeable at this point.
Buying Bitcoin with Euros: not possible on Altcoin.io
First of all, you will have to have some cryptocurrency at your disposal before you can use the services of Altcoin.io. If you want to buy Bitcoin, Ether, IOTA or another cryptocurrency with euros, you can do so at our Exchanges comparison test winner eToro by credit card, instant transfer and even PayPal. This makes eToro a great alternative for buying, but also for trading cryptocurrencies.
Payment method | yes/no |
|---|---|
Credit cards | no |
Paypal | no |
Instant bank transfer | no |
Skrill | no |
Neteller | no |
Paysafecard | no |
Bank Transfer | no |
Other | yes |
Altcoin.io licence and security
At least those who buy cryptocurrencies directly are responsible for their own safekeeping. Buyers are their own bank. This is one of the great advantages of cryptocurrencies, but also a double-edged sword. Because you can't cede responsibility to a financial institution like a bank, you have to worry about security issues yourself. This starts with the choice of the right wallet and ends with the proper documentation and secure storage of important data. For beginners who do not have the time or leisure to deal with all this, this is a good reason to trade cryptocurrencies with brokers like eToro with certificates and to forego buying directly.
However, trading CfD derivatives involves a not inconsiderable risk that you should by no means underestimate. But even purchased cryptocurrencies can, as the past has shown, suddenly drop massively in value. In any case, you would be well advised to take a close look at all options before deciding on one. Our guide texts can be a good help here.
In general, you should be careful when using crypto providers. For example, you should always check whether you are on the official website of the provider. With the so-called phishing method, fraudsters redirect you to the duplicate pages of the exchange portals and thus collect your login data. Where available, you should definitely make use of two-factor authentication (2FA). It additionally protects your account from unauthorised access, and setting it up and using it is child's play. We have taken a closer look at how you can effectively protect yourself from fraud damage here.
Altcoin.io regulation: No review by regulatory authorities
Cryptocurrencies are not regulated in most countries. Their unclear status has advantages, but the downside is hard to overlook at the same time. Because the risk associated with investments in these currencies naturally increases where the authorities do not control. This is still the case with crypto exchanges like Altcoin.io at the moment.
Unlike exchanges, however, reputable brokers are very much controlled by the authorities. This is because you usually don't buy cryptocurrencies directly from them, but speculate on their price movements using established financial instruments. These financial instruments are usually strictly.
Altcoin.io is therefore not regulated, but due to its decentralised architecture it offers considerably more security than many other platforms. Because while centralised exchanges are an attractive target for attackers, there is still no precedent that has shown that it is possible to crack the security mechanisms of decentralised exchanges.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Altcoin.io Customer Service, Contact & Support
When looking for the right exchange for you, you should pay attention to this criterion. After all, good support can prove to be a real boon when it comes to problems using a platform, or much worse, managing your cryptocurrencies. It is true that you are largely responsible for your own security when you buy cryptocurrencies directly or trade them against each other. That's why the support of crypto exchanges is less relevant than that of crypto brokers. Nevertheless, the Altcoin.io support is included in our evaluation.
All information available on the website is in English. The website provides concise information about Altcoin.io's plans.
Altcoin support to be available around the clock
Altcoin.io emphasises in its "Lite Paper" that it will offer round-the-clock support when the decentralised exchange launches. This is not necessarily common for exchanges and in any case a remarkable criterion in Altcoin.io's offer, if it is really offered when the project is published.
Anyone who wants to contact the developers can currently do so either via Twitter, Facebook or an email address, which you can read in the table below.
Contact way | yes/no |
|---|---|
phone | not yet known |
Live chat | currently only via Facebook |
contact form | not yet known |
FAQs | not yet known |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
The Altcoin.io App
Let's be clear from the outset: An Altcoin.io app does not yet exist. Presumably it will remain that way, because an app would not bring any particular advantages compared to using the decentralised exchange via the browser (and optionally also on the smartphone). The situation is completely different when it comes to trading cryptocurrencies with a broker: here in particular, good apps are actually indispensable nowadays so that you are always aware of even the smallest price movements and can react as quickly as possible.
If you don't want to trade cryptocurrencies but buy or trade them, you would be well advised to do so from the comfort of your own home. Decentralised exchanges may not (yet) be hackable, but the custody of cryptocurrencies is still subject to a very real risk: you. You are responsible for keeping your Bitcoin safe and not losing your access data. You want to make sure that your wallets are set up correctly, that you can access the necessary documents at any time and that you document everything properly - and preferably in duplicate. The desk at home is still the best place for this.
For these reasons, the fact that Altcoin.io will not be offering its own app, at least in the medium term, has no influence whatsoever on our evaluation of the crypto exchange.
Conclusion - the Altcoin.io rating
For our review, we relied on information describing a decentralised exchange that cannot be used at the moment. That is why we were not able to make any direct experiences with DEX Altcoin.io.
Nevertheless, we like the idea behind Altcoin.io. Especially the combination of the advantages of a decentralised exchange with an always available customer service definitely makes us want more. The website that currently provides information about Altcoin.io is clearly laid out and answers many obvious questions at first glance.
Altcoin.io has a core team that is as compact as it is competent and even includes scene celebrities like Ken Kavanaugh. We are curious to see what the Californians will present to us soon.
Altcoin.io valuation difficult
However, it was not possible to find out exactly when Altcoin.io will leave the test stage. The fact that the release is currently not planned for the immediate future seems evident from the lack of an explanation. We would have liked to know what particular challenges Altcoin.io founder Andrew Gazdecki is currently facing. The fact that there is no more here is very regrettable.
There is also currently no more detailed information on the exact structure of the offer, customer support and the fee model. In view of the thin information situation, we must therefore refrain from a final evaluation of the promising project for the time being. When Altcoin.io launches, we will return, test the actual offering in detail and submit a grade later.
Did you like our Altcoin.io review? Our Altcoin.io review is part of our big series on the best exchanges on the web. You can find a good alternative to Altcoin.io registration in our test winner. Are you wondering whether cryptocurrencies are still worth it in 2021? Or do you want to learn more about cryptocurrencies? Then you can find our overview pieces on the most important coins here.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
Altcoin.io was convincing in our test. The diverse trading options and excellent customer support attract many customers, most of whom are very satisfied with the provider.
The amount you invest should depend on your own liquidity, the cryptocurrency you choose and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Withdrawals are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected withdrawal method.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the chosen coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.
