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AltCoinTrader Review 2023: Is it Legit?
Luis Clark
- URL: https://www.altcointrader.co.za/
- Headquarter: Johannesburg, SA
- Year Founded: 2015
- Platform App: Desktop/Mobile
- No. of Cryptos: 30+
- Fiats Available: ZAR
- Withdraw Method: Bank Transfer/Crypto
- Payment Method: Credit and Debit Card/EFT/OZOW/Crypto
AltCoinTrader Review: Our Opinion
If you are based in South Africa and looking for a simple way to buy and sell cryptocurrency internally, you can consider AltCoinTrader. This online cryptocurrency exchange supports various leading digital coins and allows users to deposit and withdraw funds in ZAR.
AltcoinTrader first appeared in 2015, a considerable in the cryptocurrency industry. It has now become one of South Africa’s most reputable cryptocurrency exchanges. They have many devoted and enthusiastic individuals in the Bitcoin sector. South Africa accounts for 97% of Altcoin trader’s traffic, with the remaining % coming from the US, Namibia, the UK, and South Korea.
Make sure to conduct your own research before looking for cryptocurrency exchanges to use for trading. Make sure you check details such as what fees are associated with the account, what are the trading restrictions, etc., before you invest money. You should also check out the cryptocurrencies listed on the stock exchange to ensure they align with your preferred investment areas.
This AltcoinTrader review will help users ascertain whether the crypto trading platform is right for them – by including fees and commissions, supported coins, payments, security, safety, and more. We have combined our experience in the financial sector and the feedback and reviews of customers to give an accurate picture of the AltcoinTrader review.
An Overview of AltCoinTrader
AltCoinTrader is an online cryptocurrency exchange based in South Africa. AltCoinTrader is one of the few platforms that lets you buy and sell cryptocurrency in ZAR, focusing on the domestic market. ZAR is the benchmark currency used in the sector, so to invest in digital assets, you would typically need to swap ZAR for USD.
You can access several digital coins by opening an account with AltcoinTrader. It includes well-known cryptocurrencies like Bitcoin and Ethereum and less well-known ones like Namecoin and DAI. The AltcoinTrader website appears simple at first glance. However, it might be challenging to navigate.
The selection of trading pairs at this exchange is limited. AltcoinTrader has 20 available trading pairs and 21 coins. The exchange list of trading instruments consists of LTC/ZAR, BTC/ZAR, BCC/ZAR, ETH/ZAR, NMC/ZAR, XPR/ZAR, DASH/ZAR, and ZEC/ZAR. However, BTC/ZAR comprises most of the trading volume.
Therefore, users must select a different trading platform that users can locate with the aid of the Exchange Finder if they want to buy or sell any smaller cryptocurrency.
By supporting various payment methods, the AltcoinTrader team aims to make investing in cryptocurrencies easy for those in South Africa. Local bank transfers, credit card deposits made through Zapper, and quick EFT are all examples of this (OZOW). AltcoinTrader does not disclose its physical address. However, it does give a domestic cell phone number if you want to contact someone on the team.
Putting your money in your AltcoinTrader account is very simple and easy. ETFs or electronic bank transfers are two standard methods that might be employed. You can also deposit a compatible cryptocurrency into the AltcoinTrader wallet for free. Nevertheless, withdrawing the same cryptocurrency after depositing will incur a fee. Furthermore, you are required to wait for a trade to settle since all transactions are executed by the person reviewing them, unlike automated systems used by many exchanges.
The cryptocurrency exchange AltcoinTrader doesn’t offer referral (partner) programmes. Some analysts see this as a benefit of the platform that speaks to its steady growth and the absence of the need to further promote the inflow of new clients.
Pros
- Deposits are accessible in fiat currency, and all the most well-known cryptocurrencies and tokens are available. Also, you can buy your chosen cryptocurrency in the domestic currency (ZAR)
- Regardless of the client's trading volume, the exchange charges low trading costs of 0.1%
- Besides the trading platform, there is a service for the simple exchange of coins and cryptocurrencies
- The exchange has an easy-to-use UI and is highly straightforward
- The exchange uses an SSL certificate, protection against DDoS attacks, and other state-of-the-art means of security
- The exchange does not have a minimum deposit requirement, regional restriction, or limitations for trading strategies
- The exchange has a Help Center featuring information based on crypto trading and working with the TradingView platform
Cons
- No other fiat money, except for the South African rand is accepted by the exchange
- Limited cryptocurrency trading pair
Key Features of AltCoinTrader
Easy to Use and Well Optimized
AltcoinTrader is an excellent investment platform and one of the easy-to-use crypto exchanges, as it’s user-friendly. Fortunately, there aren’t any other issues to be concerned about when using the AltcoinTrader to do online trading. The trading platform uses modern and well-optimised software that makes exchanging stress-free for all parties.
The AltcoinTrader interface is one of the simplest to understand, especially for those who are not tech-savvy. Ease of use is often a significant concern for traders.
2FA 6-digit (Authy or Google Authenticator app)
Altcoin Trader’s trading platforms offer an extra layer of security called two-factor authentication (2FA). To log into your account, merchants need to provide two types of evidence: something they have (like a personal possession), something they are (like a unique characteristic), and something they know (like a secret knowledge). This electronic login process ensures that only the authorized user can access the account.
Investors and traders who try to gain access to your data, including financial assets and personally identifying information, are principally protected by 2FA.
Great and Robust features
The exceptional and well-liked trading platform Altcoin Trader offers a wide range of tools for managing your account. It allows traders to use most major cryptocurrencies and provides analysis, aggressive pricing, and in-depth account analysis.
Learn On the Go
Several trading platforms are available, but you must complete a formal training program before using one and it can be frustrating to have to switch between two separate learning programs. However, Altcoin Trader is a platform that offers altcoin traders direct access to all of their instructional resources. You can even purchase every webinar they provide and use what you learn in the marketplace.
Trading platform
Altcoin Trader offers an easy-to-use web platform. It provides a window for viewing trade history, an appealing order book, and simple charting. Its design is not compatible with mobile devices. Additionally, the website is straightforward but lacks sophisticated features like technical analysis indications. Even worse, there are indications that the platform isn’t keeping up with liquidity needs.
Cryptocurrencies Available on AltCoinTrader
The complete list of all cryptocurrencies that our Altcoin trader supports is given below
- BTC – Bitcoin
- ETH – Ethereum
- XAU – Krugerrand
- BCH – Bitcoin Cash
- COMP – Compound
- XMR – Monero
- BSV – Bitcoin Satoshi Vision
- DASH – Dash
- LTC – Litecoin
- ZEC – ZCash
- BTG – Bitcoin Gold
- NEO – Neo
- XAG – Silver
- LINK – Chainlink
- DOT – Polkadot
- GAS – Gas
- ADA – Cardano
- NMC – Namecoin
- XRP – Ripple
- USDT – Tether
- DAI – DAI
- BAT – Basic Attention Token
- XLM – Stellar Lumen
- DOGE – Dogecoin
- TRX – TRON
- BTT – BitTorrent
- SHIB – Shiba Inu
Crucially, our AltcoinTrader review found that all the supported crypto assets listed above are priced in ZAR. Again, this means you don’t have to be concerned about exchange rates.
Due to the fact that this cryptocurrency exchange only offers to trade in digital currencies against the South African rand, Altcoin Trader primarily targets the South African market and local traders. The most popular fiat currencies, such GBP, EUR, and USD, as well as inter-cryptocurrencies, are not accepted. LTC/ZAR, BCH/ZAR, NMC/ZAR, ETH/ZAR, XPR/ZAR, ZEC/ZAR, LTC/ZAR, and BCC/ZAR are some of the available trading instruments.
You can easily trade digital currencies against the USD and EUR in popular exchanges such as Bitstamp and Kraken, which are also active in the South African market.
AltCoinTrader Fees
Taker fees and maker fees are the two main trading fees levied by the majority of crypto exchanges. The person who selects an existing order from the order book is known as the taker. The individual who creates an order that is not instantly matched against an already-existing order on the order book is known as the maker.
For both takers and makers, Altcoin Trader levies a 0.10% trading fee. According to the largest and most recent empirical study on crypto exchanges trading costs, the average spot trading fees (taker) is presently 0.221%, while the average spot trading fees (maker is currently 0.177%. Compared to those typical trading fees, AltcoinTrader’s taker and maker trading fees are below the industry average.
The withdrawal fee of AltcoinTrader is 0.0005 BTC per withdrawal of BTC. This rate is a little lower than the average for the industry. The industry’s average BTC withdrawal rate is currently around 0.0008 BTC. However, as more exchanges start to charge 0.0005 BTC per BTC withdrawal, it can be claimed that this price is starting to replace the industry standard.
When it comes to payment fees, this will depend on the deposit method you choose. Bank transfers are accepted as a deposit method on this trading platform, but credit cards are not accepted as a deposit method. So this trading platform is not for you if you plan to use a credit card.
In conclusion, this exchange’s key benefit is that it provides a large number of trading pairings versus the ZAR. The exchange is generally not the best choice for you if this option is not absolutely necessary to you.
AltCoinTrader Payment Methods
Like the majority of crypto exchanges, South African AltcoinTrader only provides one type of account and does not require a minimum initial deposit but does also not offer leveraged trading. In the cryptocurrency world, AltcoinTrader is quite well-known for two-step verification. You must upload your proof of address, ID card, etc. in order to speed up processing times or increase your trading limit.
Our AltcoinTrader review found that the AltcoinTrader offers a service called Easy Buy. In a nutshell, you can do this by simply entering the amount you want to invest in ZAR, and you can then buy your preferred cryptocurrency. For instance, you can enter 6,000 ZAR in the “Amount” field if you want to purchase Bitcoin.
To use the Easy Buy service, it costs 0.75% every slide . That is, the easy buy and sell fee is 0.75% of trade value. This means that when you buy digital currency, you will pay 0.75% of the transaction amount. Easy Buy allows you to purchase your chosen cryptocurrency by simply entering the amount you want to invest in ZAR.
The deposit option you choose to use will determine the payment fees that apply.
- A 0.5% fee is applied to deposits made by cash or EFT. The highest fee imposed is 95 ZAR.
- Pay 2% + VAT if you want to deposit money using a debit or credit card.
- Deposits made in OZOW will cost 1.42% made in ZAR.
- Deposits of cryptocurrencies are free.
A cost of 2% plus VAT is on the high side, especially when you consider that using a debit or credit card is the most practical way to fund your cryptocurrency trading account. You won’t be charged any fees if you use Capital.com or other similar services. When it comes to withdrawals, using EFT will also cost you 0.5% more (maximum 95 ZAR). The inability to withdraw money with a debit/credit card or OZOW is a significant drawback.
AltCoinTrader Security
Trading in the cryptocurrency market is generally fraught with great risk. If investors are not vigilant enough, the high volatility of the cryptocurrency market could result in them losing all of their money.
As a result of weak trading platforms’ inability to appropriately protect their clients’ information and investments, the number of successful cyberattacks rises. This is the reason why many traders and investors are cautious while selecting a trading platform and unquestionably use it as their primary criterion.
To secure its customers’ private information and assets, Altcoin trader has implemented a number of standards and cutting-edge security measures. The exchange platform employs a number of security procedures to safeguard user data, assets, and company accounts.
In terms of security, Altcoin Trader has never been breached, and it keeps various transaction registers and information in accordance with anti-money laundering legislation.
Prospective traders are not required to make a minimum deposit in order to open an account. Leveraged trading options are not available with Altcoin Trader. Altcoin Trader uses two-factor authentication for trading accounts to ensure account security.
South Africans can sell or purchase digital coins via the South African cryptocurrency trading portal AltcoinTrader. Since most nations are still learning what regulations apply to these platforms, the fact that Altcoin Trader (Pty) Ltd., the company that runs the website and the brand, is not a regulated cryptocurrency exchange is not a big deal.
If you insist on investing with a licensed business, you can choose to trade cryptocurrencies with well-known FX brokers, but then you don’t really own the asset. The majority of them possess the necessary licenses, and you may also utilise margin trading. AltcoinTrader asserts that it has developed an active know your customer (KYC) policy, complies with the Anti-Money Laundering Act (AML), and has taken several steps to monitor suspicious transactions despite not being formally regulated.
More crucially, AltcoinTrader asserts that all FICAs and cryptocurrencies are kept in cold storage and there is currently no information concerning it having been hacked.
AltCoinTrader Staking Rewards
A native cryptocurrency wallet that can be downloaded to a mobile or desktop computer is not available on AltcoinTrader. The digital currency you buy over the platform will be kept in your AltcoinTrader online wallet. This entails that you may always check your balance and withdraw coins to any personal wallet of your choice.
With that stated, according to our assessment of AltcoinTrader, using the Easy Save feature also allows you to earn interest on the cryptocurrency you have purchased. It is compatible with six digital currencies, each of which offers a unique interest rate.
- Bitcoin – 4%
- South African Tether 5.23%
- TRON – 10.44%
- Tether – 7.32%
- Ethereum – 4.40%
- Cardano 5.08%
Whether or not your money is genuinely protected is the main issue we found with the AltcoinTrader wallet. For instance, AltcoinTrader’s pledge to hold “all crypto in cold storage” was the only feasible safety measure we could see.
It’s very improbable that all client funds are kept offline because the platform wouldn’t be able to process withdrawal requests or give its exchange the liquidity it needs. Furthermore, important security components like IP address, whitelisting, and two-factor authentication are not mentioned. Therefore, it may be said that by giving AltcoinTrader access to your digital funds, you are taking a significant risk.
Opening a AltCoinTrader Account
Selecting a username, email address, and password is all that is necessary to register with AltcoinTrader:
- Navigate to www.altcointrader.co.za in your browser.
- Click on the register button towards the top right-hand corner of the website page.
- Fill out the registration form completely by entering your username, email address, password, and acceptance to our terms of service.
- You will be required to click the Account Activation Link sent to the email address you provided during step 3 after submitting the registration form.
- Clicking on the Account Activation takes you to the AltCoin Trader website page confirming that the account has been successfully created.
- Using the username and password you chose in step, you may now access your account.
- You will get an email from AltcoinTrader once your ID documents have been verified and accepted. You can now go ahead and make a deposit. You can scroll up to the relevant area above for a list of accepted payment options and associated costs. ‘
- You can now finish investing in Bitcoin after funding your AltcoinTrader account. At the top of the website, first, click the “Easy Buy” button.
- Then, select the desired digital currency from the drop-down list by clicking on it. Next, select “Other” and enter the desired ZAR purchase amount. Finally, press the “Buy” button to finish the transaction.
Tips and techniques for registering with AltCoinTrader
- Make sure to only use letters, digits, and no spaces when choosing a username, and to use a minimum of 4 and a maximum of 64 characters.
- Make sure the username you choose is distinctive.
- Never choose a password that you have already used on any other platform, and make sure it has at least 8 characters, at least one number, and at least one letter.
- Please fill out the registration form again using the same username and password if you have not received your account activation link. You will then be asked to send your registration link email again.
Trading Experience on AltCoinTrader
The website itself is cumbersome and undeniably out of date. A list of buy and sell offers is presented in the website’s basic section, this is not too dissimilar from a live order book.
However, novice traders would probably find this data a little daunting. Possibly, utilizing the Easy Buy option, investing in a digital currency at AltcoinTrader is a rather simple operation. Simply choose the cryptocurrency you want to purchase and input your investment amount in ZAR to get started.
The site displays a more thorough pricing chart when advanced mode is selected. This has a tonne of extra tools and features, such the ability to use technical indicators. Additionally, you can use chart design tools, alter the colour scheme, and change the timeframes.
Trading Tools and Features of AltcoinTrader
You have the convenience of purchasing, selling, and exchanging digital currencies right from your home. However, that’s pretty much all there is to it. If you want to dive into more intricate technical analysis, you can utilize the advanced chart features. Nonetheless, if you’re an experienced trader, this might not provide you with all the detailed information you’re seeking.
AltCoinTrader App
Both iOS and Android users can download the mobile app from the website. The Altcoin Trader app’s two versions let you buy and sell virtual currencies while on the go.
The AltcoinTrader app, meanwhile, has received highly negative reviews on both stores. For instance, it has only a 3/5 rating on the App Store and a 3.4/5 rating on Google Play. Perhaps this explains why there isn’t a direct link to the mobile app on the main AltcoinTrader website.
AltCoinTrader Customer Support
The Altcoin Trader customer support staff is available Monday through Friday from 9 am to 4:30 pm local time. You can contact the customer service department by calling 011 568 2684 or by sending an email to support@altcointrader.co.za. Live chat is not available.
Is AltCoinTrader Right For You?
Depending on the type of crypto trader you intend to be. It is difficult to suggest Altcoin Trader if you think you trade frequently and anticipate being interested in nebulous cryptocurrencies in the future.
On the other hand, AltcoinTrader should work if your main focus is Bitcoin or other big name cryptos and you plan to buy and hold it for a while.
In addition to having high fees, transactions also take an unreasonably long time. Since AltcoinTrader is human-dependent and does not use an automated trading mechanism, many have questioned the service’s capacity to handle an emergency.
The reason behind this is that lots of traders worry about how profitable the market is because they think it doesn’t have much money available for trading cryptocurrencies. They are especially worried about how quickly they can take their cryptocurrencies out of an online wallet.
Final Thoughts
AltcoinTrader, a South African crypto exchange, effectively enables its users to deposit local cash to purchase cryptocurrencies or to transfer their digital currencies among South Africans. It does not support leveraged margin trading. Additionally, we found that AltcoinTrader’s trading fees were on the higher end and low liquidity.
The fact that AltcoinTrader is situated in South Africa and enables users to buy and sell cryptocurrencies using local fiat currency is an important feature of the platform. Although this is not rare in the cryptocurrency industry, AltcoinTrader is an unregulated exchange in South Africa because there are no federal laws governing cryptocurrency trading there.
Our extensive analysis of the South African Crypto Exchanges doesn’t stop here. You can also read about our Binance South Africa review as an alternative to AltCoinTrader or you can check out our list of best exchanges available to South Africans.
See how AltCounTrader Compares with Other South Africans Crypto Exchanges:
FAQ
Most frequent questions and answers
The platform does not possess any regulatory permits, despite being registered with the Financial Intelligence Centre of South Africa. In particular, the FSCS has not approved the exchange.
Altcoin Trader has 30+ available trading pairs and 30+ coins. Therefore, the selection of trading pairs at this exchange is quite limited. If you want to sell or buy any lesser-know cryptocurrency or want more trading pairs, you should opt for other platforms.
There is no minimum deposit requirement. Withdrawals are processed quickly. The fees are set and independent of the trading volume. This indicates that you are immediately charged a 0.1 percent fee on any trades following registration.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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