Alcurex: Multi Cryptocurency Trading Exchange Platform?
Alcurex is a giant multi-exchange platform for cryptocurrencies that has been in existence since 2014. The platform provides trading in BTC against a plethora of cryptocurrencies on several exchanges – a total of 63 pairs that consist of both major and minor ones. Alcurex hasn’t grown to rival established platforms in this niche, but it is still standing tall.
Perhaps what makes Alcurex a choice for many is its story and how it was ICO funded before it grew to its current state. In fact, it is rumored part of its investors are its most ardent users. That aside, however, Coinmarketcap reports that the trading cap of this platform is still quite small.
Features And Advantages Of Alcurex
- Fees – this platform 0.25% as trading commission, a figure largely considered fair in the industry. It, however, doesn’t charge any deposit fees while its withdrawal feels are meant to cover network costs.
- Bot – Alcurex has Iceberg, a trading bot that’s designed to offer automated trading.
- Coins – being an aggregator where multiple coin types are traded (or exchanged), its portfolio of instruments is significantly huge.
- Worldwide – Alcurex claims it serves clients from each part of the planet, including the US where it was recently at loggerheads with IFSC on matters around licensing and regulation.
- Security – with a Hot and Cold storage technique as well as two-factor authentication, the platform is reliably safe and trustworthy.
Red Lights Worth Highlighting About Alcurex
Despite being among the oldest, Alcurex certainly isn’t without questions and controversies. To help you determine if it is worth your bucks, consider the following.
Who Owns Alcurex?
Sure, Blakee Holdings Ltd owns it, but it ends there. The web has no conclusive information about who this Blakee Holdings Ltd is. It widely speculated that its owners aren’t native English speakers and could be a team from Belize or Estonia.
Issues On Leverage
Alcurex doesn’t provide leveraged trading, though it isn’t the only firm that does so. Kraken, Quoinex, and bitFlyer do offer CFDs on some selected currency pairs.
Fiat Currencies Vs. Cryptos And Credit Cards
Alcurex doesn’t permit trading in fiat currencies against virtual coins, although many of its competitors do. It also doesn’t accept payments made via credit cards.
Of all things that describe this platform, none sucks more than its platform that’s relatively confusing. For a newbie, Alcurex can’t be the best place for a head-start.
The IFSC Vs. Alcurex Saga In 2016
It hasn’t been all smooth for Alcurex over the past year or two, and one great dent in its growth was created by Belize International Financial Services Commission, IFSC. It warned against using cryptocurrency exchange Alcurex Ltd, saying the company had not obtained a license of this self-regulatory authority that supervises the non-banking sector in Belize.
Alcurex, operating through alcurex.com/#LTC-BTC had yet to obtain a license from the International Financial Services Commission. The body had argued that Alcurex Ltd’s offices, based in 24.5 Old Northern Highway, Boston Village in Belize of C.A fell under its jurisdiction. Without the license, therefore, had no legal and moral authority to conduct business and was expected to “cease and desist” from all online transactions.
Alcurex Trading Exchange Platform Verdict
This platform is excellent thanks to its vast scope of coins and pairs it accepts as well as the low trading fees. It has been operational for a while too, which gives you a reason to trust that it will be there in the future. But it isn’t indeed 100% trustworthy, as per the red lights above. When push comes to shove, trust it with your cash!