The broker's task is to provide access to the foreign exchange and stock markets. Taking into account the fact that the CIS space includes an unlimited number of dealing companies, today we would like to pay special attention to the broker Allcoin (AllCoin). In short, brokers very often invite clients to invest in securities, cryptocurrency and other assets, and even with capital insurance and often with a guaranteed profit! That I think it’s a scam from the very beginning, since the market has enormous volatility and only scammers can guarantee profits.
Description of the AllCoin cryptocurrency exchange
AllCoin is a Canadian cryptocurrency exchange registered in Vancouver. The AllCoin trademark was protected on September 12, 2013. Despite this, the AllCoin platform began its activities only in April 2016. In the same month, the exchange received a license and began to operate on a legal basis.
The creators of AllCoin were educated at the best universities in the world. Among them are the University of Peking, the University of Hong Kong, and the Canadian University of York. AllCoin employees also worked at the Bank of Montreal, PriceWaterHouse and venture capital funds. The accumulated experience of working in financial market organizations allowed the creators of AllCoin to unite as a team and develop their own cryptocurrency exchange.
The global goal of the AllCoin company is to help in the development of blockchain projects. In particular, AllCoin provides a platform for conducting ICOs of new startups. The name of the AllCoin exchange in Russian can be roughly translated as “All tokens”. And this is true: there are cryptocurrencies here that are not traded on any other platform.
In its activities, AllCoin strictly follows the laws of Canada. The company strives for completely legal activities and does not tolerate violations of the law by its users.
Change coins and check price
Another very interesting option we have is to change our cryptocurrencies to those that the page allows (for example, we can change Ethereum to Bitcoin or vice versa).
To do this, you need to go to the “Tools” > “Exchange” section and select the cryptocurrency you want to buy.
NOTE. They will charge us quite a large fee for transferring one currency to another, so if you can, try to avoid this. Use it only when necessary.
Registration
To create an account with AllCoin, go to the main page of allcoin.com and click on “Register”:
The registration form will open. AllCoin will ask for a mobile phone number, captcha, code from SMS and password. After entering the password, you need to click on the “Send SMS” button, and a message with a code will be sent to your phone:
The last stage is to confirm your agreement with the exchange rules and click the “Submit” button. If everything is done correctly, AllCoin will display a message about successful registration:
You have an account, you can move on.
Verification
AllCoin implements two-stage verification: Primary and Advanced.
Primary verification consists of checking the phone number and entering personal data. The phone number was already confirmed during registration, but full name. AllCoin does not request any other personal information during the process. Therefore, you need to go to the “Account Security” section and select “Verification” in the menu that opens:
Next, click on “Verify” in the “Primary Authentification” section:
A section with windows for entering personal information will open. Without initial verification, AllCoin will not provide access to trading functionality. You cannot change the information, so you need to fill out all fields correctly and then check the information.
Advanced verification “Advanced Verification” is divided into verification of e-mail, identity and residential address. It is available after successful completion of the initial verification.
To confirm your email, AllCoin will send an email with a link to follow. To verify your identity, AllCoin asks you to send a scan or high-quality photo of your ID (passport) with a photo. To confirm the address, documents about property ownership, receipts for payment of utilities or landline telephone with the user's name and surname, as well as bank documents and lease agreements are suitable.
Papers and certificates sent to Advanced Verification are manually checked by AllCoin employees. If verification is completed successfully, the user will be given access to all functionality of the exchange.
AutoFaucet (automatic orders) and mining
This is one of the most interesting parts of this site: automatic claims. Let's go to "AutoFaucet & Miner" and select AutoFaucet first.
Here we will have 2 free applications every day when we log into our account. But 2 applications are small and nothing, so we have the opportunity to get 3 free applications by clicking on the link. This we can repeat as many times as we want, so if we work on this aspect when we go to bed, we can post requests automatically throughout the night.
Once we have the required requirements, we will go to where it says “Start AutoPlay”. In this option we can choose up to 3 different cryptocurrencies at the same time to win.
If we choose 3, we will subtract 3 claims at a time. Each claim lasts approximately 4 minutes. To select more than one cryptocurrency at a time, you must select the "MULTICOINS" option and then it will ask you which coins you want to select when you click Launch.
Personally, I prefer to use only 1 cryptocurrency because as I said, we should focus on winning 1 single and then withdraw the money.
Refill
AllCoin offers more than 60 types of digital money. True, about 10 of them are working in test mode. One fiat currency is also available – the US dollar.
You can top up your account on the AllCoin platform in the “My Assets” section:
A separate wallet is created on AllCoin for each cryptocurrency. To top up, for example, with BTC and ETH tokens, you need to separately transfer money to Bitcoin and Ethereum wallets:
The account replenishment menu is available by clicking the “Deposit” button located to the right of each type of currency. After clicking it, you go to the desired page with the wallet number, QR code and instructions:
The received address must be entered in the Bitcoin or other cryptocurrency Wallet client. The transaction will be sent to the network for confirmation, and after some time the money will arrive in your AllCoin wallet.
The procedure for replenishing an account on AllCoin differs depending on the type of cryptocurrency. For example, when depositing Bitcoin into an account, the transaction takes place automatically after receiving one network confirmation. In the case of Ethereum, replenishment also occurs without human intervention, but 12 consents are required from different network nodes.
The “Transaction Record” section at the bottom of the page provides information on current transactions. Also in the “My Assets” section in the right corner of the screen there is a “My Past Transactions” button. After the transition, a page with information about all completed transfers will open.
To replenish your account in US dollars, you need to write a letter with a request to send instructions by mail using a confirmed e-mail address. In response, the AllCoin administration will send a message with the algorithm for replenishing your account via USD. The letter will not appear in the client’s email if the request to send instructions was sent from an account that has not passed advanced verification.
When depositing money into an account through cryptocurrencies, AllCoin, like other digital money exchanges, does not charge a commission.
More about games
Almost all entertainment on Allcoins.pw is related to gambling. Their full list looks like this:
- VegaDice. The user places a bet, for which he takes money from the built-in wallet. After that, you just have to choose how the value on the display will change. If the player guesses correctly, he earns money.
- Dice Game. The essence of the game is similar to the previous one.
- Freeroll. An analogue of roulette, where the user's earned money can be multiplied if the desired number appears on the screen.
- Boomerang. The player makes a bet and launches a boomerang. The amount of money either increases or it burns out.
- Lottery. The player buys lottery tickets and waits for the drawing. The main prize is 500 Satoshi.
- LuckyNumber. Some of the numbers presented are lucky. If the user chooses the correct one, his bet will increase 10 times.
- Puzzle. The solution to the puzzle is the key to a Bitcoin wallet, from which you can transfer money to your personal wallet.
- Toss. The player guesses what will be shown: the head or the tail.
In such games it is difficult to count even on luck. But there is still a chance to earn money.
Trade
You can go to the AllCoin trading section by clicking the “Trade” button in the top menu of the site:
In the “Trading” section, stock charts, trading statistics (the highest and lowest price in a cryptocurrency pair, selling and buying prices), and the daily volume of completed transactions are available:
On the right side of the screen there are digital money available for trading. When you click on any of the 6 currencies, a list of pairs opens at the top. The list is unique in each case:
At the bottom of the page there is an order book and a menu for buying/selling cryptocurrency:
A trader’s actions on AllCoin are no different from those on other exchanges. When purchasing ETH for BTC, you need to enter the desired purchase price (Price), the number of tokens to be purchased and the transaction password in the “Buy ETH” menu. When selling ETH and receiving BTC, the process is exactly the same, you just need to fill out the “Sell ETH” menu.
You can go another way - select an order from the existing ones. To do this, in the “Orders” section you need to click on the best option and confirm your consent to the transaction. This is faster than waiting for candidates for exchange according to your own conditions, but the exchange will be less profitable.
Trading commissions and other terms of transactions are set for each pair individually. For example, for ETH/BTC exchanges, only the Ethereum seller pays a fee of 0.2% of the transaction amount; no fee is charged to the Ether buyer. The minimum transaction size is 0.007 ETH, and the cost of one Ethereum token should be in the range of 0.005-0.5 BTC:
For other currency pairs through AllCoin, the exchange sets different exchange conditions. You need to familiarize yourself with them before starting trading so that you do not incur losses when closing a position. The list of conditions is on the right side of the page, under the table with options for currency pairs for trading:
The AllCoin administration warns its clients about the risks associated with trading cryptocurrencies. If the user is not able to take into account and accept all of them, then AllCoin recommends refusing transactions.
How to spot a fraudulent broker
Distinguishing and choosing a quality broker instead of a kitchen is not an easy task. Many people believe that it is enough to scour a couple of forums and YouTube channels to identify the very desired company to start trading. But not many people think about the fact that most of these “opinion leaders” are ordinary info-gypsies who are sold for a good amount of money. Some novice traders prefer to go all-in and start trading with a highly praised broker, not even realizing that they will experience all the delights of the kitchen only after a while, when they understand that investing large deposits should lead to “successful” trading.
In fact, there is a whole gradation of fraudulent actions towards traders, these include:
- fictitious or falsified quotes that are specifically tailored to the broker;
- an overly “profitable” bonus program, which begins to operate after making a large deposit, only if the conditions are not met, all the money will automatically go back to the broker, and even with additional interest;
- a clause in the “User Agreement” that allows the broker to fully manage client money.
Above, we described the technology for cleaning client pockets according to the principle of many brokers, and Allcoin may be no exception. In order not to fall into such a trap, you need to pay special attention to their work activities, as well as check all the documentation and make sure the license is authentic. In addition, if you think that reviews need to be taken into account, you need to find them not only on the broker’s portal, but also on other information resources.
What you should pay attention to when analyzing the Allcoin broker (AllCoin)
If you decide to visit the company’s website, you should pay special attention to the footer. For those who don't know, a footer is a small piece of text at the bottom of a page that is usually written in small font and includes brief legal information. After reading the text, it is worth coming to the conclusion that Allcoin only performs intermediary functions for traders to enter various world exchanges, however, if the trader encounters any difficulties, then nothing will depend on the broker. And support may simply not respond for months until your deposit is completely burned out.
Let's give a simple example. If you didn’t know, many brokers prefer to carry out transactions on the market, but only on paper. How it works: the client replenishes the deposit with a certain amount and starts trading, the broker, in turn, pretends to carry out operations, although in reality it is just a dummy. Thus, the client’s money is in the company’s circulation. In addition to everything, the Client can be provided with falsified quotes, due to which the dealing center makes money on the difference in prices.
In addition, professional traders understand that Forex trading is associated with high risks, so it often happens that most clients lose their deposits in the first stages of trading. And instead of earning a percentage of the transaction, many companies prefer to bypass the system, that is, buy when the client sells and submit when the client buys, whereby the amount automatically becomes the property of the broker.
Another common technique is the use of non-standard Forex instruments. To understand this in more detail, pay attention to the graph:
Let's consider, using a conditional example, a fraud with the substitution of quotes for a specific pair EURDKK: Broker on the trading platform, despite the fact that this asset is strictly fixed by the Danish central bank (nationalbanken.dk) at the level of 7.46038 kroons per 1 euro (blue line on the chart). From the graph you can understand that the fraudulent broker’s quotes do not coincide with reality and the Danish krone either falls below 7.30 or rises to more than 7.56. And on a large volume, these are huge amounts and a leaked deposit of a naive trader!! (Please note that this is just an example of one of the many schemes of fraudulent organizations and may not apply to this broker)
To summarize, the top common fraudulent operations of Forex brokers are:
- forged documents, license, documents, certificates;
- conflict situations that have become sensational events (legal proceedings, a large number of negative reviews, complaints from clients)
- Being on the blacklist of the Center for Regulation of OTC Financial Instruments and Technologies;
- registration of a dealing center in an offshore zone (in fact, having a company offshore is not always bad, however, most often it indicates that the company is a kitchen);
- rapid capital growth, which includes low commissions, promotions, bonuses, prizes that can only be obtained by investing additional funds.
Withdrawal of funds
You can withdraw money from AllCoin in the same place where you can top up your account – in the “My Assets” section. The “Withdrawal” buttons are located next to the “Deposit” options:
Instructions and withdrawal rules differ depending on the cryptocurrency. What is common to all types of digital money is the need to enter the address of the wallet where the money will go and the amount to be withdrawn:
Once the data has been entered, you need to click the “Submit” button and confirm the withdrawal of funds from the account.
Commission for withdrawing cryptocurrency from AllCoin is 0.2%, but not less than 0.0015 bitcoins (or other units of digital money, depending on the cashing currency). Minimum withdrawal amounts are set: for example, you cannot withdraw less than 0.01 BTC from AllCoin.
In addition, AllCoin sets a daily limit on cryptocurrency withdrawals. For Bitcoin it is equal to 50 BTC per day.
Withdrawing money in dollars, as well as depositing money, is possible only after receiving instructions to a confirmed e-mail and passing advanced verification. Please contact us with the appropriate letter to find out the algorithm for withdrawing money in USD.
Brief overview of the AllCoins.pw faucet: advantages and disadvantages
A multi-currency faucet with an interface in English can be found online at https://allcoins.pw/. The essence of making money on it is similar to most other Bitcoin faucets. Let's look at what this resource offers and what its features are:
- The number of coins to be distributed per request depends on the Btc rate.
- More than 30 types of coins are available for collection, including several types of Btc, Litecoin, and Ethereum.
- The frequency of sending requests for coins is every 5 minutes.
- Instant withdrawal of money to the Faucet Hub microwallet.
- There is no minimum threshold for withdrawal of funds.
- Earning options are presented in several types - coins from the faucet, surveys and games, as well as a one-level referral program that brings 25% for the profit of the attracted partner.
Safety
AllCoin's operation is protected by reliable cryptographic algorithms. The company cares about the safety of its clients’ funds and does everything to prevent hacking and theft. Money stored on AllCoin is transferred to “cold” wallets, and a multi-step verification procedure allows customers not to worry about their accounts.
For the convenience of users, the AllCoin administration has provided functionality for changing the account password. You can enter a new code combination in the “Modify Password” menu on the left side of the screen:
To change the password, you need to know the previous combination and enter it in the required field. The new password will work immediately after the update.
Withdrawing BTC from Allcoins
In this section we can familiarize ourselves with all the balances of different cryptocurrencies.
It should be noted that withdrawals on FaucetHub are instant, but sending to another wallet is delayed.
Other features of the exchange
AllCoin provides bonuses to members who invite new users. You can find the referral link in the “My Invitation” section:
Statistics of attracted friends and the discount provided to the user are also available here.
Since you can not only trade through AllCoin, but also invest in promising ICOs, you need to track these investments separately. To do this, the site’s programmers introduced the menu “My tokensale:
All the necessary information about investments in ICOs carried out on AllCoin is available here - transaction number, payment method, project name, transfer time and its status:
So far, 12 projects have attracted investments through AllCoin, but their number will increase in the near future.
