Alfacash Review

Maximilian Bruckner

Head of Marketing and Sales at 21e6

How to choose a secure cryptocurrency exchange?

Depends a lot on your needs & country of residence. I am in Germany, so for the most part, I tell people to check for an exchange that is fully regulated in Germany or the EU, and has the appropriate licenses.

Alfacash Review: PROS

So, let’s start off with some of the more-positive aspects of the exchange. Truth be told, same as any other above-average crypto exchange platform out there, Alfacash is going to have a lot of different benefits, either way! Let’s take it from the top, though, and establish one, single thing - the platform is, in fact, completely legit.

A Legitimate, Yet Less-Known Cryptocurrency Exchange

It’s no secret that, recently, the cryptocurrency industry has experienced a major bull run. With a big portion of the top-20 cryptocurrencies reaching their all-time highs, there are also huge numbers of new people coming into the scene. This can be seen by the increasing number of user Alfacash reviews found online, too.

With a flood of new users and wannabe crypto traders, there’s also a flood of potential scams, hacks, and phishing attempts, too. That is why, among other things, more and more people have started wondering - is Alfacash exchanger legit?

Started in 2012, Alfacash is, in fact, considered to be a legitimate cryptocurrency exchange. At the time of writing this Alfacash review, the exchange boasts to have processed over half-a-million orders - that’s a significant number!

However, it’s no wonder that people still have questions surrounding the platform - it’s far from being a popular choice, as far as crypto trading goes!

Still, however, Alfacash does boast some decent numbers, both when it comes to the actual users of the platform, and the exchanges happening within.

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A Non-Custodial Crypto Exchange

In the cryptocurrency world, the concept of decentralization is one that’s constantly being debated and discussed, and also a serious point of controversy, too.

You see, the whole initial point of cryptocurrencies is for them to be decentralized - meaning, that no central authority would have overarching, controlling power over them. While that is all fine and dandy, you’re also going to quickly find out that there are quite a few exchanges out there that are, in fact, custodial.

A custodial exchange is one that holds your cryptocurrency either during the exchange process, or after, in the form of a wallet (although the latter isn’t necessarily the case - it depends on the exchange and its policies surrounding private keys). Needless to say, this causes a lot of concerns for many people.

First and foremost, custodial exchanges defy the purpose of decentralization, in the first place. Secondly, if you’re someone who just wants to trade with another party (in a P2P manner), this is also going to be an issue, since you can’t do this on a custodial exchange - instead, you will first have to transfer your funds on the platform, and only then will you be permitted to trade.

The biggest potential issue, however, is that, in an event of a hack or another breach of security at the exchange, all of your cryptos would simply be stolen (since they’re literally located on the exchange platform). Not ideal.

Having said all of that, I do have some good news in this Alfacash review, though - the crypto exchange in question is a non-custodial platform. Frankly, what this means is that the exchange won’t hold your cryptos as you trade them, and will simply allow you to retain the feeling of being solemnly responsible for their security.

Now, that’s actually a point worth stressing a bit further, though. While the Alfacash exchange is non-custodial, this does mean that you will have to take security measures into your own hands.

What does that mean, exactly? Well, you see, while custodial exchanges don't really have an easy time when it comes to pro-decentralization crypto enthusiasts, they do act as escrows between the two trading parties.

If you want the top-tier security while trading on Alfacash, you will have to utilize a wallet of your own, though. That's a good thing! Using some of the safest wallets on the market, you're bound to make your trading experience that much more enjoyable and stress-free!

All of that said, whatever the case might be, if you’re interested in Alfacash, keep in mind that the platform is, in fact, a non-custodial exchange option - that surely adds to the legitimacy of its services!

28 Cryptocurrencies Available

Some users Alfacash reviews will tell you that the platform allows you to trade 28 different cryptocurrency assets on their site.

That’s actually really cool.

You see, long-gone are the days when anyone who knew about Bitcoin was considered to be a “crypto enthusiast”. Nowadays, people are much better aware of the market, and the industry, as a whole - even some of the complete newcomers will probably be able to tell you about Ethereum or Ripple (well, rather - XRP).

Seeing as that is the case, naturally, people are also keener on purchasing, hodling, and trading a bigger variety of cryptocurrencies. Following that, it becomes important to find an exchange that would allow you to trade different cryptos, and not only the main coins on the market.

Admittedly, as far as this Alfacash review is concerned, it’s worth noting that the exchange in question doesn’t exactly have a “huge” selection of coins available. However, in context, 28 is still great!

You have all of your main cryptocurrencies, such as Bitcoin, Ethereum, Ripple, etc. On top of that, you also have your more-niche assets, too (Basic Attention Token, OmiseGO, Chainlink, etc.). Frankly, the available variety should suffice most traders’ wants and needs!

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Do you know what one of the main struggles for newbie wannabe-crypto traders is?

It’s not the calculation of trading fees, nor the difficult process of picking the right coin to invest in (although, to be fair, this is definitely one of the bigger struggles).

It’s actually the purchasing process of the selected crypto asset(s) that you’d like to hodl or trade.

You see, to this day, no matter if you were to look at Alfacash reviews or some other user exchange reviews, you’d likely find people who still think that there’s some super-complex process involved in investing in crypto.

To be fair, with some assets, that is actually the case. Take MIOTA, for example - while it does now have Ledger support, and is more accessible than ever, it’s not actually all that easy to purchase the coins. You would have to first buy Bitcoin, and then find an exchange that would support the BTC-MIOTA trading pair.

Having said that, though, most of the top-tier crypto exchanges nowadays are going to allow you to purchase cryptocurrency with fiat money - Alfacash is no exception.

Within this particular exchange, you’ll be able to purchase cryptos with a credit or debit card, and also via a bank transfer. This makes the purchasing process easier and more straightforward, and also allows more people to partake in buying and trading cryptos.

Now, to be fair, it’s worth mentioning that the absolute majority of the top-tier crypto exchanges are going to allow you to buy cryptocurrency assets with a card or bank transfer. However, this surely does add to the question “is Alfacash exchange legit?” - it is!

A Fully-Automatic Exchange - No Significant Waiting Times

While this is one of the rarer features mentioned in user Alfacash reviews, it’s something that’s definitely worth keeping in mind when you’re trying to decide if Alfacash is the best choice for your crypto trading needs.

The exchange in question allows you to trade cryptocurrencies in an automatic manner - meaning, the platform itself is fully-automatic, and there’s no manual involvement in the exchange process itself.

Among some less-significant things, what this means to the user is speed - frankly, your trades are going to be instantaneous, and you won’t have to wait for a human to intervene and confirm or reject your transaction request.

While this might not sound as important as some other features in this Alfacash review, it can be the deciding factor between you making a profit or losing out! Think about it - say, you’ve just scouted an amazing BTC price, and want to make the purchase as soon as possible.

With a fully-automated exchange, this process is going to be instant. If there needs to be some human intervention, though, issues may arise - it might take some time, and the price might then change, voiding your purchase and making you miss out on some potential profits.

So, the bottom line here is simple - anyone looking for Alfacash reviews should know that the exchange does provide fully-automated trades.

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Alfacash Review: CONS

So - we’ve covered all of the main features of the exchange, and discussed the majority of the benefits mentioned in the user Alfacash review.

As you can probably imagine, though, not everything is going to be ideal  - it never is!

For anyone wondering is Alfacash exchange legit, there are a few notable issues and cons that are needed to be addressed, before you can truly make up your mind. So, let’s just jump into it.

US-Based Investors - Not Welcome

Does Alfacash operate in the US? Well, this is, undoubtedly, one of the biggest cons that are needed to be mentioned in this Alfacash review.

No, Alfacash does not, in fact, allow US crypto traders and investors to use the platform. However, while this might sound a bit suspicious to some, there’s actually a pretty simple explanation for why that’s the case.

In the US, there’s an institution known as the Securities Exchange Commission - in other words, SEC. This institution regulates, among other things, the crypto trading platforms located within the country.

Keyword - within.

All of the crypto exchanges based in the US fall under the guidance of SEC. Alfacash is based in Estonia - this causes an issue.

SEC reacts to anything that may solicit US investors to utilize off-shore crypto exchanges that are not affiliated with the Securities Exchange Commission. And by “reacts”, I mean sues - the institution is known for bringing forth quite a few lawsuits aimed at foreign crypto exchanges. Seeing as Alfacash is, in fact, an Estonia-based brand, you can probably see where I’m going with this.

In any case, back to my initial point, while you may question “is Alfacash operate in the US?”, customer Alfacash reviews will tell you that, if you’re located in the US, you won’t be able to exchange cryptos on this platform. In this case, it’s best that you look into some of the best crypto exchanges on the market - the majority of these exchanges are going to have this issue mitigated.

Lackluster Fees

Fees are always going to be a major talking point whenever you find yourself picking out an exchange to do business on. However, they aren’t always as straightforward as you’d probably like them to be.

The first thing that you should know is that, no matter if you’re looking into Alfacash reviews or any other ones, there are always going to be “makers” and “takers”.

Makers are the people who make an offer to buy or sell a certain type of cryptocurrency, when it reaches a certain threshold. Takers, on the other hand, are people that purchase crypto immediately, at the price that it’s currently at. The fees for these two people are going to be rather different, in most cases.

On Alfacash, the fees for both types of traders are going to range from 1% up to 5%, depending on which cryptocurrency it is that you want to buy or sell, and when you’re doing so. That’s… Quite expensive.

With most top-rated crypto exchanges, you are only going to be charged anywhere from 0,1% up to 0,5%. Sure, some exchanges have pricier fees (especially as far as buying crypto with a credit card is concerned), but that’s still the ballpark you can expect.

Some user Alfacash reviews point out that the non-custodial nature of Alfacash might have something to do with this, but even if that’s the case, it still is of a small condolence.

Lack of Straightforward Information About Security Features

Now, it’s very important that you don’t misunderstand me here - I’m not saying that, “oh, the platform is not safe, and you should not use it!”. I’m just saying that there seems to be an apparent lack of information regarding this topic.

If you were to google “Alfacash security”, you would likely find yourself on the brand’s some rather obscure page that tells you that yes - they do, in fact, comply with all of the essential GDPR security regulations. There are links to send in bug reports and visit the Terms of Service page, but that’s about it.

The only other information that you might find is that the company is in a partnership with Sumsub and Chainalysis - this partnership ensures that there are no money laundering activities going on, and that personal data is processed in a fair and legal matter. Alfacash runs their cryptocurrency processing in-house, too.

Reading through some other user Alfacash reviews, it’s obvious that we’re talking about a legitimate crypto trading site here - there are no notable complaints regarding security breaches or even lack of security features, whatsoever. Having said that, though, some additional transparency would be much appreciated.

I do, however, acknowledge the fact that the company not being a super-well-known exchange alternative might have something to do with this, too. You're not really going to find much feedback regarding these things from a users' perspective - yet! With time, I'm sure Alfacash will offer a clear and concise list of the actual security features they employ.

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How to Use Alfacash?

So, then - by now, we’ve discussed the platform through and through. We’ve mentioned some of the most notable pros and cons of Alfacash, talked about the fees, crypto trading options, and everything else - all things considered, while not being the beacon of mainstream crypto exchanges, the site in question does have a lot to offer to its users.

However, that wouldn’t really be a thorough answer without actually checking out the usability aspects of the platform by ourselves, now would it?

That’s exactly what we’re going to look into now, as a finishing touch of our Alfacash review.

The Registration Process

First up, the actual registration process on the site. We’ll take it step by step - afterwards, we’re also going to talk about how to buy in Alfacash, and how to use the exchange, in general.

Step 1: Go to the Alfacash official website.

Step 2: Press the Sign Up button at the top-right corner of the screen.

Step 3: Now, you’ll need to enter some of your personal details (name, email address, etc.), and also the type of account that you want to create.

Step 4: Upon doing so, you will be prompted to verify your email - follow through.

Step 5: After verifying your email, the next step is to create a new password.

Step 6: After you create your password, that’s it - you’re now set, and should be able to start using your account!

The account creation process is quick and simple - there’s no unnecessary hassle, and no confusing instructions that could make you spend some extra time trying to figure out what to do.

Since you’re already logged into your account, let’s take a look at how to buy in Alfacash.

How to Purchase Cryptocurrency on Alfacash?

Same as before, we’re going to take this one step at a time, starting from the homepage of the exchange.

Step 1: From your homepage, navigate to the Buy option at the top of the page, and select the cryptocurrency that you’d like to purchase. For this example, I’ve picked Bitcoin.

Step 2: Now, pick the Buy With Credit Card option on the top of the screen.

Step 3: You will then be redirected to a separate page that’s powered by Simplex. Simplex is one of the best-known and most-commonly-used crypto exchange payment solutions, and is trusted by many exchanges worldwide - the fact that Alfacash uses it is no wonder, either.

Put in the amount of Bitcoin that you’d like to purchase, and also your wallet address. Once you’re done, press Continue.

Step 4: Here, you will have to put in your credit card details. Once you do that, you will also need to verify your identity - that’s part of the standard procedure when using Simplex.

Upon doing so, all that’s left is to wait - if you’ve done everything right, the payment will go through, and you will be funded the appropriate amount of Bitcoin into your wallet.

If you were wondering how to buy in Alfacash, you can probably now see that the crypto purchasing process on the site is very simple, thanks to Simplex (no pun intended).

In a more-general sense, the user Alfacash reviews that pointed out how the straightforward nature of the exchange do appear to have been right - while the platform does have a bit of an old-school feel to it, it’s actually very simple to navigate, and shouldn’t confuse you, even if you’re new to crypto trading.

Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Conclusions

So, then - is Alfacash worth checking out?

I would say - while it’s a bit of a niche platform, it’s definitely worth visiting and exploring, as a potential option.

Alfacash has a pretty wide variety of cryptocurrencies available for you to purchase, and also allows you to do so via a credit or debit card (or wire transfer). The platform does have some higher fees and also doesn’t serve US-based investors, but it’s very simple to use, and if you’re not located in the US, it can prove to be a viable option as your go-to crypto exchange.

If, after reading this Alfacash review, you’ve decided that the platform isn’t actually for you, do also check out our list of the best crypto exchanges on the market - perhaps you’ll find a viable option there?

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.