AltMarkets.io

When it comes to cryptocurrency exchanges, the landscape is crowded with options ranging from industry giants to smaller, niche platforms. Today, I'm taking a closer look at one of the lesser-known players in this space: AltMarkets.io. This UK-based exchange has been operating since 2018, but does it deserve your attention? Let's find out.

The Basics: What is AltMarkets.io?

AltMarkets is a centralized cryptocurrency exchange based in the United Kingdom that launched in 2018. While it doesn't make headlines like Binance or Coinbase, it's managed to maintain operations for over five years now. Currently, the platform offers a modest selection of 17 cryptocurrencies across 24 trading pairs – significantly smaller than major exchanges that list hundreds of tokens.

I remember when I first stumbled across AltMarkets while researching platforms for trading some obscure altcoins. The interface looked basic but functional – nothing flashy, just the essentials.

According to Coinpaprika, AltMarkets operates without reported regulatory compliance, which immediately raises some red flags for those seeking regulatory protection.

Trading Activity and Liquidity Concerns

Perhaps the most telling statistic about AltMarkets is its 24-hour trading volume: $0. Yes, you read that correctly. The platform appears to have extremely limited activity, if any at all.

When I checked several sources to verify this information, I found that CoinMarketCap has given the exchange an "untracked" status due to lack of verifiable data – never a good sign in the cryptocurrency world.

This lack of liquidity creates significant risks for traders. As one user noted in a recent review, the lower trading volumes compared to major exchanges directly impact execution prices. In practical terms, this means you might face higher spreads and increased slippage when trying to execute trades – if you can execute them at all.

Fee Structure: Competitive or Costly?

AltMarkets implements a flat fee structure, charging 0.25% for both makers and takers. While straightforward, this rate sits above the industry average, where many larger exchanges offer tiered structures with lower rates, especially for high-volume traders.

On the brighter side, withdrawal fees are surprisingly competitive at 0.000051 BTC per transaction, which is significantly lower than the global average of 0.00053 BTC. At least they're not trying to gouge you on the way out!

The Fiat Problem: Crypto-Only Deposits

One major limitation of AltMarkets is its deposit options. The exchange only supports cryptocurrency deposits and doesn't accept fiat currencies like USD, EUR, or GBP.

This restriction creates a significant barrier for new investors who don't already own cryptocurrency. If you're just starting your crypto journey, you'll need to purchase coins on another exchange first before transferring them to AltMarkets – an inconvenient extra step that most users would prefer to avoid.

Security Measures: The Bare Minimum?

When it comes to protecting your assets, AltMarkets implements basic security measures including HTTPS protocols and DDoS mitigation. However, according to a 2023 security review, the platform lacks third-party security audits and transparency around proof of reserves compared to larger exchanges.

While no major hacks have been reported at AltMarkets (which is good news), the exchange's 0.00% Confidence Score based on Coinpaprika's algorithm suggests potential operational risks that shouldn't be ignored.

As someone who's been in crypto long enough to see exchanges vanish overnight, these security concerns make me hesitant. I'd think twice before keeping substantial funds on a platform with limited security information and virtually no trading activity.

User Experiences: Mixed Reviews at Best

User experiences with AltMarkets have been mixed, with security being a primary concern. A December 2023 review comparing various crypto exchanges highlighted AltMarkets' lack of third-party security audits and limited transparency around proof of reserves.

The review suggested that users should exercise additional caution due to the platform's smaller size and limited track record with securing user funds. Frankly, this aligns with my own hesitations about using smaller, less-established exchanges.

Regulatory Compliance: Operating in Gray Areas

Another major concern is AltMarkets' regulatory status. The platform appears to operate in a regulatory gray area in many jurisdictions, with no clear licenses or regulatory approvals mentioned.

A late 2023 review testing security and regulatory compliance found AltMarkets lacks the regulatory licenses and insurance for user funds that more established exchanges typically provide. The reviewer recommended the platform mainly for experienced traders who understand the risks, while suggesting regulated exchanges for newer users.

Lack of Transparency: A Concerning Trend

Transparency is crucial in the cryptocurrency space, and AltMarkets falls short in this area. The exchange lacks transparency in supply dynamics, with no token allocation data available according to CoinMarketCap.

This opacity makes it difficult to assess the platform's overall health and stability – crucial factors when deciding where to trade your hard-earned crypto. Without clear information about the exchange's operations, users are essentially trading in the dark.

Is AltMarkets Worth Your Time in 2024?

Based on all available information, AltMarkets appears to be a largely inactive exchange with significant limitations. Its non-existent trading volume, lack of regulatory clarity, limited coin selection, and basic security measures all suggest that most traders would be better served elsewhere.

For experienced traders specifically seeking one of the 17 coins listed on the platform, AltMarkets might serve a purpose. However, even then, the liquidity issues mean you might struggle to execute trades at reasonable prices.

If you're new to cryptocurrency trading, I'd recommend starting with one of the more established exchanges with proper regulatory compliance, stronger security measures, and healthy trading volumes. The slightly higher fees you might pay will be worth the peace of mind and improved trading experience.

Let's be honest – in a world with hundreds of cryptocurrency exchanges to choose from, AltMarkets.io doesn't currently offer compelling reasons to rank among your top choices. Sometimes the wisdom lies in knowing which platforms to avoid.