AlfaCashier Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
AlfaCashier Review – is it scam or safe?
Alfa Cashier Is a company which facilities the exchange of one currency (be it fiat or crypto) to another. The offer is closer to an exchange bureau than an actual trading venue, like Bitfinex.
The company, security of funds
The company behind Alfa Cashier is Alfa East Ltd., which is registered in Belize. As you may know, in case this is not your first visit of this website, we mostly cover forex brokers. When it comes to them, there are a lot of risks involved with the offshore based ones. The same apply for crypto-exchanges, although the space as a whole, still feels less secure than the traditional financial system.
While this map be viewed as a negative by some potential clients, it gives the company the flexibility to have a truly global focus, with little to no regulatory restrictions.
Alfa Cashier does not offer any wallets, or fiat currency sub-accounts for clients to store their funds, similarly to BTC Direct. When purchasing Bitcoin, one would have to provide an address to which the coins would be sent.
We would advise you to educate yourself about the importance of having a private wallet (with control to the private keys). In case you are willing to invest a relatively large amount of money, we would also recommend looking into hardware wallets, like Trezor.
When purchasing Bitcoin with an instant payment method, like the multiple e-wallets offered by Alfa Cashier, one can get a 15 minute guarantee of the exchange rate. This may seem like nothing special to those of you who are not initiated in the world of cryptocurrencies, but at least provides some form of clarity, as opposed to the service provided by a lot of other companies in the field.
Alfa Cashier has not been the target of a serious hack. That being said, at least you can always be secure your wallets will never be accessible to attacks against this company, as they only keep your public address.
We also like to take a look at the user reviews of companies in the cryptocurrency space. The ones concerning Alfa Cashier are mostly positive, although the few critics of the company claim they are an outright scam. The latter group are most likely outraged posts by customers, who either haven’t gone through the proper verification process, or have not understood something – their number is very minimal, when compared to the rest.
Trading instruments (cryptocurrencies)
Alfa Cashier initially offered only Bitcoin services. Nowadays the company supports 10 cryptocurrencies. They include Bitcoin, Ethereum, Ripple, Litecoin, Dash, Monero, Bitcoin Cash, NEM, Zcash and Ethereum Classic.
These can be bought and sold for fiat currencies, via methods which we will cover later in then review.
As you may have guessed, Alfa Cashier does not offer trading on margin. This shouldn’t be viewed as a negative, given that fact this company puts an emphasis on supporting a lot of fiat currency payment methods.
In case you wish to trade cryptocurrencies speculatively, forex brokers offer any interesting alternative. Some of them have CFDs om digital assets, which can beach traded on margin. That being said, when dealing in such products, one only speculates on the future price moves of the given coin without technically owning it. This has several implications, one of which is that this method of trading is not suitable for long term investing.
The fee structure at Alfa Cashier is a bit complicated. The company provides an informative list, featuring a lot of the possible combinations of payment method and currency in question.
Buying Bitcoin with EUR or USD comes with a maximum fee of 2% (and zero for some methods). While the transfers denominated in Russian Rubles (RUB) are set at 7%, the rest of the “fiat-to-crypto” chart seems acceptable.
The Bitcoin pricing seemed in-line with the offers by some of the top exchanges. That being said, there often are vast differences among some of them, so getting an accurate picture may be hard.
When in comes to converting one coin into another one, Alfa Cashier charges 1.5-2.0%. This is not competitive to the 0.20-0.25%, charged by most exchanges.
A “trading platform” in the typical sense is not provided by Alfa Cashier. That being said their order entry placement screen gives a lot of details on the upcoming transaction, much like the one provided by Coinbase. Here is a preview:
There isn’t any form of charting available at Alfa Cashier. While this may be viewed as a downside, the presumption is that investors will have other sources of information.
Methods of payment
A lot of payment methods are available at Alfa Cashier. That being said they are based on the (fiat) currency you wish to transfer.
We must reiterate, these are the conditions at the time of writing of this review and may not be the same, when you are reading it. We must also mention, the availability of different methods even changed, as we were testing this website. This brings a little bit of doubt when it comes to the reliability of this exchange. Compare this screenshot, to the one provided in the section above, to see how Perfect Money became unavailable.
AlfaCashier Review – is it scam or safe? Conclusion
For more information about AlfaCashier Review – is it scam or safe? visit TopForexBrokers.com Forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Is AlfaCashier Review – is it scam or safe?