Ever since the big Bitcoin boom in 2017, even the mainstream audience has gotten some interest within the world of cryptocurrencies. However, not everyone out there has mining rigs, or in other words computers with the computing power to allow them to buy bitcoin or even altcoins.
As such, there was always this barrier of entry when it came to purchasing cryptocurrencies.
With a large percentage of the top 20 cryptocurrencies being at their all-time high, there are of course plenty of people entering the trading scene.
Of course, there were always trading platforms that allow you to trade one cryptocurrency for another, but there was never this one, all-in-one solution that could essentially allow you to purchase cryptocurrency with FIAT currency, and even if you ended up finding a platform, they would usually have high rates to the point that it would simply not be worth the investment.
This has, of course, given birth to a lot of competitor platforms out there that promise to deliver solid FIAT exchange rates. Is Alfacash one of these platforms?
Originally founded in 2012 and registered in Estonia, Alfacash is a legitimate cryptocurrency exchange and has processed over 500.000 orders.
The Alfacash Store is developed with the concept of allowing anyone to buy cryptocurrency with FIAT currency, and this works the other way around.
If you are unfamiliar with the concept, FIAT money is essentially a government-issued currency that is not backed by a commodity such as gold. This is a currency that can be used to pay taxes and debt within a country.
Alfacash promises to make these exchanges in a fully non-custodial and automatic process that includes high liquidity, fast operations, and regulatory compliance. Now, purchasing cryptocurrency with FIAT currency at good rates, without custody, and without KYC can be a challenge, and as such, Alfacash Store was created to solve these issues.
Alfacash Store Features
Now, of course, this is not the first FIAT to Crypto platform and vice versa, so it truly has to show something it has going for it to differentiate itself from the competition.
Alfacash has an automatic, non-custodial exchange that has automatic AML checks.
AML checks are anti-money laundering checks which ensure that all investors are who they claim to be and are not investing on behalf of someone else.
Alfacash also complies with the European Union’s 5th anti-money laundering directive and also has the protection of customer data under the GDRP principles.
The platform has even made the onboarding process quick and simple. It does require ID verification after registration, but the process is very quick, and users will be able to start trading fairly soon. This is possible thanks to its KYC widget, created in partnership with AML compliance and anti-fraud leading provider, Sum & Substance (Sumsub).
Why Non-Custodial Exchanges Matter
Custodial service is a service that holds your cryptocurrency throughout the exchange process, and at times even after it in the form of a wallet. This in turn defies decentralization concepts, and if you want to trade with another party in a peer-to-peer way, this typically cannot be done in a custodial exchange and requires you to transfer your funds on the platform before being able to trade them. If the exchange were to be hacked and its security breached, all of your currency could end up being stolen as a result.
With a non-custodial trading exchange such as Alfacash, you don’t have to deposit your coins at a centralized exchange, and the coins or tokens remain housed in your own wallet.
Keep in mind that if you want the highest possible level of security while using Alfacash, you will need a wallet of your own. Whatever you decide to do, keep in mind that Alfacash is a non-custodial exchange platform.
Purchasing Cryptocurrency with Credit Cards
If you want to purchase cryptocurrencies with FIAT currency through the usage of a credit card, Alfacash has partnered up with Simplex for the smoothest experience. This allows you to buy BTC, BCH, ETH, LTC, XRP, XLM, USDT, BNB, EOS, TRX, ATOM, PAX, BUSD, DAI, DASH, and NANO through the usage of a Visa or MasterCard. You can learn about the best cryptocurrency to invest in here.
When it comes to the fees, they are highly dependent on the type of cryptocurrency you will end up purchasing. You can expect to pay between 1.00% up to 5.00%. It is important to note that Alfacash does not have any additional fees when you want to withdraw any coins.