Comprehensive Review of Alt 5

Not all cryptocurrency exchanges are popular, even those that operate legally. Interestingly, there are very few reviews about Alt 5 on the internet, despite the platform having been around for several years and offering some assurances of reliability. However, we need to delve into the details and figure out why the company lacks popularity. Could it be a scam?

Highlights

Key Trading Features

Trading conditions on the official Alt 5 website are barely disclosed. This is a fintech company that has developed two products:

1. ALT 5 Prime. An electronic over-the-counter trading platform that allows users to buy and sell digital assets in a secure and regulated environment.
2. ALT 5 Pay. A cryptocurrency payment gateway enabling businesses to accept payments in digital assets, offering e-commerce integration and support for various cryptocurrencies.

There are no separate pricing plans available. It is also important to note that the exchange requires mandatory identity verification. Without KYC, you cannot use the company’s services. Furthermore, the platform is not accessible to residents of many jurisdictions.

The main drawback of Alt 5 is the lack of information on critical parameters. Let’s take a closer look at each aspect.

Overview of Available Trading Instruments

The platform specializes in cryptocurrency assets. However, what stands out is the complete absence of information about the number of trading pairs or available coins. This is strange. If the company is proud of its offerings, why not showcase what’s in its arsenal? Alt 5 could at least highlight BTC, ETH, XRP, or other major cryptocurrencies.

Are there regular listings of new assets? Again, no information. For active crypto traders, this is a crucial point. Platforms that add rare coins first tend to attract more users. Here, there’s no mention of this either.

Trading Platform Analysis

The company praises its platform, calling it “the only one you need”. Ambitious, indeed. The website describes it as an “accessible and intuitive platform”, supposedly suitable for both beginners and experienced traders. It offers a mobile app and the ability to connect from various devices. Sounds great, but where are the interface examples? Why is there no mention of how convenient it is to place orders or analyze the market?

There is FIX-API and REST-API support for automated trading, which is a nice feature for experienced traders and those using bots. Additionally, the platform can be customized through the corporate version, ALT 5 Prime Enterprise. But this raises another question: how much does this functionality cost? The website provides no pricing or connection terms.

Testing it firsthand is not an option. The exchange offers a demo access request, but upon entering the required information, an error occurs: “Your submission failed because of an error”.

Additional Services

There are no particularly interesting or unique features for retail traders. For hedge funds, for example, there is a more advanced version of the platform, Prime Enterprise. Alt 5 has also developed its own payment gateway for accepting transfers. However, there is no mention of educational resources or a referral program. The company has social media accounts where it attempts to share useful information, but it mostly looks like generic posts with obvious facts easily found elsewhere online.

Fee Structure

As previously mentioned, there is zero information about key conditions. Alt 5 clearly charges commissions for transactions, but their exact size is not disclosed on the official website. This seems suspicious for a company operating in the United States. We assumed that such legitimate organizations are required to disclose all terms of cooperation on their official website, not leave them ambiguous.

Legitimacy of Alt 5

Now we come to the most intriguing part. Let’s examine the organization’s legitimacy and identify what’s wrong with it.

The firm claims to be registered with FinCEN (USA) and FINTRAC (Canada). However, let’s unpack what this actually means. Registration with these organizations is the bare minimum and offers no guarantees to clients. It’s simply a formality: the company agrees to comply with basic KYC and AML standards, and that’s it.

However, the platform does not hold a full-fledged license. For instance, in the U.S., proper licensing would involve the SEC or CFTC. The leading U.S. cryptocurrency exchange, Coinbase, holds licenses from both the SEC and CFTC, so why hasn’t Alt 5 obtained similar regulation? Moreover, this exchange lacks licenses for operations in individual states. In other jurisdictions, there’s no evidence of licenses either. Is the firm registered as a service provider with European financial commissions like BaFin or FCA? The answer is no, as all Scams like zinzenova.com review, for example.

This makes the level of security here quite low. The platform is misleading users by labeling FinCEN and FINTRAC registrations as regulatory oversight. Unlike more prominent and reputable competitors in the industry, it lacks genuine licenses.

Company History

Despite this, the cryptocurrency exchange has been operating for a long time. Alt 5 launched in 2017, as confirmed by the registration date of its domain, alt5sigma.com. We checked snapshots to verify that the company was active even in 2017-2018, and this is indeed the case.

This raises a question: why has Alt 5 failed to gain popularity and recognition among crypto traders? After so many years in the market, very little is known about it. It seems users are reluctant to risk their money with a platform that cannot even disclose its commission structure.

Conclusion

If you’re looking for a safe place to trade crypto, steer clear of Alt 5. It’s better to opt for well-established exchanges with transparent terms, proper regulation, and a proven track record. Here, the risks are simply too high, and the answers are far too few. Do not entrust your money to a platform that doesn’t take the effort to earn your trust.

Weighing the Pros and Cons

Common Questions