Allbit Cryptocurrency Exchange Review : Allbit is a Blockchain Commercial Service

About Allbit

Allbit is a blockchain commercial service that provides a fully decentralized trading experience without the delegation of assets. All user transactions can be safely handled through a smart contract to protect against third party intervention and hacking. Transaction data is also transparent through the blockchain. Experience the trade of various blockchain cryptocurrencies supported by Orbit’s Inter-Blockchain Communication (IBC).

Allbit is a South Korean cryptocurrency exchange that launched in March 2018. South Korea is – together with Hong Kong and USA – one of the bigger country players in the world of cryptocurrency. It is the home of 9 exchanges listed in Cryptocurrency Exchange List: Bithumb, Coinone, Korbit, Coinrail, Gopax, Upbit, CPDAX and – finally – Allbit.

Special Features Allbit 

Blockchain linked with BTC, ETH, XRP

Inter-Block Communication (IBC) technology of the Orbit Chain enables integrating assets
in a decentralized manner with Bitcoin, Ethereum, and Ripple, as the world first.

Decentralized asset management

Allbit Deposit and withdrawal, transaction, and order management of the assets of users’ wallet occur transparently on the on-chain. Users can experience fully decentralized transactions without the delegation of assets.

Fastest transaction speed

Orbit Chain reduces the chunk-block creation time to 1 second through an improved consensus algorithm, enabling faster and more accurate transactions.

Blockchain commercial service

Allbit It is a next-generation blockchain commercialized service that maximizes data transparency and reliability by using all of Orbit Chain’s technology to record and manage all transaction data in the blockchain

Transcation fee and Minimum order amount

Fees are subject to change. If there is any change in the fee policy, we will inform you through the notice.

• They will prepare a preferential treatment policy based on the membership level in the future.

• The transaction fees are paid in the currency of each market and include VAT.

• The transaction fee is displayed up to the decimal place. Example) 0.00000001 ETH

• Transaction fee calculation method : amount of contract (order quantity x order price) x transaction fee rate(%)

Minimum order amount

Buying and selling orders below the minimum order amount in each market will automatically be canceled without having to cancel it yourself.
Cryptocurrency associated with canceled orders will be returned to your wallet.

 Daily transaction data

Allbit collects daily transaction data based on UTC. Most global exchanges use UTC time, which makes it easy to compare overseas quotes. UTC is 9 hours slower than Korean time (KST).

• Rate of change : the closing price (or current price) of the day relative to the closing price at 0:00 UTC (= 9:00 am, Korea time)

• Transaction value : cumulative transaction value for the last 24 hours

• Daily collection of Candle chart : UTC / high / low / closing / closing price from 0 to 24 hours (or current time).

 Provision of Goods or Services 

Collected personal information shall be processed for the following purposes: providing services and contents, delivering goods or sending invoices, confirming identity, confirming purchases and payments, and collecting charges.

Is it safe to use Allbit ?

Allbit enforces two-factor authentication (2FA) to protect your account. So users have to verify that they actually are the account holder before they can log in. The use of 2FA means you get extra security against any hacking attempts. It also helps in decreasing the risk of identity theft.