In the world of cryptocurrency exchanges, Altilly emerged as a promising platform, offering a diverse range of trading options and impressive security measures. Like a flourishing garden of digital assets, Altilly attracted investors with its wide selection of 267 cryptocurrencies available for trading. While its liquidity initially lagged behind other exchanges, Altilly steadily improved over time, becoming a reliable hub for crypto enthusiasts.
However, a dark cloud cast its shadow over Altilly in December 2020, as it fell victim to a hacking incident, rendering the exchange temporarily non-operational. Despite this setback, Altilly’s commitment to user security remained steadfast, as the exchange did not store sensitive KYC data on its servers. As the platform works diligently to recover and assess the damage caused by the hack, users are urged to remain patient, while the crypto community awaits updates on Altilly’s return to full functionality.
Key Takeaways
- Altilly is a cryptocurrency exchange based in the Netherlands that has been in operation since May 2018.
- The exchange offers trading in a wide range of cryptocurrencies, with 267 different ones available.
- Altilly’s liquidity has improved significantly since its launch, but it still has relatively low liquidity compared to other exchanges.
- The exchange’s main selling point is its support for a large number of cryptocurrencies, but it only accepts cryptocurrency deposits and not fiat deposits.
Altilly Exchange: Overview
This section provides an overview of Altilly, a cryptocurrency exchange based in the Netherlands. Altilly has been in operation since May 2018 and is headquartered in Kerkrade, Netherlands. The exchange offers trading in a wide range of cryptocurrencies, with 267 different ones available. However, it has low liquidity compared to other exchanges and the 24-hour trading volume on Altilly is relatively low.
Notable features of Altilly include its low trading fees for takers, which are 0.12%, below the industry average. Makers receive a fee of -0.01% for trading on the platform, which is rare in the industry. Additionally, Altilly’s withdrawal fee for BTC is 0.0005, lower than the industry average. These features, along with its support for a large number of cryptocurrencies, make Altilly an attractive option for traders.
Altilly: Hack and Operational Status
The devastating hack in December 2020 has rendered the cryptocurrency exchange’s operations temporarily inactive, leaving users and investors in a state of uncertainty and apprehension. The impact on users has been significant, as they are unable to access their funds or engage in trading activities. Altilly is currently working on a recovery plan to address the damages caused by the hack.
The exchange is evaluating the extent of the breach and taking necessary measures to recover data and restore operations. Users are advised to stay calm and wait for updates from Altilly regarding the progress of their recovery efforts. The exact timeline for the resumption of normal operations remains uncertain, and users are urged to exercise caution and closely monitor the situation for further developments.
Trading Features
One notable aspect of Altilly’s trading platform is its support for a wide range of cryptocurrencies, offering users the opportunity to trade in a diverse selection of digital assets. However, it is important to note that Altilly’s liquidity is relatively low compared to other exchanges. Despite this, the exchange has made efforts to improve its liquidity since its launch.
Altilly’s trading fees for takers are 0.12%, which is below the industry average, making it an attractive option for traders. Additionally, makers receive a fee of -0.01% for trading on the platform, which is rare in the industry and can incentivize market-making activities. Furthermore, Altilly’s withdrawal fee for BTC is 0.0005, which is lower than the industry average. These competitive fee structures and liquidity improvement strategies make Altilly an appealing choice for cryptocurrency traders.
Altilly Exchange: Security Measures
To enhance the safety of users’ funds and personal information, Altilly has implemented robust security measures. These measures include:
- Two-factor authentication (2FA): Altilly requires users to enable 2FA to add an extra layer of security to their accounts. This helps prevent unauthorized access to user funds.
- Cold storage: The majority of users’ funds are stored in offline cold wallets, which are not connected to the internet. This reduces the risk of hacking and unauthorized access.
- Regular security audits: Altilly conducts regular security audits to identify any vulnerabilities in their systems and take necessary steps to address them. This proactive approach helps ensure the ongoing security of the platform.
In comparison to other exchanges, Altilly’s security measures are considered impressive. However, there is always room for potential improvements, and they should continue to stay updated with the latest security practices to safeguard user funds and personal information.
Frequently Asked Questions
How can I deposit funds on Altilly if they only accept cryptocurrency deposits?
To deposit funds on Altilly, which only accepts cryptocurrency deposits, users can convert their fiat currency into cryptocurrency through other exchanges that offer fiat-to-crypto conversion services. This allows users to then deposit the converted cryptocurrency onto the Altilly platform.
What is the minimum withdrawal amount for cryptocurrencies on Altilly?
The minimum withdrawal amount for cryptocurrency withdrawals varies depending on the specific cryptocurrency being withdrawn. Different cryptocurrencies may have different minimum withdrawal amounts imposed by the exchange.
Can I trade on Altilly using a mobile app?
Mobile app features on Altilly offer a convenient trading experience. Users can access order books, price charts, and order history on-the-go. The app enhances accessibility and allows for seamless trading, contributing to a user-friendly experience.
How long does it typically take for withdrawals to be processed on Altilly?
Withdrawal processing time on cryptocurrency exchanges can vary depending on factors such as network congestion and security protocols. It is recommended to consult the exchange’s website or user guide for specific information regarding withdrawal processing time and available deposit methods.
Are there any restrictions on the amount of cryptocurrency I can deposit or withdraw on Altilly?
Cryptocurrency deposit limits and withdrawal restrictions vary depending on the exchange. It is important to review the specific policies and terms of each platform, such as Altilly, to determine the maximum amounts allowed for deposits and withdrawals.
