Alluma is relatively a new cryptocurrency exchange which is specifically designed and built for the needs of the emerging markets in Asia. According to its website, it is the first institutional grade cryptocurrency exchange built for newcomers and pros across the region. The exchange is headquartered in Singapore and in making its way into countries such as India, Malaysia, Thailand, Philippines, Indonesia.
Alluma is currently operating in beta phase and is open for registration to new users. It provides its services through Web, Android App, and iOS. At the first look, the exchange looks promising but we will have a comprehensive review of the exchange.
Features of Alluma Exchange
Secure Platform: The exchange is secured by six-layers of security architecture to prevent hacking incidences and missue. In order to keep the risk at a minimum level, it stores 96-99% of crypto assets in cold storage wallets.
Deep Order Book: For trading in crypto-assets, liquidity is the main issue to fulfill the trade orders. Alluma through its partnership with some of the top crypto-exchanges globally, offers deeper liquidity even for thinly traded crypto-assets.
Tight Spreads: Supporting 1,000,000 transactions per second means faster trade in a tight marketplace, without the order getting queued up and missing the price target.
Advanced Order Types: It has a wide range of trading order types like stop loss, limit and market order types and other features to manage the downside risks and pick the market at right price.
Technical Charts: It has integrated charting service of Tradingview.com into its platform, which enables pro trader to draw signals and lines for more reference alongside to their trade.
Fees and Limit
Alluma operates a Maker-Taker model in order to have a reduced fee for the market makers and fees charged for both maker and taker is at flat 0.1 per cent. Going ahead, it will also allow users to pay for trading fees using its LUMA token.
About monthly withdrawals limits, the exchange has some strict policy. Those with e-mail verified account will have lower limits of withdrawals against the KYC verified accounts. For example, an e-mail verified exchange will have a monthly withdrawal limit of 0.065 BTC and KYC verified account will have a withdrawal limit of 40 BTC.
Alluma has kept the overall process, right from registration to start of trading very smooth and user-friendly. The registration process can be completed within minutes and you can start trading as soon as you deposit the cryptocurrencies.
The user interface is designed to suit the needs for every class of trader and investors, be it pro or a new entrant to the market. Its Dashboard provides the overall view of crypto balance and available crypto trading pairs with all the real-time data on volume, price change, marketcap and 24 hrs highs and lows figure.
Through Buy/Sell option, you can easily purchase or sell the cryptocurrencies without the need of manual conversions. The rates are automatically converted as per the prevailing market rates of the cryptocurrencies. The interface is very suitable for investors who doesn’t trade frequently.
The Portfolio section offers the view of your net crypto balances and your complete trade history.
For traders, this exchange is a blessing which offers a more detailed view of the market. You can enter the exchange screen just by clicking on the Trade option. The screen offers view of recent trades in the market, order book, buy/sell window, your open orders, filled orders, total balance and technical charts by TradingView.
Alluma Loyalty Programme
It has three categories of the loyalty programme, Basic, Gold and Platinum. Basic offers access to Alluma marketplace to buy, sell, trade digital assets and 25% discount on trading fees when using the LUMA token. Gold offers 24 hrs customer support service and 35 per cent discount on trading fees when using the LUMA token. And, Platinum offers 24/7 customer support, 50 per cent discount on trading fees when using the LUMA token, access to sponsored events and first access to new Alluma products.
Alluma exchange looks promising with its clean and clutter free UI, making its easy to navigate through options. The best part of the Alluma is its focus on having strong security architecture for the exchange to prevent misuse and hacking incidences.
The exchange currently in its beta stage already looks loaded with pro trading features such as closed order book, open order book, stop loss, deep liquidity, tighter spreads etc. Its decision to keep the KYC verification free for smaller trade amounts will be the game changer.
Combined with zero withdrawal fees and lowest trading fees amongst its peer, it will help you to trade more conveniently. Its loyalty programme offers a great deal as it will help in lowering the trading fees once its token LUMA is listed on the exchange.
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