Hello, Elite Trader members. We are CryptoAltum, an MT5 Broker specializing in Bitcoin and other cryptocurrencies. We were established in 2019 and have a fast growing reputation for offering the best crypto trading conditions on MT5 found anywhere, namely: 1:500 Leverage Zero Commission BTC spread from $3 Unrestricted crypto deposits and withdrawals No KYC requirement (since we only transact in crypto) We've signed up with Elite Trader so we can inform everyone here about our offering and answer any questions related to our services specifically, or crypto derivative trading in general. We can be contacted here, or via our support team (support@cryptoaltum.com)
Thanks for your question @Clubber Lang We have over 50 crypto pairs, including all the majors (BTC, ETH, LTC, ADA etc) and also some new additions such as Polkadot (DOT). We offer XRP, however trading is currently halted due to huge instability in pricing from our LPs.
I am curious. Your site states that you will accept payments only in cryptos. What happens if you have all these USD funds backed by crypto in your segregated account or whatever, and cryptos suffer a 50% crash. At that point, everyone wants to withdraw their funds. It's a worst-case scenario, of course. Do you have the financial backing to make good on all those folks who want out?
Hi, @Overnight. Great question. All client's crypto is held in secure offline storage. The value of a traders account is always market value, so if a client has say 2 BTC in his trading account worth $120,000 and the market crashes 50% to $60,000 they will still get their 2 BTC back, only it will be worth less. It's the same exchange risk as if your account is in fiat USD and the dollar value crashes. Your account naturally has less value. Clients concerned about their account value depreciating rapidly due to market volatility tend to choose our USDT account which is pegged to the USD rate. Since client cryptos are segregated from main company funds, they are always available to be sent back to the client, even if their market value has changed. We hope this explains things, let us know if anything is unclear.
When you get to to the USDT step, I will wait for @johnarb to comment, because USDT is beyond my understanding. Dunno the fack that is.
@Overnight Sure, no problem. In short, USDT (Tether) is a 'stablecoin' which means it's value is tied to real world assets, in this case the $USD. In the context of CryptoAltum, it means the value of your MT5 Account remains the same as the real world USD value.
But the USD never crashes 50% in a few days. That's where I fall down on this bit. I have music for that, but you are new here and I will not torment you with my crappy sounds, heh.
I was not going to respond on this thread, but now I guess I have to Yea, USDT is just crypto dollar, same as when you sell a stock and keep the $ in the account A couple of questions since I'm already here Can you give a ballpark figure of how many active clients you have? No KYC is great, but even Binance.com is very strict now, my account I've had for a couple of years alerted me I needed to KYC and when the deadline passed my account became withdrawal mode only Even FTX has a $2K/daily withdrawal limit on non-kyc account Do you anticipate the non-kyc policy to change in the future?
Thanks @johnarb We run around 4.5 - 5k active clients at any one time. When we say active, we mean with open positions. This figure does not include dormant/archived accounts or accounts that have not been traded yet. We don't require KYC to open an account, since unlike Binance, we are not physically exchanging funds. We do have internal procedures at play, and in the case of withdrawals over 5,000 USD equivalent we may ask for a copy of ID, primarily for client security. We include this in our FAQ. Hope this helps.