ABCC is a newer exchange which prides itself on “offering a world-class exchange for cryptocurrency that delivers a user-centric and frictionless experience”. The focus of ABCC is assisting investors with identifying valuable blockchain assets, delivering secure online trading, and offering professional trading services. The exchange has it’s own AT token which rewards holders with shares of the site’s profits and it also employs the new “Trade-to-Mine” model which is becoming more popular with exchanges.
Calvin Cheng founded ABCC Exchange. Cheng is a media and technology magnate and worked with co-founders who have a range of experience plus successful track records in financial services, management consulting, and internet firms.
Some of the key advisors and investors working with ABCC include Dr. Michael Frendo, the former Minister of Foreign Affairs of Malta, and Zhang Lei, the CEO of YeeCall and Yee, who have the goal of creating a cloud-based, blockchain-powered social ecosystem for 40 million users globally. Forrest Chen is a serial entrepreneur as well as an expert on strategic and product leadership plus deep learning. Weixing Chen is a blockchain investor, founder of Kuaidi Dache, and Chairman of the Board with Funcity Capital and Funcity Holding. Institutional investors include Funcity Capital, Dream Seeker Capital, and BlockOrigin.
What Cryptocurrencies Does ABCC Offer?
The base currencies on ABCC include BTC, ETH, and USDT, with plans to add AT in the future. To find a full list of cryptocurrencies you can buy and sell via ABCC, you can look at the fees page. At the time of writing, the exchange offered support for over 50 cryptocurrencies. There were 39 cryptocurrency pairs with BTC as the base currency, 38 with ETH, and 16 with USDT.
ABCC Account Signup
Creating an account on ABCC is a straightforward process. From the home page, go to the upper right corner and select “Register.” You will see a prompt to enter your email address and create a password, confirm that password, then accept the Customer Agreement. Your password must be a minimum of eight characters and include numbers as well as both lowercase and uppercase letters. You should not use the same password you use for other platforms for security.
Once you enter the information and click “Register Now,” you will be prompted to drag a slider to verify your action. At this point, ABCC will send you a verification email. Go to your email account, find the message, and follow the instructions to activate the account. This is as simple as clicking on “Verify Email.” Now, your account is fully activated, and you can log in whenever you want.
ABCC Account Verification
After activating your account, you should take the time to verify it. Begin this process by logging in, and then go to the upper-right corner of the screen and click the figure of a person, which is for personal information. A drop-down menu will appear, and you should select “Verification.” This will take you to the page where you can verify your account. It will first ask you to enter your location, with the option of either scrolling through the list or typing a few letters and watching the matching choices appear.
Now, you will need to enter your name and ID number plus upload an image of your ID card or your passport’s information page. In normal circumstances, identify verification is processed in a single business day. It may take longer, however, if there is a high volume of users verifying their identities. While this processing takes place, the verification page of your account will let you know it is in progress.
To deposit funds into your ABCC account, log in, then go to “My Funds” in the upper-right corner of the page. This will open a drop-down menu where you can select “Deposits.” You can then choose which coin you wish to deposit and click “Deposit” to the right of your balance in that coin. Keep in mind that you can scroll through coin choices or search for the crypto of your choice. Clicking “Deposit” will show you the wallet address for that particular coin. From there, you can either copy and paste the address into your crypto wallet or use a mobile crypto wallet to scan the QR code. You can confirm the transaction by going to the “History” tab of the “My Funds” page.
Remember that all transfers involving cryptocurrency are final, so if you accidentally send the coins to the wrong wallet, ABCC will not be able to assist you, and those funds are lost. Additionally, you can only send cryptocurrencies to their designated wallets, so the address for depositing ETH will be different than that for depositing BTC.
The option to withdraw is also in the drop-down menu from “My Funds” where you found “Deposits.” Click on “Withdrawals” in this menu, and you will be taken to a page where you can select which coins to withdraw. Enter the address you wish to withdraw the funds to and the amount to withdraw. Click “Submit Order,” and then check your email for a verification email. Click on “Confirm Withdrawal” in the email. As with deposits, you can view your withdrawals in the “History” tab. The same cautions regarding the permanent nature of transferring cryptocurrencies apply for withdrawals, so ensure you send the coins to the right wallet address.
There is a withdrawal limit when using ABCC. Those who have not verified their accounts may only withdraw up to 2 BTC or its equivalent within a 24-hour period. Those who have completed verification can withdraw up to 200 BTC or its equivalent in a 24-hour period. If you need a higher withdrawal limit, you can contact ABCC, and they will evaluate your situation on a case-by-case basis.
How to Trade on ABCC
ABCC lets you trade via Market Orders or Limit Orders. Market Orders automatically sell or buy at the current market price. You just need to enter the amount you wish to buy or sell. Limit Orders let you set the sell or buy price and then wait until the market price matches this value. For these orders, you specify the quantity to buy or sell as well as the price you want to do so at. The order will not execute until the market price reaches your limit order.
To trade, go to the top of the website and click “Exchange.” You will see a list of trading pairs divided by BTC, ETH, and USDT. Click on the pair you wish to trade or search for it. This will take you to the trading page that shows current information at the top of the page, including last price, 24-hour change, 24-hour high, 24-hour low, and 24-hour volume.
Below this, the left side of the page shows recent transactions. The middle of the page displays a candlestick chart to help you make decisions, and the right side displays other trading pairs. Directly below the candlestick chart, you will find the forms for limit and market orders, each on their own tabs.
ABCC Token (AT)
ABCC Token (AT) is the ERC-20 token from ABCC Digital Asset Exchange. There is a fixed total supply of 210 million tokens, and AT holders receive unique benefits. Issuing AT is done via Trade Contribution + Simultaneous Release. This means that 50 percent of the tokens are released due to trade contribution with the other 50 percent being released simultaneously. Of the 50 percent for trade contributions, 40 percent goes toward members who Trade-to-Mine (ToM), with 10 percent for those who traded before AT was issued. The 50 percent for simultaneous release includes 10 percent for investors, 20 percent for the team, and 20 percent for the platform.
It is important to note that the rewards for historical trades are based on cumulative trade volume as of June 27, 2018, and are frozen for 180 days following the AT launch. There are also lock-up periods for the simultaneously released tokens. These include a three-year lock-up period for the 20 percent of tokens allocated to the ABCC team and a two-year period for the 10 percent allocated to investors. Unlocking occurs gradually, and locked tokens cannot be traded.
AT Token Holder Benefits
Those who hold AT can use AT for various services and products on ABCC, including the ability to pay transaction fees or buy other digital assets using it. Token holders also get preferential access to the platform’s premium services. Those who hold AT can participate in various campaigns and activities on ABCC with rewards for members meeting certain criteria. One example is that members with AT tokens will share 80 percent of the trading commissions ABCC collects. AT token holders also get access to activities like interactions with ABCC, community building, and the ability to make suggestions to ABCC.
As mentioned, 40 percent of the total AT tokens are allocated for Trade-to-Mine rewards. This is a mining model with inspiration from Bitcoin designed to create an inflation model that includes release and distribution.
AT’s release section has a half-life decay pattern with six half-life periods, each lasting 120 days. Half of the total AT supply allocated for Trade-to-Mine (so 20 percent of the total or 42 million tokens) will be released within the first 120 days. Each half-life period halves this figure, dropping it to 10, 5, 2.5, 1.25, and 0.625 percent of the total AT supply of 210 million or 21 million, 10.5 million, 5.25 million, 2.625 million, and 1.3125 million. During every half-life period, blocks are generated every six hours with all blocks within each period having the same amount of AT.
The distribution period of the Trade-to-Mine model involves distributing the AT tokens released within a block to the members based on the percentage of that member’s trading fees in that block. In cases where no members are eligible for rewards in a block, the AT get distributed with the following block.
ABCC charges a straightforward fee of 0.1 percent in trading fees for every transaction, whether you are the buyer or the seller. The trading fee is always charged in the base currency. There are no deposit fees, and you can find an up-to-date chart outlining the minimum withdrawal amount and fees per withdrawal for each supported currency on the Fees page. These are based on the specific cryptocurrency’s blockchain fees, not fees charged by ABCC.
|Min Withdrawal Amount (Fees Included)||Fees per Withdrawal|
IS ABCC Safe?
ABCC offers a range of advice and features to help ensure client security. They suggest always ensuring you are on the proper website and never sharing your password. Additionally, they warn you not to share sensitive information with or transfer funds to someone who claims to be a member of ABCC staff, as they will never contact you in this way. ABCC additionally outlines several anti-phishing measures customers should follow, such as avoiding random emails, suspicious attachments, and unsafe links and never using unknown public networks.
ABCC also strongly suggests secondary authorization via mobile phone or email. To enable either of these methods of secondary authorization, go to your “Account Page” from “Personal Information” (the person) at the top-right corner of the website. Below your balance and daily withdrawal limit, you will see rows for password, phone, and email. For phone authentication, click “Enable” to the right of “Phone,” choose your country code, enter your email address, wait for an authentication code in a text message, enter it on the website, and click “Submit.”
Follow a similar procedure to enable email authentication, beginning by clicking “Enable” to the right of “Email.” You will need to enter an email address that is not the one you used for registration and to log into your account. Enter the email address, wait for the authentication code to arrive, and enter it on the page. Once email or phone authentication is in place, you will need to authenticate your actions via a code when logging in, creating APIs, or doing other operations related to account security.
ABCC is a cryptocurrency exchange that prides itself on delivering a user-centric and intuitive platform. The exchange makes it easy to trade cryptocurrencies for each other and includes step-by-step instructions for everything from creating an account to making trades.
The platform is indeed user-friendly and offers a nice selection of trading pairs along with detailed charts to guide decisions to buy and sell.
The inclusion of the ABCC token provides a good incentive for people to hold their native token with holders receiving a share of the platform’s profits.
ABCC looks to have a bright future ahead of it, founded by Calvin Cheng who has a proven record in business, it’s nice to see some transparency about the company behind it.