Allcoin is an exchange where cryptocurrencies and Fiat money are both offered. This platform provides clear instructions in processing transactions from setting up an account to buying your first Litecoin.
The steps below will help you start trading Litecoin on Allcoin.
To start, open the Allcoin site. Once the website is opened, click on “Sign up” to create an account.
There are four stages that you need to go through to complete creating your Allcoin account. Type in the needed information each stage requires you to supply, starting with “Email registration.” After typing in your email and password, enter the code sent to your email and check the small box confirming your agreement on Allcoin’s terms and conditions. Click on “Next” to continue.
To secure your transactions on Allcoin, you must verify your identity and get your account completely verified as well. After logging in, go to “Account Center” and click on “Real-Name Verification” and proceed with Certification Authentication by clicking on “Verify Now.”
Real-Name Verification has two stages. The Primary Certification is mainly your personal information and the Certificate Authentication requires you to present an ID.
Follow the instructions on what ID you need to upload and how to exactly upload them.
Check the box confirming that you are uploading your own ID, then hit on “Submit” to continue.
The screen will then show you the status of the Verification stage like the following:
What is 2FA?
Two-factor authentication, also known as 2FA, is an extra layer of security or added protection which we refer to as multi-factor authentication. Not only the username and password are required but also a piece of information that only a user possesses. This process is to confirm a user’s claimed identity.
The 2FA process helps lessen the number of identity theft cases and as well as phishing via email. It would be harder for potential intruders to gain access and steal someone’s identity and personal data without that piece of information that only the account owner knows.
In the case of exchanges, what the user has are his/her login details such as the username and password. The form of 2FA that a user possesses for this instance is a token or code. The code can be received either through SMS on a user’s mobile phone or via applications like Google Authenticator or Authy.
To activate 2FA on Allcoin, scroll down to “Account Center” and select on “Set Google Authenticator.”
Scan the QR code or use the key to add an account. Scanning the QR code generates the six-digit code that you need to enter together with the SMS code sent to your phone number, then click on “Set and enable.”
A small box pops up confirming that you have successfully enabled the Authenticator.
It’s time to add money to your newly created and verified Allcoin account. You can deposit currencies like Litecoin or Fiat money.
For Litecoin deposit, click on “Account” and type in your desired Litecoin. You can also manually scan the currency list, then click on “Deposit.”
You will be given a wallet address. This is the address that you need to use in processing your Litecoin deposit. You have the option to scan the QR code to generate a new one. Make sure that the correct address is used in processing your transaction to avoid losing your funds.
For Fiat money deposit, same with Litecoin deposit, you have to select your currency first from the list or directly type it in the search box. Click on “Deposit” to continue.
Select your wallet address or generate a new one by scanning the QR code. Use this address in processing Fiat money deposit.
To view your recent and previous deposit transactions, you can scroll down and look for them under “Deposit record.”
You can now start trading using the funds that you have deposited on your Allcoin account.
Go to “Exchange.”
You’ll be able to view different currencies and markets. Scroll down to the “Buy” section.
After selecting your Litecoin, type in your desired amount and type in the “Transaction Password” which was set up when you verify your identity on Allcoin. Whenever you’re ready, click on “Buy.”
At the bottom, you have the option to view your latest and all transactions made. At the upper-right hand are your open and previous orders made.
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