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Alfacoins

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Friday, October 9th, 2020
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What We Like

Considered one of the best payment processors for bitcoin, Alfacoins offers a special feature called CoinSplit. This feature lets its users split their payments between crypto and fiat. By utilizing CoinSplit, users of Alfacoins can receive a part of their earnings in fiat and maintain the remaining amount in a cryptocurrency wallet for “HODling” or not selling it. This also greatly reduces risk.

They currently accept Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dash, and XRP cryptocurrencies. 

Alfacoins offers a somewhat lower transaction fee of 0.99%. It does not charge subscription fees and there are no fees for installing the bitcoin payment system. 

Finally, another advantage with Alfacoins is that it can accept payments from virtually all countries worldwide, except Iran and North Korea. Funds can be withdrawn from US dollars or Euros.

What We Didn't Like

Although a few websites did grant Alfacoins glowing reviews, many others have accused Alfacoins to be a “scam broker” and they don’t recommend that any potential customers trade with them. Broker Complaint Registry (brokercomplaintregistry.com)  has given the warning that, if anyone is currently trading with them, they should withdraw their funds immediately. 

One particular customer posted a complaint on Alfacoin’s Facebbok page, reporting that their system “does not work efficiently”. Furthermore, he complained that no one replied back to his emails to offer assistance. It took well over a month for Alphacoins to get his issue sorted out. This customer ended the conversation by saying, “Seems like they don’t care about their clients or their clients clients.” 


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Marketing

Sales

Support

Pricing

Overall

Overview

Founded in 2013, the origins and exact location of Alfacoins is nowhere to be found.  

Upon further research, it was found that the Facebook page manager was located in Russia and another website reported that it was specifically in Moscow, Russia. 

One website reported that it was located in the British Virgin Islands. 

Despite the apparent inconsistencies of its location, Alphacoins provides both bitcoin and cryptocurrency payment services. In the interest of improving its quality and reliability, they have upgraded their website in order to make it more user-friendly and to facilitate site navigation. Other improvements include enhancing their personal account management features and adding new cryptocurrencies to their system. 

Alfacoins offers a safe and secure “multifunctional crypto-payment processing”. They offer a payment system that is readily available worldwide. Options include making payments in either Euros or US dollars in the banks provided or in the cryptocurrencies supported in their wallets. 

All payments can be withdrawn in Euros or US dollars. BitSend transactions can be processed instantly. Once the transaction is completed, confirmation emails are then sent to the recipient. 

Another bonus feature is that Alfacoins enables its users to send bitcoin and other cryptocurrencies as salaries and bonuses to their employees and merchants. Also, rewards in the form of cryptocurrencies and bitcoins can be given to clients and partners. 

With the unveiling of their CoinSplit feature, more flexibility is given to its users. This facilitates the partial payment to be payable in cryptocurrencies. The user also has the choice of setting up their default account either in Euros or US dollars. CoinSplit offers a considerable benefit for those who prefer to receive their earnings in cryptocurrencies for a later investment.

By using their BitSend feature, users can send all earnings to customers, employees, and partners. 

Additional features include:

  • A mature payment processor that includes an “extensive API documentation”.
  • There are no chargebacks or fraud.
  • Users can accept payments, make payments, as well as send refunds to clients via an easy API integration. 
  • Plugins are available for download. They can be used for any application built on Java/Ruby and other well-known programming languages.
  • It uses REST and JSON-RPC calls. 
  • There is also a Woo-Commerce plugin.

It is important to note that Alphacoins cannot guarantee 100% security from attacks by hackers and other criminals. If these perpetrators were to get access to your encryption key, they can simply rob and transfer your bitcoins out. Once the transfer is completed, there is no reversal of funds. This action is permanent. 

Marketing

Potential clients interested in learning more about Alfacoins are welcomed to create an account directly on their website. 

Although their posts are from 3-4 years ago, Alfacoins has posted on the forum, Bitcointalk.org, announcing their new Alfacoins.com website. It described its new design, enhanced on-site navigation, a “completely reworked site structure”, as well as the announcement of their CoinSplit and BitSend features. 

Honesty

As mentioned earlier, there is not much information about Alfacoins in terms of reviews, origins, current leadership, or location. The only reviews found were on its Facebook page. There were quite a few satisfied customers but, as mentioned before, there are more websites that have accused Alfacoins of being a scam and warning any future customers of their practices. 

Sales

There is no information to be found as to whether they have any current partnerships or any details as to how their sales staff is structured.

Support

For customer support, they have a tab on their website titled, “Support”. Here, customers can submit a ticket once they log in or register for an account. 

They also feature a “Frequently Asked Questions” page, where customers have previously asked questions about their services. Beneath the FAQ section, they have a small section of “How-To Guides” and Tutorials for customers to check out. 

There is no telephone number or indication as to when they are available to offer support for their customers.

Pricing

Alfacoins does feature its price information on its website. Under the “Information” tab on its website, it has a page titled “Price and Conditions”.  In it, potential customers can see that there is no membership or monthly fee. However, the transaction fee is 0.99% and that is only for completed transactions.

The two variables that determine the prices is that the fee is included in the cost of the product or the fee can be added to the product cost. This is attractive to the customer and simplifies things for the merchant, respectively.

They make it clear that there are no hidden fees or charges for installing their payment module.

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