Cryptocurrency Exchange Alluma released the Public Beta version of their Crypto to Crypto exchange a week ago and a trading competition starting today. They received a lot of feedback from early testers and they are working on improving the product.
Even Coin Crunch identified an issue which was promptly shared with the Alluma Team. We’ve been informed the patch to fix the issue has been deployed. So, it is time to take it for a spin. This particular article is not a review but regarding an interesting similarity between Alluma and another exchange, reported by a Telegram user which I further verified.
Alluma Exchange has listed five cryptocurrencies for trading – BTC, BCH, ETH, XRP and FUEL. You can trade them all on BTC market, but only FUEL on ETH market. At the time of writing this, FUEL trading has been temporarily disabled. The trading fee is set at 0.1% for both makers and takers.
Contents
Getting Started
You can register on Alluma exchange with your email address. If you choose not to do KYC or ID verification, you can still trade on Alluma albeit with lower limits on daily and monthly withdrawals and deposits.
Two Types of Trading
You can trade in two ways on Alluma
- Closed Bulk Order Trading
- Open Order Book Exchange
Closed Book Trading
You can convert any cryptocurrency to either BTC or ETH, or even vice versa based on the availability of pairs on Alluma quickly. For instance, you can buy 1 BTC by selling 17.76 ETH.
Open Book Trading
Alluma also has an open order book exchange. By clicking on ‘Trade’ you can access the exchange that has several open orders for you to choose from or place your own orders. The liquidity I assume is provided by other exchanges that Alluma would partner with for their ‘Shared Liquidity’ model.
A Familiar Design
Remember Payleo? Not really, do you? Payleo isn’t quite operational after the RBI Banking ban but has a similar interface to Alluma. Since Payleo pairs are INR based, they now have Zero orders as opposed to Alluma which is a crypto to crypto exchange. We do have a Payleo Crypto to Crypto Exchange screenshot from March 2018. You can see the stark similarities. Here it is:
Replace the Alluma logo with Payleo and you can’t tell a difference, can you?
Interestingly, Payleo even offered a closed book exchange to buy fixed values or bulk orders of cryptocurrency. Alluma offers the same as well.
It appears that Alluma may not have developed the exchange from ground up, the exchange is a white labeled design that Payleo uses too. If they did build it from ground up, the engineers just ripped off the design of Payleo or its own white labelled product.
A couple of anonymous sources have pointed us to Alphapoint, that develops modular solutions for exchanges. Look at the promotional screenshots here:
What is White Label?
In general, white label branding (sometimes called “white labeling”) is a manufacturing and marketing practice in which a product or service is produced by one company and then rebranded by another company to make it appear to be their own. Sounds sinister but it’s a time and effort saving tool used in all industries.
There is no harm in white labelled products. Many industries use the branding technique and are very successful.
That is my first look observation of the exchange. It must be brought to light, because Alluma’s claim in the whitepaper may only refer to the front end of the website while the underworks or even the design of the ‘Highly-liquid’ exchange may have been bought and rebranded.
We’ve spent over nine months carefully designing and developing a unique user interface and experience that will provide a different experience versus any other existing exchange across the Asian emerging markets.
Source: Alluma Exchange White Paper
Anyway, I have deposited some ETH and I will be doing some trading on the exchange soon. Be sure to subscribe to our email newsletter below to receive the notification once the review is out.
Have you tried Alluma? Let us know in the comments below:
Update: Added the point regarding Alphapoint (pun intended)
