Based on looking at the website Alteway.com, this platform is presented as a service for buying and selling cryptocurrencies.
Here’s an overall review summary:
- Service Type: Cryptocurrency Exchange facilitates buying/selling digital assets.
- Payment Methods: Visa, Mastercard, Bank Transfer SEPA, SWIFT, Alternative Payment Methods.
- Currencies Accepted: Primarily Euros SEPA, credit card.
- Cryptocurrencies Offered: Top cryptocurrencies like Bitcoin, Ethereum, USDC, with others available upon request.
- Fees: Low fees, all-inclusive pricing shown during transactions, no hidden fees. Interest rates for transactions are periodically evaluated and changed.
- Transaction Speed: 10-20 minutes, dependent on payment delivery speed SEPA Instant takes seconds, SEPA 0-2 days, SWIFT 1 day-1 week.
- Proof of Transaction: Invoice available for download with transaction details.
- Age Requirement: 18+ to purchase cryptocurrency.
- Legal Entity Purchases: Available for legal entities after KYB verification.
- Wallet Requirement: Users must have their own personal crypto wallet.
- Ethical Consideration: Engaging with cryptocurrency involves significant ethical concerns from an Islamic perspective, primarily due to the inherent speculative nature, lack of tangible underlying assets, and potential for Riba interest or Gharar excessive uncertainty. The concept of “interest rates for transactions” mentioned on the site also raises red flags.
Alteway.com positions itself as a modern financial service for digital assets.
However, the core business of dealing in cryptocurrencies, as presented by Alteway.com, falls into areas of significant concern from an Islamic financial ethics standpoint.
The speculative nature of many cryptocurrencies, the lack of intrinsic value, and the potential for involvement in interest-based transactions even indirectly through exchange fees that function like interest or by dealing with assets whose value is tied to interest-bearing activities make such platforms highly problematic.
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While the website mentions “low fees” and “no hidden fees,” it also states “Interest rates for transactions both for the sale and purchase of cryptocurrencies are evaluated and changed periodically.” This explicit mention of “interest rates” is a direct contravention of Islamic financial principles, which strictly prohibit Riba.
Furthermore, the volatility and speculative elements inherent in cryptocurrency trading often involve excessive uncertainty Gharar, which is also forbidden.
Therefore, based on a strict Islamic ethical review, Alteway.com’s services, like most cryptocurrency exchanges, are not recommended due to their direct and indirect involvement with prohibited financial practices.
Best Alternatives for Ethical Financial Practices Non-Crypto:
When considering ethical financial practices, the focus shifts away from speculative assets like cryptocurrencies and towards tangible, productive, and interest-free ventures.
- Islamic Banking Services: These are institutions that operate entirely on Sharia-compliant principles, avoiding interest Riba in all transactions. They offer accounts, financing, and investment products based on profit-and-loss sharing, Murabaha cost-plus financing, Ijarah leasing, and Musharakah partnership.
- Key Features: Interest-free accounts, ethical investments, Sharia-compliant financing for homes, businesses, and personal needs.
- Price/Average Price: Varies by service. usually competitive with conventional banking but structured differently.
- Pros: Adheres to Islamic principles, promotes social justice, encourages real economic activity.
- Cons: Limited availability in some regions, product offerings may be less diverse than conventional banks.
- Halal Investment Funds: These funds invest exclusively in Sharia-compliant businesses and assets, avoiding industries like alcohol, gambling, conventional finance, and entertainment. They often focus on real estate, commodities, and ethical equities.
- Key Features: Diversified portfolios, ethical screening, professional management, focus on real assets.
- Price/Average Price: Management fees apply, similar to conventional mutual funds.
- Pros: Ethical growth, passive income, aligns with values.
- Cons: Returns may differ from conventional funds, screening can limit investment universe.
- Ethical Savings Accounts: While conventional savings accounts typically involve interest, ethical alternatives often re-invest deposits into socially responsible projects or community development initiatives that align with Islamic values.
- Key Features: Social impact, non-interest bearing, supports ethical businesses.
- Price/Average Price: No direct cost. may have lower or no returns compared to interest-bearing accounts.
- Pros: Promotes positive social change, aligns with religious principles.
- Cons: Limited returns, less common.
- Community-Based Lending Platforms: Platforms that facilitate direct, interest-free loans between individuals or small businesses, often with a focus on social impact or local economic development.
- Key Features: Peer-to-peer, interest-free, often for specific projects or community needs.
- Price/Average Price: Administrative fees may apply, but no interest.
- Pros: Supports local economy, direct impact, avoids Riba.
- Cons: Funding can be slower, limited scale.
- Crowdfunding for Ethical Businesses: Investing directly in Sharia-compliant startups or small businesses through equity-based crowdfunding, where investors share in profits and losses, rather than receiving interest.
- Key Features: Direct investment in real businesses, potential for high returns, ethical vetting.
- Price/Average Price: Investment amounts vary, no direct fees beyond platform charges.
- Pros: Supports innovation, ethical entrepreneurship, aligns with values.
- Cons: High risk for startups, illiquid investments.
- Real Estate Investment Trusts REITs – Sharia Compliant: These REITs focus on income-generating real estate assets that are permissible in Islam e.g., residential, commercial properties, excluding those involved in prohibited activities.
- Key Features: Diversification into real estate, income generation, managed by experts.
- Price/Average Price: Investment amount varies, management fees apply.
- Pros: Tangible assets, potential for stable income and capital appreciation.
- Cons: Market fluctuations, liquidity can be an issue.
- Commodity Trading Spot Contracts: Engaging in spot commodity trading, where physical possession and immediate exchange are central, can be Sharia-compliant, unlike speculative futures or derivatives. This involves trading real assets like gold, silver, or agricultural products.
- Key Features: Tangible assets, immediate exchange, avoids speculation.
- Price/Average Price: Market prices, brokerage fees apply.
- Pros: Real economic activity, preservation of wealth e.g., gold/silver, avoids Riba.
- Cons: Requires knowledge of commodity markets, storage and delivery considerations.
Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.
IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.
Alteway.com Review & First Look
When you first land on Alteway.com, the immediate impression is one of a modern, streamlined platform aimed at simplifying cryptocurrency transactions.
The design is clean, with clear calls to action like “Login” and “Get started.” The website emphasizes its role as an “Alternative Way to the World of Crypto-currencies,” promising “Modern financial services based on digital financial assets.” This initial presentation aims to instill confidence and accessibility, focusing on the ease of buying and selling digital assets.
However, a deeper dive into the provided information reveals a significant ethical dilemma for anyone operating under Islamic financial principles.
The website clearly states its core business: “We offer a streamlined cryptocurrency exchange experience, allowing users to acquire digital assets through credit card transactions, bank transfers, and seamless purchases on the P2P platforms.” While the technical aspects of the exchange are highlighted, the underlying nature of cryptocurrency and the explicit mention of “interest rates for transactions” on the site are critical points of concern. For instance, the FAQ section states, “Interest rates for transactions both for the sale and purchase of cryptocurrencies are evaluated and changed periodically.” This statement directly introduces the concept of Riba, which is fundamentally prohibited in Islam. The platform’s offering, by its very definition, involves engaging with assets whose value is highly speculative and whose exchange mechanisms are explicitly tied to interest-based methodologies. This immediate red flag indicates that, despite its user-friendly interface and claims of legitimacy “legal entities are authorised, supervised and hold a Virtual Asset Service Provider VASP license”, the core service is problematic from an Islamic ethical standpoint.
Initial Impressions of the Platform’s Interface
The website’s user interface is designed for simplicity. Tutrocito.com Review
It’s easy to navigate, with key information presented upfront.
The “Get Your Money’s worth!” section prominently displays real-time price changes for Bitcoin, Ethereum, and USDC, creating a sense of immediacy and market engagement.
This design choice, while common for financial platforms, can also encourage rapid, speculative decision-making, which is generally discouraged in ethical finance.
Regulatory Claims and Transparency
Alteway.com attempts to build trust by highlighting its regulatory compliance: “It is absolutely safe to buy and sell cryptocurrency with Alteway as its legal entities are authorised, supervised and hold a Virtual Asset Service Provider VASP license that allows us to officially offer cryptocurrency exchange services.” While this statement addresses legal standing in some jurisdictions, it does not address the fundamental ethical permissibility of the underlying activity. Transparency regarding the exact nature of their VASP license and the jurisdiction it covers could be more prominent. Users should always seek to verify such claims independently.
Missing Elements from a Trusted Website Perspective
A comprehensive review of Alteway.com reveals several common elements typically found on highly trusted and established financial platforms that are either missing or not prominently featured: Hyperliquid.xyz Review
- Detailed Regulatory Information: While a VASP license is mentioned, specific licensing bodies, jurisdictions, and registration numbers are not immediately visible on the homepage. Trusted financial institutions often prominently display their regulatory compliance details, including links to relevant registers.
- Risk Disclosures: Given the inherent volatility of cryptocurrencies, a prominent and comprehensive risk disclosure statement is crucial. While general information might be in terms and conditions, a clear, easily accessible warning about potential financial losses is often a hallmark of responsible financial service providers.
- Security Measures and Protocols: Beyond stating “it is absolutely safe,” trusted platforms usually detail their security infrastructure, such as multi-factor authentication, cold storage for assets, and encryption protocols.
- Founding Team and Company History: Information about the company’s founders, leadership team, and a brief history can build significant trust. This human element is often present on platforms aiming for long-term credibility.
- Educational Resources on Responsible Trading: While a FAQ section exists, an ethical financial platform would ideally offer extensive educational resources on responsible investment, risk management, and the fundamentals of the assets being traded, rather than just transactional how-tos.
- User Reviews and Testimonials: While not always mandatory, the absence of publicly verifiable user reviews or testimonials on the homepage can sometimes raise questions about community engagement and reputation.
- Clear Terms of Service and Privacy Policy Links: While likely present in the footer, their prominence and ease of access for review can vary.
The absence of these elements doesn’t necessarily indicate a lack of legitimacy in a conventional sense, but it does mean the platform is not as transparent as top-tier, trusted financial services that prioritize comprehensive user information and risk awareness.
For an Islamic perspective, this lack of in-depth transparency combined with the explicit mention of “interest rates” in their service model makes the platform highly questionable.
Alteway.com Cons
From an Islamic ethical standpoint, Alteway.com presents several significant drawbacks, rendering it unsuitable for the Muslim community.
The inherent nature of cryptocurrency trading, as facilitated by platforms like Alteway.com, conflicts with fundamental Islamic financial principles.
The explicit mention of “interest rates” on the website is a critical and direct violation. Vaulthealth.com Review
Inherent Riba Interest in Transactions
The most significant red flag on Alteway.com is the direct admission of “interest rates for transactions.” The FAQ section states: “Interest rates for transactions both for the sale and purchase of cryptocurrencies are evaluated and changed periodically.” In Islam, Riba interest or usury is strictly prohibited. It is considered an exploitative practice that creates wealth without real economic activity or shared risk. Any financial service that charges or pays interest, directly or indirectly, falls outside the permissible bounds of Islamic finance. Even if these “interest rates” are framed as part of the exchange mechanism or fees, their very nomenclature indicates a structure that is problematic. According to a study by the Islamic Finance Council UK UKIFC, transactions involving fixed returns on capital without shared risk are considered Riba.
Excessive Uncertainty Gharar and Speculation
Cryptocurrencies are notorious for their extreme price volatility. This inherent instability leads to significant Gharar, which refers to excessive uncertainty or risk in a transaction. While some level of risk is acceptable in Islamic finance e.g., in legitimate trade, Gharar arises when the outcome of a transaction is overly ambiguous, leading to potential exploitation or significant, unforeseen loss. Alteway.com, by facilitating the buying and selling of such volatile assets, inherently involves users in transactions laden with Gharar. For example, Bitcoin’s price fluctuates wildly. in 2021, Bitcoin surged from under $30,000 to over $60,000, only to drop significantly in subsequent periods, showcasing its extreme unpredictability Source: CoinMarketCap data, 2021-2022. This level of speculative trading, driven by rapid price movements rather than underlying productive assets, is generally discouraged in Islamic jurisprudence.
Lack of Tangible Underlying Assets
Many cryptocurrencies lack a tangible underlying asset or productive economic activity that generates their value.
Their value is often derived from market sentiment, speculation, and demand rather than intrinsic worth or a share in a real business or commodity.
Islamic finance emphasizes transactions involving real assets and productive investments that contribute to societal well-being. Wdpart.com Review
Trading in assets that are essentially digital constructs with no direct link to a physical commodity or a share in a tangible enterprise is often viewed as akin to gambling or pure speculation, which is impermissible.
Contrast this with Islamic investments in real estate, commodities, or equity in legitimate businesses, which are tied to tangible economic output.
Potential for Deception and Exploitation
The unregulated or lightly regulated nature of many cryptocurrency markets, despite Alteway.com’s VASP license claims, opens the door to potential deception, market manipulation, and fraud. While Alteway.com asserts its safety, the broader crypto ecosystem has been plagued by scams, rug pulls, and pump-and-dump schemes. The emphasis on rapid transactions “Buying/selling of cryptocurrency takes 10-20 minutes” can encourage impulsive decisions rather than diligent research, potentially exposing users to significant financial losses. The Federal Trade Commission FTC reported that consumers lost over $1 billion to crypto-related scams from January 2021 through March 2022, indicating the high risk environment Source: FTC, June 2022. Such an environment contradicts the Islamic emphasis on fair dealing, transparency, and protection against exploitation.
Encouraging Materialism and Excessive Pursuit of Wealth
The rapid wealth generation narratives often associated with cryptocurrency can foster an unhealthy focus on materialism and the pursuit of quick, effortless wealth.
Islamic teachings encourage earning through hard work, ethical trade, and productive ventures, emphasizing contentment and moderation. Oxygenplusconcentrators.com Review
Engaging in speculative trading for quick gains can divert individuals from more stable, ethical, and socially beneficial economic activities, fostering a mindset that contradicts the principles of self-sufficiency and communal responsibility.
This pursuit of speculative gains, often without contributing to real economic value, is seen as morally questionable.
Alteway.com Alternatives
Given the significant ethical concerns surrounding Alteway.com’s cryptocurrency services from an Islamic perspective, exploring truly ethical and Sharia-compliant alternatives for financial engagement is crucial.
These alternatives focus on real economic activity, shared risk, and the avoidance of Riba interest and Gharar excessive uncertainty.
Islamic Banking and Finance Institutions
- Description: These are full-fledged banks and financial entities that adhere strictly to Islamic law. They offer a range of products and services, including savings accounts, investment accounts, financing for homes Murabaha or Ijarah, and business loans Musharakah or Mudarabah. Their core principle is avoiding interest and engaging in asset-backed transactions.
- Key Features: Sharia-compliant financing products, profit-and-loss sharing models, ethical investment screening, and community development initiatives.
- Benefits: Complete adherence to Islamic principles, promotes equitable wealth distribution, supports real economic growth.
- Considerations: May have a smaller branch network than conventional banks, product offerings might be less diverse depending on the institution.
- Examples: Guidance Residential US-based Islamic home financing, American Finance House LARIBA US-based Islamic financial institution, various Islamic banks in Muslim-majority countries.
Halal Investment Funds and ETFs
- Description: These are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of Sharia-compliant assets. They rigorously screen companies to exclude those involved in prohibited activities e.g., alcohol, gambling, conventional banking, pornography, weapons. They often invest in real estate, commodities, and ethical equities.
- Key Features: Professional management, diversification, ethical screening by Sharia boards, periodic purification of impermissible income.
- Benefits: Allows Muslims to invest ethically and generate passive income without compromising their beliefs, provides access to diverse markets.
- Considerations: Fund fees apply, investment universe is narrower than conventional funds, performance may vary based on market conditions and ethical screens.
- Examples: Amana Funds managed by Saturna Capital, Wahed Invest, IdealRatings.
Takaful Islamic Insurance
- Description: Takaful is an Islamic alternative to conventional insurance, based on principles of mutual cooperation and solidarity. Participants contribute to a common fund, and money is paid out to those who suffer loss. It avoids Riba, Gharar, and Maysir gambling by structuring policies as mutual assistance rather than contractual exchange for profit.
- Key Features: Risk-sharing among participants, fund management according to Sharia, surplus distribution.
- Benefits: Provides financial protection ethically, promotes community solidarity, avoids impermissible elements of conventional insurance.
- Considerations: Availability may be limited in some regions, product offerings may vary.
- Examples: Takaful Emarat UAE, AMANIE Advisors Sharia advisory for Takaful, various local Takaful providers.
Direct Investment in Halal Businesses
- Description: This involves directly investing in or supporting businesses that operate entirely within Sharia-compliant industries. This could range from purchasing shares in publicly traded companies listed as Sharia-compliant to investing in local ethical startups or small businesses.
- Key Features: Direct equity ownership, involvement in real economic activity, shared profit-and-loss responsibility.
- Benefits: Direct contribution to the ethical economy, potential for significant returns based on business performance, aligns perfectly with Islamic principles.
- Considerations: Higher risk than diversified funds for individual businesses, requires due diligence, illiquidity for private investments.
- Examples: Investing in local halal food businesses, ethical clothing brands, Islamic education centers, or technology companies providing permissible services.
- Halal Product Development broader category for finding businesses
Gold and Silver Physical Possession
- Description: Investing in physical gold and silver, purchased with immediate possession and held as a store of value, is widely accepted in Islamic finance as a hedge against inflation and economic instability. This avoids the speculative and non-tangible nature of many digital assets.
- Key Features: Tangible asset, historical store of value, global liquidity, not subject to banking system risks.
- Benefits: Sharia-compliant wealth preservation, protection against currency devaluation, avoids Riba.
- Considerations: Storage costs and security, price fluctuations, no direct income generation unless leased out, which has specific rulings.
- Examples: Buying physical gold bars or coins from reputable dealers like APMEX or JM Bullion.
Zakat and Sadaqah Charitable Giving
- Description: While not an investment in the traditional sense, Zakat obligatory charity and Sadaqah voluntary charity are fundamental pillars of Islamic finance. They represent a transfer of wealth to those in need, purify one’s earnings, and foster social solidarity.
- Key Features: Direct social impact, purification of wealth, spiritual reward, helps reduce economic inequality.
- Benefits: Fulfils religious obligation, contributes to societal well-being, promotes ethical wealth management.
- Considerations: Not a financial return in this world, requires diligent calculation for Zakat.
- Examples: Donating to reputable Islamic charities like Islamic Relief, Zakat Foundation of America, or local mosques and community centers.
Ethical Crowdfunding Platforms
- Description: These platforms allow individuals to invest in or lend to socially responsible projects and businesses without interest. This could be equity-based crowdfunding for a halal business or donation-based crowdfunding for a community initiative.
- Key Features: Direct support for ethical projects, often focused on social impact, avoids traditional banking intermediaries.
- Benefits: Fosters ethical entrepreneurship, empowers communities, aligns investments with values.
- Considerations: Higher risk for equity investments, project success dependent on execution, not all platforms are Sharia-compliant.
- Examples: Platforms focusing on impact investing or direct project funding for ethical ventures.
- LaunchGood Specifically for Muslim-led initiatives
How to Avoid Unethical Financial Practices
Avoiding unethical financial practices is paramount for Muslims, ensuring their earnings and investments remain pure and blessed.
This involves a proactive approach to understanding Islamic financial principles and applying them diligently.
The pitfalls of engaging with platforms like Alteway.com stem from their inherent conflict with these principles, particularly concerning Riba interest, Gharar excessive uncertainty, and Maysir gambling.
Understanding Riba and Its Forms
Riba is the most clearly prohibited element in Islamic finance. It refers to any predetermined, fixed return on a loan or debt, regardless of whether it’s an increase in the principal amount or a fixed percentage. It also encompasses unfair exchanges in certain commodities. The Quran explicitly condemns Riba, stating in Surah Al-Baqarah 2:275 that Allah has permitted trade and forbidden interest. For Alteway.com, the explicit mention of “interest rates for transactions” directly contradicts this fundamental prohibition.
- Direct Riba: Charging or paying interest on loans, credit cards, or traditional savings accounts.
- Indirect Riba: Engaging in transactions where interest is embedded in the financial structure, even if not explicitly called “interest.” This can include certain types of derivatives or financial products designed to mimic interest-bearing returns.
- Avoidance Strategy: Seek out Islamic banks and financial institutions that offer Sharia-compliant alternatives like Murabaha cost-plus sale, Ijarah leasing, Musharakah partnership, and Mudarabah profit-sharing. Always scrutinize terms and conditions for any hidden interest clauses.
Recognizing and Mitigating Gharar Excessive Uncertainty
Gharar refers to excessive uncertainty or ambiguity in a contract that could lead to unfair outcomes or exploitation. While some level of risk is inherent in any business, Gharar makes the outcome of a transaction highly unpredictable. Cryptocurrency trading, with its extreme volatility and speculative nature, is often categorized as high Gharar. Historical data from CoinMarketCap shows that major cryptocurrencies like Bitcoin and Ethereum can experience daily price swings of over 10-15%, making outcomes highly unpredictable for short-term traders. Ufbdirect.com Review
- Characteristics of Gharar: Lack of clear information about the subject matter, quantity, or price. situations where one party stands to gain significantly at the expense of another due to unforeseen circumstances. highly speculative ventures with no tangible underlying assets.
- Avoidance Strategy: Focus on investments with clear, tangible assets e.g., real estate, established businesses, physical commodities like gold and silver. Prioritize investments where risk is shared between parties and returns are tied to actual productive efforts, not just market sentiment.
Steering Clear of Maysir Gambling
Maysir, or gambling, involves transactions where gain or loss depends on a chance occurrence, without any productive effort or value creation. The highly speculative nature of cryptocurrency trading, where participants often seek quick profits based on price movements rather than fundamental analysis or long-term value, can easily fall into the category of Maysir. A significant percentage of cryptocurrency trading is driven by short-term speculation rather than long-term investment, with data from sources like Glassnode indicating that a large portion of Bitcoin transactions are short-term under 155 days or volatile.
- Characteristics of Maysir: Zero-sum game one’s gain is another’s loss, reliance on chance, lack of productive contribution, creating addiction.
- Avoidance Strategy: Do not participate in lotteries, sports betting, casino games, or any financial instrument where the primary mechanism for gain is chance or rapid speculation. Instead, engage in ethical business ventures, real estate, and long-term investments that contribute to genuine economic growth.
Due Diligence and Verification
Before engaging with any financial service or investment platform, thorough due diligence is crucial. This involves:
- Verifying Sharia Compliance: For Islamic financial products, ensure there is a reputable Sharia supervisory board that regularly audits and certifies the products. Look for transparent reports of their compliance.
- Understanding the Business Model: Fully comprehend how the service generates revenue. If it involves interest, derivatives, or highly speculative assets, it’s likely impermissible.
- Checking Regulatory Status: While Alteway.com mentions a VASP license, verify this with the relevant regulatory authorities in their stated jurisdiction. However, remember that legal compliance does not automatically equate to Sharia compliance. According to data from the Financial Crimes Enforcement Network FinCEN in the US, while virtual asset service providers are regulated, these regulations primarily focus on anti-money laundering AML and combating the financing of terrorism CFT, not Sharia compliance.
- Reading Terms and Conditions Carefully: Pay close attention to clauses related to fees, returns, and dispute resolution. Look for any language that might imply interest or excessive uncertainty.
Seeking Knowledge and Expert Advice
Continuous learning about Islamic finance is essential. Many resources, including books, lectures, and online courses, are available. When in doubt, consult with qualified Islamic scholars specializing in finance. Institutions like the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI provide comprehensive Sharia standards that can serve as a guide.
By actively avoiding Riba, Gharar, and Maysir, and by diligently researching and choosing Sharia-compliant alternatives, individuals can manage their finances in a way that is both ethically sound and contributes to their well-being in this life and the Hereafter.
Frequently Asked Questions
What is Alteway.com?
Alteway.com presents itself as an online platform designed for the buying and selling of cryptocurrencies, facilitating transactions using various payment methods such as credit cards and bank transfers. Allusivedigital.com Review
Is Alteway.com a legitimate company?
Alteway.com states that its “legal entities are authorised, supervised and hold a Virtual Asset Service Provider VASP license.” While this suggests some level of legal recognition, it’s crucial for users to independently verify these claims with the relevant regulatory bodies in the specified jurisdiction.
Can I buy Bitcoin on Alteway.com?
Yes, according to the website, Alteway.com offers the opportunity to buy top cryptocurrencies, including Bitcoin.
What payment methods does Alteway.com accept?
Alteway.com states that it supports a wide range of payment methods, including Visa, Mastercard, Bank Transfer SEPA, SWIFT, and “Alternative Payment Methods.”
Are there any hidden fees on Alteway.com?
Alteway.com claims that “All exchange prices shown during purchase transaction creation are final and inclusive of all applicable fees including blockchain network fees to send cryptocurrency to your wallet..,” and that “there are no hidden fees.”
How fast are transactions on Alteway.com?
Alteway.com indicates that buying/selling cryptocurrency typically takes 10-20 minutes, with the speed largely dependent on how quickly your payment is delivered to them e.g., SEPA Instant transfers take seconds, while SWIFT transfers can take up to a week. Sandberg.world Review
Do I need a crypto wallet to use Alteway.com?
Yes, Alteway.com explicitly states that you should have your own personal crypto wallet on your smartphone or computer, as they can only transfer or receive cryptocurrency to/from your own wallet address.
What is a VASP license mentioned by Alteway.com?
A VASP Virtual Asset Service Provider license is a regulatory authorization required by some jurisdictions for businesses that provide services related to virtual assets, such as cryptocurrency exchanges, to ensure compliance with anti-money laundering AML and counter-terrorism financing CFT regulations.
Can legal entities buy cryptocurrency on Alteway.com?
Yes, Alteway.com confirms that legal entities can purchase cryptocurrency after completing a KYB Know Your Business verification process.
Is Alteway.com Sharia-compliant?
No, Alteway.com is not Sharia-compliant.
The website explicitly states, “Interest rates for transactions both for the sale and purchase of cryptocurrencies are evaluated and changed periodically,” which directly violates the Islamic prohibition of Riba interest. Furthermore, the speculative nature and excessive uncertainty Gharar inherent in cryptocurrency trading also make it impermissible. Comeover.ae Review
What are ethical alternatives to cryptocurrency trading?
Ethical alternatives include Islamic banking and finance institutions, Halal investment funds, Takaful Islamic insurance, direct investment in halal businesses, physical gold and silver, and ethical crowdfunding platforms.
Why is Riba interest forbidden in Islam?
Riba interest is forbidden in Islam because it is considered an exploitative practice that creates wealth without real economic activity, productive effort, or shared risk.
It leads to economic inequality and discourages genuine trade and investment.
What is Gharar in Islamic finance?
Gharar refers to excessive uncertainty or ambiguity in a contract that could lead to unfair outcomes, exploitation, or significant, unforeseen loss.
The extreme volatility and speculative nature of cryptocurrencies are often cited as examples of high Gharar. Loveloxlockets.com Review
Does Alteway.com offer customer support?
Yes, Alteway.com provides a “Get in touch” option and encourages users to “chat to our friendly team” if they still have questions or can’t find the answers they’re looking for.
What currencies can I use to buy cryptocurrency on Alteway.com?
At the moment, Alteway.com states that you can only buy cryptocurrency by paying in Euros using SEPA bank transfer or credit card payment.
Does Alteway.com provide proof of transaction?
Yes, after the purchase or sale of a cryptocurrency, Alteway.com states that an invoice is available for download in the system, indicating the wallet address, transaction amount in both currencies, exchange rate, and transaction hash.
Can I buy cryptocurrency if I am under 18 on Alteway.com?
No, according to the rules of Alteway.com, persons who have reached the age of 18 are allowed to purchase cryptocurrency.
How are the fees structured on Alteway.com?
Alteway.com states that all exchange prices shown during purchase transaction creation are final and inclusive of all applicable fees, including blockchain network fees. Infinitysolutions.com Review
They also mention that interest rates for transactions are evaluated and changed periodically, implying these are part of the fee structure.
Where can I find more information about Islamic finance principles?
You can find more information about Islamic finance principles from reputable organizations like the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI, academic institutions offering Islamic finance courses, and qualified Islamic scholars specializing in finance.
Why is direct investment in physical assets preferred in Islamic finance over speculative digital assets?
Direct investment in physical assets like real estate, commodities, or shares in tangible, productive businesses is preferred because it involves real economic activity, shared risk, and contributes to the economy in a tangible way, aligning with the principles of avoiding Riba, Gharar, and Maysir.
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