What is Cryptonit? Our review today is going to focus on a trading platform known as Cryptonit In this Cryptonit review, we aim to compare the platform with others that we review and establish whether the platform is legit or a scam. Is it a great way to earn Cryptocurrencies?
Owner: Cryptonit Solutions Ltd
Price: Trading fees 0.15%, deposit/withdraw fees depend on the payment method
Who is it for: Cryptocurrency traders
What is Cryptonit?
Cryptonit is a UK-based cryptocurrency exchange that offers to trade in Bitcoin and Ether against each other and against USD or EUR. Apparently, Cryptonit is mostly targeting the European market but accepts clients worldwide. There are a few exceptions: Republic of Belarus, Iran, Iraq, Syria, North Korea, Yemen, Ethiopia, Uganda, Bosnia, and Herzegovina.
Previously Cryptonit has been offering other cryptocurrencies, like Namecoin, Litecoin, and Dogecoin, for example, but not anymore.
Cryptonit has been running since 2012 and says it “acts in close collaboration with FCA”, but is not required to be regulated by the financial watchdog. Furthermore, the company is registered at HM Revenue & Customs as a Money Service Business with a status “BUREAU DE CHANGE”, as per the Money Laundering Regulations (MLR) requirements.
What is Cryptonit? Cryptonit.com is available in quite a few languages, besides English. To be more specific, you can navigate the site in Russian and Spanish, German, Italian and Chinese. Being available in more languages, you respect the individual needs of every single customer and not just the English native speakers and fluent users. This is a huge asset when it comes to international financial transactions. Below are more features on the cryptonit exchange.
- Many payment options. The biggest advantage of Cryptonit are the numerous fiat payment options, and PayPal in particular (for verified accounts). There are not so many cryptocurrency exchanges that support PayPal payments, for a number of reasons, but mostly in order to prevent fraud. Additionally, Cryptonit accepts deposits and withdrawals with Visa and MasterCard cards, international wire transfers, SEPA bank transfers (EU) and cryptocurrency transfers. For withdrawal in fiat currencies, clients can also use Webmoney, Paxum, Qiwi, MoneyGram, Western Union, Payeer, Perfect Money, OKPay.
- No trading fees. Cryptonit says it charges no trading fees. Obviously, the exchange has calculated its profits in the spreads, which is a common practice among the forex brokers, for example.
- Simple Platform. Similarly to most spot exchanges, Cryptonit’s platform is simple and intuitive. It allows the placing of limit and market orders and offers a price and depth of market chart, an order book and a list of last trades.
- Vouchers. Cryptonit offers redeemable vouchers, which can be created and redeemed by the exchange users.
- Favorable Customer reviews. It seems that even being relatively small, Cryptonit provides a good service and the predominant number of customer reviews are positive.
- High Transfer fees. We have mentioned the numerous fiat payment methods provided by Cryptonit as an advantage, but the deposit and withdrawal fees are a different story. Particularly the withdrawal fees for some methods, like Western Union and MoneyGram strike us as quite hefty: the minimum fee is EUR/USD 195. There are also withdrawal fees for cryptocurrencies. They are fairly small, however, and are most likely used to cover the network fees.
- Withdrawal Limits for fiat. Cryptonit has set limits for minimum and maximum withdrawals in fiat currencies, depending on the payment method. They are not too restrictive but are limits, nevertheless.
- No Leverage. Like most cryptocurrency exchanges, Cryptonit does not offer leveraged trading. This is a type of trading provided by only a handful of major exchanges like Simplefx for instance, but there are a lot of regulated forex brokers who offer cryptocurrency CFDs for trading on margin.
- No Anonymity. Anonymous trading in cryptocurrencies and fiat currencies is something of a rarity, at least with the compliant exchanges and Cryptonit is no different. It has client verification requirements that include an ID copy, an ID selfie, proof of residence or a brief video chat with Cryptonit staff while holding the ID.
- Questionable Security. We could not find any official information about security and storage but have come across claims that Cryptonit is using hot storage only. If this is indeed the case, then clients face the risk of their funds being hacked and stolen.
Is Cryptonit a scam?
Well, our review of Cryptonit.com has come to an end and it is now the time for the verdict. On the bright side, Cryptonit is a reliable, well-established company from the United Kingdom, in operation since 2012.
This means that you will not be facing problems with the trustworthiness of the platform you are using. The multiple languages and the versatile payment methods can be really handy, although we would like to see credit cards used for both deposits and withdrawals – not just for deposits. PayPal is a wonderful alternative, though. The security is of high standards and their support is quite thorough.
On the downside, besides the non-use of credit cards for withdrawals of money, live chat is not available to the customers. The support over the phone is offered in English and Russian, but the site is offered in more languages than that. So, although they are definitely trying to optimize user experience, such differences do not do justice to all the customers. With the cons and all the other minors, I would not recommend the exchange. If you choose to Trade with Cryptonit, please be careful. Anyway, Cryptonit is not a scam but also not recommended.
So what is Cryptonit? Cryptonit.com is a very trustworthy option, if you are searching for an esteemed platform that covers financial transactions of multiple cryptocurrencies. It is a safe environment, where you can serve your needs and minimize the risk of anything bad happening online. With minor improvements, we would be talking about the top! but For now, take caution when using the platform.
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I wish you the best!
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