Thank you for taking the time to read our “What is Qryptos exchange?” review. Be sure to know every bit about it in our review. It’s very important to be sure on what cryptocurrency trading platform you get into. We both know that money is not something you play with, so take this reading seriously, I want you to do well and make sure a lousy choice doesn’t lead to a worse experience.
Product: Qryptos Exchange
Owner: QUOINE The company behind the QUINOEX
Price: Marked as temporary
Who is it for Cryptocurrency traders
What is Qryptos exchange? Operated by Quoine, a next-generation fintech company involved in various blockchain-focused projects, Qryptos is a cryptocurrency exchange which brings quite a few fresh ideas to the table. Always set on innovating and adding new features, Quoine appears to have much bigger plans for the project though. In fact, Quoine is involved hook, line, and sinker, with a number of similarly innovative, high-profile cryptocurrency projects. Besides Qryptos, they also run Quoinex, another crypto exchange, the technology of which is what currently powers Qryptos. Quoine Liquid is yet another project of theirs, which aims to be a global liquidity platform, built on its own cryptocurrency called Quash.
Quoine is not your run-of-the-mill fintech company from any angle. Before we take a closer look at the operation and at the people running it, let’s get the question of legitimacy out of the way: this operation is indeed as legitimate as it could possibly get. It has recently become the first global cryptocurrency firm to be licensed by the Japan Financial Services Agency. Its license number is 0002. Some of the early reviews of Qryptos and Quoine have made a point of stressing that the services delivered by this financial outfit have a global reach, with the exception of the Japanese market. These days, the Japan exception can be dropped too: Quine’s reach is indeed truly global.
The company maintains offices in several countries. Their Head Office is based in Japan, their Global Business Development branch is located in Singapore and their Tech and Customer Support operates out of Vietnam.
The Board Director of the company, Masaaki Tanaka, used to work as a Board Director at Morgan Stanley, and a Deputy President at Mitsubishi UFJ Financial Group. He is currently an advisor with the Japan Financial Services Agency and Price Waterhouse Coopers International. Every member of the board of directors is featured on a special page of the Quoine website, with short bios and photos.
What is Qryptos exchange?
Launched in June 2017, Qryptos set out to revolutionize the cryptocurrency industry. The operation does away with the fiat currency aspect completely: only cryptocurrencies are accepted at the site, and of these, more and more are supported each passing week/month. The specialty and unique selling point of the operation surfaces upon the addition of new cryptocurrencies. To stimulate initial liquidity, the exchange offers negative trading fees on new coins. That’s right: the exchange actually pays people to trade certain currencies. While this seems like quite the stroke of genius when it comes to securing early liquidity, the community at large has been rather reserved about Qryptos’ services thus far, in the sense that they’re not jumping on the opportunities in droves. This issue may also stem from the fact though that – while sleek and well-designed – the Qryptos website does a poor job at conveying the negative trading fees message.
The attractive fee structure should be featured prominently. How exactly do market makers get paid though? Simple: they are paid 0.075% on every trade that they make, and they pick up the reward directly. That may not seem like much, but the mere existence of these negative fees is quite a big deal indeed. This 0.075% is essentially half (50%) of the taker fee collected by Qryptos. This is how the operation maintains this reward-model: by essentially donating 50% of its fee-based revenues on certain cryptocurrencies, to the market makers. The taker fee is set to 0.15%, which is indeed quite competitive as it is too.
What is Qryptos exchange? Qryptos are very keen on this operational aspect. They comply with all the Anti-Money Laundering and Know Your Customer requirements of their home jurisdiction of Singapore, as well as the current global AML and KYC standards. What this means for users is that they will be required to navigate some potentially uncomfortable verification, before they gain access to the platform.
Multi-factor authentication, a combination of Bitcoin wallets with cold storage, private API keys, and private servers round out the Qryptos security picture.
Existing Quoinex clients, who are interested in taking part in the trading action at Qryptos, will be able to use their existing login details to access the platform. Most popular crypto markets are available at Qryptos: BTC, ETH, XRP, LTC, Dash, Monero, Stellar, NEM, BCH and more. In addition to the above detailed exchange-focused services, Qryptos also offers an open API, which is available directly at the site, complete with full documentation.
Beta Desktop Client
The platform has another intriguing feature also. The company released a beta desktop client previously this year, which makes accessing the platform slightly easier. The company intends to make trading practical and effective despite one’s previous exchange with cryptocurrency. Dealing with both newbie and advanced cryptocurrency users is a wise technique, although the platform’s success remains to be determined at this phase.
Some of the features available on Qryptos include:
- Fast-Trades: Efficient trade execution is performed by QUOINE’s matching engine, which is capable of processing nearly one million transactions every second.
- Research Tools: Analysis tools like trend indicators, live charts, and essential charting tools, all of which are available for free to Qryptos customers.
- Security: A secure trading platform that uses multi-factor authentication, dedicated private servers, and bitcoin multi-sig wallets where funds are placed in offline cold storage.
- Multiple Currency Pairs: Access to the world’s most popular cryptocurrencies, including bitcoin, XRP, Ethereum, Zcash, Ethereum Classic, Litecoin, and Monero.
- Easy to Signup: QUIONE customers can log into their existing QUOINEX account to start trading on Qryptos
- API: QRYPTOS has an open API that allows access to the key features of the platform.
- No Fiat Currencies: Qryptos is exclusively dedicated to cryptocurrency trading. No fiat currencies are available or allowed on the platform.
Overall, the platform claims to be “built for the traders, by the traders”.
Qryptos Fee Structure
Qryptos has a unique fee structure where makers are rewarded with 50% of the taker fee.
The taker fee is 0.15%, which means makers get a rebate of 0.075% on all trades. Those fees remain the same for all traders at all volumes. Compared to most other cryptocurrency exchanges, that’s a very competitive and attractive fee structure, and it should encourage users to start trading on the new platform.
Is Qryptos Exchange a Scam? Verdict
Qryptos is a new exchange created by QUOINE, the company behind the QUINOEX exchange. It offers similar features and trading speeds to QUINOEX, but doesn’t accept any fiat currencies or world currencies: Qryptos is exclusively designed for cryptocurrency trading. Qryptos is the second brand operated by the JFSA-regulated company QUOINEX. While their initial project QUOINEX is oriented towards attracting new people to the cryptocurrency space, this one is for the more experienced traders. With 13 trading pairs, this exchange offers some alternatives but is by no means an altcoin heaven. The entire Qryptos project is still in its early days, So we would recommend that you move on with a lot of caution. It is hard for us to recommend something new in the market. Until we see how it works out for Qryptos, it is not recommended.
I am not recommending Qryptos trading/exchange platform, it is still very early stages and the platform is very unreliable. If you decided to use Qryptos, you need to keep in mind that it takes forever to take out your coins based on many reviews and experience by many users. I myself have that experience as well.
I am not saying that you should not trade or use Qryptos, and it is your own decision to do so. I just want to see their experience with others.
If you found this What is Qryptos exchange review helpful, make sure to share this by using the share buttons below (Facebook, Twitter, etc) as it can help others!
I wish you the best!
Crypto trader and blogger on: