Cryptonit.net – Scam or Not?
Cryptonit is an exchange service based in London, UK. The exchange was founded by Andrei Yanukovich and a group of cryptocurrency enthusiasts in 2012, and it works in close collaboration with FCA (Financial Conduct Authority of UK). Their focus is primarily on the European market, and they’ve managed to establish themselves as a reliable trading platform.
The verification process for Cryptonit account is simple and requires the following:
- Scanned ID document (national ID, passport or driver’s license)
- Proof of residence (a utility bill addressed to the user)
- A photo of the user holding the documents in his hands.
After these requirements are met, the user needs to have a short video chat with Cryptonit staff to show them the same documents during the conversation. In case that quality of the video isn’t good enough, the user can be asked to submit the document scans again.
When it comes to the limits, daily limit for unverified accounts is 100 EUR.
The exchange supports only two fiat currencies – US dollars and EUR. When it comes to cryptocurrencies, the trading platform supports the following cryptocurrencies:
The exchange used to support a number of coins including Namecoin and
Peercoin, but over the years they decided to stop trading in these digital currencies.
Cryptonit has precisely specified fees which are a bit higher than usual.
Deposits carry the following fees:
- International Wire Transfer – free
- SEPA transfer – free
- PayPal – 9.8 percent of EUR/USD amount with a minimum fee of 2 EUR/USD
- Payeer – 9 percent of the amount transferred
- Credit Card – 4.9 percent of EUR/USD amount with a minimum fee of 2 EUR/USD.
- PerfectMoney – 3 percent of the amount transferred
- SOFORT Banking – 2.9 percent of the EUR amount transferred
- TrustPay – 2.5 percent of the EUR amount with a minimum fee of 1 EUR.
- OKpay – 1 percent of the amount transferred
- Voucher – free
To learn how to deposit FIAT currencies on Cryptonit, watch this video:
Withdrawal options are vast, and they carry the following fees:
- International Wire Transfer – 0 percent of the EUR/USD amount with a minimum fee of 15 EUR/ 80 USD.
- SEPA – free
- PayPal – 2 percent of the EUR/USD amount with a minimum fee of 1 EUR/USD.
- Skrill (MoneyBookers) – 8 percent of the EUR amount with a minimum fee of 1 EUR.
- OKPay – 1.99 percent of the EUR/USD amount with a minimum fee of 4 EUR/USD.
- Perfect Money – 4 percent of the EUR and 3 percent of the USD amount with a minimum fee of 5 EUR/USD.
- Payeer – 1.99 percent of the EUR/USD amount with a minimum fee of 4 EUR/USD.
- The Western Union – 20 percent of the EUR/USD amount with a minimum fee of 25 EUR/USD.
- MoneyGram – 20 percent of the EUR/USD amount with a minimum fee of 25 EUR/USD.
- QIWI – 5 percent of the EUR/USD amount with a minimum fee of 2 EUR/USD.
- Paxum – 5 percent of the EUR/USD amount with a minimum fee of 1 EUR/USD.
- Webmoney – 5 percent of the EUR/USD amount with a minimum fee of 5 EUR/USD.
- Voucher – free
Cryptocurrency withdrawal carries the following fees:
- Bitcoin – 0.001 BTC fee with a daily limit of 20 BTC
- Litecoin – 0.01 LTC with a daily limit of 1000 LTC
- Namecoin – 0.1 NMC with a daily limit of 1000 NMC
- Peercoin – 0.1 PPC with a daily limit of 1000 PPC
- Dogecoin – 1 DOG with a daily limit of 10 million DOG.
When it comes to trading, the exchange charges 0.45 percent fee to authenticated users and 0.1 percent fee for affiliate accounts.
The transfers usually take 3 to 4 days.
The complete fee schedule is available here.
Trading on Cryptonit
Cryptonit is a simple exchange that doesn’t offer margin trading or any advanced limit orders. The trading platform doesn’t’ support derivates or futures trading. On the other hand, they have a significant trading volume for some of the altcoins offered, which can be quite rare even in some larger scale exchanges.
Ease of Use
The website is very modern and practical to use. It’s very fast and the information needed is displayed clearly and within reach. The website also has a great navigation and a video tutorial for the new users, which can be quite handy.
The interface allows easy and quick trading, and the general impression is that this exchange cares about their customer experience.
The support quality if good, but not excellent. The platform offers phone support from 10 to 18 hours GMT on business days, in English and Russian.
Ticket system and email support are also some of the options, and it usually takes a couple of hours to receive a response. There’s a special section for bug reports, too.
The FAQ page isn’t very good because it doesn’t offer some key pieces of information vital to new as well as experienced users.
There were no complaints about this exchange at the moment of the writing this review. Most of the users agree that Cryptonit is a reliable exchange with a support team that knows how to efficiently resolve issues.
Cryptonit.net has a serious security with the thorough sign-in process. Also, requesting a new password requires extra credentials, providing an extra layer of security.
The trading platform offers two-factor authentication, secure PGP emails, and email notifications.
The exchange doesn’t store coins in cold storage, meaning that 100 percent of the user holdings are held in a hot wallet online. Cryptonit hasn’t been hacked until now.
Cryptonit.net Review Conclusion
Cryptonit is a reliable and well-established exchange suitable for all those who are looking to trade BTC for altcoins or fiat currencies.
- Numerous deposit options, including PayPal
- Multiple cryptocurrencies
- Trustworthy and reliable
- Low liquidity
- No live chat support
With minor improvements, this could be top-notch exchange platform. We’re looking forward to it.
Do you have good or bad experiences with this Bitcoin Exchange? Please share them!