Cryptonit.net – Scam or Not?

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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.

cryptonit-logo

Cryptonit Verification

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:

  • Bitcoin
  • Litecoin
  • Dogecoin

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.

Fees

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:

  1. Bitcoin – 0.001 BTC fee with a daily limit of 20 BTC
  2. Litecoin – 0.01 LTC with a daily limit of 1000 LTC
  3. Namecoin – 0.1 NMC with a daily limit of 1000 NMC
  4. Peercoin – 0.1 PPC with a daily limit of 1000 PPC
  5. 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.

cryptonit-exchange

Support

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.

User experience

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-chart

Cryptonit Security

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.

Pros

  • Numerous deposit options, including PayPal
  • Multiple cryptocurrencies
  • Trustworthy and reliable

Cons

  • 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!

Go to Cryptonit.net
Write a Review about Cryptonit.net:

4 User-Reviews for Cryptonit.net
  1. Zlatko, 14. March 2017

    Absolutely horrifying! Company does not follow own privacy policy. During “verification” process asked for numerous documents which I have provided. After that things are getting strange. “Support” asks for paypal screenshot, my visa cards I’m using with paypal, list of transactions, my facebook page, nature of my business, why I’m using PayPal, name and phone numbers of two of my friends that they will call and verify me! Is this a company or MI6??? In the end, they refused to verify my account. Reason: I did not provide data and phone numbers of my friends! Suspect PHISHING!

  2. Fedup, 25. April 2017

    They are a headache to deal with and start trying to acquire your bitcoin well before you need it if you go through Cryptonit.net.

    I doubt I’ll be using them ever again. I’ve had 3 or 4 transactions with them so far (ones that actually went through. I can’t tell you how many issues with them receiving payment have happened. Support is slow most of the time, very slow. There was one time where we were able to correspond and get it taken care of with in just an hour or so but usually I’d write a support ticket, go to bed, and still haven’t received a reply when I’ve woken up. Their site is buggy as well. I can’t recall the errors, but it was definitely stuff on their end. When I would FINALLY put my request to transfer to another wallet through, it stays stuck until I open a ticket with support.

    It’s not in my imagination I mean I’m new to this and have hundreds of dollars out there floating around that the only way I’m getting back is for the person who has them, to give them to me. Of course I’m going to be spam checking my inboxes and accounts and looking for any sign my money is finally moving into my possession, it never does. I have left it over night, and still hadn’t moved. Every time I checked my wallet and saw a pending I knew immediately I’d go to my email and find an email stating something like “everything is fine, all orders were already processed”. 4 separate times. Yeah I really believe that is a coincidence.

  3. Jhosep, 14. June 2017

    It is quite bad and slow about when payments are made by Paypal, since the user sends the payment to the moment and they take many times between 14 and 24 hours to enter the cryptocurrency that you buy.

    The personal data of the users do not delete them even if the user asks for it, this is surely to do business with them

    Regards

  4. fra2, 7. October 2017

    300 euro blocked about 10 days
    40 email sended , no reply

    stay away from this site !!!!!!

35 Total Ratings with 3.80/5 possible Rating Points. Bitcoin Exchange