Cryptonezia Review

Overview

Cryptonezia is a young convenient cryptocurrency exchange that supports popular types of cryptocurrencies, fiat, offers an affiliate program.

Read Full Review
Read Users Reviews

Details

BrokerCryptonezia
Website URLcryptonezia.com
Founded2019 year
HeadquartersZentenes iela 30 – 14, Riga, LV-1069, Latvia
Support Number+371-28-88-72-88
Support TypesPhone, Email, Chat, Telegram, Help Center
LanguagesEnglish
Trading PlatformAuthor's platform
Minimum 1st Deposit50 USD
Free Demo Account No
Regulated Yes
RegulationRegulatory framework in Poland
Commissions Yes
Commission InfoCommission for transactions - processing 0-4.5%, networks - 0.0001 BTC/0.005 ETH/0.001 LTC/0.00001 XRP/0.0001 BCH/0.0055 DASH/0.005 ETC/0.0002 ZEC/0.2 ADA/0.00001 XLM, Cryptonezia collection - 4.5-5%
Deposit MethodsMastercard, Sepa, SWIFT, VISA, Bank Transfer
Withdrawal MethodsMastercard, Sepa, SWIFT, VISA, Bank Transfer
Account CurrencyEUR, USD, GBP, BYN, UAH, KZT, AMD
US Traders Allowed No
Overall Score8.9/10

Full Review


Cryptonezia is a stylish, up-to-date and in most cases convenient exchanger with a somewhat complicated regulation system: its owner is registered in Latvia, it holds an Estonian license to carry out activities, and terms and conditions of the agreement are generally regulated by the Polish law.

Are legal complications speak in favour of the provider’s dishonesty? Is Cryptonezia a scam or a reliable platform? Let’s find it out now.

Cryptonezia – is it a scam? Reviews

 

Why Cryptonezia

Cryptonezia is notable for a simple and intuitive interface. When you get to the website cryptonezia.com, you immediately see the exchanger, which displays all available replenishment methods, currency of purchase/sale, fees and limits. And when performing an operation, the key of your wallet will be checked on a mandatory basis (because an error threatens a loss of funds). The service does not have a mobile application, but the website is adapted for narrow-format devices. The advantages also include the following:

  • Availability of an Estonian license (one of few jurisdictions providing services in this field in relation to exchangers).
  • A good selection of fiat and crypt (8 ones for the first case and 10 ones for the second case).
  • Analytics from the famous broker TradingView for choosing the optimum time of exchange.
  • Good affiliate program.

To be sure, some points on the platform still need improvement. Let us say, bugs in a personal account, which we managed to exit only after changing the keyboard layout to English one. However, in our opinion, everything is generally quite good for a service that was opened just a few months ago.

cryptonezia.com advantages

 

How to buy the cryptocurrency on the platform cryptonezia.com

The process of buying/selling cryptocurrency on Cryptonezia is standard and consists of several stages:

  • Registration.
  • Personality verification.
  • Sending an exchange request.
  • Transaction itself.

How to buy the cryptocurrency on the platform cryptonezia.com

Let’s analyse the order of your actions in this case. To go to the registration form, click the «Start» button in the upper right corner of the website. Then fill in the base fields: E-mail, password (we should create it by ourselves) and acceptance of policies and rules.

 cryptonezia.com registration

Indicate the last name, first name and full address of residence with a postal code, as well as a phone number.

How to register for the Cryptonezia service

No additional confirmations are required at this stage. In the opened account we should find an exchange form, indicate the purchase/sale currency, amount and then click «Exchange Now». Your application is being processed. Its status will be tracked in the “My Exchanges” tab of the top menu of your personal account.

 

Verification on Cryptonezia platform

Although the user agreement stipulates the company’s right to verify the user’s identity under the AML policy (clause 6.2), the verification is not performed at the registration and exchange stage. Even mobile phone number and email do not require confirmation. All of this significantly increases the risks of hacking the account and theft of funds.

Verification on Cryptonezia platform

 

Crypttocurrency purchase conditions

Any adult who is not a resident of one of the following countries/territories shall be entitled to use the service cryptonezia.com: Afghanistan, Kuweit, New York, China, Algeria, Bahrein, Bangladesh, Bolivia, Bosnia and Herzegovina, DPRK Northern Korea, Ethiopia, Iraq, Crimea, Iran, Lebanon, Japan, Libya, Palestine, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, South Sudan, Sudan, Syria, Vanuatu, Yemen, Cuba, Uganda, Island and some US states (Connecticut, Washington, Georgia, New Mexico and Hawaii).

cryptonezia.com crypttocurrency purchase conditions

Currency pairs consisting of 8 types of fiat (euro, Russian rouble, US dollar, British pound sterling, Ukrainian hryvnia, Kazachstan tenge, Armenian dram, Belorussian rouble) and 10 varieties of crypto (BTC, BCH, ETH, ETC, LTC, XRP, DASH, ZEC, ADA, XLM) are offered for exchange. The operator does storage funds – you will tie your personal wallets. And it promises that you can replenish your account via a bank transfe (international systems SEPA and SWIFT), cards (VISA/MasterCard), along with Payeer, AdvCash and Epay servies. Whereas in our personal account only the first two options were actually presented (cards, transfer). Transactions are available without verification.

Deposit and withdrawal limits

Exchange restrictions are specified directly in the calculator: you will see them after entering initial data (type of purchase/sale currency) and before confirming the transaction. They are the following ones:

  • Minimum deposit limit — 50 USD/50 EUR/50 GBP/1800 UAH/28 000 AMD/125 BYN/21 400 KZT/0.011 BTC/0.45552 ETH/1.25387 LTC/0.46438 BCH/0.74436 DASH/14.16499 ETC/1.19847 ZEC.
  • Maximum deposit limit — 10 000 USD/8800 EUR/8800 GBP/320 000 UAH/5500 000 AMD/32 000 BYN/4 200 000 KZT/2 BTC/91.10356 ETH/250.77301 LTC/92.87638 BCH/0.74436 DASH/2 832.99762 ETC/239.69492 ZEC.
  • Maximim withdrawal limit — 27-30 BTC/1444 DASH/27 480 ETC/2325 ZEC/2 785 360 ADA/1 372 232 XLM/796 BCH/327 998 XRP/2150 LTC/781 ETH.

The numbers may vary slightly depends on the replenishment method.

Buying cryptocurrency on the Cryptonezia service

Commission of cryptonezia.com

The fees for using the service is already included in the exchange rate. The following values are specified in the user agreement:

  • Processing fee (for deposit/withdrawal) — 0% for SEPA and 4.5% for VISA/MasterCard bank cards.
  • Networking fee — 0.0001 BTC/0.005 ETH/0.001 LTC/0.00001 XRP/0.0001 BCH/0.0055 DASH/0.005 ETC/0.0002 ZEC/0.2 ADA/0.00001 XLM.
  • The service fee – 4.5% in case of bank transfer and 5% by deposit via card.

cryptonezia.com commission

 

Cryptonezia bonuses

There is no bonus program – you can receive rewards only by participating in the provider’s referral (affiliate) program. This program will be described further on.

Referral program

Registered user of Cryptonezia receives a unique referral link, enabling you to participate in the affiliate program. The link is placed on any legal resource: your page on the social network, blog, website, forum topic, etc. And if a person who registers and makes an exchange passes to it on the platform’s website cryptonezia.com, you will receive a bonus from each of his/her transactions:

  • 12% — when making less than 25 exchanges a week by all referrals (people who followed a recommendation link);
  • 25% — when making over 25 exchanges a week.

The company provides advertising banners to help a partner that increase the flow of referrals.

cryptonezia.com referral program

 

Complaints against Cryptonezia service

There are no feedbacks about Cryptonezia on the Internet at all (even at the international websites). Most likely, this is caused by the fact that the service is very young. We will closely monitor the changes and publish the information as soon as it appears. We will post the feedback with pleasure that were sent by you to our e-mail – certainly after preliminary moderation.

If we find complaints about Cryptonezia, we will post it on social media. Follow us to be well informed:

 

Regulation of cryptonezia.com

Regulation of cryptocurrency exchanges is not always possible, since the legislative framework of most countries is not yet able to reflect all features of this economic sector to the full extent. However, many service providers seek a license in order to gain customer trust. Let’s see what about SIA Generation P, the owner of Cryptonezia.

Cryptonesia’s regulator

SIA Generation P is regulated by the statutory and regulatory framework of Poland; however, it operates under two licenses issued 14.02.2019 by Esthonian regulator FVR000698 and FRK000605. Despite this oddity, an active status of documents can be checked on the registrar’s official website. All legal issues are settled primarily under the terms and conditions of the user agreement (and only then, if the situation is not settled, one can contact the official jurisdiction).

Cryptonezia’s Terms and conditions

Cryptonezia’s Terms and conditions is rather short: it consists of only 12 clauses. Let’s analyse some of them (excluding those already mentioned above). Thus, clause 2 states that the operator does not store your credit/debit card data for security reasons, but provides this to processing companies. You should be entitled to use only a card issued in your name.

cryptonezia.com payment information

Standard transaction processing time is 48 hours. If you don’t receive cryptocurrency during this time, you should be entitled to demand cancellation. Conventional units should be returned within 24 hours – to the same details that were used during the last replenishment (clause 5).

Cryptonezia transaction processing

The company will be entitled to refuse you to open an account without explanations (clause 6.1).

cryptonezia.com account registration

The agreement can be amended at any time and without prior notice (clause 7). This is a very unpleasant clause, as it obliges you to constantly «keep your finger on the pulse», so as not to be in a losing situation (let us say, due to an increase in the fee or setting a different limit).

cryptonezia.com platform rules

Cryptonezia shall not be liable for losses arising due to equipment failures, viruses, faults, disruption to the Internet connection or damage to your crypto wallet (clause 9).

Cryptonezia assumption of risk

All disputes related to interpretation of this user agreement shall be regulated under the Polish law (clause 11).

cryptonezia.com dispute resolution

 

Is Cryptonezia a scam?

Cryptonezia looks largely suspicious. Firstly, the inconsistency of information on the main page with terms and conditions of the user agreement and actual capabilities of the service. Let us say, selection of deposit/withdrawal methods in the calculator is indicated much wider than those actually available, and payment services, such as Payeer and AdvCash, are not available.

Secondly, inconsistency of legal issues. Why a company registered in Latvia receives an Estonian license is still clear: regulation is not always possible. But it is already unclear why should we stipulate in the policy that regulation of legal relations between a user and administration of the exchanger is carried out under the Polish legal and regulatory framework. Thirdly, absence of verification during registration. This certainly simplifies the exchange process, but also opens up access to various kinds of fraud and money laundering. We are not sure that Cryptonezia is a scam; however, we are not able to give guarantees of the provider’s conscientiousness.

 

Summary

Cryptonezia seemed to us a fairly convenient platform, whose flaws are primarily related to its youth. And if we discard for a while the moments related to regulation and policies, we can note a number of advantages of the exchanger: availability of an affiliate program in the first year of existence already (the company is thinking about encouraging clients), connected analytics (albeit someone else’s), a good set of assets, taking into account the users’ interests , as well as the option of checking a crypto wallet before sending a purchase/sale application. The above demonstrates the client-centricity of the service provider. Risk factors still remain. However, Cryptonezia does not seem to be an outright scam. We can only wait for the operator to prove itself, so that more specific conclusions can be drawn.

Similar Posts:

Visit Broker

Reviews