Cryptonit Review

Overview

The crypto exchange Cryptonit is in rapid evolution and offers its user maximum options for profitable trading tokens.

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Details

BrokerCryptonit
Website URLcryptonit.net
Founded2012
Headquarters7/11 Minerva Road, Park Royal, London NW10 6HJ, United Kingdom
Support Number+44 20 7048 7043 (weekdays from 10:00 to 16:00)
Support TypesTickets, e-mail, phone
LanguagesEnglish, Spanish, Italian, Chinese, Russian
Free Demo Account No
Deposit MethodsCredit/debit cards (Visa/Mastercard), international bank transfers, PayPal, Moneygram, OKPAY, Perfect Money, SEPA, WebMoney, Western Union, Wire Transfer, Paxum, QIWI, Payeer, etc.
Withdrawal MethodsCredit/debit cards (Visa/Mastercard), international bank transfers, PayPal, Moneygram, OKPAY, Perfect Money, SEPA, WebMoney, Western Union, Wire Transfer, Paxum, QIWI, Payeer, etc.
Number of Assets6
Types of AssetsBitcoin, Ethereum, Ethereum Classic, Zcash, Electroneum, Euro
Account CurrencyEUR, Cryptocurrency
US Traders Allowed No
Overall Score9.7/10

Additional Information

  • Exchange Commission: yes
  • Trading volume: about €3,000 per day
  • Channels of communication: e-mail, phone, tickets, Facebook, Twitter
  • The possibility of exchanging for fiat currencies: yes (euro)
  • Number of crypts: 6
  • Training: no
  • Mining: no
  • Analytics: no
  • Affiliate Programs: yes (at testing stage)
  • Cryptonit API: yes

Full Review


Cryptocurrency exchange Cryptonit is a convenient platform for trading from Great Britain. Despite of the small trade volumes the platform offers simple conditions for transactions with main tokens: Bitcoin and Ethereum, along with fiat money – euro.

And yet, is Cryptonit a prank, scam or an interesting reliable company providing stable cryptocurrency trading services and quick withdrawal of gained from trading funds? The answers to these questions we will try to give in the platform review.

Cryptonit Is It a Scam? Review

Cryptonit crypto exchange was founded pretty long ago – in 2012. Cryptonit Solutions Ltd, owning the platform was founded by brothers Karatov (originally Belarusians). The project was registered in London, Great Britain. For the time being the headquarters is located exactly there. Since 2017 the exchange is a part of the majestic financial block chain entity Finom AG, among its other members are Nonopool (pool for mining), TabTrader (mobile trading application used by 24 exchanges) and Beetle (mobile exchange office).

Cryptonit exchange may be certainly called a stable company granting the opportunity to trade main tokens (read the full truth about cryptocurrency in this article) and fiat money. By the middle of January 2018 it finished the great update of the website cryptonit.net, relating to almost all areas of its focus. First of all the list of tokens and fiat money available for trading was changed. Now there are Bitcoin (find here the tips on how to make a quick profit out of Bitcoin rate), Ethereum, Ethereum Classic, Zcash, Electroneum (trading couples may be generated just with Bitoin and Ethereum) available in personal account, along with euro. The executives of the company promise to get back for trading USD, DOGE, QRK, NOM  in the nearest future.

Despite of the fact that trade volumes dropped after adjustments, Cryptonit holds its own in the cryptocurrency market. The trade volume returns little by little to the base values up to €3 000 daily. In the nearest future the most advanced software LMAX Disruptor is planned to be integrated, processing up to 1 000 000 transactions a day. The customer base of the company counts of about 38 000 registered traders. The platform offers for its users free service for trading cryptocurrency, cryptographic protection facilities and e-signature for different operating systems (including Microsoft and Unix). Cryptonit creates comfortable conditions for trading. The website cryptonit.net (find below the feedback about the website) is translated into 5 languages: English, Italian, Chinese, Spanish and Russian, this is why working with the service will be most comfortable for Russian traders.

The registration takes just a few seconds: you just put the e-mail address, create the password, accept the platform use rules and privacy policy. You don’t need the verification to deposit cryptocurrency and start trading. This procedure shall be done only if you plan to deposit and withdraw big sums of fiat money in your personal account. To confirm the identity the trader shall send to the customer support his photo with his ID document (passport, ID card), as well as an official document confirming its residence address (the bill for utilities also works, it shall be issued no later than 3 months before submitting to managers of the resource).

Considering the website cryptonit.net and the tools offered there for trading, even the newcomer can gain insight on the interface without any problems. After the registration you will be suggested to deposit cryptocurrency or fiat money (tab «Wallet»). In the tab «Profile» the change of password and personal information is available, Cryptonit updates subscription, along with the strong authentication adjustment through e-mail or Google Authentificator by performing the following actions: withdrawal, profile amendments, log in. In the tab «Trade» there is the trading chart available for adjustments by price and order book. The amendments are performed by period (up 15 minutes to 1 day) and interval (up 6 minutes to 1 day). There is the table sheet with current price located next, below are the purchase and sale orders along with the information about transactions completed. If any exception the user can consult the customer support through the website (tickets), e-mail or phone. In the near future the platform plans to implement the affiliate program, it’s in an alpha stage of development now. For trading the specially designed mobile application may be used (Android).

 

Deposit and withdrawal

The trading on the platform is performed with 5 tokens, there are euro only of fiat money yet. US dollar was taken off after the changes on the website, but there is the chance for it to be returned soon. As mentioned above, the verification does not effect the transactions, no matter if it’s done or not, it’s necessary for withdrawal of fiat money only. Without proof of identity the withdrawal of tokens (find the latest cryptocurrency forecast 2018 in this article) and euro from the platform will be limited. The maximal level fixed for fiat money withdrawal through SEPA service or bank transfer is €750 000 a month, to plastic cards Mastercard or VISA – €2 500 a day.

There are over 10 ways to deposit funds for the trader’s preference. This may be the international or usual bank transfer, credit or debit card Visa/Mastercard, platforms for electronic transfers: Western Union, QIWI, PayPal, WebMoney, OKPAY, Moneygram, Paxum, Wire Transfer, Perfect Money, Payeer, SEPA. The sum of deposit isn’t limited for a registered trader, with no identity confirmation the user can deposit maximum 1000 euro a day. There are the same options available for cryptocurrency withdrawal as for deposit.

 

Complaints against Cryptonit

There is a lot of positive feedback in internet about Cryptonit exchange, proving the simple and user friendly interface, low deposit/withdrawal commission, high safety level. Users point a great number of options for deposit and withdrawal, Russian bears appreciate Russian version of the platform, neutral design (nothing distracts from trading), the main tools for tokens purchase/sale. All this attracts to the resource the new traders, too.

We will point some issues with the platform: after the complete rebranding of the cryptocurrency purchase/sale system only Bitcoin and Ethereum are available. US dollar was taken from the platform, too. We note, that the company management gains pace in trading, so USD is planned to be returned for traders use in the near future, as well as it’s planned to add popular tokens. Due to the small amount of traders registered at the platform, which means the small amount of trading transactions, the tokens liquidity goes down. This situation may be challenged only attracting new users and creating maximally comfortable and profitable trading conditions. The Cryptonit managers work exactly on this.

The negative feedback about the platform also relate to the exchange version cryptonit.net (the feedback about the platform read below), existing before the changes were completed: complicated verification system: traders had to send scan copies of each passport page, then pass the phone quiz. There were deposit and withdrawal issues – often account blocking or transactions delays. Everything is corrected for the time being as evidenced by the latest feedback of the platform users.

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

 

Regulation of Cryptonit

Cryptonit is a part of the English company Cryptonit Solutions Ltd, registered in London, Great Britain. The platform officially complies with the legislation of the country, has registration number in UK Companies House (Registration Chamber of Great Britain) and official letter from FCA (Financial Conduct Authority of UK) confirming the liberation from license trade for Cryptonit, which makes the platform operation more easy. The company is also registered in the Inland Revenue of the United Kingdom HM Revenue & Customs as Money Service Business with the status assigned «BUREAU DE CHANGE». The additional information about the platform you can find in the European register Data Protection Act.

To provide the internal safety the crypto exchange Cryptonit applies its own root certificate. It also maintains S/MIME standard for signing and message exchange cryption, using cryptographic protocol SSL for the additional data protection. To get the detailed information about the exchange regulation you can have a look at «Privacy policy» on cryptonit.net.

The platform agrees to keep the persona information submitted as well as transactions data relating to the exchange. While registration the user will be suggested to set the notifications to the contact e-mail about the actions done on the website, adjust the strong authentication (through Google Authentificator), Yubikey (OTP protocol). For transactions with fiat money the verification procedure shall be completed: scan copies of ID documents submitted, along with the resident address of the user. If there is any problem with data security, you can apply any time to the customer service, including at night – through e-mail or personal account. There is the public key PGP available, designed for security confirmation for messages from Cryptonit sent to your e-mail; that’s why the exchange recommends to check every message from the customer support.

Check «Privacy policy» on Cryptonit website
Check Platform use rules on Cryptonit website

 

Is Cryptonit a scam?

Since the crypto exchange Cryptonit operating began, its service developed and changed. Sure considering trade volume or amount of registered users the platform cannot be regarded as the leader among competitors. However the platform serves turn for newcomers and will be the perfect option to start trading with the service. For this, here is all you need: simple and attractive website with trading chart, latest transactions history, purchase and sale orders, low withdrawal and deposit commissions; lots and lots of options for token or fiat money deposit and withdraw (transactions through electronic payment systems pass immediately).

The customer support provides the quality service for requests from users. The platform security level increases through verification, strong authentication, ssl-protocol, public key PGP, OTP protocol Yubikey etc. Company runs official business in Great Britain, works side by side with  FCA (Financial Conduct Authority of UK), the solid regulator of financial markets, another prove of the stable operation and development of the platform. The resource is focused on the global market, there is the support in 5 languages for smooth trading. At this expansion phase the crypto exchange aims at increasing trade volumes to the level the platform reached before rebranding.

Sure there are small issues with the company, too, like tokens list shortening (read here how to get quite a profit on cryptocurrency), no chance to trade US dollar on the platform, thus the little loss of traders. However the situation gets better now, the new popular tokens get announced, implementation of an affiliate program, attracting new customers and increasing the interest to the platform from registered users. Could we call the crypto exchange Cryptonit a prank scam and fool’s bargain? We answer this question with absolutely no! This decision was made taking into account a great number of advantages listed in our review: simple and user friendly website, the latest information needed for trading transactions, upgraded protection of the information about trading and users data, low commissions along with scores of positive feedback about the platform from experienced and beginning traders.

 

Conclusion

Generally, Cryptonit is a convenient platform for transactions with main tokens and fiat money (euro), which let get profit and seamlessly withdraw funds in any convenient way. After rebranding of the exchange cryptonit.net trade volumes grow continuously, the tied agents plan the launch of new tokens, which means the company is very likely to big up its status among competitors. Such situation is proven by other factors, too: positive feedback about the company, simple services and sexy interface, perfect safety level and low deposit or withdrawal commissions.

The editorial staff of FraudBroker.com doesn’t regards Cryptonit a prank and a scam. We ask traders to leave the real feedback about the platform in comments to this review. We note that your opinion is the chance to gain the unbiased assessment about the resource operation, provide insight  into it, inform traders about possible problems in exchange operation and correct its positions in rating on our portal.

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