Cryptonit Review & Ratings - Cryptocurrency Exchange Broker

Cryptonit Review

Highly reputable cryptocurrency exchange
Competitive fees
High liquidity
Intuitive trading platform

Limited cryptocurrency assets
Limited support options

Cryptonit is a very well established and reputable cryptocurrency exchange that’s been successfully operating since 2012. The exchange is owned and operated by Cryptonit Solutions Ltd. and is based in the UK with their headquarters located at 7/11 Minerva Road, Park Royal, London NW10 6HJ, United Kingdom. Cryptonit primarily services the European market and is in close collaboration with the Financial Conduct Authority (FCA), although they have not received regulation as of yet. Cryptonit has however been successfully registered with the HM Revenue & Customs (HMRC) as a Money Service Business with a status “BUREAU DE CHANGE”. With these regulatory compliances, the Cryptonit exchange has become one of the most trusted and reliable cryptocurrency exchanges available and has built up a massive customer base. Though Cryptonit primarily serves the European market, they accept traders from all around the world with the exception of these countries; Republic of Belarus, Iran, Iraq, Syria, North Korea, Yemen, Ethiopia, Uganda, Bosnia and Herzegovina. As they’re an international cryptocurrency exchange, Cryptonit provides their services in 6 different languages being; English, Russian, Chinese, Spanish, Italian, and German. While Cryptonit has a very high status in the cryptocurrency industry, are they the right exchange for you? Find out in our in-depth review where we analyze all aspects of this cryptocurrency exchange and see if Cryptonit is right for you.

Trading Platform

The trading platform featured by Cryptonit is a proprietary web-based platform that’s accessible via any desktop computer and mobile device via the web browser interface. The trading platform is rather simple but sophisticated enough that it’s great for both beginner and experienced cryptocurrency traders. The platform allows traders to place limit and market orders and features a simple charting interface with different time frames and a market depth chart. Traders can view the current buy and sell orders as well as the latest trade history. All in all, the platform is very simple and intuitive and provides a seamless trading experience for beginner and intermediate traders. As for advanced traders, Cryptonit does not support advanced charting techniques for in depth technical analysis, it does not offer margin trading, derivatives trading, or futures trading. However, the Cryptonit platform provides a significant amount of trading volume and a fast and simple trading experience for simple market and limit orders.

Exchange Markets

As mentioned before, Cryptonit is a simple cryptocurrency exchange. The same is true for the number of cryptocurrency assets they feature. Currently, Cryptonit facilitates the trading of Bitcoin (BTC), Ethereum (ETH), and Electroneum (ETN). In the past, Cryptonit supported the trading of more coins such as Litecoin (LTC), Dogecoin (DOGE), and Namecoin (NMC). However, they now only support trading of the first three crypto assets mentioned. Bitcoin (BTC) is the primary trading pair on Cryptonit with the highest daily trading volume and can be traded against both Ethereum and Electroneum. As for fiat currencies, the Cryptonit exchange now only supports the Euro (EUR). The exchange used to support the US Dollar (USD) as well, but no longer. All in all, the crypto markets are rather limited, but at least they feature the top two cryptocurrencies (Bitcoin and Ethereum) with a high amount of liquidity.

Fees and Commission

Cryptonit features very low and competitive fees compared with other cryptocurrency exchanges. The trading fee on all trades for makers is 0% and the trading fee for takers is 0.25%. As for deposits, there are zero fees for cryptocurrency deposits. For withdrawals, Bitcoin has a fee of 0.001 BTC, Ethereum has a fee of 0.005 ETH, and Electroneum has a fee of 5.00.

As for fiat currency deposits and withdrawals, see their associated fees listed below.

Fiat Deposits

SEPA: 2%
Wire Transfer: 2%
Credit/Debit Cards: 4.5%

Fiat Withdrawals

SEPA: 1%
Wire Transfer: 1%
OKPAY: 3%
Credit/Debit Cards: 4.5%
PayPal: 1.9%

Security and Fairness

As mentioned before, Cryptonit is one of the most reputable cryptocurrency exchanges in the industry as they have an excellent track record and reputation since their inception in 2012. The exchange employs the latest and greatest security protocols to protect their users information and funds. As well, they work in compliance with the FCA and are registered with the HM Revenue & Customs (HMRC) as a Money Service Business. Unfortunately, we could not find any information on how they store user crypto funds, it’s uncertain whether they store them offline in cold storage or in hot wallets online. Cryptonit does not disclose much information regarding their security practices to further protect their exchange services from hackers. However, we can assume their security practices are top notch as Cryptonit has an excellent reputation.

Support

The customer support is limited with Cryptonit as customers can only contact support via an online support ticket system. Also, you must have an account to contact support. This support ticket system is quite helpful as the responses are timely and informative. Also, users can browse through other support tickets that have been resolved to see if their issue has been handled before. Other support methods include the websites extensive FAQ page and contact through Cryptonit’s Facebook and Twitter page.

Conclusion

The Cryptonit cryptocurrency exchange is of premium quality as they offer deep liquidity on Bitcoin and Ethereum cryptocurrency trading. The platform is very simple and intuitive to use, making it a great option for both beginner and experienced cryptocurrency traders. The number of crypto assets is rather limited, but the trading fees are favorable, and the exchange has deep liquidity. All in all, Cryptonit is an excellent cryptocurrency exchange if you’re looking to confidently buy or sell the top two cryptocurrency assets in a safe, fair, and secure environment.