Qryptos Exchange Review
Qryptos Cryptocurrency Review
Trust Score 8,5/10
Qryptos is a cryptocurrency exchange that was launched in June of 2017 that is owned by an international company by the name of Quione. Many of you might recognize that company as it is also the one that is behind another exchange called Quionex.
Why create two cryptocurrency exchanges? Simply because they are both very different and offer different features for their users. Quionex is an exchange that accepts fiat currencies for deposit and withdrawal while Qryptos is purely a crypto-to-crypto exchange.
Based and operated out of Singapore, Qryptos is an exchange that has been licensed by the Financial Services Agency in Japan and therefore follows their strict rules and regulations. This is good news for traders, as regulation is not something that is synonymous with cryptocurrency trading as of yet.
Qryptos is also compliant with both KYC and AML standards which shows that not only do they want to do things the right and honest way but they also want to protect their traders as much as possible.
With all that said and done, you will no doubt want to know more about Qryptos and what they can provide you as a trader. Continue reading and you will see that this is an exchange that is going somewhere.
Qryptos – Notable Features
Before we get into this review too deeply, we have summarized some of the key features and benefits of Qryptos:
- Quick Trades – Qryptos uses the same matching engine as Quoinex which is known to be able to process close to a million transactions a second.
- Effective Research Tools – Qryptos provides customers with a wide range of analysis tools that their traders can use. Charting tools, trend indicators and a host more can be found on this platform.
- Top-Notch Security – Offline cold storage for funds that uses multi-signature wallets across various dedicated private servers. Add to that two-factor authentication and you have a very secure platform indeed.
- Quick and Simple Sign up – Creating an account is super-easy on Qryptos as it is but if you have an account on Quoinex, you can just use that one on Qryptos instead.
- Good Selection of Cryptocurrency Pairs – Traders on Qryptos will be able to trade numerous trading pairs using a good selection of cryptocurrencies such as BTC, XRP, ETH and LTC.
While there is no dedicated app available just yet, Qryptos has revealed that they do plan to release one for both Android and iOS sometime down the line. This is still a fairly new exchange after all and they will have a list of priorities as to what they want to improve or work on next.
Obviously, ironing out any issues with their platform will be at the top of their list and once they are happy with everything in that regard, we are pretty confident that developing an app will be next on that list.
- App coming soon
- Android and iOS first
Coins Offered at Qryptos
Qryptos offers users the ability to trade a good little selection of cryptocurrencies on their exchange with more than 30 on offer. All of the big names are there while there are also a good number of trading pairs to take advantage of as well.
Among the currencies you can trade are:
Qryptos does not accept fiat currencies and does not trade with them, so remember this before you decide to sign up.
The trading options at Qryptos are quite basic at the moment with only spot trading of cryptocurrencies being available. There is no margin trading or leverage at the moment and we are not sure if that is going to change.
At least with spot trading, it makes Qryptos an attractive place for beginners and those that prefer to keep their trading at a basic level. They are not the first cryptocurrency exchange to only offer spot trading as some of the largest exchange out there only offer the same.
- Spot trading
- No Margin trading
Registering at Qryptos
One great thing about Qryptos is that if you already have an account with Quoinex, you can simply use that account to log into Qryptos. If you do not have an account with Quoinex, this is not a problem either as registering an account on Qryptos is quick and easy.
All you need to do is select whether you want an individual or corporate account and provide your name, address, country of origin, date of birth and a valid email address. You will need to verify that email address through an email sent to you and once done, you will be able to log into Qryptos.
Qryptos demands that all of their users make use of two-factor authentication, so your next step will be to set that up. Full instructions on how to do so can be found here. Once complete you are then free to deposit and trade cryptocurrencies.
If you want to be able to withdraw from Qryptos, however, this will require you to get your account verified. We will tell you more about that in the next section.
- Simple signup procedure
- Accounts from Quoinex can log in on Qryptos
Now that you have created an account, you might notice that it is in ‘pending’ status. This basically means that your account is not verified. Accounts that have not been verified are unable to withdraw cryptocurrencies from Qryptos due to AML and KYC standards.
To verify your account, you will have to upload a photograph of an internationally recognized government-issued form of identification. This could be something like a passport or drivers license.
Additionally, you will also be required to verify your address by uploading a picture of a utility bill, bank statement or something else that is official and has your address on it.
Once you have uploaded all of the necessary documents, you will then have to wait between three and five days for the compliance team to decide whether to verify your account or not.
As soon as you are verified, you will be permitted to make withdrawals from Qryptos.
- Qryptos adheres to KYC and AML standards
- Can still trade while waiting for verification
Accepted Payment Methods
We have mentioned it a couple of times now but fiat currencies cannot be used to deposit or withdraw from Qryptos. This exchange is purely a crypto-to-crypto exchange that will require you to deposit some cryptocurrencies before you can start trading.
This means that the payment methods on Qryptos are the many different cryptocurrencies that it supports. You can deposit or withdraw each and every one that they support.
If you do not own any cryptocurrencies as of yet, your first task will be to purchase some from another exchange before depositing them on Qryptos.
- Cryptocurrencies only
- No fiat currencies can be deposited or withdrawn
Now we get to the part that many of you would have been waiting for. Fees are one of the main talking points when it comes to cryptocurrency exchanges and that is more than understandable.
- Trading Fees
Trader fees on Qryptos are designed in such a way that they pay in the way of a rebate to any trader that helps to improve liquidity on the exchange. As such makers that do so will actually receive money rather than be charged a fee, they will get 0.075% on all trades. As for takers, they are given a 0.15% fee. This essentially means that 50% of all taker fees will be going to the maker.
This is designed to encourage new traders to use the exchange.
- Deposit Fees
Qryptos does not charge their users for depositing but there may be network fees taken by some of the coin networks depending on the cryptocurrency being used.
- Withdrawal Fees
Qryptos does not charge their users for withdrawals but there may be network fees taken by some of the coin networks depending on the cryptocurrency being used. Any deposits to XRP wallets will always have 20 XRP taken out in order to create the wallet.
When it comes to the limits imposed on Qryptos with regards to trading, depositing and withdrawing, the following will fill you in:
- Depositing Limits
There are no minimum or maximum depositing limits on Qryptos, so you can essentially deposit as much of any cryptocurrency as you might like.
- Withdrawal Limits
The amount you can withdraw per day or month will depend on the type of account that you have. If you are using an individual account, you can withdraw a maximum of $30k USD equivalent daily or $300k monthly. You can increase this amount upon request to as much as $50k daily and $500k monthly.
Corporate accounts can withdraw $100k USE equivalent daily or $1 million monthly as standard. Upon request, these can be raised to $150k and $1.5 million respectively.
- Trading Limits
There is a minimum order limit for most of the coins on Qryptos and while we could list them here, there are just far too many of them. If you wanted to check what these limits are, you can head over to their site and take a look.
Qryptos provides its services on a global scale and therefore has very few restrictions on the country of origin of users. In fact, only those from four countries will be refused when it comes to creating an account. Those countries are:
- North Korea
Customer support seems to be fairly quick but this is still a fledgeling exchange at this point in time so this is quite understandable. It will be able to see how quickly they are able to answer emails once they start to get really busy.
They provide their support via email and they also have an informative ‘help centre’ on their site that will help you resolve plenty of issues for yourself.
There have been no reports of hacks on Qryptos as of yet but this is still only a new and small exchange so will not be a major target just yet. What does stand them in good stead, is the fact that they seem to have the right idea with regards to security.
Two-factor authentication for a start is something that we would any exchange worth their salt to impose on users. They also multi-signature Bitcoin wallets to sore funds and these are all cold storage offline.
It is also important to note that they are regulated in Japan, one of very few cryptocurrency exchanges that have any kind of regulation at all. This and their dedication to adhere to KYC and AML standards just shows that they are doing their very best to operate their exchange the way that it should be.
- Cold storage
- 2-Factor authentication
We are actually quite excited to see how this new venture from Quoine develops. They certainly know from experience how to run a cryptocurrency exchange we are confident that they will soon start to attract traders of all experience levels.
With a fee structure that actually pays traders to generate liquidity on their exchange, some excellent security and solid customer support, the foundations of an excellent crypto-only exchange are plain to see.
Throw in a good selection of coins, an intuitive interface and a forthcoming app and there is certainly lots to look forward to from Qryptos. If you are ever looking for a new exchange to try out, we woud definitely recommend giving Qryptos a run for their money.