When you decide to trade in Bitcoin, you must know that there are currently many options available for individuals looking for Bitcoin exchanges. However, there are always a chance of you stumbling upon an exchange that is nothing but scam. We have seen multiple events in past that conjointly point to the same “scandalous” conclusion — people losing money. Therefore, it becomes necessary to research a bit before zeroing-in on a Bitcoin exchange.
As a Bitcoin news website, our search for such a reliable exchange has now brought us on the doors of Cryptonit. Looking at their website, one can see how the exchange caters for traders wishing to trade between multiple fiat and cryptocurrencies. These assets include: Bitcoin, Litecoin, Peercoin, Namecoin, Dogecoin, as well as US Dollar and Euro.
For once, Cryptonit gives an impression of being the earliest of cryptocurrency exchanges. Launched in 2012, the trading platform is owned and operated by UK-based Cryptonit Solutions Ltd. As an exchange, Cryptonit works in close collaboration with the Financial Conduct Authority (FCA). Since the UK’s regulator has exempted Bitcoin exchanges from obtaining a regular license, Cryptonit is permissible to offer Bitcoin trading services throughout Europe.
Due to its involvement in sending/receiving fiat currencies, the exchange has successfully registered itself with the HM Revenue and Customs as a Money Service Business with a status “Bureau Da Exchange” Their status can be accessed at HMRC website by entering their MLR number 12761601.
Overall, Cryptonit is in perfect sync with the ongoing Bitcoin regulations in the UK, meaning a low risk profile for traders.
No Red Flags
Ever since its inception in 2012, Cryptonit is running smoothly and steadily without bumps. The exchange has an SSL certificate, which is nothing less than a virtue. It is further equipped with a two-factor authentication that protects users from fishy login attempts. This parameter means a lot, considering the track record of many other exchanges that have lost the clients’ money to security loopholes. To make things further secure, Cryptonit has also integrated Google Authenticator and Yubikey.
Deposits & Withdrawals
The liquidity of Cryptonit is top-notch, for the exchange brings innumerable options for traders to deposit and withdraw money without any delays. For instance: the exchange offers international deposits and SEPA at 0%. It also has a reliable bank in Germany that offers a possibility to pay instantly via SOFORT. Here are the details:
- AstroPay 2.5% (USD only)
- International Wire Transfer / SEPA 0%
- Dengionline 0%
- MoneyGram 10% (USD and EUR)
- Credit Card (Visa/MasterCard) 7.4% (USD and EUR) Saturday Special – 4.9%
- OKPay 1% (USD and EUR)
- Payeer 9% (USD and EUR)
- PayPal WPS 9.8% (USD and EUR)
- Perfect Money 3% (USD and EUR)
- Skrill 14% (EUR only)
- SOFORT Banking 2.9% (EUR only)
- Western Union 15% (USD only)
- Voucher 0%
- PayPal 2% (USD and EUR)
- Skrill 8% (USD and EUR)
- International Wire Transfer 0%
- SEPA 0%
- OKPay 1.5% (USD and EUR)
- Perfect Money 1.5% (USD and EUR)
- Payeer 1% (USD and EUR)
- Western Union 20% (USD and EUR)
- MoneyGram 20% (USD and EUR)
- QIWI 5% (USD and EUR)
- Paxum 4.5% (USD and EUR)
- WebMoney 3% (USD and EUR)
- Voucher 0%
Apart from Bitcoin and altcoin trading services, Cryptonit also offers three types of affiliate programs. The Option I, as the company refers it program, offers 0.05% commission to those individuals who brings new clients through a referral link. Moving further, the Option II allows developers and programmers earn by integrating Cryptonit trading in their bots, scripts, trading software, mobile applications. This program is only available for approved affiliates.
The third and the last affiliate program is Option III. This options allows approved affiliates to register Cryptonit users remotely. All affiliates need to do here is to refer Cryptonit to potential users directly from the mobile application. If the potential user converts into sales, then the affiliate is awarded with a 0.05% commission on all the transactions conducted by the new user.
Overall, Cryptonit is a decent and harmless Bitcoin and altcoin trading platform. Its user-interface is navigable and intuitive; the liquidity is top-notch; and the security features are good enough to confirm traders a peaceful sleep each night.