Complete Qryptos Exchange Review
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There were more than 600 cryptocurrency exchanges by mid-2018. If you joined one exchange a day, it would take you nearly two years to join them all. But you probably will never know about half of them.
If you are like most investors, you are interested in the best 10 or 20 exchanges. You want to have a few options to buy Bitcoin using credit cards, bank transfers or even buy ETH with PayPal without verification. Investors also know that crypto only exchanges are often hacked, which is why they like to keep their options open.
Quione is one of the many start-ups that offer cryptocurrency trading solutions. Unlike most companies, Quione has two exchanges. One exchange, Quinex, helps users trader crypto with fiat. The second exchange, Qryptos, focuses on crypto only trading. This review will explore Qryptos.
What is Qryptos?
Qryptos is a cryptocurrency exchange founded by Mike Kayamori and Mario Gomez, former investment managers with more than 20 years’ worth of experience each. Mike and Mario founded Quione in Singapore in 2014.
Qryptos was founded in late 2016, just after launching Quionex. Qryptos was opened to supplement the services offered on Quionex by facilitating the exchange of altcoins. One and a half years after its launch, Qryptos supports 140 cryptocurrencies and averages 24-hour trading volumes of $13 million.
Like many crypto to crypto exchanges, Qryptos accepts traders worldwide. However, some regions like the Balkans, Japan, Ivory Coast, Liberia, Zimbabwe, Sudan, Burma and a dozen other countries are not accepted.
Services offered by Qryptos
Qryptos was primarily launched for altcoin trading. The company’s founders already have a fiat to BTC and ETH exchange. Unsurprisingly, BTC and ETH are the only trading pairs on Qryptos. Ethereum, NEO and Bitcoin Cash are the most traded altcoins, each with an average of $1 million traded every 24 hours.
The qryptos trading platform is generally popular for having high liquidity for the less popular altcoins like TokenPay and Qtum. A cryptocurrency like Fusion ranked 92nd as at the time of writing and with a 24-hour trading volume of $4.17 million, records an average trading volume of $1.7 million on Qryptos. That means nearly half of the coin’s trading volume comes from Qryptos alone.
Other cryptocurrencies ranked below top 100 with high liquidity on Qryptos include Flixxo, LeadCoin, Stox, MobileGo, and more. By contrast, top 20 altcoins like Monero, Stellar and Vechain have low trading volumes on Qryptos.
Like you would buy an altcoin, you can purchase available ICO crowd sales on Qryptos. Some ICOs require prior approval by verifying your account. Some are private, but on Qryptos, you can get approved to participate in any ICO on their platform.
Not every exchange supports ICO funding on their exchange, which makes Qryptos a great exchange for ICO investors. The exchange also offers market makers the chance to earn some money by consistently providing liquidity to the exchange.
Trading on Qryptos
There are no minimum deposits on Qryptos. You can deposit as little as you have for all altcoins except Ripple. Twenty XRP coins are required to activate your ripple wallet. The coins are not refundable.
For most altcoins, you can trade with as low as $1. However, you can only trade BTC worth $10 and above due to high miners’ fees. The maximum trading limit per day is $30,000 and $300,000 per month. The buying and selling limits can be raised to $500,000 upon request, but this requires additional verification.
Institutional traders can trade a maximum of $100,000 a day and $1 million per month. Institutions can also request for a raise in their maximum trading limits to $150,000 daily and $1.5 million per month. There are also minimum withdrawal limits although each cryptocurrency has a specific limit.
Since Qryptos is a crypto to crypto trading platform, money deposits are not accepted. If you want to fund your account, you can do so using BTC, ETH, or any of the 143 supported altcoins.
|Trading Fees||Makers—negative 0.75%||Takers—0.15%|
|Withdrawal Fees||0.125% + $8|
Qryptos fees are some of the best in the industry. Market takers pay a competitive 0.15% fee. Market makers are paid 50% of the trading fees paid by makers. For every amount of altcoin you sell on the exchange, you are paid half the fees paid by the buyer. Qryptos does not charge additional fees apart from the miners’ fees.
Contrary to the trend set by many crypto only exchanges, verification is required to make a withdrawal on Qryptos. There is no option to withdraw a limited amount of crypto without verification like it’s the case with most exchanges.
The process takes an average of 2 weeks and requires that you provide a utility bill, a clear copy of your ID passport and a selfie.
Is Qryptos Safe?
Some of the vital pointers to Qryptos safety include:
One of the biggest complaints about Qryptos regards its legitimacy. From Reddit to Bitcointalk, the comment sections of review websites to social media, there are countless Qryptos scam complaints. Most of the complaints relate to the exchange not processing withdrawals.
Is Qryptos legit? The company is fully licensed and regulated in Japan. It has a genuine team and a sister exchange. Qryptos’ biggest problem seems to be mismanagement. The company allows traders to deposit funds and as they await the verification of their accounts.
But what happens if an account is denied approval? Investors can trade up to $30,000 a day. If they are later denied approval with their funds already at Qryptos, they risk losing their funds. Cryptocurrencies also fluctuate. Sometimes cryptocurrencies lose more than 20% in value within a week. Traders hate being inconvenienced with delays as they risk losing their money. And that’s what exactly Qryptos does by prolonging account verification periods. In addition to long delays, the company does not reply all requests, giving traders a hard time trying to trust them.
Although Qryptos platform has a struggling reputation, most traders join the exchange because of their advanced security mechanisms. They store 100% of users’ funds in cold wallets. With an exchange getting hacked every three months, storing more than 90% of users’ funds in cold wallets is a good measure for any trading platform.
Qryptos also use SSL encryption and deploys anti-DDoS to prevent attacks. Additionally, all users on the trading website must create strong passwords and regularly verify their accounts via email when signing in. Other measures put in place to secure users’ funds include the use of multi-signature wallets and using dedicated servers.
The company actually advertises itself based on security and has often cited its cautious security measures as a reason why they take longer to process withdrawals. 2-factor authentication with Google authenticator is present, but it’s optional.
Like many crypto exchanges, Qryptos use a ticket system to serve users. They are also available on social media, but the email ticket method is the most effective way to communicate with them. Do they answer back? The Qryptos support staff actually responds to users, but when they do, it’s after days or weeks of waiting.
Qryptos is not the only exchange that finds itself unable to respond to users timely. With many exchanges having small teams whereas services thousands of customers; they take an average of seven days to communicate with their customers. What makes Qryptos get a backlash, however, is the combination of poor customer support and delayed withdrawals.
Trading on Qryptos is as efficient as with most of the top exchanges. Their engine matches thousands of orders per second. If your plan is to trade less popular altcoins like Qtum, you will also love their liquidity. You can buy as much as $100,000 for cryptocurrencies ranked below position 100 on Coinmarketcap instantly.
The only delays on Qryptos come when you need to withdraw your funds. The company claims 100% of users’ funds are held in cold wallets and signed by multi-signatures. Initially, the withdrawal handling speed was 1 business day, but that has since deteriorated, and users may wait up to ten days to withdraw funds.
How to use Qryptos?
If you can live with Qryptos’ two times a day withdrawal rule, Qryptos is an exchange worth trying. Their security measures make them very hard to hack. They have high liquidity for coins usually with low liquidity, and their fees are low.
Follow the guide below to create an account and make trades on the exchange.
Step 1: Create an Account
Visit Qryptos.com and click the ‘Sign up’ option to create an account. You will be prompted to provide a valid email address and your legal name. Verify your application through the link sent to your email. After that, create a strong password for your account and log in.
Step 2: Apply for Verification
It’s possible to deposit funds and start trading without verification, but it has proven risky for many traders. You can’t withdraw funds before you are verified. That means if you start trading and fail to get approved, your funds could be lost on the exchange.
One valid reason you could fail to get verified on the exchange is if you come from a restricted country.
Verification takes an average of two weeks and requires that you provide:
- A clear passport ID pictured on both the front and rear sides
- A selfie picture
- Utility bill for electricity, water, phone or anything else
Step 3: Make a Deposit
While you are logged in, click the icon on the far right, next to your account. Click deposit, select crypto and copy the Qryptos wallet address provided by the exchange. Visit your personal wallet and initiate the deposit process.
Step 4: Trade
With BTC, ETH or QASH coins in your Qryptos account, you can start buying and selling. Click on the ‘Market’s to access the trading platform. All cryptocurrencies are listed clearly on the trading platform, just below the ETH/BTC pairs.
Select a cryptocurrency and select the amount you want to trade. Like on Binance, Qryptos will ask you to select how much of your BTC/ETH you intend to buy or sell. Confirm the trade and wait for your account to be debited with the new cryptocurrencies.
The advanced trading platform has more features. If you are an experienced trader, the advanced platform allows you to select profit and stop loss orders as well as trailing stop orders.
Step 5: Withdraw
Qryptos processes withdrawals two times a day between Monday and Friday. A withdrawal requested before 0300hrs UTC time is processed before 1500hrs the same day. But as already mentioned; traders experience delays with their withdrawal requests. It can take up to 24 hours to have your request processed.
Participate in an ICO
If you want to participate in the ICOs hosted by Qryptos, make sure your account is verified. After that, visit the ICO Markets section and look for active ICO campaigns. It’s important to do your own research though as ICOs are a risky investment.
Qryptos Review Summary
Qryptos is crypto only exchange owned by Quione, the company that founded the Quionex fiat to crypto exchange. Based in Singapore and regulated by the Japanese Financial Authority, Qryptos is a legitimate trading platform with more than 140 supported coins.
With all funds secured in cold wallets, multi-factor authentication and multi-signature accounts present, Qryptos exchange is at the forefront of ensuring users’ funds stay safe.
- Advanced security measures to prevent hacking.
- Neatly designed and user-friendly trading platform.
- High liquidity for less popular cryptocurrencies.
- Allows users to trade in ICO tokens.
- Low community trust.
- Withdrawals take long to process.
- The verification process takes long.
Should you join Qryptos? Based on their advanced security measures, Qryptos is a good exchange for traders who prioritize security over anything else. Their multiple security features ensure that your funds are safe.
Qryptos is also a good exchange for traders who love to invest in upcoming cryptocurrencies. The most-traded coins on the exchange are positioned below the top 100, as they have high liquidity.
However, a high rolling investor looking for a liquid exchange to trade top 10 cryptocurrencies won’t like Qryptos. Their liquidity for popular altcoins like Monero and ripple is low.
Thank you for reading our Qryptos review. You are welcomed to find more guides and reviews on our website, including investment tips.