Qryptos cryptocurrency exchange: review and reviews

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Qryptos Cryptocurrency Exchange

QRYPTOS is a digital cryptocurrency exchange created by the international fintech company QUOINE. The site was announced on June 15, 2017. The developer is an organization that provides trading, exchange and financial services based on blockchain technology. The company has offices in Singapore, Japan and Vietnam. Prior to launching QRYPTOS, QUOINE created QUIONEX, also known as the QUOINE exchanger, which is a platform for trading bitcoin that accepts fiat funds (JPY, USD and other currencies). The exchange maintains an average daily volume of about $ 50 million.

All processes at QRYPTOS are fully compliant with Global KYC and AML standards. The exchange’s management also claims to have superior asset protection and secure trading on all of its platforms. The QRYPTOS service, unlike QUIONEX, works only with cryptocurrencies and does not provide fiat currencies available for exchange on the platform.

Trading Features

The QRYPTOS trading platform currently supports trading in the web terminal. In the near future it is planned to launch the platform on mobile devices iOS and Android.

The QRYPTOS service has a number of features:

1) Fast Trades: efficient execution of transactions is carried out by the QUOINE approval mechanism, which is able to process almost a million transactions every second. Due to this, slippage during the execution of orders is leveled even at moments of critical load. Currently, users do not experience any difficulties in concluding transactions.

2) Research tools: analysis tools such as trend indicators, live charts and basic charting tools, all of which are available free of charge to QRYPTOS customers. Traders have the opportunity to conduct a full technical analysis within the framework of the site.

3) Security: a secure trading platform that uses dedicated private servers and wallets, where funds are placed in stand-alone “cold” storage, as well as multi-signature technologies. Hence, third-party access to assets is impossible in principle, and company owners cannot secretly use resources at their discretion.

4) A lot of currency pairs: access to the most popular cryptocurrencies in the world, including BTC, ETN, DASH, NEO, XRP, etc. Traders can work not only with leading coins, but also with promising altcoins. At the same time, due to significant trading volumes on the site, all instruments have excellent liquidity.

5) API: QRYPTOS has an open API that allows you to access key platform functions.

6) Commission: QRYPTOS has a unique fee structure where liquidity providers are rewarded 50% of the commission. In accordance with it, the order-maker does not pay, but receives as a bonus 0.075% of the size of the opened transaction. The commission of a taker position is only 0.15%. This indicator for transaction performers is significantly lower than the average market level. At the same time, unlike many cryptocurrency exchanges, where the growth of the trader’s turnover is stimulated by a reduction in commission, fees here remain low even for beginners. Compared to most similar trading platforms, this is a very competitive and attractive commission system, and it should encourage users to start trading on the new platform. This also indicates the loyalty of the project administration to traders: the total exchange income from an open and closed transaction is only 0.075%, and not 0.5% (in the case of a commission for maker and taker positions equal to 0.25%).

 Advantages and disadvantages

Despite its youth, the cryptocurrency platform has several advantages:

1) Support for many cryptocurrencies. Traders can use about 50 different tokens to work.

2) Low commission. Order takers do not pay, but, on the contrary, earn money by opening new deals. Moreover, the commission of the taker is one of the lowest on the market.

3) The absence of a commission to replenish the account and withdraw money in cryptocurrency. The service does not earn on external transactions of customers.

However, the system is also not without drawbacks:

1) Lack of localization. Domestic traders can use only the English version of the platform.

2) Lack of fiat funds. Deposit, withdrawal, trade are available only in cryptocurrency. The exchange does not support national currencies.

3) Lack of margin trading. Traders can only work with their own assets; leverage is not provided by the service.

 User reviews

Traders mainly criticize the orientation of the site towards users from Europe and Asia: the exchange interface is present in English and Chinese / Japanese, there is no Russian-language version. Support for only cryptocurrencies is also negative: the lack of fiduciary funds on a new generation platform indicates a conservative service and the desire to avoid regulation by the authorities.

 

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