8crypt: Safe Crypto Asset Financial Services Company?

What Is 8crypt?

8crypt is an online cryptocurrency brokerage that includes a built-in wallet service. The platform supports a wide variety of cryptocurrencies and offers a full API that can be used to program powerful automated trades. 8crypt's wallet service is being integrated into several other platforms, including the broader asset exchange Nexus Global and the affiliates of its parent company, Veltyco Group. While 8crypt is likely an ideal fit for many investors, some may be wary of its relatively high fees and the fact that the service stores users' private keys.

Who Is Behind 8crypt?

8crypt is the work of Varkasso Ltd, a company based in Sofia, Bulgaria which was recently acquired by the London-based Veltyco Group. In press releases, Veltyco has noted that it hopes to integrate 8crypt's wallet system into its other products, which are primarily related to video games and marketing. No information is readily available about Varkasso's management or development team. 8crypt appears to have no presence on social media, and has not been covered by any online publications aside from those discussing its parent company's acquisition.

How 8crypt Crypto Asset Financial Services Company Works

8crypt's primary service is its online platform that includes a brokerage and wallet service. Users can buy or sell a wide variety of cryptocurrencies through the service using either crypto or fiat currencies, and store their funds in one or more online wallets.

The most interesting feature of 8crypt's platform is its full API; users can program custom scripts that allow them to automate trades, for example buying or selling a given currency if its moves past a designated price threshold or trade volume. This API will allow powerful customization that high-volume traders will certainly appreciate.

8crypt states in its terms of service that the company does store users' private keys on their servers. Though they claim to use primarily offline storage, and the practice is increasingly common among prominent cryptocurrency exchanges, there have been several high-profile incidents where companies storing private keys have been compromised by hackers and users' funds have been stolen; the most notable of these breaches impacted customers of Mt. Gox and Bitfinex. However, the company asserts it has implemented strong security measures, and there have been no documented security breaches to date.

8crypt Service Details

Each wallet hosted on 8crypt's website (users may have several) requires a subscription fee of 1 Euro per month, charged automatically from whatever cryptocurrency is in the user's wallet, assuming they have a sufficient balance.

When users send funds from their 8crypt wallet, they'll be charged a flat fee of 0.003 units of whatever cryptocurrency they're sending; at time of writing, this means that sending Bitcoins through the service costs approximately $30. However, for less valuable currencies, this is a very favorable rate. The fee will be automatically deducted from users' wallets. There is no fee to receive cryptocurrency to your 8crypt address.

8crypt limits the volume that users can trade each day; the limits are listed in Euros, and will vary depending on the payment method the customer uses and their level of know-your-customer verification.

While the company's terms of use don't explicitly state which countries' citizens are able to use the service and notes that several different fiat currencies are supported, the platform seems oriented towards European customers; all its fees are listed in Euros, and its website is available only in English and German.

8crypt Verdict

8crypt seems to be a solid, perhaps unremarkable, cryptocurrency brokerage. Aside from its integrated API that could appeal to high-volume traders, there is little to distinguish it from its numerous competitors, and the steep fees associated with its wallet service may in fact make it a less appealing choice. It's also important to consider that the company provides no information about its founders or developers, and that the service stores users' private keys on their own servers. Investors searching for a cryptocurrency brokerage may find that 8crypt suits their needs, but they could likely find many other platforms that offer more transparency, lower fees, and the option to use their own wallet.

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