Cryptology, the startup based out of Singapore is looking to make cryptocurrency transactions easier, more affordable by creating a “next generation” cryptocurrency exchange, that would be one of the first new companies to combine and fiat transaction on a user platform. They are also offering additional options for a mobile application to be used with the company. They also expect to hold an edge over their rivals through creating a partnership with a payment system to help create a seamless integration of the fiat and cryptocurrency transactions and lower fees for their new users.
Web Version And Mobile Applications Available
The company states that the web version of the platform is of easy use and very intuitive. All the trading operations are considered secure and simple, for newbies and experts alike. The verification process is quick with support teams already available all day, every day.
The new startup is primarily focused on creating a mobile application, using it as a platform that is ideal in today’s era. It also launched an iOS version as well as Android in March, earlier than the desktop website. It has also optimized the mobile application for seamless performance capabilities and other features additionally. To make a point, Cryptology’s app can guarantee verification of bank debit cards in 30 seconds or less, giving new users the ability to top up their wallets to start trading in a matter of minutes.
Cryptology can also support Visa and MasterCards for fiat transactions. Deposits in cryptocurrency accounts are made via cards, but withdrawals are supported through bank transfers in Europe only. The company also made plans to place an additional number of methods for converting crypto to fiat and vice versa.
There is also margin trading with cards as well as the completion of to other ongoing risk management for security purposes or finance purposes.
Keeping An Eye On The Global Market
Cryptology has also placed its eyes on the world market. The company is already working with markets in Europe while working on plans to launch into the United States and Japan for financing.
For the outset, Cryptology now fully support many of the largest coins like Bitcoin, Ethereum, Bitcoin Cash and Litecoin with more currencies to be added in the near future. The company also stated that it is having discussions to list a number of cryptocurrencies on its exchange for broadening options for investors.
Among the fiat currencies to be used, Cryptology is already making transactions with United States Dollars and Euros. The new tokens on the platform are working with the ERC-20 based framework.
Three Levels Of Verification For All Users
Cryptology has now established three levels of verification for users, and investors, who comply with known customer procedures in different countries. The basic verification level now involves a short questionnaire with their personal data. Also, the next level needs a photo ID and selfie – the process takes a couple hours. The third phase of the process to fully verify a user is to perform proof of address along with some other additional documents.
There are users who need to be verified to order or deposit fiat. For higher transaction limits, there is higher levels of verification that need to be required, like a photo ID and a selfie.
Trading And Service Fees
For withdrawals to a user’s bank account, Cryptology charges a fee of 7 Euro (SEPA). For withdrawals, the fee ranges from 0.002 percent to 0.005. Wire transactions for depositing are available for no additional fees.
Cryptology has set trading fees at 0.15 percent for makers and 0.25 percent for takers. The minimum order that can be made is $0.01 of fiat currency, basically the equal to about $0.01 in crypto tokens.