Cryptonit is a bitcoin exchange based in London, UK. Find out everything you need to know about it today in our review.
What Is Cryptonit Cryptocurrency Exchange?
Cryptonit, found online at Cryptonit.net, is a cryptocurrency exchange primarily catering to the UK and European markets.
The platform’s pairs include ETH/EUR, BTC/EUR and ETH/BTC.
Cryptonit was founded by Andrei Yanukovich and a group of cryptocurrency enthusiasts back in 2012. Today, the exchange works closely with the UK’s Financial Conduct of Authority (FCA), and the exchange has confirmed that it does not require a license from the FCA.
How To Buy, Sell & Trade Tokens Using Cryptonit
Like other cryptocurrency exchanges, you’ll need to complete identity verification prior to trading on Cryptonit. The verification process requires all of the following:
- Scanned ID document (national ID, passport, or driver’s license)
- Proof of residence (a utility bill or other document addressed to you)
- A photo of you with the documents in your hands
During the verification process, Cryptonit might even call you via video chat to confirm your documents. During the video chat, you’ll need to show Cryptonit staff the same documents. If the video quality isn’t good enough, then you may be required to re-submit your document scans.
Fortunately, if you don’t want to go through all of these hoops, then Cryptonit does provide basic functions to unverified users. The platform gives unverified users a daily limit of 100 EUR.
In terms of advanced trading features, Cryptonit is fairly sparse: the platform doesn’t offer margin trading or any advanced limit orders, for example. The platform also doesn’t support derivatives or futures trading. However, a diverse range of altcoins is available.
Cryptonit’s complete list of fees can be seen here. Here are some of the notable fees you need to know about:
- SEPA: 2% (5 minimum)
- Wire Transfer: 2% (5 minimum)
- Credit and Debit Cards: 4.5% (5 minimum)
- SEPA: 1% (5 minimum fee), with minimum amount of 50
- Wire Transfer: 1% (100 minimum fee), with minimum amount of 150
- OKPAY: 3% (2 minimum fee), with minimum amount of 5
- Credit and Debit Cards: 4.5% (0 minimum fee), with minimum amount of 200
- BTC: 0
- ETH: 0
- BTC: 0.001
- ETH: 0.005
- Maker fee: 0%
- Taker fee: 0.25%
Ultimately, Cryptonit’s trading fees are very competitive. However, those trading at high volumes do not seem to get any major discounts. Furthermore, certain withdrawal and deposit methods can be expensive, so be careful when adding or taking money from the platform.
It’s important to note that the front page of the Cryptonit website claims that they offer 0 fees on bank transfer deposits. However, this method is not listed on the fees page.
About Cryptonit Cryptocurrency Exchange
Cryptonit is operated by a UK-based company named Cryptonit Solutions Ltd. That company has been operating since 2012 without any major incidents or problems.
The exchange works in collaboration with the UK’s Financial Conduct Authority, or FCA. As of 2018, Cryptonit has received a letter from the FCA stating that their exchange is exempt from licensing.
Cryptonit Solutions Ltd. is officially registered at HM Revenue & Customs as a Money Service Business with the status “Bureau de Change”.
Cryptonit’s legal and correspond address is 7/11 Minerva Road, Park Royal, London NW10 6HJ, UK. Their MLR number is 12895323 and their registration number in UK Companies House is 08810990.
Cryptonit Cryptocurrency Exchange Conclusion
Cryptonit is a trading platform that offers zero trading fees for market makers and zero fees on incoming bank transfers. It also emphasizes fast and transparent verification and speedy customer support.
To learn more about the UK-based exchange, visit online today at Cryptonit.net.