You may consider making an investment into an altcoin such as bitcoin – if so, you’ll want to know which marketplace is best.
What is Cryptonit?
Cryptonit is a platform on which you can trade your fiat currency — government-issued currency, like dollars, yen and euros — for such cryptocurrencies as bitcoin, ethereum, ethereum classic and ZCash.
Compare bitcoin marketplaces like Cryptonit
Can I buy cryptocurrency through Cryptonit?
Making an international transfer through Cryptonit involves five steps:
- You deposit fiat currency onto the Cryptonit platform.
- You use that fiat currency to purchase bitcoin.
- You transfer the bitcoin to your recipient’s Cryptonit or personal cryptocurrency wallet.
- Your recipient sells the bitcoin for fiat currency.
- Your recipient withdraws the money to their bank account.
You can deposit and withdraw fiat currency through different methods, including international wire transfer and PayPal.
How much can I send with Cryptonit?
The limits of your transfers with Cryptonit depend on the method you use to withdraw your money.
Minimum and maximum withdrawal amounts
|International wire transfer||$500||$20,000|
How much does it cost to transfer money with Cryptonit?
Cryptonit’s fee to trade cryptocurrency is 0.45%.
|Trading fee||Minimum fee|
|International wire transfer||0%||0%|
|Credit card (Visa or Mastercard)||4.9%||$2|
|Trading fee||Minimum fee||Maximum fee|
|International wire transfer||0%||$80||No limit|
|Western Union||20%||$25||No limit|
How long does it take to transfer money through Cryptonit?
|PayPal||4 business days|
|International wire transfer||3 business days|
|Western Union||3 business days|
|MoneyGram||3 business days|
You can typically complete a bitcoin transfer within an hour. However, it takes about three to four days to deposit money into Cryptonit and about the same amount of time to withdraw the money. That means it could take between six to eight days to complete a money transfer through Cryptonit.
Pros and Cons
- Relatively low trading fees. You can transfer bitcoin through Cryptonit at a relatively lower rate than through other bitcoin platforms.
- More steps to complete a transfer. The process can be more complicated than using other money transfer services. For example, you need to convert fiat currency to bitcoin, and your recipient needs to convert bitcoin back to fiat currency.
- Potentially more fees. Because there are more steps involved, there are more spots where you might be charged fees.
What else can I trade with Cryptonit?
You can trade more than bitcoin on Cryptonit. Other cryptocurrencies available include litecoin, peercoin, feathercoin, namecoin and terracoin.