Cryptonit was a cryptocurrency exchange that ceased operations in 2019.
Cryptonit shuts down
The Cryptonit exchange shut down on 15 July 2019. If you were unable to withdraw your funds before the cut-off date, email email@example.com from the same address you used to sign up, and provide your full name, balance amount and ID document.
If you’re looking for a place to buy, sell or trade cryptocurrency, you can compare other exchanges to find the one that’s right for you.
This review was written in September 2017. The Cryptonit exchange closed down in 2019.
|Product Name||Cryptonit Cryptocurrency Exchange|
|Fiat Currencies||EUR, USD|
|Cryptocurrencies||BTC, ETH, ETC, ZEC|
Credit/debit card: 4.5%
Wire transfer: 2%
|Withdrawal Fees||Cryptocurrency: 0.001 BTC, 0.005 ETH, 5.00 ETN|
Compare bitcoin marketplaces like Cryptonit
Cryptonit exchange rates
You can find the price of bitcoin by using the currency calculator on Cryptonit’s homepage — just enter how many euros or US dollars you want to sell.
Typically, Cryptonit’s exchange rate is 2% to 3% below the mid-market rate. For example, if your $10,000 is worth 9.051 BTC according to the mid-market rate, you could receive 8.832 BTC from Cryptonit.
What’s the cost of Cryptonit?
There are no explicit fees for buying and selling bitcoin. Instead, you’ll pay fees for depositing and withdrawing the money. Cryptonit also gets you in fees through the exchange rate.
Buying and selling bitcoin
You’re charged fees only in the form of an exchange rate that’s lower than the mid-market rate.
When you purchase bitcoin on Cryptonit, you can have it sent to a specified digital wallet. This comes with a 0.001 BTC fee (about $1), but there is no fee if you send the bitcoin to another Cryptonit wallet.
|Transfer fee||Minimum fee|
|International wire transfer||0%||$0|
|Credit card (Visa or Mastercard)||4.9%||$2|
|Transfer fee||Minimum fee||Maximum fee|
|International wire transfer||0%||$80||No limit|
|Western Union||20%||$25||No limit|
Minimum transaction fees
Depending on how you’re paying for your transaction, you’ll find varying limits for withdrawals.
|Minimum withdrawal||Maximum withdrawal|
|International wire transfer||$500||$20,000|
How do I deposit and withdraw on Cryptonit?
You can choose from multiple ways to deposit money to Cryptonit. A few popular methods include Visa or Mastercard, PayPal and international wire transfer.
For withdrawals, you can use methods like PayPal, international wire transfer, Western Union and MoneyGram.
Is it cost-effective to transfer money through bitcoin?
What to look out for
- The exchange rate. Because Cryptonit’s exchange rate is 2% to 3% lower than the mid-market rate, you will lose money when buying and selling bitcoin.
- Transactions can take a while. It can take up to four days to complete a purchase or sell.
Pros and Cons
- Many deposit options include PayPal.
- Supports cryptocurrencies beyond bitcoin, like Ethereum and ZCash.
- Process can be complicated.
- You’ll lose money on the exchange rate.
- Potentially high fees for depositing and withdrawing fiat currency.
- Transferring money is slower than through other transfer platforms.
What do people say about cryptonit?
Some users advise steering clear of Cryptonit because of a rigorous signup process that involves multiple IDs and many more layers of verification to simply use PayPal. Still others claim it’s worth it for fewer fees and stronger exchange rates. (A few users claim they got 5% on the mid-market rate, which sounds pretty good for bitcoin.)
Cryptonit is defunct. You can compare other cryptocurrency exchanges to find alternatives.