Cryptonit review: Exchange rate, fees, speed, pros and cons | finder.com

Cryptonit cryptocurrency platform review

Buy and sell bitcoin through the cryptocurrency platform Cryptonit.

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To send money through bitcoin, you need a platform like Cryptonit where you can buy, sell and trade cryptocurrency.

Product Name Cryptonit Cryptocurrency Exchange
Available Fiat Currencies EUR, USD
Available Cryptocurrencies BTC, ETH, ETC, ZEC
Payment Methods PayPal, Moneygram, OKPAY, Perfect Money, SEPA, WebMoney, Western Union, Wire Transfer, Paxum, QIWI, Payeer

Pros

  • Competitive trading fees
  • Choose from wide-ranging deposit and withdrawal methods.
  • 24/7 customer support by email, phone and online tickets.
  • Trade with a convenient, secure Android app.

Cons

  • The transfer process can be complicated and slower than other platforms.
  • Exchange rates can be up to 3% lower than the mid-market rate.
  • You'll pay fees when depositing and withdrawing fiat currency.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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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.

Transferring bitcoin

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.

Depositing money

Transfer feeMinimum fee
International wire transfer0%$0
Credit card (Visa or Mastercard)4.9%$2
PayPal9.8%$2

Withdrawing money

Transfer feeMinimum feeMaximum fee
PayPal2%$1No limit
International wire transfer0%$80No limit
Western Union20%$25No limit
MoneyGram20%$25No limit

Minimum transaction fees

Depending on how you’re paying for your transaction, you’ll find varying limits for withdrawals.

Minimum withdrawalMaximum withdrawal
PayPal$10$2,500
International wire transfer$500$20,000
Western Union$200$1,000
MoneyGram$200$1,000

How do I deposit and withdraw on Cryptonit?

You have 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

Pros

  • Many deposit options include PayPal.
  • Supports cryptocurrencies beyond bitcoin, like Ethereum and ZCash.

Cons

  • 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.)

Frequently asked questions

Image source: Cryptonit

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