Buy and sell bitcoin through the cryptocurrency platform Cryptonit.
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|
- 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.
- 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.
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 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
- 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.
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