What is QRYPTOS?
QRYPTOS is a crypto-to-crypto exchange platform designed to offer quick and easy trading of dozens of cryptocurrencies. At the time of writing (20 April 2018), QRYPTOS also had plans to launch an ICO listing and self-service platform to help crypto projects get their token listed on the exchange or run an ICO.
QRYPTOS is owned by QUOINE Corporation, a Japanese company based in Tokyo with offices in Singapore and Vietnam. QUOINE is a blockchain and crypto-focused fintech company regulated by the Japanese Financial Services Agency. Founded in 2014, it also operates QUOINEX, a platform that offers fiat-to-cryptocurrency trading.
QRYPTOS is a global platform and accepts users from around the world. However, the platform has restricted access in certain countries.
Which payment methods are accepted?
QRYPTOS only accepts cryptocurrency deposits, so if you want to trade fiat currency for digital currency, you’ll need to look elsewhere.
To deposit funds into your account, click “Fund My Account” from your QRYPTOS dashboard, select your desired currency and then copy the relevant wallet address.
How much will it cost me to use QRYPTOS?
As mentioned above, QRYPTOS offers a unique fee structure for trades:
- Taker fee: 0.15%
- Maker fee: -0.075%
In other words, for every market trade completed through the platform by a market maker, QRYPTOS pays the maker 50% of the fee collected from the taker. These negative fees are only a temporary move designed to generate liquidity, and it’s unclear what maker fees QRYPTOS will charge when this offer ends.
QRYPTOS also doesn’t charge any registration, deposit or withdrawal fees; however, remember that if you’re depositing XRP into your account, you’ll need to pay a 20 XRP fee to activate your wallet address.
How fast will my funds be available?
The amount of time it takes for your crypto funds to be transferred into and out of your account varies depending on the number of confirmations your chosen currency requires to complete a transaction:
- BTC: 6
- ETH: 50
- ETC: 50
- XRP: 50
- XMR: 6
- LTC: 6
- ZEC: 6
However, take note that withdrawals are only processed at certain times, with the withdrawal schedule outlined in the table below:
|Cryptocurrency||Withdrawal frequency||Time (UTC)|
|BTC||Once daily||2:00 AM|
|ETH||Monday and Thursday||2:00 AM|
|ETC||Monday and Thursday||2:00 AM|
|XRP||Monday and Thursday||2:00 AM|
|ZEC||Monday and Thursday||2:00 AM|
|LTC||Monday and Thursday||2:00 AM|
|XMR||Monday and Thursday||2:00 AM|
Are there any transfer limits?
For individual accounts, the following is the maximum amount you can withdraw from QRYPTOS:
- Default limits: US$30,000 equivalent daily, US$300,000 equivalent monthly
- Upper limits (raised upon request): US$50,000 equivalent daily, US$500,000 equivalent monthly
The limits for corporate accounts are as follows:
- Default limits: US$100,000 equivalent daily, US$1,000,000 equivalent monthly
- Upper limits (raised upon request): US$150,000 equivalent daily, US$1,500,000 equivalent monthly
Minimum withdrawal limits also apply. You can find the full list of figures on the QRYPTOS website, but minimum limits for some popular coins and tokens are shown below.
- BTC: 0.005
- BCH: 0.01
- ETH: 0.02
- LTC: 2
- XRP: 2
Is it safe to use QRYPTOS?
QRYPTOS’s parent company, QUOINE, was established in 2014 and is regulated by the Japanese Financial Services Agency.
During the sign-up process, you’ll need to provide personal details such as your name, address, date of birth and contact information. Doing so will allow you to start trading, but before you can withdraw any funds from your account, you’ll need to submit a valid ID document as well as proof of address. This is required for Know Your Customer/Anti-Money Laundering (KYC/AML) purposes.
Two-factor authentication (2FA) is also supported. Once set up, the feature ensures that QRYPTOS will ask for a 2FA code from Google Authenticator every time you log in, request a withdrawal or add a new IP address to your account.
If you have a problem with your QRYPTOS account, the QRYPTOS online help centre features an extensive selection of FAQs and answers. If you can’t find the answer you’re looking for, you also have the option of submitting an online support request.
Pros and cons
- 0.15% market taker fee and “negative” fees for market makers
- Supports a decent range of coins and tokens
- Platform is relatively straightforward and easy to use
- Complies with KYC/AML requirements and supports two-factor authentication
- Regulated by the Japanese Financial Services Agency
- Some users have criticised the platform for long withdrawal times
- Doesn’t accept fiat currency deposits
- No mobile trading available as yet (but apps are coming soon)
Frequently asked questions
Disclosure: At the time of writing, the author holds IOTA and XLM.