QRYPTOS cryptocurrency exchange – December 2018 review

Qryptos Cryptocurrency Exchange
Qryptos Cryptocurrency Exchange
  • Buy/sell 90+ cryptocurrencies
  • Competitive fees
  • Easy to use
  • 2-factor authentication

Enjoy crypto-to-crypto trading of dozens of popular coins and trading fees of 0.15%.

This exchange is no longer active and has rebranded to Liquid

As of September 2018, QRYPTOS and QUOINEX have rebranded to the Liquid platform. Deposits and withdrawals have been frozen on both exchanges.

Quoinex records have been transferred to Liquid. Funds and accounts on QRYPTOS and QUOINEX have both been migrated to Liquid. Users are able to log in with their existing credentials.

This guide has been retained for archival purposes. Information no longer applies as this exchange is no longer active.

QRYPTOS is a cryptocurrency-only exchange platform where users can buy and sell bitcoin, Ether and more than 50 other digital currencies. It offers market-taker fees of 0.15% and, in a unique move designed to generate initial liquidity, negative trading fees for market makers.

It’s an interesting approach and one that’s sure to garner attention from crypto enthusiasts. However, to help you work out whether QRYPTOS could be the right exchange for you, let’s take a closer look at the full range of features it has to offer.

Product Name Qryptos Cryptocurrency Exchange
Fiat Currencies -
Cryptocurrencies BTC, BCH, DRG, UKG, LIKE, ENJ, TRX, LDC, MGO, AMLT, EZT, LALA, IPSX, FLIXX, STU, 1WO, TPAY, ETH, WIN, LTC, SPHTX, RKT, UBTC, ETN, ECH, QASH, NEO, HAV, XRP, ETC, STAC, FLUZ, VZT, XEM, XLM, VET, BMC, ONG, FDX, XMR, DENT, MCO, IND, GAT, ZEC, CAN, STX, QTUM, OAX, IXT, STORJ, MTN, REP, FCT, DASH
Deposit Methods Cryptocurrency
Trading Fee Maker: -0.075%
Taker: 0.15%
Deposit Fees None
Withdrawal Fees None

Pros

  • 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

Cons

  • 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)
Disclaimer: 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.

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.

Available countries

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 (such as New Zealand dollars) 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:

CryptocurrencyWithdrawal frequencyTime (UTC)
BTCOnce daily2:00 AM
ETHMonday and Thursday2:00 AM
ETCMonday and Thursday2:00 AM
XRPMonday and Thursday2:00 AM
ZECMonday and Thursday2:00 AM
LTCMonday and Thursday2:00 AM
XMRMonday and Thursday2:00 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.

Customer support

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

Pros

  • 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

Cons

  • 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.

Disclaimer: 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.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping people find the right products for them. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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