Cryptonit cryptocurrency platform review
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|
|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|
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?
To understand how much you’ll pay to make an international money transfer through Cryptonit, it’s helpful to know the steps you need to take:
- You deposit fiat currency — US dollars or euros — into the Cryptonit platform.
- You use the fiat currency to purchase bitcoin, depositing the bitcoin into your recipient’s digital wallet.
- Your recipient sells the bitcoin for fiat currency.
- Your recipient withdraws the bitcoin from Cryptonit (or another bitcoin platform).
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.
For a complete list of what you could pay, see Cryptonit’s fees page.
Buying and selling bitcoin
There are no explicit fees for buying and selling bitcoin. Instead, you’ll be charged fees 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 US$1), but there is no fee if you send the bitcoin to another Cryptonit wallet.
|Transfer fee||Minimum fee|
|International wire transfer||0%||US$0|
|Credit card (Visa or MasterCard)||4.9%||US$2|
|Transfer fee||Minimum fee||Maximum fee|
|International wire transfer||0%||US$80||No limit|
|Western Union||20%||US$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||US$500||US$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 bitcoins.
- Double fees through the exchange rate. You’ll lose money twice on the exchange rate when you buy bitcoin and then sell it for another currency.
- Fees for depositing and withdrawing currency. Just like the exchange rate, you’ll also lose money twice when moving currency through Cryptonit. Deposits and withdrawals can come with high fees, so review Cryptonit’s fees page before transferring money.
- Entire transfers can take a while. It can take three to four days to deposit fiat currency and a similar amount of time to withdraw fiat currency. An entire transfer could take as long as six to eight days.
Pros and Cons
- Many deposit options include PayPal.
- Supports cryptocurrencies beyond bitcoin, like Litecoin and Dogecoin.
- 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.
To make a transfer, first deposit fiat currency into Cryptonit. Then buy bitcoin and have the cryptocurrency deposited into your recipient’s digital wallet.
When your recipient receives the bitcoin, they can sell it for fiat currency and withdraw it.
Frequently asked questions
Image source: Cryptonit