QRYPTOS Review 2018

  • 11
    Coins Avaiable
    179
    Accepted Countries
    2
    Payment Methods

QRYPTOSReview

Qryptos is an online cryptocurrency exchange website which was founded in 2017 as a spinoff of the Quionex crypto trading brand. Qryptos offers quick trading, which is a speculative type of cryptocurrency trading. What this means is that traders can buy and sell cryptocurrencies on a speculative basis on the Qryptos platform.

Contents

Regulation

The parent company behind Qryptos (Quione PteLtd) has entered into a strategic partnership with the Gibraltar Blockchain Exchange. Gibraltar is one of only two jurisdictions in the world where trading of cryptocurrencies is a regulated activity, regulated by the Gibraltar Financial Services Commission. This may translate into expanding its regulated operations to Gibraltar.

Meanwhile, Quione is regulated by the JFSA, which confers on this brand the status of a regulated company.

Reliability

While Qryptos can be said to be reliable in terms of the fact that the company that owns the brand is regulated by the Japanese Financial Services Authority (JFSA), there are a few issues with its trading and verification processes which need to be strengthened to improve the reliability of those areas.

qryptos 3

Trading Platforms

What are the trading platforms that crypto enthusiasts on Qryptos can expect to come across as they decide to trade their favorite cryptocurrencies?

Web-Based Platform

Qryptos offers a solely web-based interface which allows users to trade the listed asset pairs.  The interface can be customized by the trader to provide a more comfortable user interface. Charting is provided by Cryptowatch and TradeView, which enables traders to perform rudimentary analysis. All charts feature candlesticks and some indicators, and traders also get to see the Order Book.

Qryptos Mobile Trading

Qryptos does not offer a mobile app. The information on the website suggests that this is still under development.

Trade Types/Instruments

Qryptos features the following cryptocurrency assets for trading:

  • StarterCoin (STAC)
  • RKT (RKT)
  • Electroneum (ETN)
  • Enjin (ENJ)
  • STU (STU)
  • SNIP (SNIP)
  • Gazecoin (GZE)
  • Blackmoon (BMC)
  • Seratio (SER)
  • EthereCash (ECH)
  • Medicalchain (MTN)
  • QASH (QASH): This is the native token of the Qryptos exchange.
  • Bitcoin (BTC)
  • iXledger (IXT)
  • onG-Coin (ONG)
  • CanYa (CAN)
  • SALPay (SAL)
  • NEVERDIE (TPT)
  • NEO Smart Economy (NEO)
  • Vezt (VZT)
  • OAX (OAX)
  • VeChain (VET)
  • FidentiaX (FDX)
  • Ripple (XRP)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)
  • Monero (XMR)
  • ZCash (ZEC)
  • Stellar Lumens (XLM or STR)
  • Bitcoin Cash (BCH)
  • Digital Cash (DASH)
  • New Economy Movement (XEM or NEM)
  • STOX (STX)
  • Augur (REP)
  • QTUM Foundation (QTUM)
  • TRON Foundation (TRX)
  • United Bitcoin (UBTC)
  • SophiaTX (SPHTX)
  • Dent (DENT)
  • Indorse Token

Commissions and Spreads

Traders on the Qryptos platform will be charged the following fees:

Trade Volume (30 days trailing) Maker Taker
< ฿600 -0.075 0.15%
>= ฿600 -0.075 0.15%
>= ฿1200 -0.075 0.15%
>= ฿2400 -0.075 0.15%

Please note: ฿ =Bitcoin

Deposits and Withdrawals Options

Funding and withdrawals on the Qryptos platform are done exclusively using cryptocurrencies. Fiat currency deposits are not allowed. The cryptos to use in funding or withdrawing from accounts include the following:

  1. Bitcoin
  2. Ethereum
  3. QASH
  4. Litecoin (LTC)
  5. Monero (XMR)

Traders can use fiat currency to secure these cryptos at exchanges like Coinbase or the sister exchange Quionex, and then use them to fund their Qryptos accounts for trading.

Bonus and Promotions

No bonuses or promotional offers are available on the Qryptos platform.

Customer Support

Customer support on Qryptos can be reached using several channels, but mostly on social media. There is no phone or email support. The channels with which to reach the Qryptos team are:

qryptos 1

Pros and Cons

Pros

  • Fast Trades: Efficient trade execution is performed by QUOINE’s matching engine, which is capable of processing nearly one million transactions every second.
  • Access to market research tools such as interactive charts, trading indicators, and other technical analysis tools.
  • 2-factor authentication and multi-sig wallets provide cold storage for cryptos.
  • Access to the trading of multiple cryptocurrencies.
  • Easy sign-up process which allows existing Quione clients to trade on Qryptos with their existing login details.
  • API: The Qryptos platform features an open API for easy access to some of the platform’s key features.
  • Cross-exchange trading through World Book to be launched very soon.
  • Very attractive and competitive fee structure, which grants market makers a 0.075% rebate on trades.

Cons

  • Slippage-like price variations may occur on illiquid pairs.
  • Smartphone and tablet trading not yet available.

FAQ

  • Is Qryptos regulated?

Yes. Qryptos is owned by a JFSA-regulated company.

  • Where is Qryptos based?

Qryptos is owned by a fintech firm that is based in Japan.

  • How does Qryptos make money?

Qryptos charges taker fees on all transactions on its platform.

  • How do I deposit in Qryptos account?

Qryptos accepts deposits using specific cryptocurrencies. Bitcoin, QASH, and Ethereum are the most popular.

  • How do I withdraw money from Qryptos?

You can withdraw your funds from Qryptos using cryptos such as QASH, Bitcoin, and Ethereum.

  • Is Qryptos reliable?

Quick trading on Qryptos is not yet reliable as slippage-like conditions can occur on illiquid pairs. However, the launch of World Book, the cross-exchange trading product may make Qryptos more reliable to trade with.

  • Is Qryptos a scam?

No. Qryptos cannot be classified as a scam as there are no reports of anyone having had their monies stolen. However, users have lost money to slippage-like conditions on quick trading.

  • How safe is Qryptos?

Qryptos seems to be a safe platform to deal with. However, it is advised not to perform quick trades until the World Book platform is launched.

Conclusion

Qryptos is a new kid on the lock as far as cryptocurrency exchange business is concerned. Therefore, it does not have a lot of history behind it and whatever conclusion can be drawn about this software and its reliability is purely obtained from the feedback of actual users.

Qryptos offers what is known as quick exchange trading. This is the cryptocurrency trading equivalent of scalping in forex. It involves making a quick trade in and out of a cryptocurrency on an uptick. Since cryptos are basically traded in pairs, it would involve using a token already owned to purchase another token, and when sufficient uptick (for long orders) or downtick (for short orders) is obtained, an exit is performed by re-exchanging the pairs. Many users have complained about wide deviation in prices at the point of trade entry, leading to immediate losses. This has been blamed lack of liquidity on many pairs. The question is: why offer a type of exchange trade without adequate liquidity if it will make users incur losses?

Qryptos is planning to launch a product known as World Book, which will promote cross-exchange trading. This is expected to solve the liquidity issues, but will by no means compensate traders who have already lost money on the quick exchange. Therefore, users are advised to stick to just the QASH/ETH pairing until the problems with price variations are sorted out.

QRYPTOSUser Reviews

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QRYPTOSFeatures

Coins Available
  • Bitcoin
  • Ethereum
  • Ethereum Classic
  • Ripple
  • Litecoin
  • Zcash
  • Monero
  • Stellar
  • Bitcoin Cash
  • Augur
  • Dash
Accepted Countries
  • Australia
  • Cameroon
  • Chad
  • Canada
  • Denmark
  • France
  • Greece
  • Haiti
  • Iceland
  • Libya
  • Mexico
  • Nepal
  • Belize
  • Romania
  • Cape Verde
  • Senegal
  • Sri Lanka
  • United Kingdom
  • Eritrea
  • Gambia
  • Indonesia
  • Lebanon
  • Angola
  • Malta
  • Bahamas
  • Benin
  • Chile
  • Ghana
  • Gibraltar
  • Grenada
  • Guinea-Bissau
  • Tonga
  • Kenya
  • Finland
  • Namibia
  • Oman
  • Jamaica
  • Palau
  • Solomon Islands
  • Kyrgyzstan
  • Tunisia
  • Peru
  • Sweden
  • Trinidad and Tobago
  • Yemen
  • Bahrain
  • Bulgaria
  • Colombia
  • Cyprus
  • Algeria
  • Burkina Faso
  • Cambodia
  • Saint Lucia
  • Russian Federation
  • Kuwait
  • South Sudan
  • Tanzania
  • Turkey
  • Virgin Islands, British
  • Malawi
  • South Korea
  • Maldives
  • Netherlands
  • Botswana
  • Qatar
  • Saint Kitts and Nevis
  • Saint Vincent and the Grenadines
  • Taiwan
  • Tuvalu
  • Vatican City
  • Uruguay
  • Malaysia
  • Moldova
  • Nauru
  • Papua New Guinea
  • Zambia
  • Andorra
  • Bolivia
  • Afghanistan
  • Laos
  • Dominican Republic
  • Mauritania
  • Egypt
  • Gabon
  • Morocco
  • Vietnam
  • Swaziland
  • Nigeria
  • Austria
  • Barbados
  • Bosnia and Herzegovina
  • Djibouti
  • Equatorial Guinea
  • Comoros
  • Estonia
  • Fiji
  • Ethiopia
  • Mali
  • Hong Kong
  • Ireland
  • Italy
  • Philippines
  • Uganda
  • Poland
  • Madagascar
  • Sierra Leone
  • Vanuatu
  • Panama
  • Portugal
  • Samoa
  • Albania
  • Burundi
  • Guinea
  • Armenia
  • Bangladesh
  • Lithuania
  • Kiribati
  • Belgium
  • Saudi Arabia
  • Timor-Leste
  • Bhutan
  • Mongolia
  • Cayman Islands
  • Myanmar
  • Niger
  • Rwanda
  • Sao Tome and Principe
  • Slovakia
  • Czech Republic
  • Thailand
  • United Arab Emirates
  • Ecuador
  • Germany
  • India
  • Liechtenstein
  • Luxembourg
  • Marshall Islands
  • Monaco
  • Mozambique
  • New Zealand
  • Pakistan
  • Togo
  • Uzbekistan
  • Antigua and Barbuda
  • Argentina
  • Guyana
  • Kazakhstan
  • Lesotho
  • Central African Republic
  • Norway
  • Paraguay
  • San Marino
  • Spain
  • Suriname
  • Switzerland
  • Tajikistan
  • Guatemala
  • Honduras
  • Mauritius
  • Nicaragua
  • Singapore
  • Somalia
  • Brazil
  • Brunei
  • China
  • Costa Rica
  • El Salvador
  • Azerbaijan
  • Georgia
  • Hungary
  • Israel
  • Jordan
  • Latvia
  • Micronesia
  • Seychelles
  • South Africa
  • Turkmenistan
  • Ukraine
  • Isle of Man

Payment Method

Deposit Options
Wire Transfer, cryptocurrency
Withdrawal Options
Wire Transfer, cryptocurrency
Company Information
Exchange DetailsInfo
Headquarters CountryJapan
Foundation Year2014
Typeexchange
Trading AllowedYes
Contact Information

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