Cryptology Exchange Review

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Written by

https://decentralised.news/

3 years ago

Cryptology digital asset platform is operated by Cypher OÜ, a private limited liability company that is incorporated in the Republic of Estonia. The platform effectively provides digital assets to fiat and fiat to digital assets exchange services.

Headquartered in Singapore, Cryptology also has a presence in London and Moscow. In order to be able to trade on Cryptology a user needs to first sign up and pass the verification process. The platform is accessible via desktop and mobile. The mobile app is available on both Android & iOS.

Positives

Users can find a wide range of crypto assets on the platform including: BTC, ETH, XLM, BCH, USDT, and many more.
Instant purchases of crypto using EUR or USD.
Spot trading.
Institutional clients have access to the OTC desk.
Cryptology accounts can be funded by depositing crypto assets or fiat currencies using a bank card (Visa/Mastercard) or wire deposit.
The exchange offers perpetual futures contracts on BTC/USD and these have no expiration date which means traders hold positions indefinitely without any rollover or overnight fees.
Affiliate program offers up to 30% of the trading commissions made from your referrals.
Cryptology has interest-earning accounts which allow users to earn up to 15% interest on their digital assets.

Source: https://cryptology.com/app/next/earn

Negatives

Deposits don’t always reflect immediately since it depends on the blockchain network used and how fast transactions are confirmed if depositing crypto. The same goes for fiat transactions which are also dependent on bank processing times.
Currently Cryptology only enables fiat withdrawals for institutional clients in the EEA.
Exchange services are not available in some jurisdictions including the USA and Japan.
Margin trading is not available on the spot exchange.

Exchange Fees

Trading fees on Cryptology are currently 0.2% maker, 0.2% taker and the deposit options users have are debit or credit card which has a 2,65% fee on deposits and the minimum deposit amount is $25 or €20). When depositing in Russia Ruble (RUB) then the fees on debit or credit cards deposits are 2,65% fee and the minimum deposit is ₽1000). EUR SEPA deposits have a 0,45% fee with a minimum of €1 and only from banks in Austria, Switzerland, and Germany. Wire transfers have no fees from Cryptology however, the minimum deposit is $25 or €25 and a charge may come from the banks which process the wire transfers. Fiat withdrawals to bank cards are currently not available and there is a wire transfer fee of €7 fee and minimum €50 withdrawal fee for institutional accounts and only between SEPA bank accounts.

Trading Fees

Deposit & Withdrawal Fees

Conclusion

Cryptology seems to be a decent trading platform and there haven’t been reports of security breaches on the platform. Also they have good reviews on platforms like TrustPilot. Although not a high volume exchange like some of the reputable names in the industry including the larger crypto exchanges such as Kraken, Gemini, Coinbase, Binance, KuCoin, OKEx, PrimeXBT, or FTX, it is still a usable platform.

Source: https://www.trustpilot.com/review/cryptology.com

Cryptology still has a long way but it’s slowly climbing up the ranks to compete with the likes of Bit2Me, CEX, Bitmart, and others. Feel free to check out our other in-depth reviews of exchanges such as Phemex, Stex, GMX, Upbit, BitFlyer, Liquid, and many more.