Kriptomat – review of the exchange
Kriptomat – is a platform that belongs to the company Kriptomat OÜ. It was established as a start-up and is based in Estonia. In addition, a company subsidiary is also located in the Slovenian capital of Ljubljana. The company’s core, which consists of a product and development team, operates here.
Another country with strong links to the Kriptomat.io exchange is Serbia. At the moment, the platform is supported by approximately 40 employees. It should be pointed out that employee turnover here is extremely low, as most have been co-creating the whole program for more than six years inseparably. The team that initiated the creation of the exchange has a lot of experience in this field.
The above-mentioned entities previously dealt with the subject of digital marketing. The marketing company was called Sputnik. As versatile people, they also contributed to a CRM project called Platformax, which is present in 16 countries. Everyone who works there speaks openly about the fact that cryptocurrencies and blockchain technology are their passions. According to the founders of Kriptomat, the passion for digital marketing and cryptocurrencies can lead to revolutionizing everyday life. When creating a project in the field of finance, it was also necessary to hire specialists in security, infrastructure, corporations, and law. All of the above were met to run the exchange in compliance with the law and state regulations.
How do I register an account on the Kriptomat stock exchange?
Kriptomat’s founders intended for the entire process of starting financial activities on the exchange to be based on the correct legal standards. In practice, this translates into proper verification of entities that participate in trading funds on the platform.
Verifying an account on Kriptomat is a simple, transparent process and does not take much time. The entire procedure involved in setting up an account and uploading the relevant documentation can be completed in about five minutes. What does it look like step by step?
The registration process is quite simple and we have decided to present it in a few steps.
- Fill in the form and upload all the necessary documents required – verification takes no more than 5 minutes.
- The next step is to determine the method of depositing our funds – credit card or bank transfer.
III. We deposit funds into our new account.
- At this point, we need to choose which cryptocurrency we want to use.
- We specify the amount we want to deposit.
- The final step is to click the “BUY” icon and we will receive our funds.
After that, it’s all up to you – you can wait a certain amount of time, sell at a profit and withdraw the funds as euro currency, or transfer the cryptocurrency to another wallet or cryptocurrency exchange.
What types of accounts are there on Kripomat?
Kriptomat offers one type of account. The entire registration process is described in the paragraph above.
An account on Kriptomat.io allows us to:
- store our cryptocurrencies.
If we care about currency trading, we should add a traditional bank account to our account.
What cryptocurrencies can we buy on the platform?
Kriptomat offers quite a large base of cryptocurrencies for its clients. Some of the noteworthy ones are:
- Bitcoin (BTC),
- Ripple (XRP),
- Ethereum (ETH),
- EOS (EOS),
- Litecoin (LTC),
- Stellar (XLM),
- TRON (TRX),
- Bitcoin Cash (BCH),
- Cardano (ADA),
- Monero (XMR),
- IOTA (IOTA),
- Dash (DASH),
- NEO (NEO),
- Ethereum Classic (ETC),
- NEM (XEM),
- Zcash (ZEC),
- Augur (REP),
- Gnosis (GNO),
- 0xProject (ZRX),
- OmiseGO (OMG),
- Enjin (ENJ),
- Status (SNT),
- SunContract (SNC),
- Metal (MTL),
- Civic (CVC).
How do I buy cryptocurrencies on Kriptomat?
Buying any cryptocurrency on Kriptomat is extremely simple. The platform offers a calculator and a total overview of the odds to help us make the right decision. The homepage has intuitive tiles with different cryptocurrencies. Once you have made your choice, the system automatically converts the amount you receive to EUR 100, EUR 200, EUR 500, and EUR 1,000.
The process of depositing funds
It is essential to highlight that Kriptomat operates across many countries and continents, but deposits in fiat money only include Euro. This arrangement has an advantage – a fixed fee of €1 per transfer. This refers to the transfer of funds between your account and the exchange. As you can see, depositing and withdrawing funds from the exchange is highly advantageous. Withdrawing funds involves a small commission. If we want to know the price list, it is worth going to this website: https://kriptomat.io/fees-and-limits/.
Fees and commissions at Kriptomat
Kriptomat charges a percentage commission on the transactions made within the exchange. The commission in terms of trading is 1.45% on the amount that results from the purchase or sale of a cryptocurrency/fiat currency. If a transaction is made with a debit or credit card, the commission is 5.1 %, but this is only charged once the transaction amount exceeds €100. There is no commission for withdrawals. The minimum amount that allows you to trade on pairs is €30. The minimum amount that can be deposited via SEPA is €35.
Kriptomat affiliate program
It is worth noting that Kriptomat has an exciting form of affiliation on offer. The referral program can provide an additional source of income for many people. The method of earning through referrals is as follows: when the person you refer makes any transaction on the exchange, a part of the exchange’s profit goes to you – you receive an additional commission for the referral,
-the exchange receives a new client. The commission for referring a client is EUR 10.
Advantages and disadvantages of Kriptomat
The establishment of the exchange is mainly based on the legality and security of the transactions. In this case, the Estonian Anti-Money Laundering and Terrorist Financing Authority and the Financial Intelligence Unit issued the license.
Kriptomat is licensed to safely and legally exchange cryptocurrencies for traditional money and provide services for virtual currency wallets. In practice, this translates into the fact that, at the moment, this platform is one of the safest exchanges on the market.
Another advantage of Kriptomat is the fact that the platform allows the use of card payments. In addition, it supports 13 digital currencies and six traditional currencies. The entire software is intuitive and straightforward for users. Moreover, Kriptomat is translated into 23 foreign languages. The platform is available on Android and IOS devices. Kriptomat also combines low commissions with a trusted and legitimate service, which is a huge plus.
In the updates to this review, the user indicated that some funds were given to him, but that he waited a very long time for the whole process. The Kriptomat exchange itself responded to this review.
The Kriptomat exchange indicated that:
“the platform is heavily regulated from a legal and procedural point of view:
Thank you for your review. As a regulated and licensed company, we follow strict AML (Anti Money Laundering) procedures to protect our users and business. We work closely with our banking partners and regulators to ensure a safe environment for all parties. As part of this, we carry out regular, industry-standard checks on the sources of funds deposited by our users into our system. As with all financial organizations, funds are withheld from our banking partners or our system during these checks. The bot withholds the funds for no longer than five working days. After this period, the funds are returned to the sender’s account. Unfortunately, in some cases, users cannot explain the source of their funds or are unwilling to cooperate with our team. This happened in the above case, and the funds were returned to the user. We are very sorry for not meeting the user’s expectations, but we make no exceptions when it comes to AML and compliance.”
As you can see, despite the amount of pressure being put on the platform and the negative reviews, it has shown that its compliance with procedures comes first. This is important for those who value proper procedure in the financial world.