Kriptomat Review 2023: How Does It Compare & Is It Safe?
Cryptocurrency exchanges have been a hot topic in the cryptocurrency space for a while now. Many exchanges have come and gone, many scams have been exposed, and many investors have lost a lot of money. Kriptomat sees itself as different - is this true?
Kriptomat wants to be an easy-to-use cryptocurrency exchange platform. They also want to be transparent and fair, as well as help brings cryptocurrency adoption mainstream.
Is this all hype, or do they actually have the potential to make a positive impact on the industry? Let's take a closer look at what Kriptomat offers.
Kriptomat is a cryptocurrency exchange established by a Slovenian company. It was founded in 2017 and had been gaining popularity ever since.
According to Kriptomat's website, they are the first fully licensed operator that allows users from 30+ countries to buy and sell cryptocurrencies with fiat money (national currencies). In addition, more than 70 virtual currencies are available for purchase and sale.
Kriptomat is registered with the Financial Intelligence Unit (FIU), which means that all customers' personal information and cryptocurrency holdings are always protected.
As a customer, you can:
- Deposit and withdraw money easily with multiple payment options
- Buy and sell bitcoins and other cryptocurrencies
- Develop your own wallet or import an existing one
In the end, you will receive a Kriptomat user account and a secure 12-word passphrase, which is all you need to access and manage your transactions.
Pros And Cons Of Kriptomat:
Ideal For Beginners:
Kriptomat is easy to use, even for those who are new to cryptocurrencies. It's so accessible because the process only requires you to have a bank account, verify your identity, and purchase Bitcoins.
Easy To Use:
The website's interface is easy on the eyes, and its simplicity makes trading an enjoyable experience.
Once signed up for a Kriptomat user account, all you need to do is deposit funds with credit or debit cards or alternative payment options offered on their website. You may then buy Bitcoins using your deposited money and begin trading with the cryptocurrencies that you want.
Kriptomat's registration requires you to submit personal information, and your identity is verified by a third party, so you can be sure that all your cryptocurrency holdings are well-protected.
Kriptomat's website has many resources to help you understand Bitcoin and other cryptocurrencies better. For example, they have guides available for customers who are not well-versed in the technical aspects of cryptography.
Kriptomat has a mobile app that allows you to check your balance, review your transactions, and keep track of cryptocurrency prices.
Multiple Payment Methods:
You can buy Bitcoins with credit or debit cards, wire transfers, SEPA, iDEAL, SOFORT, GiroPay, and EPS. For bank deposits, they accept national currencies from more than 30 countries, including the United States.
No Hidden Charges:
Kriptomat does not charge any extra fees for cryptocurrency purchases
No Margin Trading:
Kriptomat offers no margin trading because it supports only spot transactions. However, this gives the platform an extra layer of credibility.
It Has A Small Trading Volume:
While the website boasts of an extensive range of cryptocurrencies to choose from, not all are available for purchase and sale at the same time. This may be problematic if you want to sell or buy quickly because it could take some time until your order is fulfilled.
No Advanced Tools:
Although the website has educational resources on cryptocurrency trading, it does not offer any advanced tools for experienced traders.
If you want to use Kriptomat's services, you must register with your name and an email address. Although they verify users' identities, the fact that it is not anonymous makes some customers uncomfortable.
Small Support Team:
There is a small support team at Kriptomat because of the low number of complaints received by the company. However, their website has a good FAQ section, and they update their social media accounts regularly.
How Does Kriptomat Work?
Kriptomat is a website that allows you to buy cryptocurrencies with fiat currency. The company was established in 2018 by two Slovenian entrepreneurs who are passionate about blockchain technology.
To begin using Kriptomat, you must create an account on the platform by verifying your identity through Know-Your-Customer (KYC) procedures. Once you have successfully created an account, you should deposit money using credit or debit cards, wire transfers, SEPA, iDEAL, SOFORT GiroPay, and EPS.
When your deposited funds reach the platform's account (this may take up to one day), you will be able to buy Bitcoins with the amount that you deposited. Once you have bought Bitcoins, you can begin trading with them to get the cryptocurrencies that you want.
How To Create A Kriptomat Account?
- Go to the sign-up page on the official Kriptomat website https://kriptomat.io/.
- Enter your email address and password, agree to their terms of service, and click on 'Register' at the bottom of the page.
- An email will be sent to you with a link that you need to click on to confirm your email address.
- You will be directed to a new page where you will have to enter a valid phone number and select a security question.
- Complete the next few steps by entering more personal information such as your name, date of birth, and ID document data. You will also have to upload a photo of your ID document to complete the verification.
- You will be asked if you'd like to enable SMS notifications, customize your account settings, or close your Kriptomat account.
- After completing these steps, you should receive an email informing you that your account has been successfully verified!
- To deposit funds, click on the 'Wallet' tab and select how much you want to deposit. You can choose either Bitcoin or Euros. If you already have Bitcoins, you can send them to your Kriptomat wallet by selecting 'Receive.'
- The next step is to go back to the 'Funding' tab and click on 'Deposit' if you want to deposit Euros.
- You will be asked for your bank account number, which you should enter in international format (for example, IBAN). You must also enter the number of the primary account holder and the SWIFT/BIC code.
- Enter how much you want to deposit and make sure that the information you entered is correct.
- Once your deposit has been successfully made and reaches Kriptomat's account, you will receive a notification and can begin trading!
Is It Safe To Use Kriptomat?
The platform has done all of its homework on the legality so that customers would not have to worry about legal issues when dealing with their money.
Kriptomat is a reliable cryptocurrency trading platform that provides security services to its users. It has been approved by the Financial Intelligence Unit of Slovenia and registered with the Bank of Slovenia, so it complies with all legal requirements when it comes to anti-money laundering (AML) and counter-terrorism financing (CTF). Furthermore, the company does not work with fiat currencies that come from countries that are sanctioned by the Financial Action Task Force.
The platform is also secure because it uses HTTPS security certificates issued by Comodo, an internationally recognized certification body. Kriptomat lets you nominate your own wallet address when depositing cryptocurrencies to their system. Your Bitcoins will always be stored in an offline wallet, so hackers won't be able to access them. Also, it offers the following security measures:
- Cold Storage: All customer money in the hot wallet is 100% covered by a reserve fund, which means that all of your money is kept offline.
- 2FA Authentication: Kriptomat offers two-factor authentication to make sure that only you have access to your account.
- Multi-Signature Wallets: You are in total control over your funds with this feature.
- Strict Monitoring: Kriptomat monitors suspicious trading activities, so it can prevent money laundering.
Is Kriptomat Reliable?
The company has been offering its services since 2017 and hasn't had any complaints from customers. The platform is available 24/7 and offers support via Skype and email, and can also be reached through social media platforms.
The website is user-friendly, but the only downside is that it isn't available in all languages yet. Kriptomat has proven to be reliable, so there's no reason not to trust them with your money!
How Is The Customer Support Service Of Kriptomat?
Kriptomat offers support via Skype, e-mail, and social media. To contact them, use the following links:
- Skype: kriptomatCS
- E-mail: [email protected] or simply click on 'Submit a request at the bottom of their homepage https://kriptomat.io/
- Facebook: https://www.facebook.com/kriptomat/
- Twitter: https://twitter.com/Kriptomat?lang=en
- Reddit: https://www.reddit.com/user/Kriptomat_io
The customer service is available 24 hours a day and can be reached through these links.
How Long Does It Take For Kriptomat To Process My Order?
Your funds should reach your account within 6 working hours because the company uses EU bank accounts. The platform has also proposed an express delivery option that lets you get your money in 15 minutes, but this service costs 2% of the transaction value. To make use of this service, you will need to contact the support team before placing an order.
Is It Safe To Buy And Sell Cryptocurrencies On Kriptomat?
The platform has been used by more than 25,000 users, while the number of transactions has exceeded 3 million. Another criterion that makes Kriptomat a good choice is its low fees. It charges a 1% commission for BTC-EMC2 trades, which is definitely lower than with other exchanges.
Also, the company has done its research on mitigating market risks to ensure that you don't lose money through price fluctuations. The platform uses a spread making it more stable and reducing losses from price volatility by 3%.
The only downside is that there are not many cryptocurrencies to choose from, but they will expand their selection in the future. For now, here's a list of all supported currencies:
Bitcoin (BTC), Litecoin (LTC), DigitalCash (DASH), Einsteinium (EMC2), Monero (XMR). Kriptomat offers security services and low fees that make it a preferable place to trade cryptocurrencies. If you haven't tried it yet, you should consider signing up!
Who Should Use Kriptomat?
- Traders who are seeking to increase their investment portfolio.
- Users are willing to buy Bitcoin, Litecoin, DigitalCash, Einsteinium, and Monero with fiat money.
- People who want an easy-to-use platform that doesn't require them to take any additional steps after signing up.
- People who are looking for a reliable online platform.
How Is The Mobile App Of Kriptomat?
The platform has a mobile application, which users can download from Google Play or the App Store. The great thing about having a mobile version is that you don't have to wait until you come home to check your balances.
You can simply check them wherever and whenever it's convenient for you. Kriptomat has a user-friendly mobile app, which makes it easy to use and convenient for people on the go.
What Does The Kriptomat Platform Look Like?
When registering, users have to provide their full name and phone number.
The Login Page:
Where you input your username and password to access the platform.
Where you can see current balances and recent transactions for each currency within your account, you can also change your passphrase here or add/remove email from 2FA.
This is where your crypto holdings are stored.
Where you can change your account's passphrase and 2FA settings and update your e-mail address.
News & Education:
A section that provides useful information for traders. You can also access the blog here.
An extensive list of FAQs with answers.
This section shows your current balances and recent transactions for the selected crypto-currency. You can change your wallets, exchange coins, learn how to buy Bitcoin, see newly added coins on the platform, or work with events.
There are many helpful tools that allow you to easily manage your portfolio. Kriptomat is a platform that offers you all the features you might need.
Kriptomat has a user-friendly interface, which makes it easy to navigate the site and use its services. It has separate sections for each task, so you can easily switch between them if necessary. The layout of the page is well thought out, which ensures an optimal user experience.
Kriptomat has a mobile application that users can download from Google Play or the App Store. The app allows you to easily manage your account, track current balances and recent transactions for each currency within your account, change your passphrase, update your email address for 2FA, save new coins to buy later, learn how to buy Bitcoin, see newly added coins on the platform, or work with events.
What Are The Competitors Of Kriptomat?
Coinbase was started in 2012 and offers both a wallet service and an exchange for fiat currencies, as well as trading with cryptocurrencies. It has many of the same features as eToro, such as instantly buyable cryptos, customer support, and more.
It also doesn’t allow traders from certain countries, including the US. It’s important to note that Coinbase holds all crypto assets in cold storage and provides its users with insurance protection for hacked funds.
However, Coinbase charges a 1.49% fee per trade – which can be very expensive compared to other exchanges – and doesn’t offer copy trading.
Both of these exchanges are great choices depending on your needs, but you’ll need to decide what is most important for you before signing up with either option. If you want instant buys with fiat currencies and less expensive fees, eToro is the better choice. You can also choose to copy trade with eToro, which makes it better suited for new traders who are looking for someone else to take the lead.
On the other hand, if you want trading of cryptos directly with low fees and more choices in supported countries, Coinbase is a good option. It’s important to do your own research to see if either of these exchanges is right for you. However, both exchanges are very secure and reputable.
Kucoin is a Cryptocurrency Exchange based in Hong Kong that opened in September 2017. KuCoin started with just BTC and ETH trading pairs but has since expanded to over 70 tradable assets, including NEO, EOS, USDT, Tether, and many popular cryptocurrencies such as Litecoin and Ethereum Classic.
Kucoin emphasizes security, with its system being protected by two-factor authentication. They also have a live chat service for trading issues and other customer support services that are available 24/7.
The website is cleanly laid out with the most relevant information right at your fingertips. It is easy to navigate using either a desktop or mobile device. KuCoin's website is also available in English, Traditional Chinese, Russian, Korean and Japanese.
The main advantages of KuCoin are the low transaction fees - as they charge a flat fee of only 0.1% per trade - and the NEO-based market that is available for those who hold GAS.
Also, KCS holders receive 40% off those trading fees every day. Another convenient aspect of Kucoin is its user-friendly interface which makes it easy to use and trade.
Robinhood is a financial services company headquartered in California. It provides an online brokerage service that caters to individual investors of stocks, options, ETFs, and cryptocurrency. Robinhood was founded in 2013 by a couple of Stanford University graduates.
They wanted to bring a no-fee stock trading experience to individual investors, and they were able to do so successfully after launching their mobile application in 2015. The mobile app gained a lot of popularity, and over 1 million people were using the service by May 2017.
Since 2018, Robinhood has added cryptocurrency trading options to its mobile platform. Before this, holders of cryptocurrencies would have to store their assets either on wallets or exchanges like Coinbase and Binance.
Robinhood seems to be a good option for millennial investors who are interested in trading stocks and seeing how the market works. The platform allows users from other countries to gain access to U.S. markets, but they will have to go through their local brokerage service if they want to trade other assets like options, ETFs, or mutual funds.
One of the biggest differences between other broker's platforms is that non-Robinhood stock trading platforms charge regular commissions and fees.
Robinhood charges no commission and doesn't require a per-share trade as most brokers do. This fee structure helps to keep the cost of investing low for Robinhood users, allowing them to invest their money more effectively.
Other than this, Robinhood does it all. It's available on iOS and Android devices, allowing users to access their accounts on the go.
They also offer a web-based option for customers who prefer not to download any apps. Robinhood even offers its own stock called Robinhood Gold, which is an upgraded service that allows investors to buy pre- and after-market trades.
This removes the requirement of waiting until the market opens to make an investment, allowing traders to jump on opportunities as soon as they present themselves.
Now that we have learned about Kriptomat and its competitors let us understand what Cryptocurrency and Cryptocurrency exchange is.
What Are Cryptocurrencies?
Cryptocurrencies are digital assets designed to work as a medium of exchange using cryptography to secure transactions, control creation, and verify that all participants in the network agree with the transfer of value.
How Does Cryptocurrency Work?
Here are the steps for a transaction between two parties:
- Alice sends Bob 1 BTC using her digital wallet. This transfer is sent to an address that holds all unspent transactions and is saved in the Blockchain.
- The amount of BTC transferred from Alice's account gets updated immediately on the Blockchain ledger, which acts as a public accounting record.
- Alice's wallet now has a new unspent transaction to show that she now owns 1 BTC fewer than before, and Bob's wallet now shows that he now owns 1 BTC more than he did before the transfer occurred.
- The public ledger also contains information about the transfer of value between Alice and Bob, which ensures that the transaction is valid.
- Bob sends Alice some ETH tokens in exchange for the BTC she sent him using his wallet. He calculates how much ETH he owes her by converting 1 BTC to its current market value of around 200 EUR.
- A transaction between two parties within the Blockchain occurred. This transaction cannot be tampered with or reversed.
What Are Cryptocurrency Exchanges?
A cryptocurrency exchange is a website that provides a service for investors to trade cryptocurrencies and digital tokens for other cryptocurrencies and digital tokens or fiat currencies.
How Does Cryptocurrency Trading Work?
Find An Asset You Want To Buy:
This could be BTC, ETH, XRP, LTC, or any other cryptocurrency that interests you.
Choose A Trading Pair:
The BTC/ETH pairing means that 1 BTC is worth how much ETH? This will be determined by the prices on the exchanges, and most likely, they will not be exactly the same. They often fluctuate in value, both up and down.
Buy At Your Price:
The trade window will have a place where you can input the price you are willing to pay for each cryptocurrency.
Sell Your Assets At Your Price:
The trade window will have a place where you can input the price you are willing to sell. This is not always the same as the buy price because if you set it higher, a trader may not sell at that price. If you set it lower, a trader may buy all your assets and sell them later after the price has increased.
You Either Have A Profit Or A Loss:
This is self-explanatory! You made or lost money depending on whether your trading pair went up (profit) or down (loss).
What Is Cryptocurrency Exchange?
A cryptocurrency exchange (also known as a digital currency exchange or cryptocurrency exchange) is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or different digital currencies.
Why Do You Need a Crypto Exchange?
These exchanges are evolving in a fast-changing environment, ranging from increasing regulatory scrutiny to adding different features. Some old cryptocurrency exchanges are closed permanently.
Some new centralized cryptocurrency exchanges have appeared on the landscape recently, offering attractive fee structures to attract traders, but they lack the robust trading volumes expected by financial industry professionals.
The cryptocurrency exchange market is experiencing a dramatic shift in consumer behavior and investor demographics. More people are signing up every day, while traditional traders are going towards less-expensive platforms.
This change has been a long time coming since retail traders have always been the backbone of cryptocurrency trading. Cryptocurrency exchange platforms offer a gateway for people to invest in cryptocurrency as well as copy successful trader's profiles using an investment strategy known as "copy-trading."
Why Are There So Many Different Types Of Cryptocurrency Exchanges?
The main categories of cryptocurrency exchanges are the following:
Traditional Cryptocurrency Exchanges:
These are fiat exchanges that allow both cryptocurrency-to-cryptocurrency and fiat currency-to-crypto trading. These types of platforms not only allow you to buy cryptocurrency with USD or Euro but also offer a service where you can exchange your existing cryptocurrencies for US Dollars or Euros if necessary.
Pure Cryptocurrency Exchanges:
These allow cryptocurrency-only trading and don't accept or offer any funding in fiat currencies.
These are the least common type of exchanges, and they only allow cryptocurrency-to-fiat currency trading, but not vice versa. They don't actually hold your assets (they partner with regulated banks) and charge a fixed fee per transaction.
Choosing Guide For Crypto Exchange:
The main criteria when choosing a crypto-exchange is to check if they provide sufficient liquidity and reasonable fees, but that doesn't mean that they win on all criteria.
The first-ever Bitcoin Exchange at Bitcoin-Central was closed down in 2014 due to a security breach, even though it had sufficient liquidity for Bitcoin-Central to operate properly.
The main criteria when choosing an exchange are security (of both funds and personal data), fee structure, liquidity, performance/ease of use, technical analysis tools & research tools, customer service, user experience, and withdrawal limits.
Why Do Cryptocurrency Exchanges Get Hacked?
Cryptocurrency exchanges get hacked because they don't have the necessary security measures in place to protect themselves from external theft. Some trading platforms have been targeted by phishing scams, while others have been breached by hackers directly gaining access to their hot wallets or private keys stored on their servers.
Kriptomat offers a unique combination of both convenient fiat-crypto gateway, along with extremely strong security features and a user-friendly interface. As an unchangeable cryptocurrency exchange, they offer a great competitive advantage in what concerns security protocols and customer support.
They can't be shut down or hacked since they don't hold any private keys, and the cryptocurrencies are stored in cold wallets.
Kriptomat can also be used by beginners since they have integrated a robust set of technical analysis tools to help traders get started right away without needing any previous experience.