Review: Kriptomat cryptocurrency exchange
- Fiat currencies
- 10
- Supported assets
- 347
Our verdict
Buy, sell, store and save on a user-friendly, security-conscious cryptocurrency exchange.
Kriptomat provides a clean and organised platform for both new and experienced cryptocurrency investors. Although lacking some of the advanced features offered by other exchanges, such as margin and derivatives trading, the intentional removal of these features helps to keep the platform user-friendly. Although fiat to crypto fees are on the high side, the ability to exchange cryptocurrencies without a transaction cost means Kriptomat offers some of the lowest fees in the market. The flexibility to transfer cryptocurrencies in and out of Kriptomat’s digital wallet is also a huge bonus.
For frequent and active cryptocurrency investors who wish to utilise margin and derivatives trading or want the ability to actively stake cryptocurrencies, other platforms will trump Kriptomat on features. However, for those looking for a clean, security-conscious exchange, with a good range of cryptocurrencies, Kriptomat ticks a lot of the boxes.
Pros
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Low crypto to crypto fees. With zero fees for crypto to crypto exchanges, Kriptomat's fees are some of the lowest on the market.
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User-interface. The interface on Kriptomat is easy for even inexperienced cryptocurrency investors to grasp.
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Digital wallet. Use of the exchange comes with the use of Kriptomat's digital wallet for free.
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Range of cryptocurrencies. The breadth of cryptocurrencies on the platform is larger than most.Fiat to crypto purchases. Users can buy cryptocurrencies directly with fiat.
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Security. The security features on Kriptomat are of the highest quality.
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Regulated. The exchange is regulated by the Estonian government and EU legislation.
Cons
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Centralised. The cryptocurrency exchange is centralised. If a user leaves cryptocurrencies on the exchange they do not truly hold full control. For full control, a user needs to remove cryptocurrencies from the exchange.
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Range of fiat currencies. While having the option to purchase cryptocurrencies is good, the exchange only offers that option with GBP and major EU fiat currencies.
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Lack of features. While doing the simple things extremely well, the exchange does lack advanced features offered by other platforms.
Details
Product details
| Product Name | Kriptomat Cryptocurrency Exchange |
| Fiat Currencies | EUR, USD, GBP, BGN, HRK, CZK, HUF, PLN, SEK, TRY |
| Cryptocurrencies | BTC, ZRX, ADA, BCH, EOS, ETH, ETC, FIL, XRP & 340+ more |
| Deposit Methods |
Credit card Neteller SOFORT Skrill SEPA |
| Trading Fee |
Cryptocurrency: 0.45% Credit card: 2.45% Skrill: 4.35% Neteller: 4.35% |
| Deposit Fees | Credit card: 1.99% |
| Withdrawal Fees | Cryptocurrency: Fees vary |
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Positioned for a European market, Kriptomat is a cryptocurrency exchange that was launched in Estonia in 2018. The company’s ambition is to bring cryptocurrencies to the mainstream by making the process of buying, trading and storing digital assets as easy as possible.
With a user-friendly interface, Kriptomat provides a comprehensive platform to “onboard” new cryptocurrency investors. The exchange provides clarity on fees, cryptocurrency education and access to the exchange’s digital wallet. Kriptomat is licensed in Estonia and regulated by EU law. To further increase flexibility, the exchange comes with both web and mobile formats.
What fiat currencies and cryptocurrencies are supported?
- Supported fiat currencies: EUR, USD, GBP, BGN, HRK, CZK, HUF, PLN, SEK, TRY
- Supported cryptocurrencies: Approximately 347 cryptocurrencies
Which payment methods are accepted?
- Credit card
- Neteller
- SOFORT
- Skrill
- SEPA
What’s it like to use Kriptomat?
With a clear focus on user-friendly design, Kriptomat’s exchange platform is easy to navigate, even for those unfamiliar with cryptocurrency exchanges. Users have the ability to buy, sell, trade and store cryptocurrencies within the exchange. More than 150 cryptocurrencies are currently available. Kriptomat charges no fees when making crypto to crypto exchanges, which is one of the best rates in the industry.
For those looking to gain insight into each cryptocurrency token, Kriptomat provides in-depth guides on all projects, including “How to Buy” video walkthroughs. Thanks to the leaner set of features, the exchange remains unintimidating yet completes the simple tasks well. Alongside facilitating trades, there is a digital asset savings account that can be utilised to earn interest. Customer support can be accessed via a ticketing system on the website.
Kriptomat mobile application
Utilise the mobile app to buy, sell, exchange and store cryptocurrencies on the go.
Get started
To start purchasing cryptocurrencies, along with the full suite of features within the Kriptomat application, a user must create an account.
Register
Although Kriptomat requires KYC verification, the exchange has tried to streamline the onboarding process.
Cryptocurrency listing
Buy, sell and trade up to 139 different cryptocurrencies through the Kriptomat application.
Buy and sell
Kriptomat’s simple and friendly user interface provides a clean and comfortable environment for those new to cryptocurrency investing.
Fees and limits
The trading fees and limits implemented on the Kriptomat exchange are easy to find and are very clear.
The fees below are accurate as of 11 January 2022.
Platform trading fees
| Buy/sell fee (euro to crypto & crypto to euro) | 1.45% (1.45 EUR minimum) |
| Credit card purchase | 3.45% Additional charges apply if the purchase is below 100.00 EUR |
| Crypto to crypto fee | 0.00% |
| Skrill buy | 5.35% |
| Neteller buy | 5.35% |
Deposit and withdrawal fees
Deposit fees
| SEPA fiat deposit | 0.00 EUR |
| Crypto deposit fee | 0.00 EUR |
Withdrawal fees
| Crypto withdrawal fee | Varies depending on the cryptocurrency. Example withdrawal fees include 0.0005 BTC, 0.0017 ETH, 0.02 XRP. The full list can be found here. |
Transaction limits
| Daily SEPA deposit and withdrawal | 25,000 EUR |
| Monthly SEPA deposit and withdrawal | 200,000 EUR |
| Crypto deposit and withdrawal | No limit |
| Daily limit for other payment methods | 500 EUR |
| Monthly limit for other payment methods | 5,000 EUR |
| Minimum trade amount | Variable |
| Minimum SEPA fiat deposit | 35 EUR |
Fees for buying 1,000 EUR of Bitcoin
When buying 1,000 EUR worth of Bitcoin, a 1.45% charge would be applied to the transaction. For a 1,000 EUR purchase, 1,014.50 EUR would need to be paid to cover the transaction fees.
How do I create an account at Kriptomat?
Kriptomat has tried to streamline the process of account creation as much as possible, which means creating an account through the application should be straightforward.
Additional features
Recurring buy
Kriptomat offers users the ability to set up frequent automated cryptocurrency purchases. Timing any market is almost impossible, which is why recurring purchases are useful. It removes the concern of volatile price movements and capitalises on dollar-cost averaging, a method implemented to avoid timing the market. Recurring purchases allow a user to set a date and frequency for cryptocurrency purchases. Purchases can then be automatically completed by Kriptomat without user input.
Kriptomat savings account
Kriptomat offers users the opportunity to place both fiat and cryptocurrency assets into an EU-regulated savings account. By depositing assets into the account, Kriptomat leverages those assets through a series of staking and reward accounts. The returns from those accounts are then passed back to the account holders. There is no lock-in period and rewards are returned at the start of every month. A savings calculator inside a Kriptomat account can offer an estimate of potential returns.
Customer support
Kriptomat offers users 2 options for customer support. These include:
- Ticketing system. On the Kriptomat website, there is an online form that can be completed. The question moves into a ticketing system which is then answered by a Kriptomat representative.
- Email. For support enquiries, users can also send an email directly to support@kriptomat.io
Is Kriptomat safe to use?
- Regulation. Kriptomat has no registered business in the UK, and therefore you won’t find it on the Financial Conduct Authority’s cryptoasset register. Kriptomat is licensed and regulated by the government in Estonia, and by EU legislation. As a licensed cryptocurrency exchange, the company must abide by the same laws and regulations as banks and financial institutions. The parent company, Kriptomat OÜ, was awarded an operating licence by the Financial Intelligence Unit in Estonia for providing a virtual currency service (licence number FVT000310). Due to the aforementioned regulations, Kriptomat implements thorough Know Your Customer (KYC) checks.
- Verification process. As an EU licensed cryptocurrency, exchange users must verify their identity and provide requested ID documentation. Deposits can only be made from verified bank accounts and no third party payments are accepted.
- Security features. Security on Kriptomat is a priority, with the exchange implementing protocols recommended by the “Code of practice for information security management and Cryptocurrency Security Standard”. 98% of cryptocurrency holdings are held in cold storage facilities which mitigate against potential security breaches. The exchange undergoes regular security tests from a dedicated team and operates strict security procedures. To add personal data protection for users, the application was developed using the General Data Protection Regulation (GDPR). Although security is the highest priority on the exchange, it is always best to keep cryptocurrency holdings in a secure digital hardware wallet.
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