Kriptomat Review: Good For Everyone or Just Beginners?
8 min read
Looking for an unbiased overview of Kriptomat to know how it stacks up against other exchanges? Look no further! Our comprehensive review of Kriptomat covers all the important information you need to make an informed decision about where to trade. From fees and security to user experience and customer support, we've done the research so that you don't have to. Enjoy!
Kriptomat is a relatively new player in the cryptocurrency exchange world, having been founded in 2018 by Srdjan Mahmutovic and Dejan Davidovic. Despite its youth, Kriptomat has already become a popular platform among traders looking to buy and sell a wide variety of digital assets.
The exchange is registered in Tallinn, Estonia, and has a small team of 40 employees working to provide top-notch service to its users.
One of Kriptomat's most significant selling points is its targeted focus on the European market. While the exchange's primary focus is on European countries, it is also available in Australia, the UK, the UAE, Thailand, Switzerland, South Africa, Singapore, Japan, Brazil, Israel, and Mexico.
Kriptomat is also notable for its support of over 350 cryptocurrencies which gives investors and traders and wide range of digital assets to invest in. The exchange offers a mobile app that to date has gathered over 50,000 downloads and an average rating of four stars based on 2,000 reviews.
Despite its relatively small size and young age, Kriptomat has established itself as a trusted and reliable cryptocurrency exchange. With its focus on the European market and a wide range of cryptocurrencies, the exchange has amassed a user base of over 500,000 registered users.
Kriptomat KYC requirements
If you're looking to buy and sell cryptocurrencies on Kriptomat, then you'll need to complete their mandatory KYC process.
Don't worry though, the signup process is quick and easy. All you need to do is sign up with your email and confirm the verification code that's sent to you. Once that's done, enter your phone number and verify it with the code that's sent to you.
Now comes the KYC part. It's a simple process that shouldn't take you more than a few minutes to complete. All you have to do is provide your country of residence and address, upload a copy of your ID card or passport, and take a selfie of yourself.
As long as you've got everything uploaded correctly, you should be verified within a few minutes. And that's it, once verified, you can start buying and selling cryptocurrencies that you are bullish on!
Kriptomat Products & Services
If you're a beginner looking to buy and sell cryptocurrencies or set up recurring buys, Kriptomat is definitely worth checking out. With access to over 350 cryptocurrencies and the ability to set price alerts, Kriptomat has created a simple but user-friendly platform that makes it easy to navigate.
Plus, they're soon launching their own Web 3 wallet which will provide access to defi and NFTs. Just don't expect any sophisticated trading tools, this platform is tailored mainly for beginners in Europe.
Kriptomat offers several options for users to purchase cryptocurrencies. Users can either deposit cryptocurrencies or fiat currencies via credit card or bank transfer. The option to buy cryptocurrencies with a card is also available on Kriptomat. Users can deposit via Visa, Mastercard, or Skrill. The purchase is instant but comes with a minimum conversion fee of 3.5%.
Bank deposits are possible on Kriptomat by depositing EUR via SEPA to Kriptomats IBAN account. Kriptomat charges a 1 EUR deposit fee for every deposit, and the minimum deposit amount is 35 EUR. Overall, Kriptomat offers users a variety of ways to purchase cryptocurrencies depending on their preference and convenience.
Kriptomat charges a trading fee of either a minimum fee of 1.45 EUR per transaction or a percentage of 0.45% when buying and selling cryptocurrencies. These trading fees are in line with exchanges such as Coinbase and Gemini but significantly higher than exchanges such as OKX and Kraken.
Kriptomat Deposit Methods
Kriptomat is a popular exchange platform that offers support for multiple fiat currencies apart from EUR. Some of these currencies include Czech CZK, Danish DKK, Hungarian HUF, Norwegian NOK, Polish PLN, Romanian RON, Russian RUB, and UKs GBP. At Kriptomat, users can make fiat deposits via credit and debit card or through bank transfer. However, it is important to note that each deposit option comes with its own fees.
For instance, credit card deposits attract a 1.99% deposit fee, EUR deposits via SEPA come with a 1 EUR fee, while bank wire is possible for a range of European fiat currencies, with each deposit costing 3 EUR. It is therefore advisable to consider the fees before making a deposit with Kriptomat.
Overall, Kriptomat offers a decent selection of fiat deposit methods to cater to its diverse user base. With the support for multiple fiat currencies, users can conveniently deposit their local currencies and trade with ease.
How to withdraw from Kriptomat?
Kriptomat offers some decent withdrawal options for its users. SEPA Euro withdrawals are avaialble with a fee of 1 EUR per transaction. As for cryptocurrency withdrawals, Bitcoin withdrawals come with a 0.0002 BTC fee, ETH withdrawals come with a 0.012 ETH fee, SOL withdrawals come with a 0.008 SOL fee, and ERC-20 USDT withdrawals come with a $4.2 USDT fee.
These fees may not be the lowest on the market, but they are still reasonable considering the platform's overall ease of use and user-friendliness. Additionally, the fact that Kriptomat supports fiat withdrawals at all is a major advantage over some of its competitors.
Is Kriptomat Safe?
Kriptomat is a cryptocurrency exchange that offers a range of security features to ensure the safety of its users' assets. One of the key features that sets Kriptomat apart is its international information security certificate ISO 27001:2013. This certification confirms that Kriptomat follows the best practices in the field of information security, giving users confidence that their assets are being protected to the highest standards.
To minimize the risk of theft or loss, Kriptomat stores 98% of its users' crypto assets in a highly secure cold storage with controlled access. The platform is monitored 24/7 to respond to potential anomalies or failures, giving users even greater peace of mind when storing their assets on the exchange.
Kriptomat also offers a range of security features at the account level, including email or mobile verification, KYC, 2FA, anti-phishing code, and device management. These features help prevent unauthorized access and protect users' accounts from any potential threats.
Overall, Kriptomat's commitment to security is evident in the range of measures it has in place to protect its users' assets. From its ISO certification to its focus on regulatory compliance and advanced cold storage technology, Kriptomat is a reliable and secure platform for trading cryptocurrencies.
Kriptomat is also a licensed virtual currency service provider, which means that the exchange has implemented a set of regulatory requirements in relation to anti-money laundering and counter-terrorist financing.
In conclusion, Kriptomat offers an impressive range of over 350 cryptocurrencies with middle of the range trading fees. The focus for Kriptomat is mainly on the European with some additional countries such as Turkey and Switzerland.
Kriptomat is primarily tailored for beginners which means that users won't find any advanced trading tools that they can use leverage on. As for purchasing cryptocurrencies, Kriptomat offers users a range of options like depositing cryptocurrencies or fiat currencies via credit card or bank transfer.
Kriptomat's security measures are top-notch with its international information security certificate ISO 27001:2013 and its focus on European regulatory compliance. Overall, Kriptomat is a great option for Europeans who are new to cryptocurrency investing and who don't mind paying slightly higher fees than the competition.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.