Kritpomat Review: The Simple Crypto Exchange
Over the last few years cryptocurrency has taken the world by storm.
It is no longer seen as ‘just’ an investment tool, but a much safer method of storing your money. As a result, we have seen the number of cryptocurrency exchanges increase across the globe.
And honestly, it makes sense.
Cryptocurrency exchanges are websites that allow you to buy cryptocurrencies using traditional money (like the euro, for example). They also allow you to sell or exchange crypto for different types of digital currency, or other traditional forms of currency.
As crypto has gotten more popular, the need for higher quality exchanges has risen -- and one such exchange that has been getting some positive attention of late is Kriptomat.
What is Kriptomat?
As far as cryptocurrency exchanges go, Kriptomat is still pretty new to the scene.
This Estonian based company only launched in 2018, although it has seen a rapid rise in popularity over the last 12 months.
Despite being a young player in the game, Kriptomat has garnered an extremely positive reputation because of its simple design and easy to use interface. This ultimately allows even the most tech-illiterate person to buy and trade cryptocurrencies, making it perfect for crypto newbies.
Their motto is simple: “ Everyone deserves crypto ”
One of the main reasons Kriptomat has experienced such a quick rise in popularity comes down to the fact that it offers a number of great features.
These features include:
- Easy transfers: on Kriptomat you can exchange 30 of the top cryptocurrencies on the planet using multiple payment methods like direct bank transfer, Visa, Mastercard, Skrill, Sofort, amongst heaps of others.
- Beginner friendly: as I have already alluded to, Kriptomat was designed with the intent to make buying crypto as easy as possible and is also translated in 23 European languages. This makes it the perfect option for beginners.
- Low fees: Kriptomat is actually one of the most affordable exchange platforms based in the EU, with transparent low fees offered on buying, selling, and trading.
- Intuitive mobile app: they also have a great quality mobile app that is seriously simple to use. This makes tradin on the go extremely quick and easy.
- Speedy verification: despite being an extremely secure exchange, Kriptomat have gotten their personal identification processes down to a fine art. This means you can get trading a mere couple of minutes after downloading their app.
- Get rewarded for trading: something that is quite unique about this particular exchange is they have a generous referral and affiliate program for loyal members, called ‘ Kriptomat rewards.’ As a result, you can actually get added bonuses on top of the money you make trading crypto.
In essence, Kriptomat offers a simple, mobile-friendly, exchange service that can be used by even the most inexperienced trader, and at a minimal cost.
What Countries Use Kriptomat?
One of the biggest flaws with Kriptomat in its early days is that it was unavailable to almost every country outside the European Union -- however, over the last 1year that has changed drastically.
As of this moment, Kriptomat accepts customers from 82 countries across the globe. This makes it one of the more ‘global’ cryptocurrency exchanges on the market.
These countries include:
Cayman Islands, Costa Rica, Canada, Greenland, Grenada, Mexico.
Argentina, Brazil, Chile, Colombia, French Guiana, Peru, Uruguay, Venezuela.
Albania, Andorra, Austria, Belarus, Belgium, Bosnia, Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, and United Kingdom.
United Arab Emirates, Armenia, Azerbaijan, Bahrain, Cambodia, Georgia, Hong Kong, Indonesia, Israel, Japan, Kazakhstan, Philippines, Russia, Singapore, Sri Lanka, Taiwan, Thailand.
Kenya, Nigeria, Seychelles, South Africa, Tunisia
Australia, New Zealand
It is also important to note that Kriptomat is available in 23 different languages, including English, German, Romanian, Portugese, Spanish, Chech, Greek, French, Russiam, Polish, and heaps more.
Where is Kriptomat Not Supported Yet?
Although the last 12 months have seen Kriptomat expand globally, they are not everywhere yet.
Kritpomat is not accessible to citizens hailing from the USA, China, India, Afghanistan, Egypt, Iran, Pakistan, Algeria, Saudi Arabia, Morocco, Nepal, Vietnam, and a few more (which are not listed in the table above).
One thing that you do need to consider when selecting any cryptocurrency exchange is the fact that international crypto regulations change regularly -- which means that if your country does not allow Kriptomat at the moment, it may in a few months.
What Do I Need To Get Started Using Kriptomat?
Good quality cryptocurrency exchange platforms are highly regulated to ensure safety and reliability when managing crypto. With this in mind, every single user must be registered with the appropriate Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
Fortunately, when you sign up to Kritpomat, they make this process as easy as possible.
All you need to do is head over to their website ( kriptomat.io ) and choose to ‘register’. This first step is ultimately what gets the ball rolling, after which you will have to provide an email address, enter your name, and confirm you are over the age of 18.
Once this is done, you should receive an email with a confirmation link that takes you to another page where will need to provide evidence of:
- Your mobile number
- Your identity (in the form of personal ID or a passport)
- And that you are a living human being (a selfie does the trick here)
And that's it.
Once you have uploaded the required documents, you will be verified, and can start trading cryptocurrency within a few minutes.
What About Kriptomats Fees?
This is all well and good -- but how much does it cost?
Obviously Kriptomat is a business, and as such, they make their money by charging fees for buying, selling, and trading cryptocurrencies. Like all exchange platforms, this is where they obtain most of their profit.
First and foremost, a regular crypto purchase through Kriptomat will cost 1.45% of the total transaction amount, or 1.45 euros (only if the 1.45% is less than 1.45 EUR). This fee is exactly the same when you choose to sell cryptocurrency.
Conversely, if you choose to buy via credit card, you will pay 3.65% for every transaction above 100 EUR.
Finally Kriptomat does not charge you fees for SEPA deposits and withdrawals. Although it will cost you a fixed fee of one euro if you want to deposit straight from your bank account, and a fixed fee of two euro’s when you withdraw from your Kriptomat account directly into your bank account .
While this is not a huge charge, it may be a deterrent to some people.
I should also note that in addition to the aforementioned fees, you will also be subject to purchase limits. These are:
- Daily deposit and withdrawal via SEPA: 25,000 EUR
- Monthly deposit and withdrawal via SEPA: 200,000 EUR
- Deposit and withdrawal in cryptocurrencies: NO LIMIT
- Daily limit for other payment methods: 500 EUR
- Monthly limit for other payment methods: 5,000 EUR
These restrictions may not mean much to the casual trader, but they might become problematic for those who do this for a living -- especially if they are choosing to transfer money using methods other than SEPA.
Is Kritpomat Secure?
OK, so moving onto the big one.
Ask any crypto-trader what they look for in a currency exchange platform and they will probably mention the importance of low fees. They might also mention ease-of-use as a factor. But you can be guaranteed that will say security is key.
Taking this into account, I am happy to report that Kriptomat is considered to be a very secure exchange, and is yet to experience any type of hack.
Building on this a little further, Kriptomat adheres closely to international security standards and audits. They have also obtained certification for information security management in accordance with CryptoCurrency Security Standards -- and as the exchange is government regulated, they even comply with General Data Protection Regulation (GDPR) guidelines.
Then, on top of all of this, Kritpomat employs some additional security measures to ensure the safety of your funds at all times.
- A security monitoring team that are active 24/7
- Frequency security tests
- High quality encryption mechanisms
- Thorough network security
- Cold storage with controlled offline access
- 2FA security measures for your account
Their office even implements some strict physical security measures to add an extra layer of safety.
Is Kriptomat Easy To Use?
Arguably the biggest selling point of Kriptomat comes down to the fact that they have tried to make buying and selling crypto as easy as possible -- and this is apparent in every part of their design.
Both the app and website are extremely easy to navigate, and can have you selling or buying crypto in as little as four taps of your phone screen -- and as I am sure you can imagine, viewing your wallet and transaction history is just as easy, same goes for sending and receiving crypto.
In short, it is one of the simplest platforms on the market.
However, despite its simplicity, it still has a number of useful features.
There is a dedicated ‘portfolio’ section that allows you to track the value of your holdings. Importantly, it also allows you to set up price alerts that inform you when it is an appropriate time to buy or sell certain assets.
When you enter the ‘settings’ section, there are a number of ways you can personalise your Kriptomat experience. These can include changing your local currency, reviewing a log of all your usage, or changing your time zone.
Lastly, there is even a dedicated ‘rewards’ section that lets you play games and win certain rewards that have been provided by businesses that Kriptiomat partner with. Often these rewards can be used to save money on fees later down the road, which is a great incentive.
Does Kriptomat Offer Good Support?
While I personally have not had any need to get in contact with the support team over at Kriptomat, at first glance it seems extremely comprehensive.
They have a dedicated " help section " on their website which contains a number of informative articles and videos explaining exactly how you can use their services. These include showing you how to set up an account, verify your identity, buy and sell crypto, and even change your settings.
If you have a question, it is likely they have already answered it.
However, if you do need to contact them directly, it appears they are active and available on Facebook, Twitter, and Instagram. They also have a contact form and a live chat service available on their website.
When it comes to support, they have all your needs met.
Kryptomat: The Conclusion
Kriptomat is an exchange platform that offers fantastic customer service at a really solid price point. They adhere to all the necessary cryptocurrency laws, and have several internationally recognized licenses that ensure a high degree of security. This comes with a simple user interface that is perfect for beginners and expert traders alike.
In fact, the only real negative that I can find with this particular platform is that it is not available for those of you in the USA, China, and India (amongst a couple of other countries).
However, if you can get past that, I firmly believe it is one of the best European cryptocurrency exchanges on the market.