A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Cryptonit consists of four parts: general information, fees, deposit methods and security.
UPDATE 1 April 2019: This exchange has closed down its operations. The news was announced through this email sent to the customers of the exchange:
Cryptonit is a cryptocurrency exchange from the United Kingdom. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
This UK coin exchange does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
Cryptonit Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Cryptonit:
Cryptonit Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. The maker-taker model normally encourages market liquidity by rewarding the makers of that liquidity with a fee discount. This is also the case with Cryptonit.
The exchange’s trading fees for takers are 0.25%. This fee is equivalent to the industry average. The industry average is arguably around 0.25%.
Also, the exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
Cryptonit Withdrawal fees
A withdrawal fee amounting to 0.001 BTC is charged when you withdraw BTC. This is in line with industry average.
At Cryptonit, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
Cryptonit’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: