US investors permitted
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 Elegro consists of four parts: general information, fees, deposit methods and security.
Elegro is a newer Estonian exchange. Other Estonian exchanges also include: BTCbear, Jubiter and Kriptomat. Estonia is actually the only country in the Baltics that have any cryptocurrency exchanges (that we know of).
It might be a bit misleading to call Elegro a cryptocurrency exchange though. The services offered are more like the services of a broker. On its website for the exchange, Elegro encourages you to leave your email-address, and a “Exchange Specialist” will contact you.
US-investors may not use the services of the Exchange Specialist. The US-legal regime imposes obligations on many companies accepting funds from US-investors. Such obligations include, inter alia, preparing marketing material in accordance with SEC-standards and registering them with the SEC (which is a very burdensome process). If you are from the U.S. and you’re interested in finding an exchange for you, don’t worry! Just use our Exchange Finder to find out which alternatives you have.
Elegro Trading fees
This exchange doesn’t charge different fees between takers and makers, as there are no real takers and makers. It’s just you, and Elegro’s Exchange Specialist that helps you execute the trade. The price for the services of the Exchange Specialist is 1.50% of the order value. Compared to regular centralized exchanges, this fee is 6 times higher than industry average (0.25%). However, it’s also difficult to compare these two types of parties at all.
Elegro Withdrawal fees
As Elegro doesn’t provide any real storage as far as we’ve understood, there’s no real “withdrawal processes” either. However, if you’re buying ETH for BTC, then you will have to pay network fees when transferring such BTC as payment for the relevant ETH. In the Cryptocurrency Exchange List, it is these network fees that we have listed in the withdrawal fee column.
This exchange offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as Elegro accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
We also run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is also one of many indicators of the exchange’s security. Elegro only received an F-score in this test. This is below industry average. However, if you would like at the median value (and not the mean, or average, number) of the Mozilla Observatory Test-security scores, the median value would actually be – and this might surprise you – F. So Elegro’s score here is not in any way exceptionally low.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):