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.
UPDATE 7 June 2019: This exchange has closed down its operations. The company behind Elegro are focusing on other products instead. We have been asked by the company to remove this exchange from our Cryptocurrency Exchange List.
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 an “Exchange Specialist” will contact you.
According to information provided by the exchange to Cryptowisser, US-investors may also use the services of the Exchange Specialist. In any event, we recommend any US-investors to also form their own opinion on any obstacles arising from their residency or citizenship.
Elegro 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. At this exchange, there is no trading view. There is only a proposal for you to leave your email-address. The part of the website where you can do just that looks as follows:
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):